![]() We don’t just assume you’re mortgage experts that know exactly what we need all the time, and we take the time to explain the process to you so that you’re as comfortable with it as possible during this scary, high-stress, important time in your life. Docs need to be updated, especially if you get pre-approved and are shopping for a while before actually going under contract.ĭifference between Rocket Mortgage and a good, local mortgage lender is that we’re gonna remind you about those updated docs we need before the very last minute and keep you in the fold. I work for a mortgage lender, and you’re right on the money. Not because of the buyer, but because of the lender. That's why when a Rocket approval accompanies an offer, it goes right to the bottom of the offer pile. The source was from a competitor of theirs however, it tracks with my experience with various buyers. That's worse than the last time I checked where there was a 40% fall out rate. I recently saw info on the fall out rate for Rocket between their pre-approval and closing - only 25% actually close. ![]() You are far better off going to a mortgage broker now OP. High closing costs and their phone people have no idea what they are doing when it comes to originating a mortgage. You can only get there through a mortgage broker. However, I recently learned that the wholesale side of Rocket is a much better experience. Their marketing is incredible - I was very interested for an hour until I really drilled down into their numbers. JUST REALIZE THAT THE HUGE AMOUNT THEY WANT DOWN WHEN SPLIT OVER 30 YEARS IS NOT SO MUCH BUT WHEN YOU DIVIDE IT OVER ANYTHING LESS YOU ARE GETTING ROCKETED IN IN RECTUM! ![]() MAYBE THAT IS WHY THEY CALL THEMSELVES ROCKET MORTGAGE. THAT IS THE WAY THEY MAKE THEIR APR LOOK BETTER, AND THE AVERAGE HOLDING TIME FOR A 30 YEAR LOAN IS LIKE 7 YEARS!!!! THAT HUGE UP FRONT PAYMENT WOULD MAKE YOUR APR ROCKET UPWARD. BUT IF YOU GOT OUT IN 5 YEARS THE APR WOULD BE A HUGE NUMBER, AND AT 10, AND AT 20 YEARS ETC. AND WHEN YOU TAKE IT OVER THE WHOLE 30 YEARS IT ONLY KICKS UP THE APR A LITTLE BIT. SO YOU ARE LIKE PAYING 2-3% EXTRA UP FRONT, WHICH THEY LIKELY ROLL INTO YOUR LOAN. THEIR RATES ARE HIGHER, SO THEY ADD A HUGE AMOUNT OF POINTS, WHICH THEY CALL BUYDOWN, BUT IT IS POINTS. Because it is ONLY if you hold the mortgage for the 30 full years, no moving, no refinancing, no paying off early. ![]() These online mortgage people have completely removed all sense of humanity from the process.Įven their APR is tricky. In the end, the fees were not as bad as some make them out, I got an ok rate, but I can't tell you enough: go with someone local. Some of the reps were good, some were awful. UPDATE: I am FINALLY closing after an absolutely insane amount of back and forth that was really starting to stress me out. It has to be a total crapshoot with which rep you get assigned that determines your outcome. Oh we didn't tell you: this expires next Tuesday, so if you don't get all this done (with our incompetence hindering you), your mortgage offer expires and you have to start over.ĮDIT: Wow, it's insane the mix of good and bad experiences here. ![]() We are now REVALIDATING all the information I already provided. I'm two weeks from closing and I might as well have not even gone through their "prequalified approval", which I was told, "Is as good as having a check in hand". Holy shit, what a fucking mistake this was. I bought a house last year through a local mortgage provider with no issues whatsoever, then moved cross country and had no local recommendations to go on, so I figured I'd give Rocket Mortgage a shot. For how many positive reviews I'd read about this company, I cannot believe what an absolutely abysmal experience this has been. ![]()
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