Rocket Mortgage by Quicken Loans Overview
Rocket Mortgage is an online platform from Quicken Loans that allows consumers to access loans with the help of technology.
Unlike other online lenders, Rocket Mortgage lets you keep your communication exclusively digital should you prefer. While specialists are available to talk, you don’t have to pick up the phone to get full loan details when you apply. Their streamlined process asks you to supply some personal information, and then allows you to customize your mortgage options based on what you need and want. You’ll get approval within seconds, and once you are ready to close, funds will be available immediately.
Speed is the most significant perk of Rocket Mortgage, as you aren’t comparing different lenders but rather, customizing your loan options and seeing your offers from the actual lender. Because everything is online, your documents are always available and safely stored. The application process is far simpler than meeting with lenders in-person, as Rocket Mortgage connects to banks and your other account holders to automatically gather information – meaning no more bundles of paperwork to keep track of.
Types of Loan Offerings: Rocket Mortgage offers the same loan types of Quicken Loans, the difference being Rocket Mortgage is online-only. Loan types include: 5/1, 7/1, 10/1 ARMs, 8-30 year fixed loans, FHA, VA, and Jumbo loans
Down Payment Requirements: ARMs: As low as 5%; FHA: As low as 3.5%; 15/30 year Fixed: As low as 3%; VA: No down payment; USDA: No down payment. Rocket Mortgage also allows you to customize your offers by preferred down payment.
- Securely share your financial info at the touch of a button
- Get the most accurate and customized numbers
- You can be approved within minutes, where you want, when you want
- Ability to adjust your down payment so it works for you
- Negotiate a fair price with confidence, knowing you’re already approved