Applying for a mortgage as many expected is not a walk in the park. It is a grueling process that deals with one's precious time in processing necessary documents and even waiting for a response. While many do not think that the mortgage system will not change and the ordeal may still be the same over and over again. Realtor shares how to apply for a mortgage as easily as ordering your favorite pizza.
According to the article, Quicken Loan has now launched a new app called Rocket Mortgage app which helps people applying for a loan achieve a seamless process.
One of things that the app does is to quickly get the necessary details of the person applying. "Rocket Mortgage captures all your information once, repackages and distributes it for all necessary parties, and can verify bank balances-no need to submit bank statements!-and employment information in a real-time feed," based from Realtor.
Apart from this, the app also makes users adjust certain amounts that are friendlier on their budget.
"Several slider bars allow the mortgage-seeker to play with the fees and interest rate. If, say, the applicant wants to buy a better interest rate, slide the bar a bit and the data will adjust to show slightly higher closing costs, but a lower monthly payment and less interest that will be paid over the course of the loan," explained by Techcrunch in the article.
Another effortless thing that the Rocket Mortgage app offers is after the user decides the amount he/she wants to loan, they can just submit it afterwards and a response will be given in minutes.
While this is a totally convenient for those who wants to apply for a mortgage loan, the app doesn't cater to a lot of options. It is limited to mortgage loans that are for Quicker Loan products only.
