Rocket Mortgage by Quicken Loans to Simplifying the Mortgage

Rocket Mortgage by Quicken Loans to Simplifying the Mortgage

Rocket Mortgage by Quicken Loans simplifies the process of managing mortgage. This article contains tutorial to access this online tool.

Many mortgage companies offer home loan products in novel ways, but no one does it quite like Rocket Mortgage by Quicken Loans. This online tool helps to speed up loan application process from start to closing. It even aids borrower to manage their loan after the deal has been settled.

Advantages and Disadvantages of Using Rocket Mortgage

Quicken Loans’ Rocket Mortgage is dedicated for its customers so that they can manage their home loan better. Nonetheless, just like any other platform, it has advantageous and disadvantageous sides. Let’s see the positive things that borrower can gain from utilizing the online tool.

1. Efficient Way to Apply for Mortgage

The tool proves to be an efficient way to apply for home loan. Borrower does not need to go to the mortgage company’s office in order to take care of their mortgage business. Everything from filling the application form, adjusting the loan terms, and closing the mortgage can be done online. It saves the hassle from having to travel back and forth just to deliver necessary documents and meet up with the company’s officer. Borrower also does not need to print out many documents since everything needs to be in electronic format.

2. Quick Loan Information Delivery

Rocket Mortgage by Quicken Loans makes a breakthrough in mortgage industry by delivering information to applicant automatically. Once applicant has entered all the necessary information, they can immediately see the loan amount that they will be able to get. The platform will also propose a plan that suits applicant’s financial state. Applicant can easily alter the plan based on down payment amount and term’s length with the platform’s interactive tool so they will know how much payment they have to make monthly.

3. Possible Immediate Closing

Mortgage application from the form filling to the closing can take up to 30 days to complete. It can even take longer than that for first time buyers. This tool shortens the process significantly. Lender and mortgagor can immediately close the deal within a week, given that every administrative procedure has been concluded. Even when signing the home loan contract, borrower does not need to make a visit to the office because the deal is signed electronically.

4. Minimum Interaction

Do you take yourself as an independent mortgage customer? If so, Rocket Mortgage by Quicken Loans is perhaps the best tool for you. It has self-service approach about mortgage servicing. You have to enter the information yourself into the automated system. The system will immediately link you to various home loan plan options. User is able to make their own decision that they think is the best. There is no need to interact with company’s officer directly unless necessary.

There are several limitations that user of this online tool may experience while utilizing it for mortgage purpose.

A. Alternative Credit Information is Not Considered

Unfortunately, this platform only considers applicant’s credit score (in FICO score format) and ratio of debt to income when it comes to approving the application. It does not take account of any other financial data that you probably own such as investment, rental history, and business to the approval decision. However, this type of approach is also adapted by most conventional mortgage companies. It simplifies the applicant assessment although limiting home loan recipient pool.

B. Difficult for Less Independent Customer

Rocket Mortgage by Quicken Loans is a great tool for those who like to independently navigate through the whole process. The fact that applicant is allowed 24/7 access to the application procedure is helping too. Unfortunately, mortgage consumer who does not fancy working independently like this may find the tool difficult to work with. There is no customer service that you can inquire help from immediately. In the most part of application, you have to work on your own.

C. Home Equity Loan is Not Provided

Mortgage program from the Quicken Loans does not offer home equity loan. This type of loan enable customer to tap of equity that has been built up in their first mortgage. It is beneficial for people who need quick cash. Luckily, the company offers other types of mortgage through refinancing process that enable consumer to access money immediately in time of need.

Accessing Rocket Mortgage by Quicken Loans

This online platform can be accessed through various different devices. User can access the tool from desktop computer and smartphone as long as the device is connected to the internet. Here is how you can access Rocket Mortgage by Quicken Loans through the website.

  • Create an account at
  • Once the account has been established, go to
  • Insert registered username (it is usually user’s email address).
  • Insert password.
  • Click “Sign In” and the account functions can be utilized immediately.

Android user can install an application in their phone so they will be able to access their mortgage account anytime and anywhere when there is a reliable internet connection. The Android version has several useful features for mortgagor. It is equipped with e-sign feature to help securing your document’s authenticity. User is also able to connect with the company’s officer to online chat menu in the app. This app also helps user in managing their account online. Here is how you can download the application.

  • Access PlayStore on your phone.
  • In the search bar, type in “Rocket Mortgage”.
  • Click “Install” once you have been directed to the page.
  • Wait for the program to be installed properly into your phone.

Rocket Mortgage by Quick Loans is also available for iOS users. Like the Android version, it is also packed with various different features that will make mortgage related activities a whole lot easier. User can do electronic sign on their phone easily which is useful for signing important documents including closing agreement. Uploading the documents online is also possible through this application. Here are the steps to download the app.

  • Access Apple Store on your phone.
  • Search for “Rocket Mortgage” in the search bar.
  • Start the installation process and wait until it is fully completed.

Mortgage used to be a complicated business in the past. Luckily, Rocket Mortgage by Quicken Loans makes the complicated process much simpler and bearable. Everything can be done to one’s own gadget so there is no need to spend unnecessary amount of time, money, and energy when applying or managing mortgage.

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