Mortgages

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!

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Quicken Loans: Easy application, prequalify today

Quicken Loans logo
Learn how to apply for Quicken Loans. Source: The Insider Advisor

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.

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Mortgage

Quicken Loans

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Flexibility and transparency! User-friendly mobile app!

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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.

Requirements

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

African american woman having video call holding key at new home
Compare other lenders before applying for a lender. Source: Adobe Stock

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!

Quicken LoanBetter Mortgage
Credit Score580 or 620, depending on the loan;620 or more;
Loans OfferedConventional 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 PaymentAs little as 3%;As little as 3%;
APRSee terms;See terms;
TermsUp 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!

Better Mortgage logo

Better Mortgage: how to apply

Learn how to apply for the Better Mortgage and achieve homeownership! Pay no hidden fees and estimate your monthly down payments.

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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