A Different Way to Finance a Home: Rocket Mortgage
That was the first time I heard of Rocket Mortgage, and I was skeptical. Like so many others, I became a questioner: “Is this too good to be true? I sat down with my friend Eien, who’d just refinanced her home with the help of Rocket Mortgage. She had been raving about how easy the process was — no piles of paperwork, no back-and-forth with cranks of a loan officer, just a few clicks and she was finished. Her experience intrigued me. Could it be that simple? A mortgage?
Turns out, it can. Rocket Mortgage, owned by Quicken Loans, changed the home financing industry by bringing the entire process online. But is it legitimate? What exactly does it do? And how does it work? Let’s break it down.
Is Rocket Mortgage a Real Company
Absolutely. Not only is Rocket Mortgage legitimate, it is one of the most trusted names in the mortgage industry. It’s the online division of Quicken Loans, which has led the mortgage industry for decades. In fact, according to Inside Mortgage Finance, Quicken Loans has been the largest retail mortgage lender in America every year since 2018.
Adding to Rocket Mortgage’s credibility are its A+ rating from the Better Business Bureau (BBB) and thousands of positive customer reviews that underscore its easy-to-navigate platform and speedy service.
What Does Rocket Mortgage Do
Rocket Mortgage makes the home financing process easier with their fully digital experience. Whether you’re purchasing a home, refinancing or tapping into your home’s equity, Rocket Mortgage simplifies the process from application through approval.
Here’s what sets it apart:
- No Bank Visit / Loan Officer: Everything from document submission to verification is done online. Their headquarters is dedicated to customer interaction, everything is done there through their website or app.
- Instant Verification: Rocket Mortgage quickly verifies your income, assets and credit by pulling your financial data for a real-time look.
- Personalized Loan Options: Rocket Mortgage offers personalized loan options based on your financial profile, including fixed-rate and adjustable-rate mortgages.
- Transparency: You can see where you are in the application process in real time, and their team is on call 24/7 to answer questions.
The intuitive Rocket Mortgage platform is less intimidating for first-time homebuyers and refinancing homeowners.
How to Pay Your Rocket Mortgage Payment
Making your Rocket Mortgage payment is just as simple as getting one. Here’s how you can do it:
- Online Payments: You can log in to your Rocket Mortgage account and pay directly through their portal.
- AutoPay: You can set up automatic payments so that you never miss a due date.
- Payment Over the Phone: Make your payment over the phone by calling their customer service line.
- Mail: If you’re old school, send a check to their payment processing center.
Rocket Mortgage offers flexible payment options such as bi-weekly payments that can help with paying off your loan earlier.
Does Rocket Mortgage Have a Bank
Rocket Mortgage is not a bank itself. Quicken Loans is the parent company, and it functions as an online mortgage lender. But Quicken Loans is a subsidiary of Rocket Companies, Inc., a publicly traded company on the New York Stock Exchange (NYSE: RKT). Although Rocket Mortgage doesn’t provide checking or savings accounts (or traditional banking services), it will provide personal loans and home equity lines of credit (HELOCs).
Who Owns Rocket Mortgage
Rocket Mortgage: Rocket Mortgage is owned by Rocket Companies, Inc., a financial services company in Detroit. Founded by Dan Gilbert in 1985, the company has become a major force in the mortgage market. A driving force behind Rocket Mortgage’s innovative approach to home financing, Gilbert is also the owner of the N.B.A.’s Cleveland Cavaliers.
Rocket Mortgage vs. Traditional lenders
Rocket Mortgage benefits from melding technology with personal service. Here’s a quick rundown of
| Feature | Rocket Mortgage | Traditional Lenders |
|---|---|---|
| Application Process | Completely online | Physical or on paper |
| Approval Time | Speed As soon as 8 minutes | Weeks |
| Customer Support | 24/7 availability | Only during business hours |
| Transparency | Real-time updates | Often obscure |
Final Thoughts
The Rocket Mortgage has changed the way that you get a mortgage. It’s quick, open, and customer-focused. If you’re a first-time homebuyer, or simply want to refinance, Rocket Mortgage offers a modern solution that fits with how you live in today’s digital world.
So, is Rocket Mortgage a good deal? According to Eien’s experience and countless glowing reviews, the answer is a resounding yes. If you’re ready to take the leap, why not take a shot? Your dream home may be only a few clicks away.
With data as recent as October 2023, you are well set. CTA: Ready to Get started? Head on over to the Rocket Mortgage official website to start today!
