If you’re comfortable applying for a loan online, Rocket Mortgage may be for you. However, there are several things to keep in mind before choosing this lender. While it offers conventional loans, they don’t offer HELOCs. In addition, they charge fees for the service. If you’re considering Rocket Mortgage, you should know that they don’t have a brick-and-mortar office. However, if you’re willing to accept these fees, you may want to consider their alternative.
Rocket Mortgage is a good choice if you’re comfortable with an online application process
When deciding on a mortgage provider, you should carefully evaluate your personal situation before committing to a loan. Rocket Mortgage provides real-time support and guidance, and it can help you find the best home loan for your needs. You can submit your documents through the website, and the company pulls your credit report to assess your financial situation.
You can also monitor your loan information, view closing documents online, and communicate with customer service representatives through the website’s “Talk to Us” feature mortgage lender Whitefish. You can also reach a live home loan expert by phone. Rocket Mortgage recommends that you start with a pre-approval letter, which confirms your income and assets and ensures that your loan is within your price range.
While Rocket Mortgage services almost every loan, the service doesn’t offer home equity loans or lines of credit. They only offer cash-out refinance loans. This isn’t a good option if you’re self-employed. In addition, self-employed applicants should consult a mortgage broker to make sure they qualify for a mortgage. And if you’re comfortable with an online application process, Rocket Mortgage is worth considering.
It offers conventional loans
Rocket Mortgage is an online mortgage lender that gives borrowers access to their credit reports, loan options, and house affordability information. The loan options can be customized to fit your needs, and the company verifies your qualifications. Once your application is complete, you can lock your interest rate and preapprove for the loan. The service can also generate a preapproval letter for you, which you can modify to match other offers. It also offers mobile application features, which may appeal to some borrowers.
Although Rocket Mortgage shows sample rates, you should not be fooled into believing that these rates are personalized. Most lenders will try to appear lower than their actual rates by adding points to the loan. The more discount points, the lower the interest rate will be. This is important information to have before signing a loan contract. To make sure you are getting the best rate, Rocket Mortgage recommends you get a pre-approval. Once you have a preapproval, you can then move on to the next step: choosing a lender.
It doesn’t offer HELOCs
If you’re thinking of purchasing a new home but don’t have enough cash to make the down payment, you might consider applying for a HELOC instead. These loans can be secured with your home to help cover the cost of the down payment. There are a few things you need to know before applying for one. While Rocket Mortgage doesn’t offer HELOCs, they do offer a cash-out refinance, which serves a similar purpose.
Although you’ll need to submit certain documents online to get preapproved, you’ll be able to monitor your loan and access your closing documents. Rocket Mortgage’s website also allows you to chat live with a live home loan expert via the company’s “Talk to Us” page. Regardless of your preferred method of communication, the company’s secure online environment makes it easy to communicate with a mortgage expert. Before applying for a mortgage, Rocket Mortgage recommends that you apply for mortgage preapproval. Preapprovals prove that you’re serious about buying a home and confirm that you’re in a price range that is affordable.
It charges fees
One of the benefits of Rocket Mortgage is its online mortgage application. It only requires a few simple questions to establish an account and download financial information. The company can also import income information from most working Americans. The application process takes about 10 minutes, and many of the fees are minimal. However, the website doesn’t offer many loan products, such as home equity lines of credit and home equity loans. If you are looking for a mortgage that offers large cash-out refinance, you may be disappointed with the company’s application process.
However, the lender has a solid reputation with consumers, and its application process is streamlined and easy. While the process is easy, the rates aren’t the lowest in the industry, so comparison shopping is a must. Nevertheless, Rocket Mortgage has competitive ARM rates and a solid interest rate. But, before applying for a loan, make sure you know everything about it. For instance, is the company rated by the Better Business Bureau? How about Trustpilot and Consumer Affairs? These sites give a high rating to Rocket Mortgage, which is good, but not great.