![]() In 1998, Gilbert emailed his staff explaining that his eventual goal was to put the entire mortgage process online. But this “Mortgage in a Box” was just the first step toward a truly simplified mortgage process. Gilbert’s goal was to simplify the mortgage process for customers-before the internet was widely used, this meant mailing mortgage documents to customers so they could sign them at home. Rock Financial, a mortgage broker, was founded in 1985 by Dan Gilbert and became a mortgage lender in 1988. However, the history of the company can get a little confusing. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.While both Rocket Mortgage and Quicken Loans are recognizable names in the mortgage industry, many people don’t realize that they are actually one and the same. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. Select See rates to visit the lender’s site and get started.į is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Use our table to compare Rocket Mortgage’s rates, terms and features to other popular loan providers. How Rocket Mortgage compares to other lenders ![]() View your customized loan options and select your loan to submit your application.Sync your bank account, allowing Rocket Mortgage to access your income and other information to automate your application. ![]() Answer questions about the property you plan to purchase.Or get started by creating an account through Rocket Mortgage’s site: List of debts, including student loans, auto loans, personal loans and credit cards.List of assets, including savings, real estate, car titles and investment records.Profit and loss statements, if self-employed.Personal tax returns from the past two years.While Rocket is a digital lender that uses your bank to fill in most of your application, you’ll still want to have the following information ready when you apply: If you’re applying for a conventional mortgage, you’ll need at least a 3% down payment. Conventional - minimum 620 credit score.For example, its FICO score requirements vary depending on the loan you want. ![]() Rocket Mortgage is fairly transparent about its eligibility requirements for a mortgage loan. You may pay fees for services like an application fee for your private mortgage insurance or taxes on the home’s purchase Read your loan’s fine print carefully for ongoing fees or penalties, like early repayment fees or late fees About 0.5% to 1% of your loan to cover administrative costs Refinance to get a better interest rate or change your loan termĪs early as a week after your application is approvedĮxpect to pay between 2% and 5% of your home’s total cost in fees and other closing costs, including: Tap into your home equity by replacing your current mortgage with a loan for more than you owe, and take the difference as cash. Rocket’s pre-approval process also requires a hard credit check, which can affect your credit rating. The lender also doesn’t provide home equity loan or HELOC products, which means you’ll have to do a full refinance to access your home’s equity with Rocket. Rocket only offers conventional and government-backed loans, with no specialty options or USDA loans. You’ll get a quote and know how much you qualify for when you apply, and you can close your loan within a week of your application approval.Īlso, Rocket’s streamlined application process syncs to your bank and investment accounts to search for your financial information, so you don’t have to gather documents and fill out a lengthy loan application yourself. Rocket has a digital application process that’s straightforward to use and a full customer service staff to help if you get stuck anywhere. Rocket is the largest mortgage lender in the US for two reasons: It’s quick and it’s easy.
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