Homeowners must also have a debt-to-income ratio no higher than 45% to be approved. Only borrowers who have a credit score of 760 or higher are eligible to borrow up to 90% of their home's value, for example. The specific percentage you're required to have will depend on how high your credit score is. You need to have 15% to 25% equity built up in your home to qualify for a Rocket Mortgage home equity loan. Rocket Mortgage doesn't disclose the fees it charges to take out a home equity loan. In addition to a home equity loan, Rocket Mortgage also offers mortgages and refinancing. Even if you have 30% of equity in your home, for example, if your credit score is less than 700, Rocket Mortgage won't allow you to borrow against all 30%, lowering the loan amount available to you. Credit score determines loan amount: If you don't have excellent credit, you can't borrow against all of the equity you've built up in your home, no matter how much you've paid up.Homeowners who may not need the entire sum right away will end up paying costly interest on a chunk of money they don't actually need, adding to the total cost of the loan. No home equity line of credit, or HELOC, option: Rocket Mortgage only offers a fixed-rate home equity loan that provides your funds as an upfront lump sum.If your project is something small, such as renovating a guest bathroom, it may not make sense to take out such a large loan. High minimum loan amount: A minimum loan of $45,000 is high, although that depends on what you're using the funds for.High customer satisfaction: Rocket Mortgage repeatedly gets high marks from customers who report positive experiences when taking out loans with the online retail lender.Wide availability: Its home equity loans are available to homeowners everywhere, except Texas.Loans for second homes: Not all lenders offer home equity loans for vacation homes or investment properties, but Rocket Mortgage does, as long as they're single family properties.If, for example, your score is 680 or better, you need to leave 25% equity in your home, but if your score is above 700, you only need to leave 15% equity in your home. The higher your score, the more money you can borrow. Its home equity loans are also a good option for people with high credit scores, as the maximum amount of your home's value that you're eligible to borrow will depend on your credit score. Rocket Mortgage home equity loans are best suited for homeowners who need a large minimum loan amount and are looking to receive their funds as a lump sum. Rocket Mortgage: At a glance Type of loan offered
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