Rocket Mortgage launched in 2015 because the face of Quicken Loans’ on line mortgage utility. It’s now largely built-in with Quicken, together with having the identical underwriting requirements. The principle draw of Rocket Mortgage is that all the mortgage course of can happen on line. Clients can full the appliance with out talking to a single service consultant. Nevertheless, the choice to talk to a consultant is offered.
Headquartered in Detroit, Quicken Loans is the biggest on line mortgage lender, in keeping with Nationwide Mortgage Information. Based in 1985, the corporate has grown to originating 375,656 loans in 2019 alone.
Whereas Rocket Mortgage is marketed as an online-only service, with the choice to name or chat on line when you select, you may as well apply for a mortgage from Quicken Loans straight. Identical to Rocket Mortgage, the method is finished remotely, however depends extra on cellphone when you select this feature.
What units Quicken and Rocket Mortgage aside from the competitors is “YOURgage,” a characteristic which lets you decide your mortgage time period for a fixed-rate mortgage. This distinctive product lets you select a time period from 8 to 30 years, no matter works greatest for you. While you apply for a mortgage, you may see how your funds would change when you regulate time period, charge or closing prices.
Areas Served by Rocket Mortgage
Does Rocket Mortgage Function in My Space?
Rocket Mortgage is licensed in all 50 states. Nevertheless it’s the net utility arm of Quicken Loans, so it doesn’t have any bodily places.
What Form of Mortgage Can I Get With Rocket Mortgage?
You’ll be able to usually apply for all the identical loans provided by Quicken by way of Rocket Mortgage’s on line utility system. Due to this fact, you might have loads of choices whether or not you’re searching for a traditional mortgage, or one thing extra specialised on your state of affairs. Your mortgage choices embrace:
Mounted-rate mortgage: This common mortgage sort locks in your rate of interest for all the lifetime of the mortgage. This implies your month-to-month principal and curiosity fee stays the identical, which many discover helpful for budgeting and planning. You can find the usual 15-year and 30-year fixed-rate mortgage choices. That is additionally the kind of mortgage YOURgage makes use of, however with adjustable phrases.
Adjustable-rate mortgage: One of these mortgage, the ARM, does simply what the identify suggests: adjusts the rate of interest. While you attain the tip of your preliminary fixed-rate time period, your curiosity will go up or down (often known as adjusting) as soon as per yr. You’ll discover five-year or seven-year ARMs at Quicken and Rocket.
Federal Housing Administration (FHA) mortgage: An FHA mortgage helps these with restricted down fee funds and decrease credit score scores qualify for a house mortgage. Quicken states that credit score scores as little as 580 could qualify for a mortgage, however it is going to rely in your state of affairs. Your choices embrace 30-, 25-, 20- and 15-year fixed-rate phrases in addition to five-year ARMs. For those who qualify, you should purchase a house with as little as 3.5% down.
Veteran Affairs (VA) loans: The VA backs these loans for certified veterans and energetic obligation service members. Rocket Mortgage provides 30-, 20- and 15-year fixed-rate loans in addition to five-year ARM VA loans. You may also discover jumbo VA loans at Quicken. Among the advantages of the sort of mortgage embrace no down fee or month-to-month non-public mortgage insurance coverage.
Jumbo mortgage: Whereas Quicken provides jumbo loans, you might have to talk with a consultant at Rocket Mortgage to see when you qualify for the sort of mortgage. Jumbo loans are for mortgages that exceed the conforming mortgage restrict within the space you propose to purchase in. You’ll want not less than a 700 credit score rating to qualify, in addition to a good debt-to-income ratio. Loans be as excessive at $3 million for certified prospects.
Refinance: Rocket Mortgage has refinancing choices for a traditional refinance.
YOURgage: Quicken’s choice to customise your mortgage will also be completed on Rocket Mortgage. You select your fixed-rate mortgage standard mortgage time period, wherever from eight and 30 years, to fit your monetary state of affairs. You may also pay as little down at 3%. With YOURgage, you even have the choice to refinance as much as 97% of your house worth.
Mortgage Sort Choices