Quicken Loans: how to apply
Find out how the Quicken Loans application process works! We'll walk you through the entire application process step by step. Learn what it takes to finance your dream home!
Quicken Loans: Easy application, prequalify today
If you’re looking for a mortgage, there’s a good chance you’ll end up working with this lender! Therefore, this blog post will teach you how to apply for Quicken Loans.
Start your homebuying journey today, and enjoy flexibility, rate transparency, and the great customer service this lender provides! Keep reading to learn more! Let’s go!
How to apply on the website
You can apply for Quicken Loans online! At this point, you might wonder why you were redirected to the Rocket Mortgage website!
But don’t worry. Rocket Morgage began as an online experience for Quicken Loans.
Rocket Mortgage is owned by Quicken Loans and is now the company that provides the loans.
So, back to the application process. First, you’ll prequalify through the website. The lender will ask you for your personal, employment, and financial information.
After you’re preapproved, you’ll see personalized rates based on your credit history and provided information. Once you choose, you can lock the mortgage at the rate you want.
Next, you can submit it. If approved, you can track your application status online. Also, you’ll receive a Closing Disclosure three days before the mortgage closing.
This will show you the loan terms, rates, monthly payments, and other details you’ve qualified for!
As you can see, the application process is simple, and Quicken Loans and Rocket Mortgage offer all support needed to help new borrowers in their application.
A good credit score is required to apply for Quicken Loans and Rocket Mortgage!
So for conventional loans, a minimum of 620 is required. However, you might qualify for FHA and VA loans with a 580 credit score.
Furthermore, the minimum down payment is as little as 3% of the property price. However, putting down less than 20% requires private mortgage insurance (PMI).
Lastly, new homebuyers must have a debt-to-income ratio (DTI) that can’t exceed 50%.
Apply on the mobile app
Customers cannot apply for Quicken Loans through the mobile app. However, they can manage their mortgages through it!
Since Quicken Loans offers online mortgages through Rocket Mortgage, therefore, customers can download Rocket Mortgage mobile app.
It is available for Android and iOS systems and allows borrowers to track their applications, make payments, check statements, and more!
Find other loan options: Better Mortgage
If Quicken Loans doesn’t seem the right fit for your need, don’t worry! There are other great options in the market!
And Better Mortgage might be what you’re looking for! This lender changes no hidden fees and allows customers to get customized mortgage rates!
Additionally, it has customer support available 24/7. Below, let’s compare the details of Quicken Loans and Better Mortgage!
|580 or 620, depending on the loan;
|620 or more;
|Conventional loans, Jumbo Loans, fixed- and adjustable-rate, FHA and VA mortgages, and refinancing loans;
|Conventional, Jumbo, FHA, Fixed- and Adjustable-Rate, Rate-and-term and cash-out refinancing, and bridge loans;
|Minimum Down Payment
|As little as 3%;
|As little as 3%;
|Up to 29 years.
|Up to 30 years.
If you’re interested in applying for Better Mortgage, keep reading. The following article will explain how the application process works in detail!
About the author / Beatriz Vieira
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