- Rocket Homes Blog (2024)

FAQs

Is Rocket Mortgage reliable? ›

Rocket Mortgage changed its name from Quicken Loans in the summer of 2021. This company offers a variety of loan options and customizable loan terms. The digital application process is user-friendly, and loan status information is always available. Rocket Mortgage has an excellent reputation for customer service.

The national average appreciation rate is 3% – 5%. The first thing you have to understand is that your land will drive the overall appreciation value of your home. However, certain situations like COVID-19 can change the entire situation a bit.

How much will a house appreciate in 10 years? The rate of home appreciation varies greatly by location and market conditions. However, on average, homes have appreciated about 3-5% annually over the past decade.

Hawaii License # RB-23371. TREC: Information about brokerage services, Consumer protection notice. Rocket Mortgage, LLC and Rocket Homes Real Estate LLC are separate operating subsidiaries of Rocket Companies, Inc.

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Origination fees are on the high side compared with other lenders, according to the latest federal data. Doesn't offer home equity lines of credit.

Minimum credit score needed

You may be approved for a Rocket Mortgage loan with credit scores as low as 580, though the type of loan you apply for could require better credit.

Applied to real estate, the 2% rule advises that for an investment property to have a positive cash flow, the monthly rent should be equal to or greater than two percent of the purchase price.

Is there a best month to buy a house? If you're looking to choose from a large selection of homes, April may be the best month to buy a home as many sellers add new listings at the start of spring. But it's also a competitive time to buy — if you find your dream house, get an offer in early to avoid a bidding war.

Factors that can increase your home or property value

Nearby amenities, local laws, street art, and more can also increase your home's value — without impacting your homeowners insurance. While remodeling is one quick way to add value to your home, it can cost you when you update your home insurance policy.

What will my house be worth in 2030? ›

The Average US Home Could be Worth $382,000 by 2030

House prices in the US have risen by 48.55% in the last ten years (from $173k to $257k) and if they continue to grow at this rate for another decade, the average US home will be worth $382k by 2030.

How much will property prices rise in 20 years? Based on historical national average data of 3.5% home value growth rates, property prices in the US for residential homes will almost double within 20 years! The reason prices will double at that rate is because of compounding growth.

Rocket Mortgage faces class-action lawsuit for unsolicited telemarketing calls. Detroit-headquartered lender Rocket Mortgage faces a class-action lawsuit for making repeated, unsolicited telephone calls, violating the Telephone Consumer Protection Act (TCPA).

Rocket Mortgage allows slightly lower credit scores than many other VA lenders. To get a VA loan with this lender, you'll need a score of at least 580 (many lenders require scores of 620 or higher on these loans). It also accepts debt-to-income ratios up to 60% on VA loans, according to its website.

Rocket Mortgage offers a much wider variety of loan products than the average local bank does and has much more flexible requirements as a result. Though it can be possible to find a local bank that can work with your particular situation, expect to have to shop around more.

Rocket Loans has an A+ rating on Better Business Bureau (BBB) and a 4.8 out of 5 star rating on Trustpilot out of more than 6,000 reviews.

To successfully get a home loan with Rocket Mortgage, you need a minimum credit score between 580 to 680, depending on the type of loan you apply for. In addition, your monthly DTI shouldn't be more than 45%—but lower is always better.

Quicken Loans, the company behind Rocket Mortgage, has always been obsessed with finding a better way. That's why Rocket Mortgage was created: to make getting a mortgage easier.