![]() For the past few years, the founder of Quicken Loans has been doggedly buying properties downtown, betting big on the Motor City. Updated : Updated to explain how Rocket Mortage’s approval is different from preapproval.Whatever your vision of Detroit, it doesn’t come close to Dan Gilbert’s. Quicken says it uses bank-level encryption and round-the-clock monitoring, and even though Hadiaris says Rocket Mortgage was designed to be done in line at Starbucks, you obviously don’t want to do it over your coffee shop’s public Wi-Fi. During that time, Quicken will verify all your information, and you’ll schedule a home appraisal visit.Īt the end of clicking through the process, the system had asked to access my tax records and bank accounts and showed me my credit score - basically all information that I want extra protected. In addition to getting the approval process down to eight minutes (getting a rate for a new home took me about 13), Hadiaris says pulling Rocket Mortgage has reduced the time it takes to close the loan from 30 days to three weeks. Switching from a 30-year mortgage to a 24-year one will instantly change the numbers, instead of waiting for a loan officer and his or her calculator. If you don’t want to pay closing costs, you slide the tab over. Once you get your rate, you can customize it further with slider bars. New company drags home mortgage application process out of the stone age It uses public records and Quicken’s data to get the information. If you want to refinance, for example, you input your home’s address, and it will populate fields for whether it’s a single-family home, its original purchase price, and when it was built. With Rocket Mortgage, you answer some questions, then let the system fill out other information for you. ![]() While there are lots of mortgage calculators out there, they use generalized information to give you a general idea of what you’ll get. You should get approved in about eight minutes, the company says, which is different from a preapproval, because of the data the system imports and verifies thanks to its direct link to government underwriting engines. Thanks to Quicken Loans, you can get a similar human-interaction-free experience while refinancing or getting a home loan with its new website Rocket Mortgage. Thanks to various apps, you can catch a ride, hire someone to clean your apartment, and order a pizza, all without picking up the phone. ![]()
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