Quicken Loans Review
February 14, 2019 / Holly
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If you’re looking for an easy and comfortable loan, QuickLoans can help. Not only do QuickenLoans help ensure you get a mortgage that’s right for you to save time, but the platform ensures you are aware of your loans status 24/7 so you can keep track of what is required of you and what has already been done to avoid repeating steps that have already been completed, saving you time and confusion.
Monthly Payments
QuickenLoans offers an array of flexible programs designed to help you find a home loan that meets as many, if not all, your financial needs as possible. Once you have applied, QuickenLoans will review your credit score in order to get your new payment started. Alternatively, the Quicken Loans deposit scheme is perfect to pull your credit report, order an appraisal to find out what your current home is worth and to process your loan with ease. Paying it back is easy too. Once you have completed the start-up process, you can begin paying back your loan on a monthly basis or enrol to payback your loan biweekly – it’s entirely up to you!
APR
With QuickenLoans, a number of factors may affect your mortgage rate including the type of loan you are looking to take out, previous credit history, loan amount and the down payment amount. Plus, mortgage rates change on a daily basis, depending on the current market trends. Luckily, QuickenLoans provides users with accurate mortgage rates daily for a range of loans so you can identify a loan that is right for you.
Overall, Rocket beats other online and bricks-and-mortar lenders for speed – from application through to approval and funding.
Pros and Cons
Pros
  • Completely online applications
  • Saves time by verifying applicant’s information automatically
  • Custom mortgages to meet each borrower’s needs
Cons
  • No HELs or HELOCs
  • No physical branches
As explained above, the strength of Rocket Mortgage’s product is its speed. While other online lenders can save you time, Rocket Mortgage goes one step further by automating most of the application process. Rocket’s sophisticated AI-powered system processes the applicant’s information to find the best fit for their needs from parent company Quicken Loans’ rates and products. The whole process is quick, easy, and online. You can even apply from your phone, thanks to Rocket’s sleek mobile app.
There aren’t really any major reasons to avoid Rocket Mortgage unless you just don’t like applying for financial products on the internet. If you’re the type of person who prefers to speak to a mortgage advisor face-to-face, then we recommend looking elsewhere. Many top mortgage lenders do still have physical branches around the country, including Rocket’s parent company Quicken Loans.
Types of Loans
Rocket Mortgage offers a wide variety of purchase and refinance loans, with the only notable omission being home equity loans and lines of credit. Residents in all 50 states are eligible for its loans and refinancing options.
Here are some of the mortgage products you’ll find at Rocket Mortgage:
  • Fixed-rate mortgages
  • Adjustable rate mortgages (ARMs)
  • Jumbo loans
  • Refinance
  • Cash-out refinance
  • FHA loans
  • VA loans
  • USDA loans
Loan Features
Rocket Mortgage offers most of the features found at parent company Quicken Loans. In addition, it offers all the benefits of being able to apply for a loan quickly and easily online. It is most suited to people who have begun their home search, have a home in mind and want to make an offer, or who have already signed a purchase agreement. It isn’t as suited to people who are only planning to buy their home six months or more from now.
Here are some of the features of a Rocket Mortgage loan:
  • Minimum credit score of 580 or above.
  • Minimum down payment of 20% for a conventional loan or 3-10% for FHA loans.
  • Like with Quicken Loans, origination fees start from around 0.50% of the loan amount – which is low compared to other mortgage lenders. Some government-backed mortgages like FHA, VA, and USDA can carry higher origination fees.
  • Other closing fees such as title and appraisal fees apply.
  • Borrowers are assessed on credit score and debt-to-income ratio: other information isn’t considered as important.
  • Most borrowers can opt to have their financial information sent to Rocket Mortgage automatically, reducing the time it takes to complete the application process.
  • All loans are underwritten by Quicken Loans, the largest mortgage lender in the United States.
Rates and Terms
Rocket Mortgage taps into owner Quicken Loans’ rates to find the best rates for your credit score and financial status. It offers a choice of fixed-rate loans and adjustable-rate mortgages across its mortgage products. Although Rocket doesn’t have the lowest rates in the market, it does offer competitive rates to borrowers with a solid credit history.
At time of writing, Rocket was offering as low as 4.342% APR for a 15-year fixed mortgage and 4.668% APR for a 30-year fixed mortgage. Rocket Mortgage offers a choice of 15-year to 30-year terms for fixed-rate loans as well as adjustable loans with a fixed introductory period of five years.
Contact Figure Lending
Although Rocket is an online lender, it does offer customer support by phone. Here are the contact details:
  • Phone: 888-452-8179
  • Live Chat: On the Rocket Mortgage Website
  • Address: Quicken Loans, 1050 Woodward Ave Detroit, MI 48226
Summary
One thing makes Rocket Mortgage stand out from all other mortgage lenders: speed. Some lenders might be able to offer you better rates, others might offer great customer service, but few come close to matching Rocket for speed. This might seem like a small thing, but speed is important in the mortgage industry. Getting stuck with a time-consuming mortgage application and not even knowing whether you’ll get approved can be costly in terms of both time and energy. With Rocket, you know where you stand within a few minutes of applying and you can save time by having all your documentation verified automatically.
Get started now, visit Quicken Loans
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