How Fast Does Rocket Mortgage Close?

Rocket Mortgage, one of the largest online mortgage lenders in the U.S., is known for its fast and digital loan processing. But how quickly can you expect your mortgage or refinance to close? This article explores Rocket Mortgage’s closing timeline, factors that influence speed, and tips to accelerate the process.

Understanding Rocket Mortgage’s Closing Process

Rocket Mortgage offers a fully digital mortgage experience, which helps speed up approvals and closings. The exact timeline depends on the loan type, borrower’s preparedness, and external factors like appraisals and underwriting.

Average Closing Time for Rocket Mortgage

Rocket Mortgage claims to close loans in as little as 8 to 21 days for refinancing and 30 days or less for purchase mortgages. However, industry averages are typically 30 to 45 days, so Rocket Mortgage is often faster than traditional lenders.

Here’s a breakdown of the typical timeline:

Factors That Affect Rocket Mortgage’s Closing Speed

Several factors influence how fast your loan closes:

1. Loan Type

• Refinancing: Faster (8-21 days) since no home purchase is involved.
• Purchase Loans: Typically 30 days due to coordination with sellers and real estate agents.

2. Borrower’s Responsiveness

Delays often happen when borrowers don’t submit required documents quickly.

3. Appraisal Delays

Appraisals can take 5-10 days, depending on market demand.

4. Underwriting Process

Rocket Mortgage’s automated underwriting speeds things up, but complex financial situations may require manual review.

5. Title Search & Insurance

This can add 3-5 days if there are title issues.

5 Key Tips to Close Faster with Rocket Mortgage

1. Gather Documents Early – Have pay stubs, tax returns, and bank statements ready.
2. Check Your Credit – Fix errors before applying to avoid delays.
3. Respond Quickly to Requests – Speed up underwriting by promptly submitting additional documents.
4. Opt for a Digital Appraisal – If available, this can save time.
5. Lock Your Rate Early – Prevents delays due to rate fluctuations.

Rocket Mortgage vs. Traditional Lenders: Closing Speed Comparison

Rocket Mortgage’s digital platform and automated underwriting give it an edge over traditional lenders.

Conclusion

Rocket Mortgage can close loans much faster than traditional lenders—sometimes in as little as 8 days for refinances and 30 days for purchases. However, the exact timeline depends on your financial situation, responsiveness, and external factors like appraisals. By preparing documents early and staying proactive, you can help ensure a smooth and speedy closing.

5 FAQs About Rocket Mortgage Closing Times

1. Can Rocket Mortgage close in 7 days?

Yes, in rare cases with a fully digital process and no appraisal delays, some refinances can close in 7-10 days.

2. What’s the fastest way to close with Rocket Mortgage?

Opt for a simple refinance, provide all documents upfront, and choose digital verification options.

3. Does Rocket Mortgage offer same-day approvals?

You can get pre-approval within minutes, but full underwriting takes longer.

4. Why would my Rocket Mortgage closing be delayed?

Common reasons include appraisal delays, title issues, or missing documents.

5. Can I speed up the appraisal process?

Yes, by scheduling it quickly and choosing an appraisal waiver if eligible.