Introduction
In the ever-evolving world of financial technology, two names often surface in conversations: Rocket Mortgage and Rocket Money. Given their similar branding, many consumers wonder, Is Rocket Mortgage and Rocket Money the same company? Understanding the relationship—or lack thereof—between these two entities is crucial for individuals looking to manage their finances effectively.
This article explores the differences and similarities between Rocket Mortgage and Rocket Money, covering their ownership, services, and how they operate in the financial landscape. By the end, you’ll have a clear understanding of whether these two companies are connected and how they impact consumers differently.
What is Rocket Mortgage?
Overview
Rocket Mortgage is a leading online mortgage lender that revolutionized the home loan industry with its digital-first approach. It is part of Rocket Companies, Inc., a financial services group headquartered in Detroit, Michigan.
Key Features of Rocket Mortgage
- Online Mortgage Application – A fully digital mortgage application process for home buyers and refinancers.
- Fast Loan Processing – Approvals and funding are often faster than traditional lenders.
- Flexible Loan Options – Offers conventional, FHA, VA, and jumbo loans.
- Customer Support – 24/7 assistance to help borrowers navigate their mortgage journey.
Rocket Mortgage Ownership and Parent Company
Rocket Mortgage is owned by Rocket Companies, Inc. (NYSE: RKT), a publicly traded fintech firm that also operates brands like Rocket Loans, Rocket Homes, and Amrock.
For more details, visit Rocket Mortgage’s official website.
What is Rocket Money?
Overview
Rocket Money, formerly known as Truebill, is a personal finance app that helps users manage subscriptions, track spending, and improve budgeting. It was acquired by Rocket Companies, Inc. in December 2021, making it part of the same financial ecosystem as Rocket Mortgage.
Key Features of Rocket Money
- Subscription Management – Tracks and cancels unwanted subscriptions.
- Budgeting Tools – Helps users set and manage budgets.
- Bill Negotiation – Assists in lowering bills for services like cable and internet.
- Credit Monitoring – Provides credit score tracking and insights.
Rocket Money Ownership and Parent Company
Rocket Money is a subsidiary of Rocket Companies, Inc., which also owns Rocket Mortgage. While both operate under the Rocket umbrella, they serve different financial needs.
For more details, visit Rocket Money’s official website.
Are Rocket Mortgage and Rocket Money the Same Company?
The Short Answer
No, Rocket Mortgage and Rocket Money are not the same company. However, they are both subsidiaries of Rocket Companies, Inc., meaning they share the same corporate parent but function as distinct brands with unique services.
Key Differences Between Rocket Mortgage and Rocket Money
| Feature | Rocket Mortgage | Rocket Money |
|---|---|---|
| Industry | Mortgage Lending | Personal Finance Management |
| Founded | 1985 (as Quicken Loans) | 2015 (as Truebill) |
| Ownership | Rocket Companies, Inc. | Rocket Companies, Inc. |
| Services | Home Loans, Refinancing | Budgeting, Subscription Tracking |
| Target Audience | Home Buyers & Refinancers | General Consumers |
How Are They Related?
- Common Parent Company – Both belong to Rocket Companies, Inc.
- Branding Similarities – They share the “Rocket” name and branding elements.
- Complementary Financial Services – Rocket Money helps users manage finances, which can indirectly support future home buyers who may use Rocket Mortgage.
Why the Confusion?
The confusion between Rocket Mortgage and Rocket Money arises due to:
- Similar Branding – The use of the “Rocket” name and a fintech focus.
- Recent Acquisition – Rocket Money was previously known as Truebill, and its rebranding in 2022 under the Rocket Companies umbrella led to misconceptions.
- Overlapping Financial Services – While their core services are different, both help consumers improve their financial well-being.
FAQs
1. Is Rocket Money safe to use?
Yes, Rocket Money is a legitimate personal finance app with encryption and security measures to protect user data. You can read more about its security on Rocket Money’s security page.
2. Does Rocket Mortgage own Rocket Money?
No, but both are owned by Rocket Companies, Inc..
3. Can Rocket Money help me with my mortgage?
While Rocket Money does not offer mortgage services, its budgeting tools can help you manage expenses to prepare for homeownership.
4. Is Rocket Mortgage better than traditional banks for home loans?
Rocket Mortgage offers a faster and more digital-friendly mortgage experience, but traditional banks may provide more personalized service. Compare home loan options on Bankrate.
5. Does using Rocket Money impact my credit score?
No, using Rocket Money to track finances does not affect your credit score, but it does offer credit monitoring tools. Learn more about credit scores on Experian.
Conclusion
While Rocket Mortgage and Rocket Money are not the same company, they both fall under the Rocket Companies umbrella and offer financial services that complement each other. Rocket Mortgage focuses on home loans, whereas Rocket Money helps users manage personal finances.
Understanding the distinction can help consumers make informed decisions about their financial needs. Whether you’re looking for a mortgage lender or a budgeting tool, knowing the differences between these two services ensures you choose the right solution for your situation.