Bring the questions. We have the answers.
Maybe you just started dreaming about your own home, or maybe you’re ready to close the deal – no matter where you are in your journey, we’ve got you.
How do I know if I'm ready?
What home price can I afford?
How do I get the best rate?
Frequently Asked Questions
Overall, you’ll need a credit profile of at least 580 and a stable income. Something else that we look at is DTI, or your debt-to-income ratio. Generally, a DTI in the 36% to 43% range will get you more loan options. You’ll also need some amount of a down payment.
At Rocket Mortgage®, we have loan options to meet your needs. Here are some of our affordable loans and their requirements.
- 1% down payment
- Credit profile above 620
- 3% down payment
- Credit profile above 620
- 3.5% down payment
- Credit profile above 580
The average down payment on a house is actually around 6% for first-time buyers. We have affordable loans with down payments as low as 1%-3%.
A 20% down payment will get you a better rate and lower payments. But we’ll work to find you the best money-saving options no matter what down payment budget you have.
Having a shorter term like a 15-year mortgage means you’ll pay less interest over the life of the loan. You’ll typically get a lower interest rate, too since it’ll take you less time to pay it back.
A 15-year mortgage can help you build equity faster, since more of your money is going toward paying down the loan in a shorter amount of time. However, your monthly payments will be higher with a 15-year mortgage than with a 30-year mortgage.
Most use a process called a comparative market analysis to estimate the value of a home.
This involves evaluating several factors:
- Nearby properties that have sold recently
- The home’s square footage
- Any special features in the home
Real estate agents may also factor in their knowledge of the area, market trends, and professional appraisals to land on a specific price.
Like most things related to home buying, this depends on a few factors.
- Type of loan
- Time of year
- Personal financial details
If everything goes smoothly, the process can take about 1-2 months.
Hear from home buyers who chose Rocket Mortgage.
As an immigrant and first time borrower you made it so easy! Always there to answer my questions and the process was so quick.
Liz J.
Provided gentle advice but never pressured me into making a decision I wasn't comfortable with.
Jennifer D.
They helped me navigate a crazy market and got me an excellent deal on a great house.
Christine R.
They made a dream into reality faster and more easily than I could have ever imagined.
Bob E.
Answered all my questions and went above and beyond in helping me understand the entire process as this is my first home loan.
Kathleen