Rocket Mortgage is a direct lender that offers conventional loans, FHA loans, VA loans, jumbo loans, home equity loans, and more. They are also known for their digital mortgage application process. It has the ability to complete an application in just eight minutes. And they can even approve your loan in as little as one hour!
When you are looking for a lender, it is important to find one that offers the type of loan that you need. For instance, a five-year ARM can be beneficial for borrowers with a credit score of 580 or less. However, you’ll also want to consider the fees that your loan will incur. These can vary according to the size of the loan, your credit history, and other financial factors.
Rocket Mortgage offers a variety of loan types, and their rates are comparable to national averages. They offer fixed rate conventional loans, adjustable rate mortgages (ARMs), and cash-out refinancing. As a result, they are able to serve a wider range of customers. In fact, Rocket Mortgage claims to be the largest originator of mortgages in America in 2021.
To apply for a loan with Rocket Mortgage, you’ll need to create an account and start the application process. You’ll be prompted to provide income, assets, and credit information. Once you’ve completed this process, you’ll have the option of generating preapproval letters based on your qualifications. The site also offers a checklist to guide you through the process.
A verified approval letter can help you prove your interest in purchasing a home. That’s because it shows that the underwriter has reviewed your finances and found that you qualify for a home loan. While most lenders require a credit score of at least 680 to qualify for a loan, Rocket Mortgage requires a credit score of only 500.
Rocket Mortgage is a pioneer of the all-online mortgage application process. Their website is optimized for mobile devices, and their service is widely available to borrowers nationwide. Plus, they’re always working to improve their customer service.
You can get approved for a Rocket mortgage in just eight minutes. But you will need to work to improve your credit. If you have trouble obtaining a mortgage, you might be able to use the Fresh Start Program.
Depending on the type of home you’re purchasing, you may need a larger down payment. Rocket Mortgage does not currently offer USDA loans. However, they do provide conventional loans that require a lower down payment. Moreover, they have a zero down payment guarantee for VA loans. Lastly, Rocket Mortgage can lock your loan’s rate for 90 days.
With the Rocket Mortgage app, you can customize your loan options. This can include the term length, the interest rate, and the down payment. Moreover, you can even generate preapproval letters as you need them.
Another feature of the Rocket Mortgage app is its reliance on public data from the Home Mortgage Disclosure Act. By utilizing this information, Rocket Mortgage can find out what your house is worth and which mortgage option is best for you.
