{"id":3514,"date":"2024-08-26T14:54:31","date_gmt":"2024-08-26T19:54:31","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=3514"},"modified":"2025-05-30T09:06:30","modified_gmt":"2025-05-30T14:06:30","slug":"chase-vs-rocket-mortgage","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/chase-vs-rocket-mortgage\/","title":{"rendered":"Chase vs. Rocket Mortgage"},"content":{"rendered":"\n<p>On the hunt for a home loan? Chase and Rocket Mortgage are probably on your radar, but who\u2019s 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\u2019s the lowdown on how they compare, and why Tomo Mortgage might just blow them out of the water.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/interest-rates-today?utm_source=tomo_blog\">Compare lenders on TrueRate<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Performance face-off<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Chase: the classic bank with a twist.<\/strong> 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\u2014just 2.7 stars. What&#8217;s going on here?<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Rocket Mortgage: the call center dynamo. <\/strong>Rocket Mortgage, formerly Quicken Loans, is a giant in retail lending. With billions poured into marketing, they\u2019re hard to miss. But don\u2019t be fooled by their shiny ads\u2014Rocket\u2019s rates can be higher and fees stealthier. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>We\u2019re certainly curious why Rocket\u2019s refinanced loans accounted for a quarter of their volume\u2014112,710 loans\u2014during 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.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Tomo Mortgage: the fresh face with game-changing tech.<\/strong> Launched in 2020, Tomo Mortgage is shaking up the industry. We offer killer rates, zero lender fees, and a process that\u2019s all about making home buying easy and stress-free. Our customer reviews? 4+ starts on every review platform: <a href=\"https:\/\/www.consumeraffairs.com\/finance\/tomo.html?#scroll_to_reviews=true\" title=\"Consumer Affairs\">Consumer Affairs<\/a>, <a href=\"https:\/\/www.google.com\/search?q=google+tomo+mortgage+reviews&amp;oq=google+tomo+mortgage+reviews&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQRRhA0gEIMzQ5M2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8#lrd=0x8644b57cb3ad3a03:0x18a5ac199a4e74fd,1,,,,\" title=\"Google\">Google<\/a>,<a href=\"https:\/\/www.bankrate.com\/mortgages\/reviews\/tomo\/\" title=\" Bankrate\"> Bankrate<\/a>, <a href=\"https:\/\/www.zillow.com\/lender-profile\/hellotomo\/\" title=\"Zillow\">Zillow<\/a>, etc. We\u2019re not just a breath of fresh air\u2014we\u2019re a whole new way of doing things.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\">See today&#8217;s rates<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The breakdown<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Lender<\/td><td>Chase<\/td><td>Rocket Mortgage<\/td><td>Tomo Mortgage<\/td><\/tr><tr><td>Founded<\/td><td>1955<\/td><td>1985<\/td><td>2020<\/td><\/tr><tr><td>Lender Fees<\/td><td>$2,867 per loan*<\/td><td>$4,700 per loan*<\/td><td>$0<\/td><\/tr><tr><td>Average Loan Size<\/td><td>$599,000<\/td><td>$264,00<\/td><td>$376,000<\/td><\/tr><tr><td>On-Time Close Rate<\/td><td>Not reported<\/td><td>Not reported<\/td><td>98%<\/td><\/tr><tr><td>Customer Reviews<\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/chase_mortgage.html\" title=\"2.7 stars\">1.2 stars<\/a> on Consumer Affairs<\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/rocket-mortgage.html\">3.8 stars<\/a> on Consumer Affairs <\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/tomo.html?#scroll_to_reviews=true\">5.0 stars<\/a> on Consumer Affairs <br><a href=\"https:\/\/www.zillow.com\/lender-profile\/hellotomo\/\">4.95 stars<\/a>&nbsp;on Zillow<\/td><\/tr><tr><td>Employee Reviews <\/td><td><a href=\"https:\/\/www.glassdoor.com\/Overview\/Working-at-Chase-Mortgage-EI_IE9239518.11,25.htm\" title=\"3.0 stars\">3.0 stars<\/a> on Glassdoor<\/td><td><a href=\"https:\/\/www.glassdoor.com\/Reviews\/Rocket-Companies-Reviews-E7856.htm\">3.5 stars<\/a> on Glassdoor<\/td><td><a href=\"https:\/\/www.glassdoor.com\/Reviews\/Tomo-Reviews-E5526789.htm\">4.1 stars<\/a> on Glassdoor <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval?utm_source=tomo_blog\">Get a personalized rate quote<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to judge mortgage lenders<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest rates:<\/strong> Don\u2019t get fooled by flashy numbers. Always compare the \u201cpar rate\u201d with 0 points and check out the <a href=\"https:\/\/tomo.com\/blog\/what-are-apr-and-interest-rates-which-is-more-important\/\" title=\"APR (Annual Percentage Rate)\">APR (Annual Percentage Rate)<\/a>. This is your real cost of borrowing, so get the full picture before signing up.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lender fees:<\/strong> Also called \u201c<a href=\"https:\/\/tomo.com\/blog\/what-is-a-origination-fee\/\" title=\"origination fees\">origination fees<\/a>\u201d or \u201capplication and processing fees,\u201d Chase and Rocket Mortgage have hefty charges\u2014Rocket\u2019s averaging $4,700 per loan and Chase\u2019s about $2,867. At Tomo Mortgage, we\u2019re all about no lender fees, saving you a LOT at closing.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>On-time close rate:<\/strong> 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&#8217;re flexing a 98% on-time close rate. Other lenders don\u2019t even bother to share this info, but it\u2019s a huge deal.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pre approvals:<\/strong> While some lenders don\u2019t 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 <a href=\"https:\/\/tomo.com\/blog\/how-to-get-pre-approved-for-a-mortgage\/\" title=\"pre approval\">pre approval<\/a> only takes 15 minutes, and it includes a soft credit check\u2014making it much more reliable when you&#8217;re making an offer on a home.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Customer satisfaction:<\/strong> If you\u2019re 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\u2014or wrong?<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Employee reviews: <\/strong>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\u2019s morals, reliability, transparency, and more.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"http:\/\/tomo.com\/mortgage\/app\/preapproval?utm_source=tomo_blog\"><strong>Get pre approved <\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">So, which one wins?<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>So, who\u2019s the winner? If you\u2019re into face-to-face service, Chase might seem like a decent choice. But don\u2019t let the branch visits fool you into thinking face time equates good service\u2014Rocket 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.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>For most people the most important factor is the rate. We were curious to see how Tomo Mortgage\u2019s&nbsp;<a href=\"https:\/\/tomo.com\/blog\/what-are-apr-and-interest-rates-which-is-more-important\/?utm_source=tomo_blog\" title=\"\">APR<\/a>&nbsp;(annual percentage rate) stacked up against Rocket Mortgage, so we looked at three Zip codes for two weeks on<a href=\"https:\/\/www.nerdwallet.com\/m\/mortgages\/compare-top-mortgage-lenders-3?bucket_id=Best+Money+3&amp;gad_source=1&amp;gclid=Cj0KCQjw8MG1BhCoARIsAHxSiQmyTFx_KrcntnblXiG1k96sYJV4xeMNCa5yaWfQiC6uP1epo6WxPx8aAsF8EALw_wcB&amp;gclsrc=aw.ds&amp;mktg_body=656717844847&amp;mktg_hline=148151861963&amp;mktg_link=&amp;mktg_place=kwd-313067967099&amp;model_execution_id=9A3BAE6C-54E7-42DA-AEDC-93F64782D4E0&amp;nw_campaign_id=1190295&amp;utm_campaign=mr_mktg_paid_032823_brand%3Ae%3Ahi&amp;utm_content=c&amp;utm_medium=cpc&amp;utm_source=goog&amp;utm_term=nerdwallet+mortgage+rates\">&nbsp;Nerdwallet&nbsp;<\/a>(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.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>In this scenario, from August 7 to August 20, 2024, Rocket\u2019s average APR was 7.64%, while Tomo Mortgage\u2019s average APR was 6.26%.&nbsp;<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>So, we\u2019re obviously biased, but we\u2019d say don\u2019t choose either. Tomo Mortgage has <a href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\" title=\"lower rates\">lower rates<\/a>, lower fees, and better reviews. It\u2019s a pretty obvious choice.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-small-font-size\">*sources: Business Insider Mortgage Reviews:&nbsp;<a href=\"https:\/\/www.businessinsider.com\/personal-finance\/mortgages\/chase-mortgage-review\">Chase<\/a>,&nbsp;<a href=\"https:\/\/www.businessinsider.com\/personal-finance\/mortgages\/rocket-mortgage-review\">Rocket Mortgage<\/a>, and&nbsp;<a href=\"https:\/\/richeymay.com\/insights\/hmda-market-share-dashboards\/\">HMDA<\/a>&nbsp;data from 2023<\/p>\n\n\n<div style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:0;margin-right:0;\" class=\"has-link-color wp-elements-c54b177fd5d2f341f8967a20726f2ac0 wp-block-post-author has-text-color has-contrast-color has-background has-tertiary-background-color has-large-font-size\"><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\"><a href=\"https:\/\/tomo.com\/blog\/author\/truerate-analyst\/\" target=\"_self\">TrueRate Analyst<\/a><\/p><p class=\"wp-block-post-author__bio\">Our team uses TrueRate to analyze hundreds of thousands of real loans, apples-to-apples, so that we can give people a clear and objective view of a mortgage lender&#8217;s history. We also look at customer reviews on websites like the Better Business Bureau, Yelp, Google, Bankrate, Zillow, court filings and official actions, and a wide range of other objective data. The goal is simple: show who\u2019s been fair historically, and who hasn\u2019t, so homebuyers have the information they need to save as much money as possible.<\/p><\/div><\/div>\n\n\n<p>If you&#8217;re ready to start your journey to homeownership, <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\" title=\"\">get pre approved with Tomo Mortgage today.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the hunt for a home loan? Chase and Rocket Mortgage are probably on your radar, but who\u2019s 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\u2019s the lowdown on how they compare, and why Tomo Mortgage [&hellip;]<\/p>\n","protected":false},"author":38,"featured_media":3758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[286],"tags":[],"class_list":["post-3514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lender-reviews"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/08\/rocket-vs-chase-tomo-1-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=3514"}],"version-history":[{"count":11,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3514\/revisions"}],"predecessor-version":[{"id":6134,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3514\/revisions\/6134"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/3758"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=3514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=3514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=3514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}