Rocket Mortgage is America’s largest mortgage lender (by Quicken Loans). It is also the nation’s largest FHA lender and a premier Veteran Affairs (VA) lender.
Why we like Rocket Loans:
- Direct access to mortgage specialists. The company’s seasoned lending professionals can answer questions via email, fax or phone from application to close.
- Rocket Mortgage: The first completely online mortgage experience which gives you the ability to import and verify financial information, customize their mortgage, get approved and lock their rate without speaking to a human being. Nice.
- Comprehensive home-financing education. Rocket Loans provides information regarding purchasing, refinancing or home equity loans and finding the loan that fits your needs.
- Diverse loan options. Rocket Loans specializes in plain vanilla mortgages, including conventional, FHA, VA and USDA programs.
- Real-time loan status information: throughout the mortgage origination process, clients can use Rocket Mortgage to immediately find where their application stands on a real-time basis at any time.
Buying Vs Renting
Benefits of Buying
- No landlord means you can make your house a home you want without anyone else’s approval.
- Unlike rent payments, the interest you pay with your mortgage payments can be tax-deductible.
- You can find a mortgage tailored to your budget and goals to keep your monthly payment from going up as the market changes.
Benefits of Renting
- Your landlord is often responsible for home repairs and upgrades.
- You won’t have to buy homeowners insurance or pay property taxes on your home.
- Moving can be easier since you won’t have to sell your home or find renters.
The payment on a $200,000 30-year Fixed-Rate Loan at 3.50% and 74.91% loan-to-value (LTV) is $898.09 with 2.00 points due at closing. The Annual Percentage Rate (APR) is 3.758%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
The payment on a $200,000 15-year Fixed-Rate Loan at 2.875% and 74.91% loan-to-value (LTV) is $1,369.18 with 2.00 points due at closing. The Annual Percentage Rate (APR) is 3.33%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
Rate is fixed. The payment on a $204,709, 30-year fixed-rate loan at 3.75% and 76.67% loan-to-value (LTV) is $948.04 with 2.00 Points due at closing. The Annual Percentage Rate (APR) is 4.214%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military. Quicken Loans is a VA-approved Lender; not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.
The initial payment on a 30-year $200,000 5-year Adjustable-Rate Loan at 3.375% and 74.91% loan-to-value (LTV) is $884.2 with 2.00 points due at closing. The Annual Percentage Rate (APR) is 3.957%. After the initial 5 years, the principal and interest payment is $932.55. The fully indexed rate of 3.875% is in effect for the remaining 25 years and can change once every year for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years.
Rate is fixed. The payment on a $203,500, 30-year fixed rate loan at 3.875% and 74.91% loan-to-value (LTV) is $1,089.18 with 2.00 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.8% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 74.91%, the 0.8% monthly MIP will be paid for the first 11 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 4.885%.
Fixed-rate loans are a great option if you want a monthly payment that won’t change. A fixed interest rate means your rate stays the same for the life of the loan – so your payment will only change if your taxes or insurance premiums do. Many of our clients opt for 30- or 15-year fixed-rate loans.
Adjustable rate mortgages (ARMs) offer lower rates than some other loan types. ARMs are a great option if you expect to sell your house or refinance before the initial fixed-rate period ends. A popular ARM is the 5-year ARM, which is a 30-year mortgage with an initial fixed-rate period of five years.
Want to pay off your house before a big life change? A Quicken Loans YOURgage allows you to pick any term from 8 to 30 years so you can pay off your mortgage in the time frame that makes sense for you.
- USDA loans: Buy a home in a qualifying rural area with 0% down and save on mortgage insurance
- VA loans: A home loan for qualified veterans, service members and spouses
- Jumbo loans: These offer low interest rates for loans between $484,351 and $3 million
Find out what kind of loan is right for you with Rocket Mortgage®, their fast, secure, completely online way to apply for a mortgage. If you don’t want to work online, respond to a few quick questions and a Home Loan Expert will contact you.
And if you’re purchasing a home, get prepared now to make your strongest offer. Find out more about getting approved early and locking your rate for up to 90 days with our Power Buying Process™.¹
How They Make It Easier
- Apply how you want: work online, talk to a Home Loan Expert, or both.
- Import your financial information so you quickly get accurate and verified numbers.
They will match your financial situation and goals with the best loan options for you. They will analyze and explain the costs, rates and benefits of each loan option so you can decide which one is right for you.
See What Fits Your Budget
- Use their online calculators to help you choose a loan option.
- Explore your refinance options.
- Explore your purchase mortgage options.
Tehy will check to make sure your information is correct. One way they do this is by reviewing your bank account and tax information. They also reach out to third parties like your employer and insurance agent to get info from them.
How They Make Verification Easy
- If you’re purchasing a home, they offer RateShield Approval™, where we verify all your info up front and lock your interest rate for up to 90 days. If rates go up, your rate stays the same. If rates go down, your rate drops.
- Import your financial info online so you don’t have to bother with finding and sending in paper documents.
- Real-time updates will keep your loan moving quickly.
Close your loan when you want, where you want – and schedule it all online. We’ll provide you documents and support ahead of time, so you understand the details about your closing costs and loan terms before you sign.
What They Offer
- Choose when and where you want to close your loan.
- Use online tools to get your mortgage paperwork before closing.
They service 99% of their loans, so they can provide you with the same great service once your loan is closed. That means that until the day you pay off your loan, they will handle things like collecting monthly payments, maintaining your records and providing timely and easy-to-understand updates.
Servicing with Them
- Make fee-free payments on your mortgage, including one-time, automatic and biweekly payments.
- Get easy access to your tax and insurance information.
- We’ll provide mortgage advice and options to help you as your needs change, or if you face a hardship.
Rocket Loans Deposit
- Pull your credit report – This helps them determine which mortgage programs and rates would best fit your situation.
- Order an appraisal – To find out what your home is worth, they hire an independent appraiser to give an unbiased opinion of your home’s value. (Remember, as your lender, they have no influence over the outcome of your appraisal.)
- Process your loan – Processing includes reviewing and underwriting all documentation, contacting current loan services, insurance and title companies, and covering other potential costs we may pay to outside companies.
The deposit amounts vary – anywhere from $400-$750. The actual amount can be found on your Deposit Agreement, which explains their deposit policy in detail.
You can use credit, debit and prepaid Visa® or MasterCard® gift cards for your full deposit amount. Your Home Loan Expert will take care of this for you. They don’t accept checks, money orders or cash, as they tend to add weeks of processing time. They take pride in making this a fast, easy, and most of all, AMAZING mortgage process.
Your deposit may or may not be refundable, depending on the status of your loan. Here are two deposit scenarios:
- When you close your loan, they credit your deposit – in full – to your closing costs. For example, if your closing costs are $2,000, and you gave them a $500 deposit, you will only need to bring $1,500 at closing. This will be reflected on your closing statement.
- If your mortgage application is denied, or if you decide not to go forward with your loan, they will refund your deposit minus any outside costs they have incurred up to that point. For example, if you gave them a $500 deposit, and they spent $300 on an appraisal and $10 on a credit report, you will be refunded the difference of $190.
Start with your Home Loan Expert. You can also call our Client Relations team at (800) 863-4332. They can answer any questions you have about the deposit.
They have helped more than 2 million families purchase a home or refinance their mortgage. Accepting a deposit to work on your behalf ensures a speedy and smooth process – a process that 96% of Quicken Loans clients would recommend to their friends and family.
Others Love Rocket Loans Too
Conclusion
Fernando Camacho
He is a crazy shopper, loves drinking in pubs and clubs, shopping trendy outlets online, grocery shopping to his door and catching Uber. Also dabbles in setting up online stores through eBay, Amazon marketplaces and has a marketing and commerce background.