Rocket Mortgage is a company stating they offer a new approach to securing mortgage loans provided by Quicken Loans, which allows people to completely secure a mortgage entirely online, including through the use of a mobile application.
How Does Rocket Mortgage Work?
According to RocketMortgage.com it's goal is to “put the power in your hands” when it comes to either getting an initial mortgage approval or a refinance of your existing mortgage
Customers will be able to submit bank statements and pay stubs without requiring paper copies of anything, and Rocket Mortgage will pull your credit score at no financial cost to you.
While there are many other mortgage calculators online that can show people what to expect when applying for a mortgage loan, the reality is that many of these calculators take the numbers and information you supply and make assumptions when providing an estimate of what to expect. But that is not what Rocket Mortgage does.
This mobile application allows their customers to submit their real information directly to their Quicken Loans database where it will be assessed the same way an underwriter would. When rates are provided for their customers, they are not estimates, they are real mortgage loan offers.
Using RocketMortgage.com to receive a mortgage quote is completely free, but certainly the cost of accepting a real estate loan depends on many different factors.
The first and most obvious is the amount of you plan to borrow, combined with the length of time you take to pay it back, and the interest rate that is being applied.
In addition, borrowers will want to pay close attention to agreements that will apply additional fees or charges during the term of your loan for actions like late payments, loan extensions, and more.
Loans do not have Refund Policies, but they may have periods during which they can canceled and the borrowed money can be returned without any payment of interest or penalties.
Customers should speak directly to the lender or check to see whether this information is included in the terms of the loans that are provided to you.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 800-251-9080 or through the Quicken Loan’s Live Chat feature whenever it is available.
Rocket Mortgage is getting fairly positive reviews at this time, with a lot of people being excited about the kind of transparency this online process is bringing to the loan industry.
There have been some criticisms of this system, with some people saying that while the mortgage loan process can be long and drawn out, condensing the process into ten minutes is not necessarily the answer, especially since many of the other aspects of securing a mortgage can’t be sped up.
This means that while your mortgage offer is ready in ten minutes, securing your actual mortgage can still take a week or more.
However, since Rocket Mortgage customers are always welcome to take advantage of the Quicken Loans team for any help and assistance they may need.
Competitors and Alternatives?
If you have any experience with Rocket Morgage or their services, please leave your reviews below.
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