The Future of Mortgages?

There are so many things you can do online today that sometimes the thought of going into a real office and talking to a real person is almost too much to bear. But we all know there are times we just have to do it, like going to the DMV or applying for a mortgage. That is until now. 

Quicken Loans recently launched their online mortgage application tool, Rocket Mortgage. And it might just change the way you get your next loan. 

“Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime,” said Linglong He, Quicken Loans Chief Information Officer.

How to apply for a mortgage with Rocket Mortgage:

  1. Create an account and choose what you want to do: refinance or buy a home.
  2. Answer background questions: Like your name, employment history, where you want to buy, and what assets you have. The site even searches public records for you to find the original sale price of your home and when you bought it. You can also simply log into your bank accounts to verify your other assets, as opposed to sending bank documents to the loan officer. 
  3. See if you're approved: Once you've gone through the first 9 steps, you'll see what you're approved for, including your monthly payment, interest rate, and fees for a conventional, FHA, or VA loan. You can use the slider on this page to see how your loan will change if you get a different interest rate, lower payments, or pay more in closing costs. Once you find something you're comfortable with, you can just click and button to lock in your rate and see if you're approved (you'll get an answer in about a minute). 

The site also offers options to call and talk to a Home Loan Expert or to start an online chat with one. There are a few instances where it's required, like if you're trying to buy a second home

Rocket Mortgage might mean you don't have to go into a loan office for one quote, but don't forget to always shop around at different lenders for the best rates. Have you ever applied online for a loan? Would you feel comfortable doing it from start to finish, or do you still want to talk with a real person?