Which is right for you?
Which is right for you?
Which is right for you?
Rocket Loans personal loan vs. Rocket Mortgage home equity loan
Rocket Loans personal loan vs. Rocket Mortgage home equity loan
Rocket Loans personal loan vs. Rocket Mortgage home equity loan
Rocket Loans offers same-day personal loans online.
Rocket Loans offers same-day personal loans online.
Rocket Loans offers same-day personal loans online.
Our sister company, Rocket Mortgage, offers home equity loans.
Our sister company, Rocket Mortgage, offers home equity loans.
Our sister company, Rocket Mortgage, offers home equity loans.
Both options come with fixed rates and can be used for debt consolidation, home improvement, and more. The right fit depends on how much you need, how fast you need it, and whether you’re comfortable borrowing against your home.
Both options come with fixed rates and can be used for debt consolidation, home improvement, and more. The right fit depends on how much you need, how fast you need it, and whether you’re comfortable borrowing against your home.
Both options come with fixed rates and can be used for debt consolidation, home improvement, and more. The right fit depends on how much you need, how fast you need it, and whether you’re comfortable borrowing against your home.
Side-by-side comparison
Side-by-side comparison
Personal loan from Rocket Loans
Home equity loan from Rocket Mortgage
Loan range
Loan range
$2,000–75,000
$45,000–$500,000 (dependent on home equity)
Uses your home as collateral
No
Yes
Home appraisal required
Home appraisal required
No
Yes
Min. FICO® score
640+
680+
Approval decision speed
Approval decision speed
Within minutes
12- 22 days
Funding speed
Typically under 24 hours
1 - 3 days after approval
Fixed interest rate
Fixed interest rate
Yes
Yes
Repayment terms
3 or 5 years (36 or 60 months)
10, 15, 20, or 30 years
Fees at closing
Fees at closing
Origination fee
Origination fee, appraisal fee, title fees, and closing costs
Prepayment penalty
No
No
Balance transfer credit cards
Rocket Loans personal loan
Loan range
$2,000–75,000
$45,000–$500,000 (dependent on home equity)
Home appraisal required
No
No
Min. FICO® score
640+
680+
Approval decision speed
Within minutes
12- 22 days
Funding speed
1 - 3 days after approval
Typically under 24 hours
Fees at closing
Origination fee
Origination fee, appraisal fee, title fees, and closing costs
Repayment terms
3 or 5 years (36 or 60 months)
10, 15, 20, or 30 years
Fixed interest rate
Yes
Yes
Prepayment penalty
No
No
Uses your home as collateral
No
Yes
Personal loan from Rocket Loans
Home equity loan from Rocket Mortgage
Uses your home as collateral
No
Yes
Home appraisal required
No
Yes
Min. FICO®
score
640+
680+
Approval decision speed
Within minutes
12- 22 days
Funding speed
1 - 3 days after approval
Typically under 24 hours
Fixed interest rate
Yes
Yes
Repayment terms
3 or 5 years (36 or 60 months)
10, 15, 20, or 30 years
Fees at closing
Origination fee
Origination fee, appraisal fee, title fees, and closing costs
Prepayment penalty
No
No
Loan range
$2,000–75,000
$45,000–$500,000 (dependent on home equity)
Choose a personal loan from Rocket Loans if:
Choose a personal loan from Rocket Loans if:
You need a small or mid-sized loan ($2,000–$75,000)
You need a small or mid-sized loan ($2,000–$75,000)
You want funds in hand quickly
You want funds in hand quickly
You aren’t ready to use your home as collateral
You aren’t ready to use your home as collateral
You have little or no home equity
You have little or no home equity
You want the debt gone in 3 or 5 years
You want the debt gone in 3 or 5 years
Choose a home equity loan from Rocket Mortgage if:
Choose a home equity loan from Rocket Mortgage if:
You need a large loan ($45,000–$500,000)
You need a large loan ($45,000–$500,000)
You can wait 15 days or more
You can wait 15 days or more
You feel confident using your home as collateral
You feel confident using your home as collateral
You’ve built substantial home equity
You’ve built substantial home equity
You want more time to pay
You want more time to pay
Which is best for home improvement financing?
Which is best for home improvement financing?
Which is best for home improvement financing?
A home equity loan makes sense for major renovations or high-end projects when you have substantial home equity and time to wait.
A personal loan is the way to go for small or mid-range projects you want to start quickly without tapping your equity.
A home equity loan makes sense for major renovations or high-end projects when you have substantial home equity and time to wait.
A personal loan is the way to go for small or mid-range projects you want to start quickly without tapping your equity.
Home equity loan
Home equity loan
A home equity loan requires a level of equity many new owners haven’t reached (enough to have at least 15% equity remaining after taking out the loan) and it can take weeks to receive your funds.
Plus, a home equity loan’s repayment terms can mean you’ll still be paying for a remodel in 10-30 years – long after it stops feeling new.
A home equity loan requires a level of equity many new owners haven’t reached (enough to have at least 15% equity remaining after taking out the loan) and it can take weeks to receive your funds.
Plus, a home equity loan’s repayment terms can mean you’ll still be paying for a remodel in 10-30 years – long after it stops feeling new.
Financially-savvy homeowners appreciate a home equity loan’s potential tax advantage: when used for home improvement, the interest you pay may be deductible if you itemize.
Financially-savvy homeowners appreciate a home equity loan’s potential tax advantage: when used for home improvement, the interest you pay may be deductible if you itemize.
Personal loan
Personal loan
A personal loan doesn’t require equity or putting your home on the line as collateral. There’s no appraisal involved and no lengthy closing process, so funds can reach your bank account as soon as today. *
With excellent credit, your rate on a personal loan might match or beat a home equity loan.
When you need to lock in a contractor’s quote before it expires or replace a water heater that failed this morning, the speed and simplicity of a personal loan make it a great option.
A personal loan doesn’t require equity or putting your home on the line as collateral. There’s no appraisal involved and no lengthy closing process, so funds can reach your bank account as soon as today.
With excellent credit, your rate on a personal loan might match or beat a home equity loan.
When you need to lock in a contractor’s quote before it expires or replace a water heater that failed this morning, the speed and simplicity of a personal loan make it a great option.
A personal loan doesn’t require equity or putting your home on the line as collateral. There’s no appraisal involved and no lengthy closing process, so funds can reach your bank account as soon as today.
With excellent credit, your rate on a personal loan might match or beat a home equity loan.
When you need to lock in a contractor’s quote before it expires or replace a water heater that failed this morning, the speed and simplicity of a personal loan make it a great option.
What’s the best debt consolidation option?
What’s the best debt consolidation option?
What’s the best debt consolidation option?
Home equity loans offer some of the lowest rates available, but mean putting your home at risk and stretching payments out over 10-30 years. And unlike home improvement financing, home equity loan interest isn’t tax deductible when the funds are used to pay off debt.
A personal loan doesn’t require collateral and comes with a shorter timeline – your balance is paid off in 3 or 5 years.
Home equity loans offer some of the lowest rates available, but mean putting your home at risk and stretching payments out over 10-30 years. And unlike home improvement financing, home equity loan interest isn’t tax deductible when the funds are used to pay off debt.
A personal loan doesn’t require collateral and comes with a shorter timeline – your balance is paid off in 3 or 5 years.
Home equity loan
Home equity loan
Carrying high-interest debt on credit cards or other accounts can feel like walking a tightrope. Converting that debt to a home equity loan makes the stakes even higher, because falling behind could mean foreclosure.
Carrying high-interest debt on credit cards or other accounts can feel like walking a tightrope. Converting that debt to a home equity loan makes the stakes even higher, because falling behind could mean foreclosure.
If you’re in the process of shifting your spending habits, adjusting to a new financial situation, or recovering from unexpected expenses, a lower-risk option may be the better fit.
If you’re in the process of shifting your spending habits, adjusting to a new financial situation, or recovering from unexpected expenses, a lower-risk option may be the better fit.
Personal loan
Personal loan
A personal loan keeps your home out of the equation while offering competitive rates, fixed monthly payments, and a payoff timeline that isn’t measured in decades.
A personal loan keeps your home out of the equation while offering competitive rates, fixed monthly payments, and a payoff timeline that isn’t measured in decades.
Personal loan calculator
Personal loan calculator
Personal loan calculator
Estimate your rate and payment.
Estimate your rate and payment.
Estimate your rate and payment.
Estimate your rate and payment.
Home equity calculator
Home equity calculator
Home equity calculator
See how much you can tap into.
See how much you can tap into.
See how much you can tap into.
See how much you can tap into.
Hear from homeowners who chose a personal loan
Hear from homeowners who chose a personal loan
“I inquired about a home equity loan and learned that the amount I wanted was smaller than their minimum. They directed me to Rocket Loans and within ten minutes, my loan was approved.”
– Barbara
“Rocket is the best. I have a mortgage with Rocket Mortgage and recently spent all of 10 minutes securing a sizable loan through Rocket Loans.”
– Christina
“I’m a huge fan of Rocket Loans. I already have a mortgage with [Rocket Mortgage] and have used their personal loans before. The entire process took minutes from start to finish.”
- David
“Rocket holds my mortgage. I’ve also done a home equity loan through them in the past. Today I did a personal loan to consolidate some unexpected medical bills. I can’t say enough good things.”
– Dawne
“I inquired about a home equity loan and learned that the amount I wanted was smaller than their minimum. They directed me to Rocket Loans and within ten minutes, my loan was approved.”
– Barbara
“Rocket is the best. I have a mortgage with Rocket Mortgage and recently spent all of 10 minutes securing a sizable loan through Rocket Loans.”
– Christina
“I’m a huge fan of Rocket Loans. I already have a mortgage with [Rocket Mortgage] and have used their personal loans before. The entire process took minutes from start to finish.”
- David
“Rocket holds my mortgage. I’ve also done a home equity loan through them in the past. Today I did a personal loan to consolidate some unexpected medical bills. I can’t say enough good things.”
– Dawne
“I inquired about a home equity loan and learned that the amount I wanted was smaller than their minimum. They directed me to Rocket Loans and within ten minutes, my loan was approved.”
– Barbara
“Rocket is the best. I have a mortgage with Rocket Mortgage and recently spent all of 10 minutes securing a sizable loan through Rocket Loans.”
– Christina
“I’m a huge fan of Rocket Loans. I already have a mortgage with [Rocket Mortgage] and have used their personal loans before. The entire process took minutes from start to finish.”
- David
“Rocket holds my mortgage. I’ve also done a home equity loan through them in the past. Today I did a personal loan to consolidate some unexpected medical bills. I can’t say enough good things.”
– Dawne
See personal loan offers in 1-2 minutes
See personal loan offers in 1-2 minutes
See personal loan offers in 1-2 minutes
Checking won’t impact your credit score.
Checking won’t impact your credit score.
Checking won’t impact your credit score.
Checking won’t impact your credit score.
Frequently asked
questions
Frequently asked
questions
How much equity do you need for a home equity loan?
Rocket Mortgage home equity loans generally require at least 15–20% equity remaining after closing. The minimum amount you can borrow is $45,000 – so you need enough equity to cover that minimum without dipping below the threshold.
If your home is valued at $500,000 and your lender requires you to retain 20% equity, your total owed against the home can't exceed $400,000. When you subtract the $45,000 minimum you'd be borrowing, that means your outstanding mortgage principal would need to be $355,000 or less to qualify.
Owners who bought their home recently or made a smaller down payment often need time to build equity. A personal loan from Rocket Loans requires no home equity at all.
Can you get a $20,000 home equity loan?
Not with Rocket Mortgage – their home equity loans start at $45,000. Most lenders who offer home equity loans require you to take out a minimum of $25,000. However, Rocket Loans offers $20,000 personal loans online with no equity or appraisal required.
Can a home equity loan help you consolidate $30,000 in debt?
Rocket Mortgage home equity loans start at $45,000, so you’d have to borrow more than you need. A personal loan from Rocket Loans is the best fit – try our debt consolidation calculator to estimate your rate and payment on a $30,000 loan.
Can you get a home improvement loan with no equity?
Yes. Rocket Loans provides fixed-rate financing for home improvement from $2,000 to $75,000 with no home equity or appraisal required.
All loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. This is not a deposit product. Please refer to our disclosures and licenses page for state-required disclosures, licenses, and lending restrictions.
Qualified clients using Rocket Loans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 7.99% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount) depending upon their credit profile. An origination fee of up to 9.99% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 5-year $16,000 loan with a 14.55% interest rate and a 6.95% ($1,112) origination fee would have 59 scheduled monthly payments of approximately $376.83 and 1 final monthly payment of approximately $399.09 for an APR of 17.90%. Borrower must be a U.S. citizen or permanent U.S. resident at least 18 years of age. All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate or highest loan amount. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Autopay must be selected as the repayment method at the time the loan closes in order to receive the rate discount. Rates and Terms are subject to change at any time without notice.
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Married applicants may apply for a separate account.
Clients featured in imagery are clients of the Rocket family of companies and may not be clients of Rocket Loans.
Same Day Funding available for clients completing the loan process and signing the Promissory Note by 4:00PM ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary and your bank may have rules that limit our ability to credit your account. We are not responsible for delays which may occur due to incorrect routing number, account number, or errors of your financial institution.
Please refer to our terms of use for additional terms and conditions, and to Rocket Loans' privacy notice and Cross River's privacy notice to learn more about what we do with your personal information. For California residents, please see the California financial privacy opt-out form.