Rocket Mortgage is the online portal offered by Quicken Loans for the busy consumer to apply, get quotes, and close on a new home. Everything is done online but you have the option of talking to a specialist if you want. Is this a good way to go? How does Rocket Mortgage rate in services, ease of use, and price? Let’s take a look with this review.
Customer Service: 800 number or online chat
What we like about it:
- Easily use with your computer or smartphone
- Quick quotes and no hassle program
- Rate shield approval gives you peace of mind while you shop for your home
- 5-year J.D. Power Best in Best in Service
Rocket mortgage is the only completely online program that helps you through the mortgage process from start to finish. If you hate dealing with banks this is definitely the choice for you. If you have a hard time finding time to schedule an appointment with a mortgage specialist, this is definitely the choice for you. Aside from a few different scenarios, most people can use Rocket Mortgage to complete the entire home loan process.Back to top ↑
Purchasing a Home
If you are looking to buy a home and need to get a mortgage, Rocket Mortgage can help you. After filling out an application, they will customize recommendations for loans tailored to your information. You can choose which you decide is best for you and they will help you continue with the process. What kind of loans can you expect to be recommended?
Rocket Mortgage offers conventional loans of different terms and fixed or adjustable rates. They also offer VA and FHA loans to those who qualify. Depending on what you are trying to purchase, they may offer you a Jumbo loan.Back to top ↑
Refinancing a Home
This process is very similar to when you are buying a home through Rocket Mortgage. You fill out a simple application with your home loan information and they will customize a few refinancing options for you depending on the answers to the questions they asked you. You can then see the pros and cons and choose the right one for you.
You can get a refinance loan to change your term, lower your rate, cash out and more.Back to top ↑
Ease of Use
Because Rocket Mortgage requires very little conversation with a specialist and even some of that can be done online, you can use this program all from the comfort of your own home without having to bother with a lot of telephone calls.
Their process is simple and easy. First you apply by filling out a short questionnaire that can take just a few minutes. You can even have it sync to your bank. After you are done, they will send you a few different options that you can consider for your home mortgage. Each of these will have their pros and cons and you can weight them out.
Once you make your final choice, you have a few more questions to answer and then they will help you to get your final approval for the loan of your choice. All of this is done completely online.
Once you make an offer on your new home and come to an agreement, Rocket Mortgage will help you speed up the closing process and even set up your appointment to sign the final documents.
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Price and Tools
It is free to use the Rocket Mortgage website and even getting approved is free. This is a stress-free way to see what you qualify for and see what kind of rates are out there before you buy. And if you are happy with the loan you get offered, you can always continue using Rocket Mortgage and pay the normal cost of fees for loans. The RateShield Approval will ensure that you can shop around after you got your quote and not worry about the rate changing during the time period of negotiation, or if you still haven’t found your perfect new home.
Rocket Mortgage will actually help you until you are finished paying for your loan through the account page. You can make payments, track your balance, and see how best to save money on your mortgage.Back to top ↑