If the rate is lower when the borrower submits a purchase agreement, they will receive the reduced rate. Loan applicants can take advantage of Quicken Loans’ Rate Shield program, which is a mortgage rate lock for up to 90 days. Typically, the company issues a Verified Approval within 24 hours of receiving a borrower’s paperwork. Borrowers can receive a "Prequalified Approval" almost immediately through their Rocket Mortgage account or a "Verified Approval," based on income and asset verification, which is as strong as a cash offer when looking for homes. Quicken Loans offers two levels of preapproval as a part of their Power Buying Process. The initial process is user-friendly and can take as few as two minutes to complete. Borrowers who use Rocket Mortgage will create an account and can conduct the entire loan process online.
Borrowers can apply for a mortgage using Quicken Loan’s digital platform, Rocket Mortgage, or with one of the company’s Home Loan Experts via phone. Mortgage-Related Complaints at Major Banks, 2017-2019 Data from the Consumer Financial Protection Bureau (CFPB) shows that the company receives a lower rate of mortgage-related complaints than other banks and lenders, especially considering its large loan volume. The company has a clear advantage over its competitors in customer service. Quicken Loans services 99% of the mortgage loans it originates. Primary Mortgage Servicer Satisfaction Study for seven straight years. Additionally, Quicken Loans has ranked No. Primary Mortgage Origination Satisfaction Study for 11 consecutive years. The company has ranked highest in the J.D. Quicken Loans is known for its outstanding customer service. To get the published rate, borrowers will need to pay an upfront fee at closing. The interest rates on Quicken Loans products typically include discount points. Typically for mortgages, though, borrowers can expect to pay between 0.5% to 1% of the loan amount in origination fees, and roughly 1% to 6% in total closing costs, depending on the loan size. Quicken Loans’ website doesn’t list the fee schedule for its loans. Pay PMI at closing as a one-time payment or select lender-paid PMI in exchange for a slightly higher interest rate Alternative to paying monthly private mortgage insurance (PMI) to borrowers who put down less than 20% on conventional loans
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