If you qualify, you can buy a home with as little as 3.5% down. Your options include 30-, 25-, 20- and 15-year fixed-rate terms as well as five-year ARMs. Rocket Mortgage states that credit scores as low as 580 may qualify for a loan, but it will depend on your situation. You’ll find five-year or seven-year ARMs at Rocket.įederal Housing Administration (FHA) loan: An FHA loan helps those with limited down payment funds and lower credit scores qualify for a home loan. When you reach the end of your initial fixed-rate term, your interest will go up or down (also known as adjusting) once per year. This is also the type of loan YOURgage uses, but with adjustable terms.Īdjustable-rate mortgage: This type of mortgage, the ARM, does just what the name suggests: adjusts the interest rate. You will find the standard 15-year and 30-year fixed-rate mortgage options.

This means your monthly principal and interest payment stays the same, which many find useful for budgeting and planning. Your loan options include:įixed-rate mortgage: This popular mortgage type locks in your interest rate for the entire life of the loan. Therefore, you have plenty of options whether you’re looking for a conventional loan, or something more specialized for your situation. You can generally apply for all the same loans offered by Rocket Mortgage’s online application system. What Kind of Mortgage Can I Get With Rocket Mortgage? When you apply for a loan, you can see how your payments would change if you adjust term, rate or closing costs. This unique product allows you to choose a term from 8 to 29 years, whatever works best for you.

What sets Rocket Mortgage apart from the competition is “YOURgage,” a feature which allows you to pick your mortgage term for a fixed-rate loan. Rocket Mortgage is marketed as an online-only service, with the option to call or chat online if you choose. Founded in 1985, the company has grown to originating 464,000 loans in 2022 alone. Headquartered in Detroit, Rocket Mortgage is the largest online mortgage lender, according to National Mortgage News. However, the option to speak to a representative is available. Customers can complete the application without speaking to a single service representative. The main draw of Rocket Mortgage is that the entire mortgage process can take place online. In 2021, Quicken Loans was rebranded as Rocket Mortgage. It is now largely integrated with Quicken, along with having the same underwriting standards. Rocket Mortgage launched in 2015 as the face of Quicken Loans’ online mortgage application.

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