Rocket Mortgage: 2023 Home Equity Review

Home equity loans from Rocket Mortgage are best for homeowners with stellar credit.

Rocket Mortgage is headquartered in Detroit and is the country's largest online retail mortgage lender, with nearly $4 billion in assets under management. Rocket Mortgage was established in 2015 as part of Quicken Loans, and quickly became a customer favorite. 

Black and red Rocket Mortgage logo
James Martin/CNET

The company has consistently scored No. 1 in customer satisfaction for mortgage originations in J.D. Power's customer satisfaction survey over the last decade. With the exception of Texas, Rocket Mortgage offers a home equity loan option to homeowners across the country.

Rocket Mortgage: At a glance

Type of loan offeredHome equity loan



Loan amount

$45,000 to $350,000

Credit score minimum


Repayment terms

10 years or 20 years

Average time for approval


Rocket Mortgage home equity loans are best suited for homeowners who need a large minimum loan amount and are looking to receive their funds as a lump sum. Its home equity loans are also a good option for people with high credit scores, as the maximum amount of your home's value that you're eligible to borrow will depend on your credit score. The higher your score, the more money you can borrow. If, for example, your score is 680 or better, you need to leave 25% equity in your home, but if your score is above 700, you only need to leave 15% equity in your home.

What we like

  • Loans for second homes: Not all lenders offer home equity loans for vacation homes or investment properties, but Rocket Mortgage does, as long as they're single family properties.
  • Wide availability: Its home equity loans are available to homeowners everywhere, except Texas.
  • High customer satisfaction: Rocket Mortgage repeatedly gets high marks from customers who report positive experiences when taking out loans with the online retail lender. 

What we don't like

  • High minimum loan amount: A minimum loan of $45,000 is high, although that depends on what you're using the funds for. If your project is something small, such as renovating a guest bathroom, it may not make sense to take out such a large loan.
  • No home equity line of credit, or HELOC, option: Rocket Mortgage only offers a fixed-rate home equity loan that provides your funds as an upfront lump sum. Homeowners who may not need the entire sum right away will end up paying costly interest on a chunk of money they don't actually need, adding to the total cost of the loan.
  • Credit score determines loan amount: If you don't have excellent credit, you can't borrow against all of the equity you've built up in your home, no matter how much you've paid up. Even if you have 30% of equity in your home, for example, if your credit score is less than 700, Rocket Mortgage won't allow you to borrow against all 30%, lowering the loan amount available to you.

Home equity loan options

In addition to a home equity loan, Rocket Mortgage also offers mortgages and refinancing


Rocket Mortgage doesn't disclose the fees it charges to take out a home equity loan. 

How to qualify

You need to have 15% to 25% equity built up in your home to qualify for a Rocket Mortgage home equity loan. The specific percentage you're required to have will depend on how high your credit score is. Only borrowers who have a credit score of 760 or higher are eligible to borrow up to 90% of their home's value, for example. Homeowners must also have a debt-to-income ratio no higher than 45% to be approved. 

If you've had more than one late mortgage payment in the last 12 months, you won't be considered for approval for a Rocket Mortgage home equity loan. Properties in Texas don't qualify, either. 

Getting started

You can apply online or over the phone for a home equity loan with Rocket Mortgage. Your approval is subject to lender review of your income, assets, credit and your property value. A home equity loan is a second mortgage on your house, so be prepared to show proof of sufficient income and employment through documents such as tax returns and pay stubs. You'll also need copies of current mortgage statements to show you've consistently been making on-time payments and aren't a risk to your lender. 

Customer service

You can reach customer service at 888-452-8179 to speak with a home loan expert from Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT), Saturday from 9 a.m. to 8 p.m. ET (6 a.m. to 5 p.m. PT) and Sunday 9 a.m. to 7 p.m. ET (6 a.m. to 4 p.m. PT). An online chat function is also available from Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT) and Saturday and Sunday from 8 a.m. to midnight ET (5 a.m. to 9 p.m. PT).