Opinions on Rocket Mortgages Loan?

35 Replies

Im looking for a loan to get for my first property and time is of an essence.i just wanted to get an idea on the loans from rocket mortage from the experienced individuals on biggerpockets.

Any help is appreciated!

Originally posted by @Caleb Heimsoth :

@Kendrick Salazar if this is for an investment property you’ll have a rough time with this lender

Its for my first BRRRR property so it wouldnt be for a home I wouldn't live in Idk if that changes the variables. If you could elaborate just for better understanding. I appreciate the input.

Originally posted by @Kendrick Salazar :
Originally posted by @Caleb Heimsoth:

@Kendrick Salazar if this is for an investment property you’ll have a rough time with this lender

Its for my first BRRRR property so it wouldnt be for a home I wouldn't live in Idk if that changes the variables. If you could elaborate just for better understanding. I appreciate the input.

Lots of fees, slow closing times, etc etc.  I don’t recommend them for anything investment wise  

Originally posted by @Caleb Heimsoth :
Originally posted by @Kendrick Salazar:
Originally posted by @Caleb Heimsoth:

@Kendrick Salazar if this is for an investment property you’ll have a rough time with this lender

Its for my first BRRRR property so it wouldnt be for a home I wouldn't live in Idk if that changes the variables. If you could elaborate just for better understanding. I appreciate the input.

Lots of fees, slow closing times, etc etc.  I don’t recommend them for anything investment wise  

 I see I think im going to go for a local credit union. Just sucks I found a great deal and I cant propose a bid because of it. Due to me not being approved yet and the bid closes for monday. Great info thanks again. Much appreciated 

@Kendrick Salazar

I am a Real Estate Agent and I am going to second the opinion that @Caleb Heimsoth shared. I had one client who didnt heed our advice on avoiding Rocket Mortgage, mentioned that they ran their business out of the home, and accrued and addition $10,000 in fees/points on the loan. Sometimes the local lender may be sightly more expensinve on the interest rate (not even always the case) but their local knowledge is super helpful. 

Also just an FYI in our market you can use the pre-approval of any lender when you submit an offer and then change your lender or commit to someone else after shopping around. most lenders can also provide a pre approval letter in like 15-30 mins. Don't let anything that you mentioned above stop you from following through on a great deal. Make the offer with the preapproval rocket mortgage gave you and then change the lender after. 

Let me know if you have any questions and talk to your local real estate agent to make sure that flies where you are =)

Originally posted by @Andrew Webber :

@Kendrick Salazar

I am a Real Estate Agent and I am going to second the opinion that @Caleb Heimsoth shared. I had one client who didnt heed our advice on avoiding Rocket Mortgage, mentioned that they ran their business out of the home, and accrued and addition $10,000 in fees/points on the loan. Sometimes the local lender may be sightly more expensinve on the interest rate (not even always the case) but their local knowledge is super helpful. 

Also just an FYI in our market you can use the pre-approval of any lender when you submit an offer and then change your lender or commit to someone else after shopping around. most lenders can also provide a pre approval letter in like 15-30 mins. Don't let anything that you mentioned above stop you from following through on a great deal. Make the offer with the preapproval rocket mortgage gave you and then change the lender after. 

Let me know if you have any questions and talk to your local real estate agent to make sure that flies where you are =)

Just to add one more point to this, if I’m the seller and a buyer submits an offer with rocket mortgage as the lender, I won’t accept it.  They’re the only lender where I would do that.  It’s that bad.  

I did a refinance on my primary with these guys about a year and a half ago.  There is nothing "rocket" about their process..  

Full disclosure, it IS more difficult to do a conventional financing with self-employed folks, particularly when you have a bunch of "creative" real estate stuff going on, but these folks were EXTREMELY aggravating to deal with.  They repeatedly requested the same documentation and different people would call to ask the SAME questions.


After I complained I finally received good service and it closed quickly after that, but only after a few months of hair pulling.

I agree with the previous comments to deal with a great local lender.  I suppose if you have a really simple balance sheet with W2 income they can be convenient to deal with because they will send an atty to close at your home or business and everything can be done remotely..

Originally posted by @Andrew Webber :

@Kendrick Salazar

I am a Real Estate Agent and I am going to second the opinion that @Caleb Heimsoth shared. I had one client who didnt heed our advice on avoiding Rocket Mortgage, mentioned that they ran their business out of the home, and accrued and addition $10,000 in fees/points on the loan. Sometimes the local lender may be sightly more expensinve on the interest rate (not even always the case) but their local knowledge is super helpful. 

Also just an FYI in our market you can use the pre-approval of any lender when you submit an offer and then change your lender or commit to someone else after shopping around. most lenders can also provide a pre approval letter in like 15-30 mins. Don't let anything that you mentioned above stop you from following through on a great deal. Make the offer with the preapproval rocket mortgage gave you and then change the lender after. 

Let me know if you have any questions and talk to your local real estate agent to make sure that flies where you are =)

Ouch that could really cut inti your ROI Im happy I sought information prior to trying to get a loan from them. Ended up finding a local bank and your right will have the pre approval before the time the highest bid is taken. 10,000 could be a deal breaker sounds excessive

Originally posted by @Caleb Heimsoth :
Originally posted by @Andrew Webber:

@Kendrick Salazar

I am a Real Estate Agent and I am going to second the opinion that @Caleb Heimsoth shared. I had one client who didnt heed our advice on avoiding Rocket Mortgage, mentioned that they ran their business out of the home, and accrued and addition $10,000 in fees/points on the loan. Sometimes the local lender may be sightly more expensinve on the interest rate (not even always the case) but their local knowledge is super helpful. 

Also just an FYI in our market you can use the pre-approval of any lender when you submit an offer and then change your lender or commit to someone else after shopping around. most lenders can also provide a pre approval letter in like 15-30 mins. Don't let anything that you mentioned above stop you from following through on a great deal. Make the offer with the preapproval rocket mortgage gave you and then change the lender after. 

Let me know if you have any questions and talk to your local real estate agent to make sure that flies where you are =)

Just to add one more point to this, if I’m the seller and a buyer submits an offer with rocket mortgage as the lender, I won’t accept it.  They’re the only lender where I would do that.  It’s that bad.  

 good to know for reference. For the future flips I plan on looking into.

Originally posted by @Chris Majors :

I did a refinance on my primary with these guys about a year and a half ago.  There is nothing "rocket" about their process..  

Full disclosure, it IS more difficult to do a conventional financing with self-employed folks, particularly when you have a bunch of "creative" real estate stuff going on, but these folks were EXTREMELY aggravating to deal with.  They repeatedly requested the same documentation and different people would call to ask the SAME questions.


After I complained I finally received good service and it closed quickly after that, but only after a few months of hair pulling.

I agree with the previous comments to deal with a great local lender.  I suppose if you have a really simple balance sheet with W2 income they can be convenient to deal with because they will send an atty to close at your home or business and everything can be done remotely..

 I appreciate you sharing the experience. Sounds like they arent worth the time, and abit contradictory with a name called rocket mortgage. The platform could be causing people fron getting deals and they might not even know it.

@Kendrick Salazar I’ve tried them many time they typically suck for an investor and has too many stipulations. A few of the brokers were unprofessional and had to constantly call them for updates. Loan limits, questioned each and everything that was written off other lenders say no issues.

I've been in the mortgage industry for a while now and i would say that by far what slows down the process is the borrower.  As soon as you get your conditional approval letter then collect every single item on it as quickly as possible bc that is what the uw is going to want to see to get you clear to close. Do not trust your loan officer or processor to tell you what is needed bc they seem to always miss a doc or 2. Demand a copy of the letter and get the items in the first section "what we need from you"  

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I started the process with them on a loan. Initially they seemed to promise awesome rates. But when i got the actual offer sheet the fees were super high and the rate also climbed a little too. Id go with an investor friendly lender that u know will close instead and have reasonable fees.

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