Rocket Mortgage is an online platform from Quicken Loans that allows consumers to access loans with the help of technology.
Unlike other online lenders, it 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 using their services, 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.
Rocket Mortgage Loan Offerings
They offer 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
- Jumbo loans
Down Payment Requirements
Rocket Mortgage also allows you to customize your offers by preferred down payment.
- 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