Even if a borrower knows what a mortgage is and how it works, looking for one can be upsetting. With so many lenders competing for their business, it’s easy for borrowers to feel like they have too many options. If a borrower is deciding between Quicken Loans and Rocket Mortgage, they’ll be happy to know that both are the same company. That company offers a fully online mortgage process that makes getting a loan quick and easy.
A lot of people want to know, “Is Rocket Mortgage good?” The answer depends on what the borrower needs, but Rocket Mortgage is known as one of the best mortgage lenders for both first-time buyers and experienced buyers. The company’s simple online mortgage process and mostly positive customer reviews show that it wants to make the process of getting a home loan easy.
One company runs both Quicken Loans and Rocket Mortgage, but that wasn’t always the case.
Quicken Loans vs. Rocket Mortgage
Many people don’t know that Rocket Mortgage and Quicken Loans are the same company, even though both have well-known names in the mortgage business. But the company’s past can be hard to understand.
Dan Gilbert started Rock Financial in 1985 as a mortgage broker. In 1988, it became a mortgage lender. Gilbert wanted to make it easier for customers to get a mortgage. Before the internet was widely used, he did this by sending mortgage papers to customers so they could sign them at home. But “Mortgage in a Box” was just the first step toward a mortgage process that is truly easier to understand.
In 1998, Gilbert sent an email to his team telling them that his ultimate goal was to move the whole mortgage process online. At the time, most people were still getting used to the internet, so this goal probably seemed like a long shot. But Rock Financial started to work toward this goal, and in 1999, RockLoans.com came out. This was the start of the company’s digital mortgage business, which was made to make the process easy for customers. After a year, in December 1999, Intuit bought the company and changed its name to Quicken Loans.
This deal didn’t last long, though, because Gilbert and a group of private investors bought Quicken Loans back from Intuit in 2003. They kept the company’s name and marketing. Soon after, QuickenLoans.com came out to help borrowers by giving them online tools like a payment planner and an online mortgage application. By the end of 2010, Quicken Loans had closed its 1 millionth loan, which was a big deal.
In 2015, Quicken Loans created the brand Rocket Mortgage to run its digital mortgage company.
As Quicken Loans’ digital mortgage business grew, the company decided it needed to put more attention on that part of the business. This led to the creation of Rocket Mortgage.
In 2015, Quicken Loans made Rocket Mortgage as a separate company that would handle all of the digital mortgage work for the company. Using Rocket Mortgage, buyers could go through the whole mortgage process, from preapproval to closing, without going to a physical place or meeting with a loan manager. And if they still wanted a more standard borrowing process, they could choose Quicken Loans instead.
Rocket Mortgage was the first lender to offer a totally digital and online mortgage process from start to finish.
Many customers today expect to be able to do everything they need to do with their mortgage and other payments online, but that wasn’t always the case. In fact, Rocket Mortgage was one of the first digital mortgage companies, leading the way for others to do the same.
Unlike the standard mortgage process, Rocket Mortgage claimed that all parts of the mortgage process could be done online from the ease of the borrower’s own home. Even though many buyers today almost expect most of the mortgage process to be done online, this wasn’t possible before Rocket Mortgage.
As the mortgage industry moved toward digitally-focused home loans, buyers quickly took to Rocket Mortgage’s online lending processes.
Borrowers quickly switched from the standard brick-and-mortar mortgage process to Rocket Mortgage’s digital one, which didn’t come as a surprise. When the brand first started, the lender couldn’t be beaten when it came to ease of use. It didn’t take long for Rocket Mortgage to make a name for itself and compete with even the best banks when it came to mortgage loans.
In 1998, Dan Gilbert’s idea to move the mortgage process online may have seemed new, but Rocket Mortgage’s quick rise in the market showed that his idea was the way of the future. As Rocket Mortgage became more and more popular with borrowers, the company’s rivals tried to catch up by making their own online processes. However, Rocket Mortgage’s unique technology really changed the mortgage industry.
The success of Rocket Mortgage made Quicken Loans the biggest mortgage lender in the country.
Rocket Mortgage kept being popular with borrowers, and as a result, its parent company, Quicken Loans, grew quickly and became the largest mortgage lender in the country, both for standard mortgages and digital mortgages. Some customers liked Quicken Loans better for their mortgages, but Rocket Mortgage was getting more and more popular because it was easy and quick to get a mortgage online.
By the fourth quarter of 2017, Quicken Loans had become the biggest mortgage lender in the country. And in October 2019, Rocket Mortgage became the first lender in the country to be able to close home mortgage deals online in all 50 states. This meant that buyers could use Rocket borrowing to finish the whole borrowing process online, no matter where they lived.
Over time, the name Rocket Mortgage became more well-known among retail customers than the name Quicken Loans.
As the need for online mortgage lenders kept growing, Rocket Mortgage became more and more popular, to the point where it was doing better than its parent company, Quicken Loans. As the need for digital mortgage services grew, Dan Gilbert was able to reach his goal of making the mortgage process easy and clear for all borrowers. When the company saw where the industry was going, it chose to focus all of its efforts on the online mortgage business. This meant that it had to change its name to just “Rocket Mortgage.”
In 2021, Quicken Loans changed its name to the more well-known Rocket Mortgage.
In 2021, it was decided that Quicken Loans would change its name to Rocket Mortgage. On July 31, 2021, the change became official. Keeping the “Rocket” name tied Rocket Mortgage to its parent company, Rocket Businesses, as well as to Rocket Homes, Rocket Auto, and Rocket Loans, which are all related businesses.
Together, this group of companies made it possible for people to get loans for homes, cars, and personal needs, all online.
Existing Quicken Loans users still have mortgages and loans with the company, but their accounts have been taken over by Rocket Mortgage.
Customers can no longer get a mortgage from Quicken Loans, but the company’s name may still be on some of their mortgage papers if they already have a mortgage through the company. Customers also kept their login information when the name changed, so they can still log in to see details about Rocket Mortgage payments if they want to know what it would take to pay off their loan early and other important mortgage information.
The company’s address hasn’t changed, so users can still send bills for Quicken Loan or Rocket Mortgage to the same place, just using the new name (but the mail will still get there if they use the old name).
Customers can still apply for loans on the Quicken Loans site, but Rocket Mortgage will handle their requests.
In 2021, Quicken Loans changed its name to Rocket Mortgage, but the QuickenLoans.com website is still up and running. Customers can go to the website to read helpful articles, figure out how much their monthly mortgage payments will be, see what the current Quicken Loans mortgage rates are, compare different loan choices, and learn about refinancing.
They can even apply for a mortgage or refinance online through Quicken Loans, but they will get information or a quote straight from Rocket Mortgage. Since Rocket Mortgage is thought to be one of the best mortgage refinancing companies, customers can be sure they’ll have a good experience, whether they want to use their home equity to pay for home improvements or try to lock in a lower interest rate.
Rocket Mortgage is an online-only lender, but some customers may find the lack of in-person help and some of the loan choices to be limited.
Some people may love the idea that they won’t have to talk to anyone during the borrowing process. Some people just like the idea of doing everything online, from getting pre-approved to close. But some people might find this process too distant and would rather work with a standard mortgage company in person.
In the end, each user has different needs, and while Rocket Mortgage will work well for many, it might not be a good fit for others. Also, some borrowers may find Rocket Mortgage’s platform limited because it doesn’t offer building loans or home equity lines of credit (HELOCs).
Rocket Mortgage is not the best at closing home loans in the country for nothing. Most customer reviews of Rocket Mortgage are good, and Consumer Affairs gave it a score of 4 out of 5. Reviewers say that the company has great customer service, is ready to work with people who have good credit, and has an easy-to-use online platform for getting money.
