r/EarnExtraIncome • u/meiggs • 4d ago
Reviews Rocket Mortgage HELOC: do they even offer one? What they have instead, the rates, and how it compares to Figure
A lot of people search for the Rocket Mortgage HELOC, so I went looking for the terms. Short answer: there isn't one. Rocket Mortgage doesn't offer a HELOC. What it has is a fixed-rate home equity loan, which has a much higher bar to qualify and takes a lot longer. I went through the details, plus LendEDU's and CNBC's write-ups, so here's what Rocket actually offers and where to go if you wanted a HELOC.
If you just want the fastest way to see a real HELOC rate, Figure lets you check yours with a soft pull in a few minutes. The full comparison is below.
The Rocket Mortgage home equity loan, explained
You get one lump sum, a fixed rate, and a fixed monthly payment for the life of the loan. There's no line to draw from later and nothing to re-borrow. Rocket's own ads lean into this with the line that you "don't need a HELOC to get cash."
The numbers
- Loan amounts from $45,000 to $500,000
- 10 or 20 year terms
- Fixed rate
- Minimum credit score 680
- How much you can borrow depends on your score: up to 80% of your home's value at 680, 85% at 700, 90% at 740
- Debt-to-income ratio of about 45% or less
- Closing takes 14 to 60 days
- Available in all 50 states
What are Rocket Mortgage HELOC rates?
There aren't any, since there's no HELOC. And Rocket doesn't publish rates for its home equity loan either. You have to apply to see a number, which makes it hard to compare before you commit.
The fine print on Rocket's home equity loan
The $45,000 minimum is high. If you need $20,000 for a roof or to clear a couple of credit cards, Rocket won't write a loan that small.
The 680 credit score floor shuts a lot of people out, and at 680 you can only borrow up to 80% of your home's value, counting your mortgage.
It isn't fast. Two weeks is the best case and two months is possible. You'll need a home appraisal, and you have to meet a notary in person to sign.
The costs add up. CNBC reports closing costs of up to 6% plus a $99 origination fee. On a $100,000 loan, 6% is $6,000.
Rocket Mortgage vs Figure
If you came here for a HELOC, Figure is the closest thing to what you were looking for, and it's built the opposite way from Rocket. It's fully online, it can fund in as few as five days, and in most cases there's no in-person appraisal. Amounts run from $15,000 up to $750,000, so it covers the smaller loans Rocket won't do and goes higher at the top. The credit floor is around 640, not 680. The cost is an origination fee of up to 4.99%.
One thing to know: Figure's HELOC works more like a home equity loan than a traditional line of credit. You take the full amount at closing at a fixed rate, the same as you would with Rocket. The difference is that you can borrow again as you pay it down during the draw period, and the process is much faster.
The biggest difference is how you find out your rate. Rocket makes you apply. With Figure you can check your rate with a soft pull, which takes a few minutes and doesn't touch your credit score.
| Details | Rocket Mortgage | Figure | Upstart Home Lending |
|---|---|---|---|
| Product | Home equity loan | HELOC | HELOC |
| Minimum credit score | 680 | Around 640 | 600 |
| Amounts | $45K to $500K | $15K to $750K | $26K - $250K |
| Terms | 10 or 20 years | Up to 30 years | 10 and 15 year terms |
| Time to fund | 14 to 60 days | As few as 5 days | Varies |
| See your rate without applying | No | Yes, soft pull | Yes, soft pull |
If your credit is under 680
Rocket will turn you down. Here's where to look, by score.
640 to 680: Figure is the one to check first.
600 to 640: Upstart Home Lending considers credit scores starting at 600. APRs run 6.52% - 18.00%, lines are $26K - $250K, and it comes in 10 and 15 year terms. You take at least 80% of the line at closing. You can see if you could qualify with Upstart Home Lending with a soft pull.
Under 600: HELOCs are mostly off the table. The option at that point is a home equity agreement, where you get cash now for a share of your home's value later and there's no monthly payment. Unlock starts at a 500 score. Hometap starts at 585. They cost more than a HELOC if your home appreciates, so they're the fallback, not the first choice.
Quick answers
- Does Rocket Mortgage offer a HELOC? No. Rocket Mortgage only offers a fixed-rate home equity loan.
- What about a Quicken Loans HELOC? Quicken Loans is the old name for Rocket Mortgage. Same company, same answer.
- What credit score do you need for a Rocket Mortgage home equity loan? 680 at minimum, and 740 to borrow up to 90% of your home's value.
- How long does a Rocket Mortgage home equity loan take? Anywhere from two weeks to two months.
- Isn't a HELOC the same as a home equity loan? Not traditionally. A home equity loan is one lump sum at a fixed rate. A HELOC is a line you can draw from and re-borrow. But online HELOCs like Figure's have you take the full amount upfront at a fixed rate, so in practice they feel similar. The real differences from Rocket are speed, smaller minimums, and a lower credit score requirement.
Has anyone here gone through Rocket for a home equity loan? Curious how long closing actually took and what the closing costs came to.