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.
What is the concept of home equity? ›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.
What is the downside to Rocket Mortgage? ›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.
Who is the parent company of Rocket Mortgage? ›Rocket Companies, parent to Rocket Mortgage and other FinTech brands, celebrated its debut on the New York Stock Exchange as a publicly traded entity. Rocket Companies stock began trading under the ticker symbol RKT.
Do you have to pay back a home equity loan? ›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.
Do you pay taxes on equity for a home? ›Home equity isn't taxed when you haven't tapped it. However, if you're looking to take advantage of the equity you've built, you're probably wondering when it becomes taxable. The only time you'll have to pay tax on your home equity is when you sell your property.
What is Rocket Mortgage called now? ›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.
When did Rocket Mortgage change their name? ›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.
Are Rocket Loans and Rocket Mortgage the same company? ›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.
How does Rocket Home work? ›Rocket Homes allows sellers to list their house for sale on the platform. If you sell a property with a Rocket Homes Verified Partner Agent, you generally pay an industry-standard commission of 5% – 6% of the home's selling price. If you're a seller, you'll contact Rocket Homes, who connects you with a local agent.