How Quicken Loans Rocket Mortgage Formerly Works 2023

While meeting with a mortgage lender in person offers a sense of reassurance for specific consumers, the growing preference for online mortgage companies like Rocket Mortgage – the most significant home loan provider in the nation – highlights the increasing comfort of individuals when applying for loans from the convenience of their own homes.

Quicken Loans announced in May 2021 that it would officially rebrand as Rocket Mortgage, a subsidiary of the publicly traded Rocket Companies.

KEY TAKEAWAYS

  • Rocket Mortgage is an online direct-lending platform specializing in residential mortgages and home loan products. Formerly known as Quicken Loans,
  • Rocket Mortgage officially changed its name in 2021.
  • As a part of Rocket Companies, it has emerged as one of the leading mortgage lenders in America.

What Is Rocket Mortgage Formerly Works 2023?

When shopping for a new mortgage or seeking to refinance online, it is crucial to understand that loan originators may have varying approaches.

While platforms like LendingTree and Zillow serve as lead generators, sending your loan request to multiple mortgage providers, Rocket Mortgage functions as a direct lender.

When you choose a direct lender such as Rocket Mortgage, you can avoid receiving excessive emails from multiple lenders vying for your business.

Rocket Mortgage Information

This allows your personal information to be shared with fewer entities, which can appeal to customers who prioritize privacy. However, if you’re interested in quickly comparing rates from multiple lenders, consider using websites that distribute your information to several lenders simultaneously.

Rocket Mortgage, a company headquartered in Detroit, asserts itself as the top mortgage lender in the nation, having closed a staggering $351 billion in home Quicken Loans in 2021.

How Does Rocket Mortgage Compare to Traditional Loans?

Rocket Mortgage is specifically designed for borrowers seeking the convenience of obtaining a loan from the comfort of their own home or local coffee shop.

Despite this convenience, the application and loan closing process closely resembles that of a traditional neighborhood bank. With Rocket Mortgage, you can apply for a loan entirely online. Alternatively, if you prefer a different approach, you can choose to work with a Rocket Mortgage Home Loan Expert.

They will utilize your financial information and employment status to identify the loan options and rates that you qualify for.

Rocket Mortgage Home Loan Expert

Before finalizing the loan, the company must verify essential details such as your credit score, income and employment information, and homeowners insurance. Additionally, it is necessary to request a home appraisal from a third-party entity.

Rocket Mortgage

Rocket Mortgage requires borrowers to make a “good faith deposit” of $400 to $750 to cover the costs. The company deducts this deposit from other closing costs, so you may not pay more fees compared to other lenders.

Rocket Mortgage is committed to simplifying the borrowing process, including closing on a mortgage. Through their online platform, customers can choose their preferred closing date and location. With a remarkable 99% servicing rate, you will likely make your mortgage payments directly to Rocket Mortgage upon completing your home purchase.

Rocket MortgageĀ Website or App,

Rocket Mortgage, an all-digital platform introduced by the company in 2015.5, is commonly chosen by consumers who prefer managing their own experience.

When accessing the Rocket Mortgage website or app, users are prompted to provide details about their finances, including the desired loan type and amount. Incredibly, the corporation can regularly retrieve pay stubs and financial institution statements from users’ monetary institutions, disposing of the trouble of manually amassing and filing those documents.

The platform allows customers to test their approval status, inquire about their Quicken Loans and control their bills at the Rocket Mortgage internet site or app after mortgage closure. Additionally, users can utilize traditional phone communication for any inquiries.

Quicken Loans

Pros and Cons of Rocket Mortgage

When comparing Rocket Mortgage to online marketplaces like LendingTree and Credible, it’s important to note that Rocket Mortgage simplifies the process by dealing with only one lender. This has its advantages and disadvantages.

On the positive side, you won’t be bombarded with numerous emails from different lenders vying for your business. Additionally, fewer entities will have access to your personal information, which is a significant benefit for customers who value privacy.

To ensure you’re getting the best rate, it’s crucial to have multiple bids. This way, you can compare and choose the most favourable offer. Additionally, approaching multiple direct lenders might result in more paperwork and credit report inquiries.

Housing Administration (FHA) Loans

Rocket Mortgage offers a distinct advantage: choice. With a long-standing history since 1985, the company provides various mortgage options, including conventional, U.S. Department of Veterans Affairs (VA), and Federal Housing Administration (FHA) loans.

Rocket Mortgage positions itself as a convenient alternative to traditional lenders, offering a range of features to streamline your borrowing experience. With this digital service, you can easily connect with a team member, track the progress of your loan, and access closing details from your mobile device.

When it comes to homeowners working with bankers in different parts of the country, many industry sources assert that service is not sacrificed. Rocket Mortgage, for example, has consistently secured the top spot in customer satisfaction rankings by J.D. Power for 11 consecutive years, though it slipped slightly to the No. 2 spot in 2021. Additionally, the company boasts a rating of 4.5 out of 5 stars on real estate site Zillow.

Who owns Rocket Mortgage?

Rocket Mortgage, previously known as Quicken Loans, is a publicly traded company called Rocket Companies Inc. It is listed on the New York Stock Exchange (NYSE) under the RKT ticker.

Apart from the home loan division, Rocket Companies also owns Rocket Homes, a platform for real estate search and referrals.

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Furthermore, they own Rocket Auto, an automotive retail marketplace that offers centralized and virtual support for online car purchasing platforms. Additionally, Rocket Quicken Loans, an online-based personal loans business, is part of their portfolio. They also operate various technology and ad-tech platforms related to these businesses.

Is Rocket Mortgage the same as Quicken Loans?

Quicken Loans has officially rebranded as Rocket Mortgage in 2021. Although the Quicken Loans website is still operational, it now redirects users to the Rocket Mortgage platform.

Is Rocket Mortgage a bank?

Rocket Mortgage exclusively operates as a direct lender specializing in home Quicken Loans and related products. It does not provide banking services like deposits or payment services like credit or debit cards.

The Bottom Line

Rocket Mortgage has established itself as a convenient financing option for homebuyers. However, it’s always beneficial to compare and explore other choices to secure a competitive interest rate.

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