Updated January 28, 2025

This date may not reflect recent changes in individual terms.

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Written by: Andrew Dunn

Rocket Mortgage loans at a glance

• Conventional loans: Yes
• FHA loans: Yes
• VA loans: Yes
• Refinancing: Yes
• Jumbo loan: Yes
• Adjustable rates: Yes — 5/6m ARM, 7/6m ARM, 10/6m ARM
• Fixed rates: Yes — 8 to 30 years

Rocket Mortgage is an online mortgage provider designed for tech-savvy customers who want a digital experience, from application to closing. It’s the largest home mortgage lender in the U.S.

Pros

• Online mortgage process
• Flexible fixed-rate loan terms with YOURgage® program
• Verified Approval℠ offerings
• Mortgages available for second homes or investment homes
• Available in all 50 states

Cons

• No home equity lines of credit available
• No USDA loans

6 things to know about a Rocket Mortgage loan

1. Online mortgage process

In most cases, Rocket Mortgage offers the ability to complete the mortgage process without having to talk to anyone.

And if you need customer service or expert advice with questions about things like an in-process loan, the company does have home loan experts available by phone during certain hours. If you’ve got a question about a new loan, you can also chat online any day.

2. Flexible fixed-rate loan terms

Generally, your options when it comes to the length of your loan are limited, with 30-year and 15-year fixed-rate mortgages being the standard across the industry. But the YOURgage program allows the choice of a loan term between eight and 29 years for your new mortgage.

3. Helpful tools, especially for new homebuyers

In addition to guiding you through the mortgage application process, Rocket Mortgage can help you search for homes and match with a real estate agent.

The website also has a number of tools, such as an affordability calculator, that can help you understand how much house you can afford, what your monthly payments might be, and even what your closing costs might look like before you decide to apply.

4. Verified Approval options

Rocket Mortgage offers preapproval letters, but goes a step further with its Verified Approval program. What’s the benefit of getting your approval verified? The company says the process gives you a competitive edge by letting the seller know your finances are secure.

5. Loan types and availability

Rocket Mortgage originates mortgages across the U.S. (though not in Puerto Rico) and is available to customers who are buying or refinancing a second home or investment property.

But it doesn’t offer home equity lines of credit (HELOCs). It also doesn’t accept USDA loan applications — a U.S. Department of Agriculture program that offers mortgages for low- and middle-income people in rural areas.

6. 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. Typically, the better your scores, the better your loan terms.

Understanding your credit scores is a good first step to building your credit.

Who is a Rocket Mortgage loan good for?

Rocket Mortgage could be a good option if you’re comfortable with an online mortgage experience (or even if you’re really hoping to avoid talking on the phone with anyone).

And even though it’s online, first-time buyers could benefit from how Rocket Mortgage walks you through the process. It’s best for those who are ready to buy a home, though the calculators and tools can come in handy even if you’re just starting to think about what’s possible.

And if you want nonstandard loan terms, check out the YOURgage program, which allows some out-of-the-box options for the length of your loan.

How to apply for a Rocket Mortgage loan

Rocket Mortgage’s online-first process makes the application process smooth, whether you log in using RocketMortgage.com or the mobile app.

You’ll need credit scores of at least 580 to qualify with Rocket Mortgage. If you qualify, the company will give you recommendations on what mortgages could work for your situation and quote rates.

Have the following information on hand as you apply:

• An email address for each person who will be on the loan
• Your online banking login
• Your income and employment history
• Your Social Security number

Not sure if Rocket Mortgage is right for you? Consider these alternatives.

If you want to compare interest rates with several mortgage lenders or your application is denied, keep in mind that you have as few as 14 days to shop around without your credit being affected by multiple hard inquiries. That’s important because while a single hard inquiry could drop your credit scores, several at the same time have the potential to significantly impact your credit.

• Better Mortgage: This lender also has an online mortgage application process.
• Bank of America: Check out Bank of America for additional loan options.

Pros

• Discounts available for returning customers

Cons

• Very high interest rates
• Not available in all states

What you need to know about a Green Trust Cash loan

Green Trust Cash is an online tribal lender that promises quick loans that you can use for unexpected emergency costs like a car repair. Since its loans come with very high interest rates, they’re not a good long-term financial solution and should only be used to get you through tough times if you’ve exhausted all other options.

You can apply for a loan in amounts up to $1,000. Here are some things to keep in mind before you apply for a Green Trust Cash loan.

High APRs

Green Trust Cash loan interest rates are quite high, especially when you compare them to the rates of other online lenders. If you go with a Green Trust Cash loan, you may be stuck with an APR in the mid-to-high triple digits. In fact, Green Trust’s rates can be even higher than the APRs of a typical payday loan.

Discounts for returning customers

If you’ve paid off one or more Green Trust Cash loans on time, you may be able to lock in discounts for future loans. Green Trust calls these members VIPs or VIP Gold members.

A closer look at Green Trust Cash personal loans

Here’s what else you should know about a loan from Green Trust Cash.

• No prepayment penalty — There are no prepayment penalties, so you can pay off your loan early and save on interest charges.
• Tribal lender — Green Trust Cash is operated by the Fort Belknap Indian Community of the Fort Belknap Reservation of Montana, which is an American Indian Tribe.
• Not available in all states — Green Trust doesn’t offer loans in Arkansas, Connecticut, Massachusetts, Montana, New York, Pennsylvania, Puerto Rico, Vermont, Virginia or West Virginia.

Who a Green Trust Cash loan is good for

You may benefit from a Green Trust Cash loan if you need money for an emergency expense as soon as possible. Since a Green Trust Cash loan is a very expensive financing solution, you should look at it as a last resort and only apply if you don’t have other options.

How to apply with Green Trust Cash

If you decide to apply for a Green Trust Cash loan, you’ll fill out an online application on Green Trust Cash’s website. You’ll be asked to enter an offer code if you received one.

Here’s what personal information you’ll be asked to provide as part of the Green Trust Cash application process.

• Full name
• Email address
• Date of birth
• Social Security number or Tax ID number
• Government ID type (state driver’s license, state ID card or U.S. passport)
• Phone number
• Address
• Rent or mortgage payment amount
• How long you’ve lived in your current home
• Primary source of income
• Pay frequency
• Last paycheck/income amount

After you apply, you’ll get an email about your application status. If you’re approved, make sure to read through your loan agreement so you’re aware of all the terms.

Not sure if Green Trust Cash is right for you? Consider these alternatives.

• Earnin: Earnin is an alternative option for emergency cash. It’s an app that allows you to borrow against your paycheck without fees or interest.
• Upstart: Upstart might be ideal if you want a lender with a prequalification option that considers more than just your credit scores.
• Payday alternative loans: Federal credit union members can consider these emergency cash options, which have limits on fees.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.