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Depending on which button you select, the rest of the process is customized to fit that goal. The process starts by asking whether you are buying a home or refinancing an existing mortgage. Much like a modern tax program, Rocket Mortgage then imports your answers to the proper forms. Your answers to those questions will determine how the rest of the interview goes.
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Rather than simply throwing hard to understand raw forms on the screen for you to fill out, Rocket Mortgage makes it easy by asking you a series of questions. The interface is simple and straightforward, as is the application process itself. Rocket Mortgage can approve applications in less than 10 minutes! That is incredible, and a huge reason that this process could be extremely successful. But the most important feature of Rocket Mortgage is its ability to approve new loans at lightning speed, eliminating the waiting period for the borrower. Instant access to your bank records is impressive.
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See also: How to calculate the true value of a mortgage refinance Honestly, I can’t believe that it’s taken so long for a mortgage broker to go this route. As somebody who has applied for several new mortgages and refinanced a handful of others, I can see how this new process could be a gigantic stress reliever and time saver.
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It automates the verification process, eliminating the need to send all of your banking information to a human being (typically multiple times).
Rocket Mortgage is changing the game for mortgage applications. When you take a look at the product, it’s hard not to believe his hype. In fact, Dan Gilbert – founder of Quicken Loans – recently told TechCrunch that he believes Rocket Mortgage will be a disruptor in the home financing space similar to how the iPhone disrupted the cell phone market. That’s a pretty impressive undertaking, and it could totally change the way Americans apply for mortgages. Now, mortgage applicants can close the entire loan application process without ever having to talk to another human being. That’s how it has always worked…until now.Įnter Rocket Mortgage, Quicken Loans’ answer to the modern demand for fully online transactions. But as with every other mortgage company, submitted applications were given to a loan officer who then guided the applicant through the process. Yes, potential borrowers started the application process online. Not bad for an “online” broker.Įven with all of their success, the Quicken Loans application process has never been a fully online experience. That puts them right behind banking giants like Wells Fargo and Chase in the race to control mortgage market share. Its simple application process has helped it grow into one of the largest mortgage companies in the business, accounting for 6% of the mortgages in the United States. For years, Quicken Loans has prided itself on being the best online mortgage broker in town.
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