Rocket Mortgage was far ahead of its competitors in creating a fully online home loan process. In addition to this convenience, the free Rocket Rewards program offers closing cost discounts for learning about the mortgage process. This program allows you to read articles, use calculators, work on your mortgage application and more to earn points that you can redeem for credit toward your closing costs.
Additionally, Rocket Mortgage offers a step beyond traditional preapproval with its Verified Approval program. To qualify, underwriting must review and confirm your credit, income and assets. Afterward, Rocket Mortgage guarantees that your loan will close due to this review — and if not, you’ll get $1,000. Plus, this lender gives you up to 90 days to shop for a home with a locked interest rate through the RateShield program, which is available on 30-year conventional, FHA and VA loans.
Keep in mind that unlike some competitors, Rocket Mortgage doesn’t offer USDA loans. It also doesn’t provide any down payment or closing cost assistance. However, it will cover 2% of your down payment through its ONE+ program if you meet income, credit and debt requirements and also make a down payment of 1%.
Rocket Mortgage also accepts outside down payment assistance from other institutions on your behalf if you’ve been approved — though only down payment grants and loans are accepted.
