- Rocket Homes Blog (2024)

FAQs

Is Rocket Mortgage reliable? ›

Rocket Mortgage has an A+ rating from the Better Business Bureau. Trustpilot scores Rocket Mortgage 3.9 out of 5 stars, which is a great rating, based on more than 3,600 reviews. The Consumer Financial Protection Bureau received 566 complaints in 2021 related to Rocket Mortgage's mortgage products.

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.

The 2% rule is a rule of thumb that determines how much rental income a property should theoretically be able to generate. Following the 2% rule, an investor can expect to realize a positive cash flow from a rental property if the monthly rent is at least 2% of the purchase price.

Competition levels may also be lower than spring and summer, especially if you're searching in an area that's popular among families with kids. If getting the lowest price possible is your main priority, consider searching for a home in November or December.

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.

Will my house increase in value in 5 years? ›

Based on historical averages of 3.5% of home value growth per year, property prices will rise a total of about 18 to 20% in 5 years. The math is simple: 3.5% a year for 5 years, compounding annually. The key is to do the math as compounding because your home value will continue to build.

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.

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's competitors and similar companies include Guild Mortgage Company, Academy Mortgage, loanDepot and Blend. Rocket Mortgage (formerly known as Quicken Loans) is an online mortgage company.

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.

You only need to have a credit score of 580 in order to qualify for an FHA loan with Rocket Mortgage^®. You may be able to get an FHA loan with a score as low as 500 points if you can bring a down payment of at least 10% to your closing meeting.

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.

Why should I use Rocket Mortgage? Rocket Mortgage^® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop.