Rocket Mortgage home equity review: home equity loan and cash-out refi
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Our take
Rocket Mortgage says its retail business doesn't currently offer HELOCs. It offers a fixed-rate home equity loan (a second mortgage) and cash-out refinancing, and your current mortgage doesn't have to be with Rocket.
May fit you if
- Homeowners who want one lump sum at a fixed rate instead of a line of credit
- Borrowers with credit scores of 680 or higher (for the home equity loan)
Look elsewhere if
- You want a HELOC (Rocket's retail business doesn't offer one)
- You need less than $45,000 (the home equity loan minimum in most states)
We don't give star ratings yet. We'll publish our rating method first.
Key facts
Rocket Mortgage, LLC · NMLS #3030 · Look up licensing
- HELOC
- "Rocket Mortgage retail does not currently offer HELOCs." Source
- Home equity loan amounts
- $45,000 to $500,000 (different minimums in some states); fixed rate; second lien Source
- Credit and loan-to-value tiers
- 680 score: up to 80% combined loan-to-value; 700: 85%; 740: 90% Source
- Cash-out refinance
- 620+ credit score; typically borrow up to 80% of your home's value Source
- Existing mortgage
- Your current mortgage doesn't need to be with Rocket Source
- Valuation
- A third-party appraiser determines your home's value Source
How it works
A home equity loan gives you one lump sum at a fixed rate, repaid in fixed monthly payments, on top of your current mortgage.
A cash-out refinance replaces your current mortgage with a larger one and pays you the difference. If your current rate is low, compare carefully before giving it up.
Costs and fees
We don't list rates because they change daily. Your rate and costs depend on your credit, home value, location and the amount you borrow.
What Rocket Mortgage says
These are the company's own claims. We haven't verified them.
- Speed
- Funding in as little as 15 days for the home equity loan, based on Rocket's internal data as of June 2026 Source
Things to check before you apply
- Closing costs of 2% to 5% matter more on smaller loans; ask for a Loan Estimate.
- A cash-out refinance resets the rate on your whole mortgage, not just the cash you take out.
Sources and method
- Rocket Mortgage: Home equity
- Rocket Mortgage: Home equity loan
- Rocket Mortgage: Cash-out refinance
- Rocket Mortgage: Disclosures and licenses
Every fact on this page comes from Rocket Mortgage's own published pages, checked on October 19, 2026. Terms change, so confirm them with the company. Licensing can be checked on NMLS Consumer Access. Spot an error? Tell us. See our editorial standards.