Rocket Mortgage Doesn’t Offer HELOCs: Here’s Our Review of Its Home Equity Loan

Home equity can be a powerful financial resource. As you make mortgage payments and your home’s value grows, you may be able to borrow against that equity when you need funds. Lenders such as Rocket Mortgage offer home equity loans (HELs) that let you turn some of your equity into cash, often through a straightforward application process.

With Rocket Mortgage, you can choose a 10-year or 20-year term. The lender’s quick turnaround may appeal to some borrowers, but I found it less transparent than many competitors. I contacted the company for more information about its rates, fees, appraisal process, and more. I waited more than a week for a response and didn’t get one.

We think it’s worth considering other options to find a home equity loan lender that fits your needs.

About Rocket Mortgage home equity loans

Rocket Mortgage was founded in 1985 by Dan Gilbert as Rock Financial, originally focused on traditional mortgages. As it grew into Quicken Loans and later rebranded to Rocket Mortgage in 2021, it became known for its digital-first lending experience.

Home equity loans came later, as the company expanded beyond purchase and refinance loans to meet demand from homeowners looking to tap their equity. Today, its home equity loans follow the same model: a streamlined online process with fixed rates and predictable payments.

Does Rocket Mortgage offer HELOCs?

No, Rocket Mortgage does not offer HELOCs (home equity lines of credit).

A HELOC is a revolving line of credit that lets you borrow from your home’s equity as needed, similar to a credit card. In contrast, a home equity loan gives you a one-time lump sum with a fixed interest rate and set repayment schedule.

Rocket Mortgage only offers home equity loans—not HELOCs—along with mortgages and refinancing options. If you’re specifically looking for flexible, draw-as-you-go access to your equity, you’ll need to consider other lenders.

How Rocket home equity loans work

You can get a 10-year or 20-year term with Rocket Mortgage. You’ll need to answer some quick questions before Rocket Mortgage advises how much equity you can borrow.

You might qualify for a home equity loan with Rocket Mortgage even if you have a mortgage with a different lender. The company has educational resources and a useful calculator that lets you see how much equity you currently have in your home. The entire application process takes about 10 minutes.

Eligibility

Rocket Mortgages uses the loan-to-value ratio (LTV) to gauge how much you can borrow. It combines your current mortgage with the requested home equity loan amount. A lower LTV is better. You can use the maximum LTV as a guide, not something to aspire toward.

The maximum LTV depends on your credit score. A higher credit score can give you more flexibility:

• Applicants with 680 FICO scores cannot exceed an 80% LTV.
• A 700 credit score gets you a maximum 85% LTV.
• A 740 FICO score might allow you to borrow up to a 90% LTV.

Rocket Mortgage requires a debt-to-income ratio (DTI) of less than 50% and a 680 credit score. A higher credit score increases the likelihood of receiving a more competitive interest rate, but lenders will also consider your LTV and DTI.

Rates

Rocket Mortgage doesn’t share much information about its interest rates for home equity loans. It might offer a lower interest rate if you have a high FICO score, but that’s a standard practice across the industry. We emailed Rocket Mortgage but received no specifics about its home equity loan rates.

A 680 credit score is the ground floor, and anything higher than that can help you secure a more competitive rate. Notably, Rocket Mortgage publishes its rates for mortgages and refinances, but not for home equity loans.

Loan amounts

Homeowners may be eligible to tap into at least $45,000 of their home equity. The maximum loan amount is $500,000. However, Rocket Mortgage will consider other factors, such as your LTV and DTI, before deciding how much equity you can access.

Fees and costs

The fees and costs Rocket assesses are typical for a home equity loan. Closing costs will vary, and you can buy points to reduce your interest rate. We contacted Rocket Mortgage to request more details about its fees and costs, but did not receive a response.

Appraisal process

The appraisal process is standard. An appraiser will visit your home and review its general condition. Then, they will let you and Rocket Mortgage know about your property’s appraised value. As with our other inquiries, Rocket Mortgage didn’t respond when we requested a breakdown of how it conducts appraisals.

Funding time

You can receive funding in as little as two weeks, but the entire process can take up to two months. It depends on how soon you provide the necessary documents and respond to any questions.

Repayment

You’ll make monthly payments over a 10-year or a 20-year term. If you want to get out of debt faster, the 10-year term might be right for you. However, you could benefit more from a 20-year term if you want to free up more space in your monthly budget.

What customers say about Rocket Mortgage home equity loans

Many of the positive reviews mentioned the company’s professional staff. Rocket Mortgage’s quick and easy application process also came up often.

Negative reviews came from people who had difficulty with customer support. Some reviewers mentioned that the underwriters did not approve the rates and terms that Rocket Mortgage had previously promised.

As for my own experience, I didn’t get a response from customer service.

	Customer rating	Number of reviews
Better Business Bureau	1.46/5	1,972
Trustpilot	4.5/5	40,558
Google	4.5/5	4,924

Rocket Mortgage customer service

Rocket Mortgage offers email, live chat, and phone support. The company has more flexible phone support hours for customers who are applying for new loans than for current members.

Existing clients can get phone support on weekdays from 8:30 a.m. to 9 p.m. Eastern and on Saturdays from 9 a.m. to 4 p.m. Eastern.

New loan clients get weekday phone support from 7 a.m. to midnight Eastern. Phone support is also available on Saturdays from 9 a.m. to 8 p.m. Eastern and on Sundays from 9 a.m. to 7 p.m. Eastern.

Current clients can call 1-800-603-1955, while new loan customers can call 1-888-452-8179.

Pros and cons of a home equity loan from Rocket

Pros

• High loan amounts

  You might be eligible to borrow up to $500,000

• Quick application process

  Apply for a home equity loan in as little as 10 minutes.

• Access funds early

  You could get funds within 20 days of starting the process, a shorter time than many lenders.

Cons

• High loan minimums

  You must borrow at least $45,000 against your home equity to use Rocket Mortgage.

• No company response to my outreach

  I waited more than a week, but never heard back.

• High FICO score requirement

  Rocket’s 680 credit score requirement is higher than that of other mortgage lenders.

• No 30-year term

  Rocket Mortgage only lets you choose a 10-year or 20-year term.

Alternatives

Rocket Mortgage can be a solid option for a straightforward home equity loan, but it won’t be the best fit for everyone—especially if you’re looking for more flexibility or want to compare multiple offers.

Here are a few strong alternatives and when they might make more sense:

Figure vs. Rocket Mortgage

If you’re specifically looking for a HELOC, Figure is one of the closest alternatives. Unlike Rocket Mortgage, it offers a line of credit rather than a lump-sum loan. That said, its structure is a bit different—many borrowers draw the full amount upfront, and rates can be fixed, so it can feel similar to a home equity loan with added flexibility.

Figure may also appeal if speed is a priority, as funding can happen in as little as five days. This makes it a strong option if you need quicker access to your equity than Rocket Mortgage typically provides.

LendingTree vs. Rocket Mortgage

If you’re not sure which lender is right for you, LendingTree can help you shop around. It’s a marketplace, not a direct lender, so you can compare multiple home equity loan and HELOC offers in one place.

This can be especially helpful if your credit isn’t perfect. While Rocket Mortgage generally requires a 680 credit score, some lenders on LendingTree’s platform may accept lower scores, giving you a better chance of finding an option that fits your situation.

How we rated Rocket Mortgage home equity loans

We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Rocket Mortgage to several home equity loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

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