Rocket Mortgage Overview
Rocket Mortgage is a direct lender, not a broker. It originates and services its own loans. If you borrowed more than 80 percent of the property value, your lender can require you to have an account for insurance premiums.
Online Mortgage Experience
Rocket Mortgage offers online mortgages, appealing to borrowers valuing convenience. It pioneered digital lending, influencing many lenders to offer online mortgage services.
Competitive Advantage
Rocket Mortgage is a direct lender with a strong market position. It is a recommended choice due to its competitive advantages and the current housing market conditions.
Loan Application and Process
If you need to cancel a pending mortgage application, contact your loan officer immediately. Rocket Mortgage’s process is efficient, with quick approval and overnight underwriting.
Rocket Mortgage as a Lender
Rocket Mortgage is an online lending platform, different from a broker. It offers various home loans with average rates but higher fees compared to other lenders.
Rocket Mortgage vs. Mortgage Brokers
A mortgage broker helps you apply for a loan with favorable rates and fees. Rocket Mortgage acts as a lender, originating and servicing its own loans.
Competitors and Market Position
Rocket Mortgage’s competitors include Navy Federal Credit Union, LendingTree, and LoanDepot. It relies on wholesale funding, distinguishing itself from other lenders.