Unless you win the lottery, you’re probably not going to pay for your dream home with a lump sum of cash you’ve been hiding under your mattress.
So to make homeownership a reality, most Americans have to take out a mortgage—or a loan specifically created for buying a home—from a bank or mortgage lender.
Quicken Loans caters to future and current homeowners who prefer going through this process online instead of in person. And unlike other websites, Quicken Loans doesn’t use brokers.
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When you start researching mortgages, be prepared for the bombardment of mortgage brokers offering to research home loans from different companies to guarantee you the lowest rates.
On the other hand, Quicken Loans is a direct lender, which means they connect only with their potential borrowers instead of using a middle person such as a mortgage broker. Only the trained experts at Quicken Loans will receive your personal information, eliminating spam emails and phone calls.
Other mortgage lenders also engage in the practice of selling their home loans, which means you could receive approval from one company you trust only to later have to deal with another company you don’t like as much. Quicken Loans never sells their home loans so you won’t have to deal with this headache.
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Your interest rate can either be fixed, which means it doesn’t ever change for the life of your mortgage; or it can be adjustable, which means it may change after a predetermined amount of time and depending on market conditions.
So if you’re only living in your current or future home for a few years—like if you’re going to flip your house, relocate for work or active duty, or plan to move during retirement—you’ll enjoy super low interest rates for the few years you’ll physically be there, saving a bundle of money.
Though your interest rate may increase after this initial period, Quicken Loans will never raise it by more than 5% of your initial interest rate.
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So for instance, if you didn’t have the best credit when you first qualified for your mortgage, your steady payments and the equity you’ve earned on your current house may be able to help you qualify for a lower monthly payment, better interest rate, or even a cash-out.
These home loans are much easier to qualify for because you only need a credit score of 580 or better. They also only require a downpayment of as little as 3.5%.
Plus, if you have an FHA loan and think you may be able to save even more money by refinancing, you can take part in Quicken Loans’ fast FHA Streamline refinance option.
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When you qualify for this loan, you’ll be entitled to lower interest rates and you’ll also have the option of buying a home without a down payment.
If you have a VA home loan and you’re looking to refinance, you can refinance up to 120% of your primary home’s value with Quicken Loans.
To get an idea of your assets and credit info, you used to have to provide your mortgage lender with paystubs and copies of statements from your checking/savings/investment accounts.
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Similar to popular finance apps which let you view all your financial data—from bank accounts to credit cards—in one simple platform that travels wherever you go, you’ll log into your accounts via Rocket Mortgage and grant them permission to browse your numbers.
When you’re done answering questions, you’ll see Rocket Mortgage’s “T-Minus” countdown display on the screen while it gathers all the mortgage options you should check out.
To create their self-directed buyer customer base, Rocket Mortgage will give you actual numbers for your potential mortgage payment and interest rate.
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Quicken Loans President Jay Farner tells CBS News, If you go to Rocket Mortgage, you can see the interest rates, you can see the fees, he said.
Now you can price out a home loan with specific details that matter to you: you pick your interest rate, your loan term length, and determine your own amount of points.
If you’re happy with the results, lock in your mortgage rate and submit your application for approval with Rocket Mortgage’s e-sign application.
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You’ll receive an approval that carries just as much weight as if you went to a mortgage banker or loan officer in person.
You’ll know exactly how much loan you qualify for in less than 10 minutes and you can even print out your preapproval letter right from there.
If your application happens to get denied, you can always speak with a Quicken Loans Home Loan Expert online or over the phone to see why you weren’t approved.
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For example, if you have a crummy credit score, but you have virtually no debt and a decent income, you may see an approval while your friend with an average credit score and a pile of debt gets denied.
Unfortunately, Quicken Loans also asks for a minimum 620 credit score for all VA loans even though there’s technically not a minimum score required by the VA.
When you raise your credit score, you not only gain access to other types of mortgage options and sail through approval time, but you’ll also qualify for better interest rates so you save money every month too.
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If you can answer an online quiz about which house you’d get sorted in at Hogwarts, you can fill out a Quicken Loans application; that’s how intuitive and easy it is to use.
Built on the principles of simplicity and efficiency, you just have to answer a few basic questions while the prompts guide you to mortgage options based specifically on your circumstances.
According to an article by David Segal in the The Haggler section of The New York Times, “Employees at Quicken Loans have it hammered into them: care about the customer, sweat every detail, improvise when you need to, always deliver.”
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J.D. Power also runs an annual Primary Mortgage Servicer Satisfaction Study, which evaluates the performance of mortgage lenders across a different set of factors, such as:
A home loan is one of the biggest investments you’ll ever make in your life, so it’s easy to understand why some customers are a little leery about completing the entire mortgage process online.
As the fastest-growing mortgage lender in the industry, Quicken Loans went from loaning $12 billion in 2008, to $79 billion during 2015, according to the Economist.
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Quicken Loans is known for their competitive rates, which are currently as low as 3.25% for a 15-year fixed-rate mortgage (as of February 2017).
Because they don’t operate branches all over the country, Quicken Loans has much smaller costs of doing business than the big bankers in their league.
They’re also a privately held company so they don’t have to worry about shareholders demanding higher margins and profits at the expense of their customers.
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Take the more traditional route and start your application process online before you speak with a Home Loan Expert and make your way through closing.
You’ll never have to visit a bank or lending office and you can upload all your supporting documents right to your convenient MyQL Mobile account.
Start an application and Rocket Mortgage will search online databases for your personal information so you don’t have to look it up, fill the forms out, and provide pages of documents to back up your answers.
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You never have to speak with a human to get an approval because smart algorithms complete the whole approval process for you.
Even though Quicken Loans designed their home loan application process with users who are tech-savvy and excited to use their online services instead of speaking with someone over the phone, you’re never left out in the cold if you get stuck along the way.
You can always chat with a Quicken Loans expert by clicking the Chat link at the top of every Quicken Loans page, or give one a call during business hours.
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Just click the “Talk to Us” button (on every Rocket Mortgage page) and you’ll have all the answers you need in a jiffy.
It doesn’t take a rocket scientist to figure out that Rocket Mortgage is hands down the fastest way to apply for a home loan.
Once you make it through four screens of basic questions, Rocket Mortgage will connect with tons of online databases storing your personal information to verify your identity and borrower eligibility.
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Their proprietary algorithms will then let you know in as little as eight minutes(!) if you’ve been approved for a home loan.
Closing procedures finalize the mortgage loan transaction between Quicken Loans and the real estate firm selling your house (or your current home’s lender).
Besides avoiding the common pitfalls of closing on a loan, when you’re finally ready to close on your home loan, the last thing you want to do is jump through hoops to meet with your loan officer to sign mandatory closing documents.
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So think outside the box and invite them to your favorite park bench, or your coworker’s office with the breathtaking view of the city.
With your MyQL mobile account, it’s easy to manage your details, view your loan status, and track other transactions from anywhere on-the-go
Sign into your account online ( www.myql.com) or take advantage of the on-the-go convenience of the MyQL Mobile app, which is available
