What is a zero down mortgage?

As the name suggests, a zero-down mortgage is a home loan you can get without a down payment. A down payment is the first payment you make toward the home, and it’s due when you close on your home loan. Lenders usually calculate your down payment as a percentage of the total amount you borrow.

Is Rocket Mortgage and Quicken Loans the same?

One Giant Leap: Quicken Loans Announces It’s Changing Name to Rocket Mortgage. DETROIT, May 12, 2021 – Quicken Loans, America’s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced it will officially change its name to Rocket Mortgage on July 31.

Is Rocket Mortgage hard to get?

You only need to have a credit score of 580 in order to qualify for an FHA loan with Rocket Mortgage®. You may be able to get an FHA loan with a score as low as 500 points if you can bring a down payment of at least 10% to your closing meeting.

Are rocket mortgages any good?

Rocket Mortgage has a a 3.9 rating out of five stars from Trustpilot. It was ranked second by J.D. Power for customer satisfaction in mortgage origination in 2021.

What happened Rocket Mortgage?

On July 7, 2020, it was announced that Quicken Loans had filed paperwork with the U.S. Securities and Exchange Commission to start the process of taking the company public under the name Rocket Companies. On August 6, 2020, Rocket Companies, Inc. went public under the symbol RKT, raising $1.8 billion.

Why did Rocket Mortgage change its name?

That’s why Rocket Mortgage was created: to make getting a mortgage easier. 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.