Rocket Mortgage Review
Rocket Mortgage, LLC is a mortgage lending company headquartered in the One Campus Martius building, in the heart of the financial district in Downtown Detroit. It is a direct lender, and offers loans with no application fees or prepayment penalties. This makes it an excellent choice for those who are looking to buy a home and have limited credit history.
Rocket Mortgage is backed by Quicken Loans
The Rocket Mortgage website allows you to customize your mortgage loan and apply for a loan online. It also allows you to monitor your loan information and view your closing documents online. You can also contact customer support through a dedicated chat window or a live home loan expert. To get started, it is a good idea to apply for a mortgage preapproval. This will show the seller that you are serious about buying a home and give you an idea of how much you can afford.
Rocket Mortgage is backed by Quicken Loan, a company that aims to make the loan process as simple as possible. It is a division of Quicken, which has grown to become the largest mortgage lender in the country. In 2016, the company funded $7 billion of its record loan volume with Rocket Mortgage. And that figure is expected to grow in the future.
It is a direct lender
If you’re looking for a low rate on a refinance mortgage, you may want to check out Rocket Mortgage. This direct lender funds mortgages using their own money, which can streamline the process. The company uses loan officers, processors, and underwriters who all work in the same company. This streamlines the application process, which eliminates the need for middlemen. Loan officers serve as a sales force for the company and earn a commission for originating mortgage loans. However, they have few negotiating powers.
Rocket Mortgage’s speedy, convenient service is one of its biggest selling points. The company doesn’t send out a lot of emails, and keeps your personal information out of the hands of third parties. While the company is known for its speedy service, some customers say it takes too long to close a loan.
It does not charge application fees
Rocket mortgage offers both refinancing and purchasing mortgages. To apply, you must set up an account by setting a username and password, providing personal and financial information. You must also provide your social security number to allow them to run a credit check. After you submit all the information they need, you will be moved closer to an approval decision.
Rocket mortgage has low application fees, and its website is easy to navigate. Its mortgage application requires a minimum personal credit score of 620 or higher. In addition, you will need to pay a small application deposit of $400 to $750. Moreover, you will have to submit a detailed list of your assets, which can add up to several hundred dollars.
It does not charge prepayment penalties
Rocket Mortgage does not charge prepayment penalties on purchases and refinances. Their website advertises their rates daily, but it’s important to note that they can change daily. You should also note that they do not offer specialty loans or home equity products, and their application deposit is very high. This could prevent you from getting a mortgage if your credit score is not 720 or your debt-to-income ratio is over 30%.
If you’re concerned about the prepayment penalty on your mortgage, you should shop around to find a lender that doesn’t charge one. You can also negotiate with the lender and switch to another one. Keep in mind that prepayment penalties are not common among all lenders. Comparing several mortgage lenders will help you get the best deal for your situation.
It is a good option for those with lower credit scores
If you’re considering buying a house, but don’t have the best credit score, Rocket Mortgage might be a good option. This mortgage company provides flexible repayment terms ranging from eight to 29 years. You can also choose between fixed-rate and adjustable-rate mortgages. Among the terms that you can choose are the seven-year fixed-rate mortgage, the ten-year adjustable-rate mortgage, and the VA or FHA adjustable-rate mortgage.
Rocket Mortgage is good for those with lower credit scores, because the lender will consider a number of factors to determine your eligibility for a loan. While FHA loans have a lower credit-score requirement, most conventional loans require a credit score in the high-600 range. Depending on the type of loan, a lower credit-score loan could help you save significant amounts of money over the course of the loan.