Opinions on Rocket Mortgages Loan?

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Opinions on Rocket Mortgages Loan?

Kendrick Salazar
Cranston, RI · Member since 2017 · 64 posts · 22 votes

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!

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Andrew Webber
Real Estate Agent · DC, MD and VA · Member since 2019 · 21 posts · 27 votes
7y

@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 =)

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  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    7y

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

    1Reply
  • Kris L.
    San Antonio, TX · Member since 2019 · 930 posts · 836 votes
    7y
    Originally posted by @Caleb Heimsoth:

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

     Why would that be Caleb?

    0Reply
  • Kendrick Salazar
    OP
    Cranston, RI · Member since 2017 · 64 posts · 22 votes
    7y
    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.

    0Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    7y
    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  

    6Reply
  • Kendrick Salazar
    OP
    Cranston, RI · Member since 2017 · 64 posts · 22 votes
    7y
    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 

    1Reply
  • Andrew Webber
    Real Estate Agent · DC, MD and VA · Member since 2019 · 21 posts · 27 votes
    7y

    @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 =)

    9Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    7y
    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.  

    1Reply
  • Andrew Webber
    Real Estate Agent · DC, MD and VA · Member since 2019 · 21 posts · 27 votes
    7y

    @Caleb Heimsoth I might also add Navy Fed to that list. I have never seen them close on time despite extended closing periods and daily phone calls/check-ins with the lender/processor. 

    @Kendrick Salazar

    7Reply
  • Dana WhickerPro Member
    Investor · Fernandina Beach, FL · Member since 2014 · 557 posts · 374 votes
    7y

    @Kendrick Salazar I used rocket/quicken once. I will be able to say that as long as I live.

    4Reply
  • Justin Lanciault
    Realtor · Washington, DC · Member since 2018 · 166 posts · 88 votes
    7y

    @Andrew Webber you and Navy Fed...

    1Reply
  • Chris Majors
    Rental Property Investor · Evans, GA · Member since 2014 · 74 posts · 65 votes
    7y

    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..

    2Reply
  • Kendrick Salazar
    OP
    Cranston, RI · Member since 2017 · 64 posts · 22 votes
    7y
    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

    0Reply
  • Kendrick Salazar
    OP
    Cranston, RI · Member since 2017 · 64 posts · 22 votes
    7y
    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.

    0Reply
  • Kendrick Salazar
    OP
    Cranston, RI · Member since 2017 · 64 posts · 22 votes
    7y
    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.

    0Reply
  • Keyonte SummersPro Member
    Harper Woods, MI · Member since 2017 · 384 posts · 311 votes
    7y

    @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.

    2Reply
  • Marco G.
    Investor · Dallas, TX · Member since 2015 · 446 posts · 197 votes
    7y

    @Kendrick Salazar

    Too expensive, you can find better rates and lower fees. Try bankrate.com’s mortgage rate search to get an idea.

    0Reply
  • Adeva Edobor
    Banker · Huntington Beach, CA · Member since 2018 · 99 posts · 100 votes
    7y

    @Andrew Webber I had a great experience with Navy Federal

    2Reply
  • Andre' Arceneaux
    Rental Property Investor · Orange County, CA · Member since 2019 · 151 posts · 92 votes
    7y

    @Andrew Webber Navy Fed? Ouch.

    0Reply
  • Ryan Faber
    Rental Property Investor · Bentonville, AR · Member since 2015 · 28 posts · 20 votes
    7y

    @Kendrick Salazar, I had Rocket Mortgage give me a quote last month in a home and they were a full 0.5% higher on their rate then several local lenders.

    0Reply
  • Account Closed
    Eastern Michigan · Member since 2018 · 83 posts · 144 votes
    7y

    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"  

    1Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    7y

    I I wouldn't accept an offer from someone using rocket/quicken as the lender

    [email protected]301-893-4635Podcast Guest on Show #192
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    1Reply
  • Daniel Kong
    Rental Property Investor · Honolulu, HI · Member since 2018 · 335 posts · 251 votes
    7y

    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.

    1Reply
  • Alishea B.
    Rental Property Investor · GA · Member since 2018 · 28 posts · 12 votes
    7y

    I used them for a refi and it was a horrible experience. Nothing quicken or rocket about. Stay local.

    0Reply
  • Kris L.
    San Antonio, TX · Member since 2019 · 930 posts · 836 votes
    7y

    Amazing that with all this they manage to be one of the bigger players in the market.

    1Reply
  • Nicholas Covington
    Mortgage Broker · Dallas, TX · Member since 2017 · 657 posts · 275 votes
    7y

    @Kris L. That’s because they are able to prey on those that don’t know any better. Sadly that population is a huge chunk of people.

    1Reply
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