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Rocket Mortgage summary
Rocket Mortgage is an online lender with many options and a user interface that is made to save time and make mortgages easy.
Rocket Mortgage is made for people who grew up with computers and the Internet. It has a sophisticated and easy-to-use loan platform that keeps the whole process online and on smartphones. There are a lot of mortgage options, and rates change all the time so that borrowers always know what’s going on. The site and apps look modern and are easy to use. They also have great customer service and are automated to speed up the loan process.
- Information on loan rates that is specific and detailed
- Fast platform that is updated all the time in real time
- Veterans, first-time buyers, and people with small down payments can get loans backed by the government.
- 5- or 7-year adjustable-rate mortgages and 15- or 30-year fixed-rate mortgages are available.
Who should use Rocket Mortgage?
Rocket Mortgage is run completely online, with all information available on the website or through mobile apps. This makes it a good choice for digital natives who are used to doing everything from their phones. Because there are so many mortgage options, it’s good for people with low credit scores and small down payments. Users who like flexibility will like the variable ARM mortgage, while people who like to plan their budgets ahead of time will like the traditional fixed-rate mortgage.
Rocket Mortgage has many different types of loans.
VA loans are government-backed loans for veterans, but online lenders don’t always offer them.
FHA loans allow first-time buyers with bad credit or not much money for a down payment to buy a home or refinance for any reason. FHA loans from Rocket Mortgage only need a 3% down payment.
Rocket Mortgage has a simple layout that makes it easy for borrowers to compare down payments, APR rates, and total monthly payments for different types of loans. You can also change your down payment online to see how it affects your monthly payments.
It’s easy to compare the different mortgage loan options.
How to Fill Out an Application
When you use Rocket Mortgage to apply for a loan:
- It takes about 5 seconds to make an account.
- Complete the guided online questionnaire. It’s easy and straightforward, and you’ll get help along the way. Your financial and personal information will be part of it.
- Get your quotes. You can make them fit your needs by changing the down payment, the monthly payments, or the length of the loan until you find one you like.
- Click the button to ask online for permission.
- Log in again the next day or every day for as long as you want to see how the rates change. Once you’re happy with them, click the button to lock them in.
- Sign all the necessary paperwork online with an e-signature, and the closing can take place wherever and whenever you want.
In-depth look at the pros and cons
Rocket Mortgage has a platform that is up-to-date. The apps and website are both easy to use and easy to get around on any device. But people who aren’t used to making big financial decisions online might feel uneasy about this completely digital platform. Rocket Mortgage has as many mortgage, refinancing, and home equity loan options as a traditional bank, including government-backed loans. Thanks to real-time rate updates, new borrowers can stay in charge of their financing options by logging on as often as they want to check for the newest rates before locking in the best deal.
Still, there are so many loans that it can be hard to choose. You can’t really look at loan terms and rates without making an account and entering your full financial information. This makes it hard for people who are just looking around to compare loan options. If you really want to get a mortgage, it’s worth the trouble to go through all of this. But anyone who just wants to know more about their options is likely to be reluctant to share personal information just to find out more about loan rates.
The bare bones of loan terms
It’s hard to talk about the exact terms of Rocket Mortgage loans and mortgages because you can only get an APR rate quote after giving all of your financial information. You can’t find out how much of a down payment you need to make without going through the whole application process. However, Rocket Mortgage does offer FHA loans that only require a 3% down payment.
Rocket Mortgage does say that the terms for the YOURgage loan range from 8 to 30 years and that the terms for variable rate mortgages are 5 or 7 years. Rocket Mortgage only gives loans to people who live in the homes they want to borrow money for. Rocket Mortgage has advanced automated tools that make importing all of your financial information faster and easier.
How to pay back
Traditional fixed-rate mortgages with terms of 15 or 30 years are available from Rocket Mortgage. The terms of the variable ARM loans are either 5 or 7 years. The unique YOURgage mortgage loans fall somewhere in the middle, both in terms of the length of time it takes to pay back the loan and the amount of freedom it gives the borrower. The borrower can choose any term between 8 and 30 years and lock in a fixed-rate mortgage.
APR rates aren’t available until you complete a full application.
Help and Aid
Rocket Mortgage offers help, especially through its live chat, which can be accessed from the website and mobile apps with the click of a button.
Live chat isn’t open all the time, but it is on weekdays from 7 a.m. to midnight (ET) and on weekends from 9 a.m. to midnight (ET). Traditional borrowers can also call for help from 9 a.m. to midnight (M-F), 9 a.m. to 8 p.m. (Sat-Sun), and 9 a.m. to 7 p.m. (Sun).
Rocket Mortgage is a fast and digitally advanced mortgage loan company that offers a variety of refinancing and mortgage options, including VA and FHA loans, which can be hard to find online. The whole application process is done online, and automated tools make it go faster. Rocket Mortgage makes it easy to keep coming back and checking real-time APR rates until you find the exact deal you want. It has a good website and good mobile apps. This loan provider is appealing because it has quick application times and helpful customer service.
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