What are Rocket Mortgage's pro and cons?

Question

Has any of you used Rocket Mortgage for a a HELOC or HELoans here? If so, would you mind sharing some of your experience please?

Better still, what other mortgage companies would recommend especially for new investors?

Jamiru Mutebi · Answer

Thank you @Brittany Minocchi and @Caleb Brown

Caleb Brown · Answer

As others said it's best to stay away from large lenders like that. They are not great in communication, have higher closings costs than normal. It's always better to find a local person who will do you better service.

Brittany Minocchi · Answer

I've heard far more horror stories than I have positive things. What Charlie described pretty much sums it up.

Jamiru Mutebi · Answer

Thank you @Ryan Muska

Ryan Muska · Answer

Typically I do not recommend working with a large lender as you are just a number to them and they will also only provide their loan options to you.

I always recommend working with a mortgage broker because they work with many companies and can give you a plethora of options.

As far as Rocket Mortgage, specifically, I have worked with many clients who have tried to go through them and been given awful customer service. Although, sometimes they have great service. So, just know you can have both sides of the spectrum

Doug Smith · Answer

...do you mean the Zillow of the mortgage world? A lot of mortgage people like working with them, but we won't. I'm not interested in their retail shop back-soliciting any clients we might run through them. "The trees in the forest think the axe is their friend because it's handle is made of wood and, thus, it must be one of them". I know I'll get hate posts for this, but I don't trust them as far as I can shot put them.

Jamiru Mutebi · Answer

Hi @Charlie MacPherson

Thank you for sharing, I am an aspiring investor just trying to get some equity from my primary home either via a HELOC or HELoan to invest in an investment property as suggested by some members in other platforms. However your experience is a lesson I sure will be mindful of in this journey.

What are Rocket Mortgage's pro and cons?

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