{"id":3854,"date":"2024-11-07T15:12:08","date_gmt":"2024-11-07T20:12:08","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=3854"},"modified":"2025-04-17T17:14:15","modified_gmt":"2025-04-17T22:14:15","slug":"navy-federal-vs-rocket-mortgage","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/navy-federal-vs-rocket-mortgage\/","title":{"rendered":"Navy Federal vs. Rocket Mortgage"},"content":{"rendered":"\n<p>Shopping for a home loan? Navy Federal and Rocket Mortgage are likely names you&#8217;ve heard. One\u2019s a hub for helping Veterans and their family&#8217;s finance homes, and the other\u2019s a call center powerhouse. But which one really deserves your attention? Let\u2019s break it down. <\/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\">The basics<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Navy Federal:<\/strong> Navy Federal is a major player in home lending, particularly known for serving military members and their families. Interestingly, Navy Federal&#8217;s loan volume is made up of more <a href=\"https:\/\/tomo.com\/blog\/conventional-loans-101-an-insiders-guide-to-standard-home-financing\/\" title=\"conventional loans\">conventional loans<\/a> than <a href=\"https:\/\/tomo.com\/blog\/who-can-get-in-on-a-va-loan\/\" title=\"VA,\">VA,<\/a> 55% conventional and 45% VA loans. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>In late 2023 and early 2024, the credit union found itself in hot water with a civil rights lawsuit. Black and Latino borrowers alleged that Navy Federal engaged in discriminatory practices, denying them equal access to home loans compared to white borrowers. As of March 2024, Navy Federal responded by seeking dismissal of the suit. It raises questions about how this legal battle could impact their lending practices moving forward.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Rocket Mortgage: <\/strong>Rocket Mortgage, formerly Quicken Loans, is a giant in retail lending. With billions poured into marketing, they\u2019re hard to miss. <\/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 <a href=\"https:\/\/tomo.com\/blog\/want-a-lower-rate-heres-when-you-can-refinance-your-home\/\" title=\"refinance \">refinance <\/a>under those conditions.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Tomo Mortgage: <\/strong> Launched in 2020, <a href=\"https:\/\/tomo.com\/mortgage?utm_source=tomo_blog\" title=\"Tomo Mortgage\">Tomo Mortgage<\/a> is here to shake 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>Navy Federal<\/td><td>Rocket Mortgage<\/td><td>Tomo Mortgage<\/td><\/tr><tr><td>Founded<\/td><td>1933<\/td><td>1985<\/td><td>2020<\/td><\/tr><tr><td>Lender Fees<\/td><td>$2,200 per conventional loan, $1,000 per VA loan*<\/td><td>$4,700 per loan*<\/td><td>$0<\/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\/navy-federal-credit-union-mortgage.html\" title=\"1.2 stars \">1.2 stars <\/a>on Consumer Affairs<\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/rocket-mortgage.html\">4.1 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\/\">4.9 stars<\/a>&nbsp;on Zillow<\/td><\/tr><tr><td>Employee Reviews <\/td><td><a href=\"https:\/\/www.glassdoor.com\/Reviews\/Navy-Federal-Credit-Union-Reviews-E7281.htm\" title=\"\">4.1 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<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\/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, which Veterans United and Rocket Mortgage charge over $1,000 in per loan. At Tomo Mortgage, we\u2019re lender fee-free, saving you thousands of dollars at closing.&nbsp;<\/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. Industry standard? About 40%. But Tomo Mortgage &#8211;flexing a 98% on-time close rate, and we&#8217;re proud of it. 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. Tomo Mortgage\u2019s 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\u2014but way more reliable when you\u2019re 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? Navy Federal&#8217;s customer satisfaction certainly leaves room for some growth. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Employee reviews: <\/strong>Insights into employee satisfaction can reveal a company\u2019s values and transparency. Unhappy employees often lead to bad overall experiences. (See what their engineers have to say, for example.)<\/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=\"https:\/\/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\">The verdict: Navy Federal or Rocket Mortgage<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>If you value emphasis on a military community, Navy Federal could be worth considering. They excel with VA loans however their questionable lending practices and low customer satisfaction may be a reason to pause. <\/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 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.&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%<\/strong> <strong>while Tomo\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 lower rates, lower fees, and better reviews. It\u2019s a pretty obvious choice.<\/p>\n\n\n\n<p>*sources: Business Insider Mortgage Reviews:&nbsp;<a href=\"https:\/\/www.businessinsider.com\/personal-finance\/mortgages\/navy-federal-credit-union-mortgage-review\" title=\"\">Navy Federal<\/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\/clairegtomonetworks-com\/\" target=\"_self\">Claire Gallaudet<\/a><\/p><p class=\"wp-block-post-author__bio\">Claire is a Mortgage Analyst at Tomo, where she explores the data and trends shaping the housing market. She is especially interested in how economic forces impact homebuyers. A Seattle native, she now lives in Austin, where she balances analysis and communications with teaching yoga and walks around the lake with her dog.<\/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>Shopping for a home loan? Navy Federal and Rocket Mortgage are likely names you&#8217;ve heard. One\u2019s a hub for helping Veterans and their family&#8217;s finance homes, and the other\u2019s a call center powerhouse. But which one really deserves your attention? Let\u2019s break it down. The basics Navy Federal: Navy Federal is a major player in [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":4209,"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-3854","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\/11\/navy-federal-vs-rocket-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3854","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\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=3854"}],"version-history":[{"count":6,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3854\/revisions"}],"predecessor-version":[{"id":5270,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3854\/revisions\/5270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/4209"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=3854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=3854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=3854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}