Rocket Mortgage Home Equity Loan Review
A fixed-rate second mortgage from the largest retail lender, taken as one lump sum. Independent Rocket Mortgage Home Equity Loan review: 4.7/5 for heloc.
By Michael Hewitt, Founder & Editor-in-Chief.
Our verdict
This fixed-rate second mortgage comes as one lump sum, for borrowers who want a steady payment and a lender that answers 99.9% of CFPB complaints on time. Interest runs on the whole amount from day one, the minimum credit score is 680, and rates and fees aren't published. Only 2.2% of complaints close with any money returned.
Skip it if your credit score is under 680, or if you'd rather draw only what you need from a line.
About Rocket Mortgage Home Equity Loan
A fixed-rate second mortgage from the largest retail lender, taken as one lump sum. Rocket Mortgage Home Equity Loan is offered by Rocket Mortgage, LLC. Our editorial rating is 4.7 out of 5.
Best for: Borrowers who want a fixed payment and a lender that answers.
Editorial grade: C+ (composite score 65/100).
Highlights
- Fixed rate and fixed payment for the life of the loan
- Answers 99.9% of CFPB complaints within the deadline
- Minimum credit score of 680, as the lender states it
What we like
- The strongest complaint-handling record of any lender we track
- One fixed payment rather than a variable line
- Servicing stays in-house rather than being sold on
Where it falls short
- A lump sum, so interest runs on the whole amount from day one
- 680 minimum credit score shuts out borrowers other lenders take
- Only 2.2% of complaints close with any money returned
Fees, minimums, and rates
Monthly fee: Not published; confirm at application. Minimum to open: Not published. Rates and promotional offers change often, so check the provider's own page before you apply.
How we reviewed it
This is a desk review: we have not opened an account with Rocket Mortgage, LLC. It is built from Rocket Mortgage, LLC's published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the HELOC shortlist. The rubric is the same for every brand.
Similar products to compare
Read our full editorial methodology for how we review products.