Are you looking for a mortgage lender for that new home? Even if you are a first-time buyer, you have probably stumbled upon two well-known names in the mortgage industry.
Today we will differentiate Quicken Loans Vs Rocket Mortgage. In this article, we will learn what they are and how they are related.
What is Rocket Mortgage?
Quicken Loans was founded in 1985 by Dan Gilbert, Lindsay Gross, and Gary Gilbert. Quicken Loans is the largest mortgage lender in the United States surpassing Wells Fargo Bank in 2017. Rocket Mortgage is an awesome loan product that Quicken Loans offers. Rocket Mortgage saves you time and energy by reducing paper work.
Is Rocket Mortgage and Quicken Loans the same?
This is common question for those who need a home mortgage loans or refinance loans. The answer is yes, both are the same. The only difference is that Rocket Mortgage is the online experience of Quicken Loans.
Quicken Loans wanted a way for people to get mortgage the easy way, in a short amount of time, while on the go, in a comfortable place. That is what Rocket Mortgage is all about. Rocket Mortgage removes the home buying hassle that has plagued customers for years.
How does Rocket Mortgage Work?
Rocket Mortgage is similar to other lenders. They offer FHA, VA and USDA loans. What differentiates Rocket Mortgage from other mortgage lenders is the time, accuracy, and process it takes for a loan to be approved. Rocket Mortgage offers a new school approach. Their new approach is more convenient, and it allows for more accuracy when it comes to getting a loan.
The reason that Rocket Mortgage is more accurate is because they will not make assumptions like other lenders. With Rocket Mortgage customers are able to share their financial information digitally, which means getting your income verified and getting a quote just got easier. You will not have to worry about talking to a loan officer, sending in W2’s, and other forms of documents.
Quicken Loans average closing time
Getting approved for a mortgage loan takes time. It takes weeks to get approved. In fact, getting approved might even take a month. The loan process can even take 45 days to 2 months on high-volume seasons. First, you will get pre-approved and then your application will get looked over by a loan officer.
The process becomes even more of a hassle if the lender finds any red flags such as a low credit score, foreclosures, etc.
With Rocket Mortgage’s reinvented online mortgage process, getting approved for a mortgage can be done in a record low, 8 minutes. Sometimes it takes a week. Rocket Mortgage simplifies the loan process and makes purchasing a home easier than ever before. The process is simple. All that you have to do is explain your current living situation such as if you are a current homeowner or renter. Then, you are going to give them your current home information, desired location, who’s on the loan, income, etc. With Rocket Mortgage everything is handled completely online, but you do have the option of talking to representatives in the application process.
Mortgage rates
Mortgage rates are never the same. Currently, you can expect 30-year fixed plans to be around 4.5 (4.784% APR), 15-year fixed plans to be around 3.99% (4.478% APR) and 5-year ARM plans to be around 3.875% (4.865% APR). To see how much you will be paying make sure that you get a quote from Rocket Mortgage today.
Fixed-rate terms
Rocket Mortgage offers fixed rates from 8 to 30 years. Quicken Loans uses YOURgage, which will give customers greater flexibility. YOURgage helps customers to save by adjusting their loan to their needs.
Rocket Mortgage features and that you will love.
Experts – Although Rocket Mortgage can be used without the assistance of any representatives, you will have the ability to chat with home loan experts while filling out an application.
RateShield – You will be able to lock your interest rates for up to 90 days. This is perfect so your monthly payment does not increase.
Savings – You will receive bonuses when you import your assets. Not only that, but this process is also faster and easier.
High Better Business Bureau rating – Quicken Loans has had BBB Accreditation since 1986. The company currently boasts an “A+” rating. This means that Quicken handles customer complaints well. BBB takes into consideration complaint history, type of business, time in business, and more.
J.D. Award Winner – Quicken Loans, Inc. was the highest rated company in the 2017 U.S. Primary Mortgage Servicer Satisfaction Study. Quicken Loans received 5 out of 5 Power Circles in every category. They beat out companies such as USAA Federal Savings Bank, Navy FCU, Capital One, Bank of America, Fifth Third Mortgage, and more.
Rocket Mortgage app – This app allows you to customize your rate, cost, and term. With the app you will easily be able to view loan status. When your closing is done you will go to an area where you can manage your loan. One cool feature is that members will be able to set up biweekly payments.
Availability – Rocket Mortgage is available in all 50 states.
Real Solutions – You will be able to receive customizable mortgage solutions instantly.
Benefits of shopping online for mortgage.
Easier – Shopping for mortgage is better when it is done in the comfort of your own. There is less of a hassle and it is less stressful. With Rocket Mortgage all that you have to do is click a button and you can easily share financial information.
Tools – When you shop for mortgage online you will usually be given tools to help you such as mortgage calculators, which helps you to save money on your loan.
Easier to get approved – If you credit score is lower than expected you will have a greater chance of getting a loan with an online lender.
Bottom line
Quicken loans has a great reputation. Rocket Mortgage is a byproduct of Quicken Loans, which makes the loan process easier for you. Rocket Mortgage is well worth it. It is easier to use, it’s faster to use, it is more accurate, and it represents what we will see more of in the future. Make sure that you take a few minutes to get a mortgage quote today.