Hey, spoiler alert! If you’re on the hunt for a home equity loan, you might’ve heard of Rocket Mortgage. They used to be called Quicken Loans and they’ve landed the title of the numero uno home lender in the States. Now, what does that mean for you? Well, take a seat and let’s find out together in this no-holds-barred, completely candid, Rocket Mortgage home equity loan review.
What’s the Big Deal About Rocket Mortgage?
Now you might be sitting there asking yourself, “why Rocket Mortgage?” Well, darling, that’s a good question. They offer traditional home equity loans and some pretty enticing cash-out refinancing options. In the 2025 J.D. Power’s U.S. Mortgage Servicer Satisfaction Study (yes, that’s a mouthful), they secured the coveted top spot. But the real question is: should you choose Rocket Mortgage to fulfil your home equity loan needs?
Let’s Catch Some Sun in that Second Home, Darling
In the realm of home equity loans for that holiday house of yours, Rocket Mortgage shines bright. With an oh-so-pretty credit score of 740 or more, you could qualify to snatch up to 90% of your property’s equity. And the best part? You get the money even if that house is more “guesthouse in the Hamptons” than “humble abode.”
The Skinny on Rocket Mortgage Home Equity Loans: Pros & Cons
Now, let’s get down to brass tacks. You’re going to find some great perks with Rocket Mortgage, but let’s not gloss over the cons either.
Pros
- You can get home equity loans for that cute cabin in the woods or swanky downtown loft you only use on weekends.
- If your credit score is one to brag about, you could borrow up to 90% of your home’s equity. Imagine the possibilities!
- We’re talking fixed interest rates across the board for your monthly payments, no surprises here.
- And let’s not forget their second-highest customer satisfaction rating for mortgage origination in 2023. Impressive, right?
Cons
- Now, there’s a $45,000 minimum for home equity loans at Rocket. That’s a tad steep for some folks.
- Thought you could get away with a less impressive credit score, did you? Think again. You need to clock in at least a 680 FICO credit score for approval.
- Sorry to break it to you, but they do not offer home equity lines of credit (HELOCs) yet. So, if that’s a dealbreaker for you, better get Googling for other lenders.
In-depth: Rocket Mortgage Pros
You know the saying, “the devil is in the details?” Well, we’re diving in and going deep for you.
Home Equity Loans for That Holiday Hideaway
Got a cottage by the sea reserved for the summer time, or perhaps an uptown suite you jet off to over the weekends? With Rocket Mortgage, that equity isn’t just hanging there in limbo. You can actually use it to borrow money, without putting your suburban sanctuary at risk. Now that’s sleeping easy.
Borrow Up to 90% of Your Home Equity
And I gotta say, Rocket Mortgage’s offering of up to 90% of your property’s equity is more generous than that of many competitors. Chase, for example, caps at 80%, while Bank of America maxes out at 85%. For those looking to squeeze out every possible drop of cash, Rocket Mortgage certainly takes the cake.
Fixed Rates that Won’t Give You Heartburn
Last but by no means least, most Rocket Mortgage home equity loans lock in with fixed interest rates. That means your monthly payments are as steady as a rock. No sudden hikes that’ll make your hair stand on end. Phew!
Delving into the cons
It’s not all sunshine and roses. There are a few bumpy patches to look out for when it comes to Rocket Mortgage.
$45,000 Minimum Loan Amount
One of the little niggles with Rocket Mortgage is its $45,000 minimum loan size. If you’re just looking for some pocket change, this might be a smidge more than you bargained for.
How’s Your Credit Looking?
Before you start envisioning your hands on a wad of cash, check your credit score. Rocket Mortgage needs you to bring a 680 credit score to the game. And that’s just for you to get in the door. The amount you can borrow? That all depends on just how shiny your credit score is.
No HELOC Options, Folks
Last up in the downsides, Rocket Mortgage doesn’t offer a home equity line of credit (HELOC). So, if you’d rather have a credit line buffer rather than a big cash lump, you’ll need to look elsewhere.
And what else does Rocket Mortgage have up its sleeve?
Well, they’ve got two main options for tapping into your home’s equity—home equity loans and cash-out refinancing. They both hand you a nice chunk of change with fixed rates and monthly payments, but they’re not one and the same.
Home Equity Loans
Rocket’s HELOANs are second mortgages that last for 10 or 20 years. They don’t need a down payment, but bear in mind you’ll be juggling two separate payments. And, the interest rates on these loans might be higher than for cash-out refinancing.
Cash-Out Refinancing
Now, cash-out refinances are a bit different. They swap your existing mortgage for a new and larger loan—usually at a niftier interest rate. Sounds cool. But remember, you’ll only have a single monthly payment and your rates will change, potentially increasing your interest costs—and no one wants that.
The Nitty-Gritty: Rates & Fees
So, how much will it cost you to borrow from Rocket Mortgage? It all depends on your financial profile, so make sure you use Rocket Mortgage’s handy online calculator to get a feel for your rate.
Some Final Thoughts
Whether you’re thinking of leveraging your main house, vacation home, or investment property, Rocket Mortgage may just be up your alley. They’ve got a solid record and plenty of bragging rights, although you’ll need a stellar credit score and the absence of HELOC options could be a deal-breaker. But hey, nobody’s perfect, right? And for the right customer, Rocket Mortgage could just hit the spot.