Quicken Loans is disrupting the mortgage industry. The industry has a long history of being slow and paperwork intensive. Mortgage personnel are often difficult to get a hold of. But Quicken Loans has moved the entire process online. In doing so, they have streamlined the mortgage process, reduced the time needed to process loans, lowered…
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The industry has a long history of being slow and paperwork intensive. Mortgage personnel are often difficult to get a hold of.
In doing so, they have streamlined the mortgage process, reduced the time needed to process loans, lowered the paperwork requirements, and made the entire process easier for borrowers.
But it has since grown to become the largest mortgage lender in America (as of January 2018). The company closed more than $400 billion in mortgage loans between 2013 and 2017. They offer mortgage loans in all 50 states.
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The company launched Rocket Mortgage in 2016, as one of the first all-online mortgage lenders in the country. When you apply for a mortgage through Quicken Loans, you’ll be completing the process through Rocket Mortgage.
In addition to providing mortgage loans, Quicken Loans is also a full-service mortgage resource. They provide educational information, as well as calculators and other tools to help you work through the mortgage process.
Loans offered. Conventional, Jumbo, USDA loans, FHA, and VA mortgages. Loan are available in fixed-rate mortgages, adjustable-rate mortgages (ARMs), purchases, streamline refinances, and reverse mortgages.
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Here are some sample rates you can view, also, including rates from some of the top VA Loan providers in the country:
Customer service. Customerservice is available by phone, online chat, or e-mail through the website. They also offer customer service in Spanish. Phone support is available Monday through Friday, 9:00 AM to midnight; Saturdays, 9:00 AM to 8:00 PM, and Sundays, 9:00 AM to 10:00 PM.
Live chat is available Monday through Friday, 7:00 AM to midnight, and Saturdays and Sundays, 9:00 AM to midnight. All times Eastern.
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In-house mortgage loan servicing. If you’ve ever previously had a mortgage, you’re probably accustomed to the loan being sold off to another service, either immediately, or later in the term. But Quicken Loans services 99% of their loans in-house. So not only will you be able to get your loan through Quicken Loans, but you’ll also make your payments there as well. It’s not a game-changer, but it does simplify the process.
Quicken Loans Personal Loans. One of the benefits of working with a large lender like Quicken Loans is that they do have other loan products that may be of interest to you. Their personal loans are an example. You can borrow money for debt consolidation, home improvement, buying or repairing a car, to cover medical expenses, make a large purchase, or even for business expenses.
You can borrow up to $35, 000 with a term of 36 or 60 months. Interest rates are based on your credit history, income, and other factors, and currently range from 5.983% to 29.99% APR. Loans do require an origination fee of 1% to 6% of the loan amount, which is deducted from the loan proceeds.
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And just as is the case with the mortgage process for any type of loan at Quicken Loans, VA loans are completed entirely online.
Quicken Loans is a VA approved lender that processes a large number of VA loans. The company can work directly with the VA to get your Certificate of Eligibility and any other necessary documentation from the agency.
VA loan types available include 15, 20, 25, and 30-year fixed-rate mortgages, as well as the VA 5/1 adjustable-rate mortgage. They even provide jumbo VA loans for amounts up to $1.5 million. Note: Learn more about VA Loan limits by county.
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For example, VA loans can only be used for certain types of property. They aren’t available for second homes or investment properties. You’ll need a conventional loan to purchase either type of property, and Quicken Loans can make it happen.
You’ll begin the process by applying online through Rocket Mortgage. You start by creating an account, and then you can begin completing the application.
The app will then fill in the details of the property, including the approximate property value and real estate taxes. They will be able to do this because there are a number of online valuation services available, as well as the fact that property taxes are public record.
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Since you’re entering your basic personal information, including your Social Security number, a credit report will be run on you, your spouse, or any other co-borrowers who will be on the loan. Because of this, they will be able to provide you with an offer of the rate you will qualify.
This is very different from the teaser rate that might be provided based on a self-assessment of your credit, which is more typical of online lenders.
Once the rate offer is provided, it will be subject to verification of all the information you’ve provided in your application. You’ll then be able to lock in the interest rate, and an appraisal will be ordered.
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A $500 fee will then be collected to continue the process. You’ll then move on to the verification process, in which the lender will require that you furnish documentation supporting the information claimed in your application.
TIP: If at any time during the application process you need assistance, you can hit the “Talk to Us” button, which is available on every page of the website.
As a fully online process, you’ll be able to supply all documentation online, and even sign and submit the multitude of mortgage disclosures and waivers that are part of the mortgage process.
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Despite attempts by the industry to streamline the process, a substantial amount of documentation will still be required to verify everything on your application.
For example, the company may be able to obtain income and asset information from those sources with a signature release from you.
For that reason, you’ll have to supply complete information of each institution you work for or do business with. This will need to include exact names, addresses, account numbers, and sometimes contact persons within each organization where a verification will be requested.
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Other documents, such as the purchase agreement, may have been e-mailed to you, and could also be easily uploaded to the site.
With the application completed online, and all documentation supplied, your application will then go to a human mortgage underwriter. That person will review the documentation to make sure it supports what you’ve claimed in your application.
If there is any missing information, conditions may be issued which you will need to satisfy, either prior to application or before closing.
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If you’re looking for a fast pre-approval, reduced loan documentation requirements, and complete transparency throughout the entire mortgage process, Quicken Loans is an outstanding source for mortgage financing.
This is particularly true for VA Loans since they can be a bit more confusing than other loan types, especially for current service members or those who have been recently discharged.
Quicken Loans – through Rocket Mortgage – provides fast pre-approvals so you can know from the very beginning that you’ll be qualified. It will also help to have a pre-approval in hand when you’re negotiating on a new home.
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The documentation requirements are easier, due to the use of third-party verification sources. And you’ll be kept in-the-loop of the progress of your application throughout the process.
This is a mortgage lender well worth working with, whether you are a first-time homebuyer, or you’re buying your third or fourth property.
Equal Housing Opportunity. The Department of Veterans Affairs affirmatively administers the VA Home Loan Program by assuring that all Veterans are given an equal opportunity to buy homes with VA assistance. Federal law requires all VA Home Loan Program participants – builders, brokers and lenders offering housing for sale with VA financing – must comply with Fair Housing Laws and may not discriminate based on the race, color, religion, sex, handicap, familial status, or national origin of the Veteran.
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Ryan Guina is The Military Wallet’s founder. He is a writer, small business owner, and entrepreneur. He served over six years on active duty in the USAF and is a current member of the Illinois Air National Guard.
Ryan started The Military Wallet in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then.
Featured In: Ryan’s writing has been featured in the following publications: Forbes, Military.com, US News & World Report, Yahoo Finance, Reserve & National Guard Magazine (print and online editions), Military Influencer Magazine, Cash
