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Rocket Mortgage Financing
This is a Rocket Mortgage review – a Quicken Loans’ online mortgage lending and financing site, a leading mortgage lender in the United States. According to J.D. Power, it has been the top lender for customer satisfaction for more than a decade. Because of its excellent customer service and straightforward online application process, it is considered to be one of the finest online mortgage lenders.
The lender, based in Detroit, is licensed in all 50 states as well as the District of Columbia. Rocket Mortgage features a large selection of purchase and refinances loans, including government-backed mortgages. It does not, however, provide construction, home equity, or remodeling mortgages.
Rocket Loan Options
Rocket Mortgage offers a variety of lending choices for homebuyers and homeowners wishing to refinance their current mortgage. It currently provides the following types of mortgages:
- FHA loans
- Fixed-rate loans
- Normal loans
- Refinance loans
- VA loans
- Jumbo loans
Jumbo loans are those worth $510,400 or more, however, Rocket Mortgage’s maximum loan amount is $3 million. For approval, the organization also demands at least a credit score of 620, with prices revealed only after you begin the application phase.
Rocket Mortgage offers most forms of mortgage refinance loans, including normal rate and term refinancing as well as cash-out refinance loans. It also provides refinance loans backed by the government, such as VA Interest Rate Reduction Refinance Loans (IRRRL) and FHA streamline refinance mortgages.
- Preapproval is a simple and quick process.
- The whole application and approval phases take place remotely.
- The company lends in all 50 states as well as Washington, D.C.
- There are a variety of lending alternatives available, including conventional, VA, and FHA loans.
- There are no actual places.
- For financing details, you’ll need to phone or chat with a representative.
- There are no construction or renovation loans available.
- Discount points may be included in advertised prices, increasing your upfront expenditures.
Rocket Mortgage Rates
In terms of pricing, loan offers, and customer service, Rocket Mortgage is one of the best mortgage lenders in the United States. Rocket Mortgage’s parent company, Quicken Loans, is the largest online mortgage lender, giving it far more capabilities than all its online rivals. However, maybe as a result of the company’s online structure, its interest rates are relatively competitive, especially when compared to some of the largest finance companies.
Although Rocket Mortgage offers all of the standard loan types, such as jumbo, VA, fixed-rate, and flexible mortgages (ARMs), it also has a special in-house offer. If you’re not using much money for a down payment, the YOURgageSM 8- to 30-year mortgage allows you to borrow up to 97 percent of the value of your house, leaving you just a 3 percent down payment.
- End-to-end remote application stages have been streamlined.
- Licensed in 50 states and the District of Columbia in the United States
- Offers normal loan terms as well as the flexible YOURgage®, with loan periods ranging from 8 to 29 years.
- Advertises low loan rates, although those rates include discount points, which can increase upfront costs.
- Niche loans, such as home equity loans, reverse mortgages, and USDA loans, fare poorly.
Best Mortgage Rates Management Guide
To fairly evaluate offers, you’ll need to apply with a few different lenders. Publicly shared rates aren’t always the rates you’ll qualify for, and a lender didn’t manage to provide you a charge estimate without a comprehensive application. Analyze 2 to 4 lenders who provide the financing options you’re looking for.
Each lender like Rocket Mortgage will supply you with a Loan Estimate after you’ve submitted your requests. Because a Loan Estimate is a standardized form, finding the lowest mortgage rate will be simple. However, you should not stop there; the costs are also crucial. Pay attention to the lender fees, also known as origination fees, and inquire about what each amount covers and whether it’s adjustable.