The truth about Rocket Mortgage, a personal review. They recently launched a new platform geared towards the client experience & real estate agents so they can manage their closings better.
As a real estate agent I get solicited ALL the time to try new mortgage services with different companies. The most common services my clients need is new purchase loans and refinances. With interest rates being at an all time low it was time for my boyfriend to refinance his home.
His goal, to take 10 years off of his current mortgage and keep his payment close to his current one. Being in the industry I have my solid local mortgage go providers.
One day I got a call from Rocket Mortgage. They offered 1.5% discount for my clients because I was a ‘preferred agent’ in their system. Ok, that’s intriguing. I bit, fully intending to write a case study on how they compare to my local mortgage heroes that are in the thick of it everyday with me. I call them heroes because getting first time buyers qualified for a house can sometimes be a huge challenge. Not everyone has perfect credit and it takes a lot of consulting and careful guiding to get some people approved.
In this comparison I only entered fees charged by the company, not federal fees tied to the loans, because those are not dictated by the company.
In this comparison of major fees (not including title fees and other junk fees) for a refinance with Jim Barker at Arizona Wholesale Mortgage VS a refinance with Rocket Mortgage and their supposed 1.5% discount.
*The Orginiation is * because there was a $4,273 charge. But it was paid by the servicer that bought the refinance. So no out of pocket to the client.
Rocket Mortgage services all their loans in house, so no incentive there.
ROCKET MORTGAGE ACTUAL CLOSING STATEMENT W/ FEES