Rocket Mortgage: 2023 Home Equity Review – CNET

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Home equity loans from Rocket Mortgage are best for homeowners with stellar credit.
Rocket Mortgage is headquartered in Detroit and is the country’s largest online retail mortgage lender, with nearly $4 billion in assets under management. Rocket Mortgage was established in 2015 as part of Quicken Loans, and quickly became a customer favorite. 
The company has consistently scored No. 1 in customer satisfaction for mortgage originations in J.D. Power’s customer satisfaction survey over the last decade. With the exception of Texas, Rocket Mortgage offers a home equity loan option to homeowners across the country.
APR
N/A
Loan amount
$45,000 to $350,000
Credit score minimum
680
Repayment terms
10 years or 20 years
Average time for approval
N/A
Rocket Mortgage home equity loans are best suited for homeowners who need a large minimum loan amount and are looking to receive their funds as a lump sum. Its home equity loans are also a good option for people with high credit scores, as the maximum amount of your home’s value that you’re eligible to borrow will depend on your credit score. The higher your score, the more money you can borrow. If, for example, your score is 680 or better, you need to leave 25% equity in your home, but if your score is above 700, you only need to leave 15% equity in your home.
In addition to a home equity loan, Rocket Mortgage also offers mortgages and refinancing
Rocket Mortgage doesn’t disclose the fees it charges to take out a home equity loan. 
You need to have 15% to 25% equity built up in your home to qualify for a Rocket Mortgage home equity loan. The specific percentage you’re required to have will depend on how high your credit score is. Only borrowers who have a credit score of 760 or higher are eligible to borrow up to 90% of their home’s value, for example. Homeowners must also have a debt-to-income ratio no higher than 45% to be approved. 
If you’ve had more than one late mortgage payment in the last 12 months, you won’t be considered for approval for a Rocket Mortgage home equity loan. Properties in Texas don’t qualify, either. 
You can apply online or over the phone for a home equity loan with Rocket Mortgage. Your approval is subject to lender review of your income, assets, credit and your property value. A home equity loan is a second mortgage on your house, so be prepared to show proof of sufficient income and employment through documents such as tax returns and pay stubs. You’ll also need copies of current mortgage statements to show you’ve consistently been making on-time payments and aren’t a risk to your lender. 
You can reach customer service at 888-452-8179 to speak with a home loan expert from Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT), Saturday from 9 a.m. to 8 p.m. ET (6 a.m. to 5 p.m. PT) and Sunday 9 a.m. to 7 p.m. ET (6 a.m. to 4 p.m. PT). An online chat function is also available from Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT) and Saturday and Sunday from 8 a.m. to midnight ET (5 a.m. to 9 p.m. PT).

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