Rocket Mortgage’s primary goal is to redefine how clients secure home loans via an easy online loan application process. Here is one of Rocket Mortgage reviews to help you understand how this product works.
For many years, Quicken Loans have created a good name for themselves as the best online mortgage brokerage company in the industry. It comes with an easy application process that has assisted the company to expand into one of the biggest mortgage lenders.
The company has responded to the clients’ demand who needed online application by introducing an online and mobile-friendly loan product known as Rocket Mortgage. This means that borrowers can apply and be accepted for a mortgage with a short time using a smartphone app.
The concept was to launch a loan product that offers applicant complete control over the loan application process. You can apply for a loan on their own, but if they experience any problem, feel free to talk to the licensed and skilled mortgage professionals.
You can chat, call or even email them any time. If you take your time to read rocket mortgage reviews online, you will attest that this the best stress reliever and time saver to many clients.
How Rocket Mortgage Works
Indeed, Rocket Mortgage is transforming the game for the mortgage application process. It automates the verification procedure, and this eliminates the need to present all your banking details to a loan officer. Many people who have applied for new mortgages and repaid some of them have praised the process. They claim that the new process has been a great stress reliever and time saver.
Having the ability to access your bank data instantly is thrilling. However, the essential feature of Rocket Mortgage is that loans are approved fast and this eliminates the waiting time for the client.
It comes with an easy and straightforward interface. Instead of straining to understand how the forms are filled out, Rocket Mortgage streamlines the process by asking you some simple questions. The response you give to the questions will define how the interview will go. Rocket Mortgage will then import the answers to the required forms.
The application process begins by asking if you are purchasing a house or repaying a previous mortgage. Based on what button you press, the rest of the procedure is personalized to suit that objective. If you intend to borrow from automated financial tools such as personal capital and betterment, Rocket Mortgage will prompt you to link your bank accounts to their program. This will let them evaluate your financial statements online, eliminating the need of presenting them.
Once you enter all the required information, you will see a complete real-time itemization of your charges, interest rates and projected payment. With the help of a set of slides, you can change various things about your loan like duration, or purchase points to reduce your monthly payment. Once you are satisfied, press the submit icon to lock in your rate and send the loan application off for instant approval.
Who qualifies for a loan with Rocket Mortgage?
For a borrower to be eligible for a home financing with Rocket Mortgage, he or she must have a minimum personal credit score of 580 for an FHG loan, a credit score of 620 if you need a conventional or VA loan and a credit score of 700 for a jumbo loan.
You also need to have an application down payment of $400-$750, and this deposit will depend on the type of loan.
Mortgage From Rocket Mortgage?
You have numerous alternatives whether you are seeking a conventional loan or a loan product personalized for your condition. Some of the product loan options include:
Fixed rate mortgage
This is the most common mortgage type of locks in your interest rate for the whole duration of the loan. This is to say that your monthly principal and interest payment will not change. This will be helpful for when it comes to planning and budgeting.
Adjustable rate mortgage
This mortgage is designed to adjust the interest rate just like the name suggests. Once you reach the end of your original fixed rate duration, the interest will either increase or decreases once every year. Quicken and Rocket offer both the five-year and 7-year adjustable rate mortgage.
Federal Housing Administration (FHA) loan
FHA loan is meant to help clients with limited deposits and poor credit score to get approved for a home financing. Quicken points out that even a credit score of as low as 580 will qualify for a home loan, but this will depend on the condition.
Veteran affairs loans
These loans are meant for qualified veterans and active duty service members. Some of the advantages of this type of financing are that you don’t need a deposit or monthly personal mortgage insurance.
Even though Quicken provided jumbo loans, you might be required to talk with a loan officer at rocket mortgage to find out if you qualify for this kind of financing. These loans are meant for mortgages that surpass the conforming loan limit in the region you intend to purchase a home. You need a credit score of 700 and a good debt-to-revenue ratio to qualify for the loan.
What Rocket Mortgage offers
Rocket Mortgage house buying and refinance loans begin at eight-year terms and exceed to 30 years for a fixed rate loan. However, you can opt for a jumbo loan that gives higher financing of $453,100 to $3,000,000. Clients with limited down payment are not left out since rocket mortgage offers FHA and USDA loan products that come with flexible qualification requirements.
Rocket mortgage uses an online technology that eliminates the hassle of lengthy documentation that traditional mortgage needs. This implies that you can close a home purchasing deal faster.
Since it is an online application, you can keep track of your mortgage and setting alerts by text or push notifications. This will help you know how the process is proceeding and if any other information is required. You will not have to wait for a call from a creditor who is always busy.
Since Quicken loans preserve the servicing rights of its mortgages, you will not have to deal with a different lender during the duration of the loan. This could be useful if you experience some financial problems and you need to renegotiate a new payment plan with the creditor.
Other advantages include:
- Instant verification
- A fully online application process
- Flexible lending
- Several loan alternatives
- Flexible repayment plans
Since Rocket Mortgage is exclusively online, clients don’t have a chance to interact with the lender one on one. Nevertheless, there is a link to contact or chat with the creditor online any time during the loan process.
They don’t provide a home equity line of credit. Furthermore, Rocket Mortgage offers conforming loans only. This means that if you don’t qualify for any government backup programs, your rocket mortgage application might be declined.
You will need to provide down payment when applying for this type of loan. The deposit will reduce the cost if you agree to take the home loan.
What to do once you get the loan
Do a follow up
Since Rocket Mortgage is purely online, it is advisable to confirm your loan information with a mortgage professional. Discuss your issues with a loan representative online or by phone 24/7.
Make timely loan repayments
Make sure you know the schedule of your loan to avoid skipping any payment. If you get a financial problem and can’t pay the loan, talk to your mortgage professional immediately to discuss the way out.
Rocket Mortgage mechanizes the online mortgage application procedure to provide its clients with fast access to a wide range of home loan products. Many rocket mortgage reviews state that this is the best innovation ever launched by Quicken.
Even though it doesn’t use the brick and mortar structure of bank lenders, all eligible loan applications are approved same day. The loan product is flexible as clients can manage it conveniently from their smartphone.
Before you agree to take the loan, make sure you compare various mortgage alternatives with other creditors to get an affordable product.