On the hunt for a home loan? Chase and Rocket Mortgage are probably on your radar, but who’s really giving you the best bang for your buck? Rocket Mortgage, the flashy private lender, and Chase, the stalwart bank, have their own strengths and weaknesses. Here’s the lowdown on how they compare, and why Tomo Mortgage might just blow them out of the water.
Performance face-off
Chase: the classic bank with a twist. Established in 1955, Chase has a long history and a nationwide presence. You get face-to-face interactions with their loan officers, which sounds great, but their customer reviews tell a different story—just 2.7 stars. What’s going on here?
Rocket Mortgage: the call center dynamo. Rocket Mortgage, formerly Quicken Loans, is a giant in retail lending. With billions poured into marketing, they’re hard to miss. But don’t be fooled by their shiny ads—Rocket’s rates can be higher and fees stealthier.
We’re certainly curious why Rocket’s refinanced loans accounted for a quarter of their volume—112,710 loans—during a time when rates were among the highest in the last decade. It makes one wonder about the factors that led so many borrowers to refinance under those conditions.
Tomo Mortgage: the fresh face with game-changing tech. Launched in 2020, Tomo Mortgage is shaking up the industry. We offer killer rates, zero lender fees, and a process that’s all about making home buying easy and stress-free. Our customer reviews? 4+ starts on every review platform: Consumer Affairs, Google, Bankrate, Zillow, etc. We’re not just a breath of fresh air—we’re a whole new way of doing things.
The breakdown
| Lender | Chase | Rocket Mortgage | Tomo Mortgage |
| Founded | 1955 | 1985 | 2020 |
| Lender Fees | $2,867 per loan* | $4,700 per loan* | $0 |
| Average Loan Size | $599,000 | $264,00 | $376,000 |
| On-Time Close Rate | Not reported | Not reported | 98% |
| Customer Reviews | 1.2 stars on Consumer Affairs | 3.8 stars on Consumer Affairs | 5.0 stars on Consumer Affairs 4.95 stars on Zillow |
| Employee Reviews | 3.0 stars on Glassdoor | 3.5 stars on Glassdoor | 4.1 stars on Glassdoor |
How to judge mortgage lenders
- Interest rates: Don’t get fooled by flashy numbers. Always compare the “par rate” with 0 points and check out the APR (Annual Percentage Rate). This is your real cost of borrowing, so get the full picture before signing up.
- Lender fees: Also called “origination fees” or “application and processing fees,” Chase and Rocket Mortgage have hefty charges—Rocket’s averaging $4,700 per loan and Chase’s about $2,867. At Tomo Mortgage, we’re all about no lender fees, saving you a LOT at closing.
- On-time close rate: This is how often lenders actually close on the promised date; getting you into your home on time. Industry standard? About 40%. But Tomo Mortgage? We’re flexing a 98% on-time close rate. Other lenders don’t even bother to share this info, but it’s a huge deal.
- Pre approvals: While some lenders don’t take the time necessary to prepare a strong pre approval and offer letter, this is critical to making a successful offer on a new home. At Tomo Mortgage, our online pre approval only takes 15 minutes, and it includes a soft credit check—making it much more reliable when you’re making an offer on a home.
- Customer satisfaction: If you’re finding it tough to trust what lenders are telling you, one of the best ways to gauge their reliability is by looking at reviews from people who were once in your shoes. Did those customers have a smooth experience with the lender? What went right—or wrong?
- Employee reviews: Employee reviews may not appear to have a direct impact on your loan offering, but comparing how employees rate their workplace can give you valuable insights into a company’s morals, reliability, transparency, and more.
So, which one wins?
So, who’s the winner? If you’re into face-to-face service, Chase might seem like a decent choice. But don’t let the branch visits fool you into thinking face time equates good service—Rocket Mortgage might have better customer service, due to customer and employee reviews. Chase and Rocket Mortgage come with significant fees, while we at Tomo Mortgage offer zero lender fees and better rates.
For most people the most important factor is the rate. We were curious to see how Tomo Mortgage’s APR (annual percentage rate) stacked up against Rocket Mortgage, so we looked at three Zip codes for two weeks on Nerdwallet (where we could compare apples-to-apples on loan scenarios). Using the median home sale price for each location, a credit score range of fair at 680, and with putting 5% down.
In this scenario, from August 7 to August 20, 2024, Rocket’s average APR was 7.64%, while Tomo Mortgage’s average APR was 6.26%.
So, we’re obviously biased, but we’d say don’t choose either. Tomo Mortgage has lower rates, lower fees, and better reviews. It’s a pretty obvious choice.
*sources: Business Insider Mortgage Reviews: Chase, Rocket Mortgage, and HMDA data from 2023
If you’re ready to start your journey to homeownership, get pre approved with Tomo Mortgage today.