What Was Once Quicken Loans Known as Rocket Mortgage?
Not all loan originators take the same approach, so keep that in mind if you’re looking for a new mortgage or trying to refinance online. Rocket Mortgage is a real lender, in contrast to websites such as LendingTree and Zillow that serve as lead generators, forwarding your loan request to other mortgage providers.
You won’t get inundated with emails from lenders vying for your business if you work with a direct lender like Rocket Mortgage. Customers that value privacy will find that fewer hands come into possession of their personal information. However, you might want to check out services that send your information to numerous lenders at once if you’re searching for a quick way to compare rates from different lenders.
The Detroit-based business expects to close on $351 billion worth of home loans in 2021, making it the largest mortgage lender in the country.
What Distinguishes Rocket Mortgage from Conventional Loans?
Borrowers who would rather have the convenience of obtaining a loan from home or even their neighbourhood coffee shop are the target market for Rocket Mortgage.Nonetheless, the procedure for submitting an application and finalising a loan is essentially fairly comparable to what you would do at your local bank.It is possible to apply for a loan entirely online with Rocket Mortgage.Working with a Rocket Mortgage Home Loan Expert is another alternative available to individuals who would rather not apply online.Next, Rocket Mortgage determines the loan alternatives and rates for which you qualify based on your work status and financial information.
The lender must verify your employment and income details, as well as the amount of homeowners insurance you have, before closing the deal. They also have to examine your credit score. It must also request a third-party house appraisal.
Because of the expense of these procedures, Rocket Mortgage demands that customers provide a $400 to $750 “good faith deposit.” The good news is that you might not ultimately pay more for these fees than you would with other lenders because the company deducts the deposit from your other closing charges.
The Rocket brand is all about streamlining the loan application process, and this includes the mortgage closing procedure as well.
Just by signing into their account, customers can choose where and when they wish to close. Since the company says it serves 99 percent of the loans it generates, when your house purchase is done, you will probably still owe money to Rocket Mortgage.
Customers that enjoy taking charge of their own experiences are likely to choose Rocket Mortgage, an all-digital platform launched by the company in 2015.
You’ll be prompted to enter information about your finances as well as the kind and amount of loan you’re looking to apply for when you log on to the Rocket Mortgage website or app.
Many customers no longer need to search for and send over pay stubs and bank statements because the corporation can retrieve them straight from their financial institutions.
In addition to calling, you may utilise the platform to ask questions about your loan and find out if you’re accepted. After the loan closes, you can amend payment details and manage your account by logging into the Rocket Mortgage website or app.
Pros and Cons of Quick Mortgage
Customers that use Rocket Mortgage solely deal with one lender, as opposed to those who use internet markets like LendingTree and Credible. That has benefits and drawbacks.
You won’t be inundated with emails from lenders vying for your business; that’s a positive. Also, less people have access to your personal information, which appeals greatly to buyers who value their privacy.
But without multiple offers coming in, it’s difficult to determine if you’re receiving the greatest deal. Furthermore, you may receive additional documentation and inquiries to your credit report if you approach multiple direct lenders in order to compare rates.
Rocket Mortgage offers a number of benefits, including choice. The company was founded in 1985 and offers both traditional mortgages and specialised products such as Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans.
Rocket Mortgage positions itself as a more practical option to traditional lenders, and it plays a significant role in that. Using your mobile device, the digital service enables you to read information about the closure, check the status of your loan, and communicate with a team member.
Do homeowners who deal with a banker in a different region of the nation have to give up on service?
The majority of industry sources firmly state that the response is “No.” In 2020, Rocket Mortgage maintained its #1 position for the eleventh year in a row according to J.D. Power, a company that rates mortgage originators according to client satisfaction.In 2021, it moved down to the No. 2 position.
Additionally, the business is rated 4.5 stars out of 5 on Zillow, a real estate website.
Rocket Mortgage is owned by who?
Owned by Detroit-based Rocket Companies Inc., a publicly traded business that trades on the New York Stock Exchange (NYSE) under the symbol RKT, is Rocket Mortgage, formerly known as Quicken Loans.Apart from home loans, Rocket Companies also owns Rocket Auto, an automotive retail marketplace that offers virtual and centralised car sales support to online car purchasing platforms; Rocket Homes, a real estate search and referral platform; and Rocket Loans, an online personal loans company.In addition, it owns and runs a number of ad-tech and technology platforms related to these companies.
Is Quicken Loans and Rocket Mortgage the same thing?
Indeed, in 2021 Quicken Loans formally rebranded itself as Rocket Mortgage. The Quicken Loans website is still operational, but it now refers users to the Rocket Mortgage website with questions.
Is the Mortgage Rocket a Bank?
No. As a direct lender, Rocket Mortgage exclusively offers house loans and associated goods. It doesn’t provide payment services like credit or debit cards or banking services like deposits.
The Final Word
Rocket Mortgage has established a solid reputation as a quick and easy option to obtain mortgage finance. However, it never hurts to search around to make sure you get a good interest rate.
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FAQs On Rocket Mortgage
What is Rocket Mortgage trying to accomplish?
The easiest and most practical way to finance a house is with Rocket Mortgage. We offer tailored home-buying experiences for every customer. Our commitment is to provide them with assurance that their aspirations for home financing are feasible.
Who is the bank that owns Rocket Mortgage?
The business that created Rocket Mortgage, Quicken Loans, has long been fixated on coming up with better solutions.To make the mortgage application process simpler, Rocket Mortgage was established.
How many people are clients of Rocket Mortgage?
2.5 million households
Additionally, the team members have volunteered more than a million hours in the communities in which they live, work, and play.Since its founding in 1985, Rocket Mortgage has closed over $1.7 trillion in home loans and services the monthly mortgages of over 2.5 million families.
How can I learn more about Rocket Mortgage?
Rocket Mortgage® offers award-winning customer service, professional guidance, and the flexibility to work at your own speed. It is available whether you need a quick approval to purchase a home or a solution to lock in your rate when interest rates drop because it allows you to apply online whenever it is convenient for you.
How do consumers feel about rocket mortgages?
A+ is Rocket Mortgage’s Better Business Bureau rating. Based on more than 3,600 reviews, Rocket Mortgage receives a stellar rating of 3.9 out of 5 stars from Trustpilot. In 2021, the Consumer Financial Protection Bureau was notified of 566 complaints concerning mortgage products offered by Rocket Mortgage.