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Who isn’t in the mortgage business? You have auction companies, Wall Street banks and now Quicken Loans selling mortgages. For years, you might have trusted the Quicken software for your finances; now you can use its service portal – Rocket Mortgage – for house loans. This Quicken Loans Rocket Mortgage review describes its features, advantages, disadvantages and whether this automation is the wave of the future.

Trusted Quicken Loans Brand

As an industry leader, Quicken has already demonstrated its prowess in helping you do-it-yourself (DIY). It has given you the tools, templates and an easy-to-use interface for adding up your financial numbers. Today, individuals can use Quicken to manage their own finances, instead of hiring accountants, wealth managers or bankers.

Do you remember when the automobile manufacturers started creating their own credit institutions? It kind of made sense for them to bring the financing in-house, since it was so key to their business.

Quicken could expand into a number of lending fields, but real estate has been hot since the 1990s. The award-winning Quicken brand is a welcome addition, making you feel better about online mortgage lenders.

Did You Know? Quicken has actually become the #1 online home lender.

Did You Know? Quicken has even salted away its position as the #3 home loan lender (for online or offline).

That is pretty impressive. When you go online, it only makes sense for you to trust the same financial system, you have been using for your home budget, accounting and taxes. Also, your financial data is already in your Quicken database.

Rocket Mortgage Service Portal

Rocket Mortgage is simply about branding. It is run by Quicken Loans – it is their mortgage service portal. This Rocket Mortgage allows you to view estimates of what mortgages you qualify for.

What does Rocket Mortgage Offer?

All mortgage rates are subject to change. But, if you just want a rough overall snapshot of what Rocket Mortgage has to offer, here are the figures from May 2016:

  • Fixed Rates from 8 to 30 years
  • Adjustable Rates of 5/1, 7/1 or 10/1
  • Minimum credit score of 620 (or 580 for FHA loans)

Therefore, if these are what you are considering, then Rocket Mortgage might be of use.

Rocket Features

If you have ever applied for a loan, you realize that all the forms are basically the same. They need your name, Social Security Number and income. Of course, they can look up your credit score themselves.

Do you really want to rewrite this information on a piece of paper, over and over again? Probably not. With Rocket Mortgage, you can efficiently use your Quicken files. Rocket Mortgage places valuable information at your fingertips.

For example, if you give Rocket Mortgage authorization, it can download your asset statement from 95% of U.S. financial institutions. Isn’t that nice? Sure it is. It can also verify the employment and income for more than 60% of Americans.

JD Power Award-Winning Software

Some government and banking websites are fairly drab. Thankfully, Rocket Mortgage has conquered this “blahness,” by creating an engaging website. It breaks down the mortgage lookup process into the following “Nine Steps:” 1. Living Situation, 2. Home Information, 3. Desired Location, 4. Who’s on the Loan?, 5. My Money, 6. Government Questions, 7. My Credit, 8. My Solution and 9. Get Approved.

Rocket Mortgage has been the winner of the JD Power & Associates awards for “primary mortgage origination” from 2010 to 2016 and “mortgage servicing” from 2014 to 2016.

Nowadays, even shoe shine boys are offering financing.

When it seems like everyone has a cousin named Vinny, lending some money, trusting in a good name like Quicken Loans, only makes sense. Although, the website is primarily DIY, you can get some human assistance by clicking on the “Talk to Us” button. You can get a loan amount within minutes after you “Push button. Get mortgage.”

Wave of Future?

Adobe, Fabletics and Rocket Mortgage have continued the “online-only” business trend. Fabletics has engaged in a “reverse showroom” process by garnering online customers first and then, later telling them where to find their offline stores.

Cyber Monday shows that there is a ripe market for “online only.” Robotics, artificial intelligence and automation threaten the very lifeblood of doctors, lawyers, accountants and bankers, according to CNBC. Rocket Mortgage is cutting-edge.

Advantages

+ DIY
+ User-Friendly
+ Ballpark Estimate

Disadvantages

– No HELOC

All in all, Rocket Mortgage is a great idea and has quickly become the industry leader. If you want fast answers, this DIY mortgage lookup process is solid. “Online only” is here.