1/4/2024 0 Comments Rocket mortgage![]() Rocket Mortgage doesn’t currently offer a 5/1 adjustable-rate mortgage (ARM), according to its website. However, Rocket Mortgage customers can choose their own term ranging from eight to 29 years with the Quicken Loans® YOURgage®. Loan terms on Rocket Mortgage’s website feature 15- and 30-year fixed-rate mortgage options. Although Rocket Mortgage only requires a 580 minimum credit score for a purchase loan guaranteed by the VA, you’ll need at least a 620 score if you want to lower your rate with a VA interest rate reduction refinance loan (IRRRL). Military borrowers may be eligible for no-down-payment mortgages guaranteed by the U.S. Current FHA borrowers may be able to refinance with no appraisal or income documents through the FHA streamline refinance program. You’ll need a minimum 580 credit score at Rocket Mortgage to refinance or buy a home with a loan insured by the Federal Housing Administration (FHA). PMI pays back lenders for losses if you can’t pay your mortgage and they foreclose. You’ll need a 620 credit score and will pay private mortgage insurance ( PMI) if you have less than 20% equity when you buy or refinance. Rocket Mortgage offers conventional purchase and refinance loans, with guidelines set by Fannie Mae and Freddie Mac. Rocket Mortgage’s website doesn’t provide information about lender fees, but estimates total closing costs may range between 3% and 6% of the home price. The quoted rates included mortgage points at the time of this review, allowing you to “buy down” to a lower interest rate. Rocket Mortgage publishes daily rates on its website for 30- and 15-year fixed-rate conventional loans, as well as VA and FHA 30-year fixed-rate mortgages. Loan programs with loan terms ranging from eight to 29 years.Personal loans through sister company Rocket Loans.You won’t have an option for any in-person service Rocket Mortgage borrowing requirements You’re limited to FHA and VA government-backed loans - Rocket Mortgage doesn’t offer USDA loans You won’t find any home equity loan or HELOC options You can qualify for a VA loan with a credit score as low as 580 Cons You can reach a loan officer after regular business hours and on weekends You can apply for and close your purchase or refinance loan completely online After-hours and weekend access to loan officers.Info about how to qualify for products offered online.Standard product offerings (Conventional/FHA/USDA).Helpful articles about mortgages/homebuying.In some cases, additional information was provided by a lender representative. Lenders receive a half-point on the “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. ![]() LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. ![]() ![]()
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