![]() Rocket Mortgage has a good selection of refinance loans available from conventional to government-backed loans. This deposit can then be applied to future loan costs. But there is a deposit of $500 required to cover the appraisal and rate lock. You can lock in your interest rate for 45 days, and Rocket Mortgage can extend the rate lock an additional 15 day for free. For a complete breakdown of the closing costs, including lender fees and discount points, you’ll need to submit an application. There can be late fees, which vary depending on how late the payment is. Rocket Mortgage has no application fees or prepayment penalties for any of its loans. While these are the minimum credit scores you need to qualify, only those with the highest credits scores will qualify for the best mortgage rates. For FHA loans, your credit score can be as low as 580. ![]() Most loans, such as conventional loans and VA loans, require a score of at least 620. The minimum credit score required by Rocket Mortgage varies depending on the type of loan. So if you want to avoid paying the additional fees, you’re likely to get a higher mortgage rate than advertised. Typically, a discount point costs 1% of the loan balance and reduces your rate by. A discount point, or mortgage point, is an optional upfront fee you pay in exchange for a lower interest rate. So everyone won’t be able to qualify for the lowest rates.Īlso, be sure to pay attention to the fees and APR because the advertised rates can include discount points. These rates can change every day and are based on a few assumptions, such as that your credit score is higher than 720 and your debt-to-income ratio is under 30%. Rocket Mortgage advertises daily refinance and purchase rates for 15-year loans, 30-year loans, VA loans, and FHA loans. So you’ll have to call or chat with a representative to get some critical questions answered. The FAQ lists a few types of loans and its requirements, but there isn’t a complete public list of every loan offered. It’s not clear on the Rocket Mortgage site which types of loans it offers or what the minimum credit score requirements are for different mortgages. It has an array of tools to help you figure out how much home you can afford and a number of guides explaining loan types and terms. Rocket Mortgage has an easy-to-navigate site with a straightforward application process, and you can be preapproved in only minutes. The YOURgage has a minimum down payment of 3%, a credit score requirement of 620, and your debt-to-income ratio (DTI) must be 50% or less. It also has a unique loan product called the YOURgage®, which has a flexible repayment term of 8 to 29 years. Rocket Mortgage offers conventional loans with 15-year and 30-years terms. So it’s not the best lender for financing a rehab project, unless a cash-out refinance makes sense for you. You also won’t be able to obtain any type of renovation loan, home equity loan, or home equity line of credit through Rocket Mortgage. It also offers government-secured loans for refinancing, such as VA Interest Rate Reduction Refinance Loans (IRRRL) and FHA streamline refinance loans.Ĭurrently, Rocket Mortgage doesn’t offer USDA loans, construction loans, or adjustable-rate mortgages (ARM). You will have access to most types of mortgage refinance loans though Rocket Mortgage, including standard rate and term refinancing, and cash-out refinance loans. ![]() Right now it offers the followings types of mortgages: Rocket Mortgage has a range of loan options for those who want to purchase a home and for homeowners looking to refinance an existing mortgage. ![]()
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