Rocket Mortgage is an online mortgage lender that has revolutionized the way Americans take out home loans. Launched in 2015, It is a subsidiary of Quicken Loans, one of the largest mortgage lenders in the United States. This digital platform has made taking out a mortgage faster, easier, and more transparent.
In this post, we’ll take a closer look at the history of Rocket Mortgage, how it works, how to apply, how to repay, and its pros and cons.
History of Rocket Mortgage
It was launched in 2015 by Quicken Loans, which was founded in 1985 by Dan Gilbert in Detroit, Michigan. Quicken Loans became the largest online mortgage lender in the United States in 2018, surpassing traditional lenders such as Wells Fargo and Bank of America.
It was founded in response to potential homebuyers’ frustration with the lengthy and complicated mortgage process. It is designed to simplify and streamline the process of applying for a mortgage, providing people with a faster and easier way to get a loan.
How Rocket Mortgage works
Rocket Mortgage offers a completely online mortgage application process, enabling borrowers to apply for a mortgage from the comfort of their own homes. Here’s how the process works:
- Application: Borrowers can apply for a mortgage online by providing their personal information, including their income, employment history, and credit score.
- Pre-Approval: Based on the information provided, Rocket Mortgage will issue a pre-approval letter specifying the loan amount for which the borrower has been pre-approved.
- Home Shopping: Once pre-approved, borrowers can search for homes that fall within their pre-approved loan amount.
- Approval: After finding a home, borrowers can complete the application process and get their loan approved.
Benefits Rocket Mortgage
- Convenience: The entire mortgage application process is done online, making it more convenient for borrowers.
- Speed: The process is faster than traditional mortgage applications and borrowers can get pre-approval in minutes.
- Transparency: It offers complete transparency throughout the entire application process, allowing borrowers to see all the costs associated with their mortgage.
- Personalized Service: It offers a personalized experience for each borrower and provides a loan officer to guide them through the process.
- Competitive Rates: It offers competitive rates and borrowers can compare rates and terms from multiple lenders.
Disadvantages of Rocket Mortgage
- Limited options: It only offers conventional and government-backed loans, so borrowers looking for non-traditional loans will have to look elsewhere.
- Limited in-person interaction: The entire process is conducted online, so borrowers may not have the opportunity for in-person interaction with their loan officer.
- Restricted Access: It is only available to borrowers in the United States, so borrowers outside the US will have to look elsewhere for their mortgage needs.
Rocket Mortgage Pre Approval
Rocket Mortgage offers a pre-approval process that can give prospective homebuyers an idea of how much they can borrow before they start looking for a home. Here is a step-by-step guide to Rocket Mortgage’s pre-approval process:
- Complete the Application: Get started by completing an online application with it. You must provide your personal information, including your income, employment history, and credit score.
- Provide Supporting Documents: It will request supporting documents to verify your income, assets, and debts. These documents may include pay stubs, W-2 forms, bank statements, and tax returns.
- Credit Check: It performs a credit check to determine your credit score and credit history.
- Pre-Approval Decision: Based on the information provided, It will issue a pre-approval letter specifying the loan amount for which you have been pre-approved.
- Buying Homes: Once you’re pre-approved, you can start looking for homes that are within your pre-approved loan amount.
Rocket Mortgage Login And Phone Number
If you are already a customer and would like to sign in to your account, you can do so by following these steps:
- Visit their home page at rocketmortgage.com
- Click the “Sign Up” button in the top right corner of the page.
- Enter your email address and password associated with your account and click “Login.”
- If you are having trouble logging into your account, you can click the “Forgot Password” link on the login page and follow the steps to reset your password.
If you need to contact customer service, you can call their toll-free number at 1-800-671-1544. Customer service representatives are available Monday through Friday from 8:30 a.m. to 8:30 p.m. to 9:00 p.m. ET and Saturdays from 9 a.m. to 5 p.m. to 4 p.m. ET. You can also contact them through their website by clicking the “Contact Us” link at the bottom of the home page. This will take you to a page where you can fill out a form with your question and receive a response via email.
Rocket Mortgage Payment
Making a payment on your Rocket Mortgage is a quick and easy process. Here are the steps you can follow to make a payment:
- Sign in to your Rocket Mortgage account with your email address and password.
- Once you’re logged in, click the “Make a Payment” button on the dashboard.
- Enter the amount you want to pay and select the payment source you want to use (eg bank account, credit card).
- Review the payment details to make sure everything is correct, then click “Submit Payment.”
If you want to set up automatic payments, you can do so by following these steps:
- Log in to your Rocket Mortgage account and click the “Payment Settings” tab.
- Select the desired payment frequency (for example, monthly, or bi-weekly) and enter the payment amount.
- Choose the payment source you want to use (for example, a bank account) and provide the necessary information.
- Review your payment information to make sure everything is correct, then click “Save Changes.”
Once you’ve set up automatic payments, your payments will be deducted from your chosen funding source on the scheduled dates.
It is important to note that if you have any questions or problems with your payment, you should contact Rocket Mortgage Customer Service for assistance. You can call their toll-free number at 1-800-671-1544 or use the contact form on their website to send a message.
Rocket Mortgage has changed the way Americans get home loans. The online platform has made the process faster, easier, and more transparent. The ease and speed of the process have made Rocket Mortgage a popular choice for home buyers, and its competitive rates and personalized service have made it a formidable competitor in the mortgage industry. While it may not be the best option for all borrowers, it’s certainly worth considering for those looking for a quick and easy way to get a mortgage.