![]() The source was from a competitor of theirs however, it tracks with my experience with various buyers. That's worse than the last time I checked where there was a 40% fall out rate. I recently saw info on the fall out rate for Rocket between their pre-approval and closing - only 25% actually close. You are far better off going to a mortgage broker now OP. High closing costs and their phone people have no idea what they are doing when it comes to originating a mortgage. You can only get there through a mortgage broker. However, I recently learned that the wholesale side of Rocket is a much better experience. Their marketing is incredible - I was very interested for an hour until I really drilled down into their numbers. These online mortgage people have completely removed all sense of humanity from the process. In the end, the fees were not as bad as some make them out, I got an ok rate, but I can't tell you enough: go with someone local. Some of the reps were good, some were awful. UPDATE: I am FINALLY closing after an absolutely insane amount of back and forth that was really starting to stress me out. It has to be a total crapshoot with which rep you get assigned that determines your outcome. Oh we didn't tell you: this expires next Tuesday, so if you don't get all this done (with our incompetence hindering you), your mortgage offer expires and you have to start over.ĮDIT: Wow, it's insane the mix of good and bad experiences here. We are now REVALIDATING all the information I already provided. I'm two weeks from closing and I might as well have not even gone through their "prequalified approval", which I was told, "Is as good as having a check in hand". Holy shit, what a fucking mistake this was. I bought a house last year through a local mortgage provider with no issues whatsoever, then moved cross country and had no local recommendations to go on, so I figured I'd give Rocket Mortgage a shot.
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