![]() Unlike most online mortgage applications, the rate, the payment, and the fees provided on this screen uses live market data. If, say, the applicant wants to buy a better interest rate, slide the bar a bit and the data will adjust to show slightly higher closing costs, but a lower monthly payment and less interest that will be paid over the course of the loan. Several slider bars allow the mortgage-seeker to play with the fees and interest rate. This is done with a system similar to where the applicant logs into their bank account through Rocket Mortgage.Īfter the person inputs all the data, the system will then spit out a breakdown of fees, the interest rate and their new mortgage payment. Except with Rocket Mortgage, the system verifies the money on the fly instead asking the person to send in bank statements. Most loan applications require a person to prove they have a certain amount of money sitting in a bank or retirement fund. Then, using a combination of internal and public data, Rocket Mortgage attempts to find and verify that person’s employment history (read: You don’t have to provide pay stubs).Īsset and credit information comes next. The application asks for employment information, but does so using the person’s social security number. Rocket Mortgage then pulls information about the property such tax history, local assessments and historical data. The process starts with the basic: What is the person trying to do? Pull cash out of the property? Lower their monthly payment? Purchase a new home? The rest of the application is then tailored to the stated goal. The service also verifies information, then provides a conditional approval as valid as something a loan officer would issue. But it’s important to note Rocket Mortgage is more than just an online application. Like TurboTax, the service repackages complicated applications into a simple online form. It’s home financing’s iPhone, Quicken Loans founder Dan Gilbert tells me. Quicken Loans sees Rocket Mortgage as the turning point in home financing. It took nearly five years and a team of 450 people, but today Quicken Loans is announcing Rocket Mortgage, an online mortgage that takes just a few minutes to complete. The goal was to allow a person to get a mortgage or refinance their home while standing in line for a cup of coffee.
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