- Rocket Homes Blog (2024)

FAQs

Is Rocket Homes the same as Rocket mortgage? ›

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.

But what exactly is equity? In the simplest terms, your home's equity is the difference between how much your home is worth and how much you owe on your mortgage.

Rocket Mortgage's Rocket Logic is a prime example of innovation in the mortgage industry. Its automation capabilities, powered by AI, have transformed the loan closing process, creating new standards for speed and efficiency.

Rocket Money was originally known as Truebill when it was founded in 2015. The company was acquired in 2021 by Rocket Companies—which also owns Rocket Mortgage, Rocket Loans, and is the issuer of the Rocket Visa Signature® Card. Its name changed in late August, 2022.

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.

Rocket Companies

Rock Holdings Inc.

While a Home Equity Investment is not the right fit for all homeowners looking to tap into their equity, it might be a good fit for you if: You can't – or don't want to – make a monthly payment. Your income or credit disqualifies you from traditional financing solutions.

How long do you have to repay a home equity loan? You'll make fixed monthly payments until the loan is paid off. Most terms range from five to 20 years, but you can take as long as 30 years to pay back a home equity loan.

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.

Is Rocket Mortgage owned by Schwab? ›

Home lending is offered and provided by Rocket Mortgage, LLC. Rocket Mortgage LLC., is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Bank, SSB, Charles Schwab Trust Bank or Charles Schwab Premier Bank, SSB.

Plus, its team members have spent more than 1 million hours volunteering in the neighborhoods where they live work and play. Rocket Mortgage has closed more than $1.7 trillion in home loans since 1985 and services more than 2.5 million families' mortgages every month.

Rocket Money also uses 256-bit encryption to secure your data. Does Rocket Money really lower bills? Yes, Rocket Money can really lower your bills when you use its bill concierge service, which is available on a Premium account.

Quicken Loans® changed its name to Rocket Mortgage®.

Rocket Mortgage was formerly known as Quicken Loans, but officially changed its name in 2021. Owned by Rocket Companies, Rocket Mortgage has grown to become one of the most popular mortgage lenders in America.

Why did Quicken Loans change its name to Rocket Mortgage? In July 2021, we changed our official company name from Quicken Loans to Rocket Mortgage.

Along the way Rocket became a word that defined what we did best. So in 2021, we changed our official company name from Quicken Loans to Rocket Mortgage as a testament to our obsession with making it easier for people to get a mortgage.

Along the way, Rocket became a word that defined what Quicken Loans did best. That's why on July 31, 2021, Quicken Loans changed its name to Rocket Mortgage. Rocket Mortgage inspired sister companies like Rocket Homes® and Rocket Loans® to do the same and revolutionize the way people find homes and get personal loans.