Most lenders charge fees, but some charge higher fees than others. Lenders with no origination fees often compensate by charging borrowers a higher interest rate. Here’s what Rocket Mortgage charges.

Assembly costs

Rocket Mortgage charges around $1,200 for processing and underwriting mortgages. Appraisal and other services from different providers will increase your closing costs, as with any mortgage. With any lender, you’ll be able to gauge the fees for your specific loan on your loan estimate before committing, and there will be certain mortgage services you can purchase to look for lower fees.

Rate Lock Fee

Rocket Mortgage will lock your rate for 15, 45, 60 or 90 days, with certain restrictions. Rocket Mortgage offers a five-day foreclosure extension that costs 0.125 points ($125 per $100,000 borrowed) and a 15-day extension that costs 0.25 points ($250 per $100,000 borrowed). Rocket Mortgage allows up to two 15-day extensions.

Once you lock in your rate with Rocket Mortgage, there is no standard floating option. This means that if rates drop after locking in your rate, you will have to cancel your application and start over with a new lender, which will delay your closing. Some lenders offer a floating option and you will often pay a fee to exercise it.

If you’re still shopping for a home and want to lock in your rate so you know exactly how much home you can afford, you can use Rocket Mortgage’s Rate Shield program. For a fee of 0.75 basis points ($750 per $100,000 borrowed), you can lock in your rate for 90 days without a purchase contract. If interest rates are lower when you take out a contract, Rocket Mortgage will lower your rate.

Prepayment penalties

Rocket Mortgage does not charge prepayment penalties, which is typical for first mortgages on a primary residence. Rocket Mortgage also does not charge borrowers a monthly payment fee on its loans.