Rocket Mortgage Review 2022
Excellent for: Customers who appreciate the ease of use online and mobile for completely digital home loan experience, with high-rated customer service.
The bottom line is:
Rocket Mortgage’s mortgage application online tools and customer service on demand have revolutionized the way people shop. Since Rocket was transformed to the name for Quicken Loans, the digital lender has been officially elevated to the top of the pile.
Full Review
A quick look at the Rocket Mortgage
Rocket Mortgage was used to be the lending application and shopping process provided via Quicken Loans, but as in July 2021, Rocket Mortgage is the lender’s official name. When you first request a loan on the internet through Quicken you will have to transfer your request to Rocket web site. Whatever you choose to do, your loan originates through Rocket Mortgage instead of Quicken Loans.
However, the most recent Home Mortgage Disclosure Act data available dates back to 2020 which was the time which was the year that Rocket Mortgage was still a owned by Quicken as well as Quicken Loans was able to offer home loans through Rocket. The stars you will see in the categories “Rates and fees” and “Rate transparency” reflect data from Quicken Loans as well as Rocket information reveals “Variety of loan types” and “Ease of application. “
The Rocket Mortgage loan types
Rocket Mortgage offers a loan selection that’s quite typical of lenders who do not belong to banks. Conventional mortgages, FHA loans and VA loans are available with fixed or variable rates. A fixed-rate conventional loan that is adjustable with a term of 8 and 29 years is available as well as the more traditional 15-30 and 15 year loan.
Even though FHA loans accounted for only 7 percent of the total revenue, Quicken was the second-largest FHA lender across the US by the year 2020 with more than double the FHA loans of its second lender.
Lines of credit for home equity and Home Equity also known as HELOCs aren’t available. Anyone who wishes to put their home equity for Rocket must look at a cash-out refinance.
Rocket Mortgage is easy to obtain
Rocket Mortgage allows you to fill out the mortgage form online. The application also offers ways to make the process more efficient. You can apply using Rocket Mortgage’s application or the Rocket Mortgage applications or website, which is not too remarkable considering its online-first background — is optimised for smartphones. The most significant difference between applying on your phone and your desktop is the dimensions of your screen.
If you’d prefer working face-to face (or at the very least screen-to-screen) You can reach an independent mortgage agent who is affiliated with Rocket Mortgage.
The typical online application will take about 30 minutes per Rocket Mortgage However, you can complete the application according to your speed. Start with the registration process and the next step is to answer a few simple questions, including the zip code of the area in which you’re looking to purchase the house. The majority of your financial data, including savings and banking accounts can be downloaded through Rocket Mortgage from various U.S. financial institutions. Rocket can transfer income and employment information for many people working Americans.
Now, you’re in your “See solutions” stage. This is the point where Rocket Mortgage pulls your credit information and presents your loan options in addition to the amount of house you’re able to afford. Then, you are able to modify your options by altering the conditions as well as the amount due at the time of closing or the amount of the interest.
If you’re satisfied with the loan you’ve picked, Rocket Mortgage verifies your credentials and then submits your application to an automated review process for underwriting. Once approved then you’re able to make your loan rate permanent and also receive a preapproval form. You can make preapproval letters at any time you want to change the amount so that it is compatible with the request so that the sellers don’t know how much you’ll have to pay.
If you choose to select Rocket when you are looking for a home mortgage and are approved in full and approval, you’ll be able to meet with a loan representative over the phone to conclude the application. When the loan is under the process of underwriting then you’ll be able to login to your account that you created within your Rocket account (in the web browser or in the application) to handle ongoing tasks, upload documents or e-sign papers, keep track of the process of your loan, and determine the closing date of your loan. You can also tap anywhere on the screen to talk to an Rocket agent or leave your email.
It’s important to remember that most of the time your relationship with Rocket Mortgage doesn’t end at the point the closing. Rocket Mortgage also originates and provides services for home loans. So, even though the loan you took out might be sold to investors like Fannie Mae or Freddie Mac and Freddie Mac, you’ll still be able to pay the payments Rocket and collaborate on the Rocket customer service department. Rocket has received numerous high marks on customer satisfaction from J.D. Power, both for mortgage origination and servicing.
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