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.
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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. How does Rocket Mortgage compare to other lenders?ĩ.5/10 Lendingtree’s mortgage lender rating.
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