Your debt-to-income ratio cannot be higher than 50%, and you need to cover the closing costs, which may be between 2-6% of your home’s purchase price.įHA loans require only a 580 FICO Score and a minimum 3.5% down payment, so they’re great if you don’t have a lot of money for a down payment and your credit report isn’t the best. Private mortgage insurance (PMI) is required if your down payment is less than 20% of the home price, though you can qualify for this loan with a minimum 3% down payment. A fixed-rate mortgage can make the most sense if you can lock into a low rate and you want to choose the exact length of the loan term. The YOURgage loan offers a flexible loan length between eight and 29 years with a fixed interest rate. Rocket Mortgage doesn’t currently offer Department of Agriculture loans, home equity lines of credit (HELOC), or home equity loans. The amount of each origination fee depends on multiple factors, including your credit score and loan size. If you qualify for an incentive, Quicken Loans may waive the mortgage origination fee. Quicken Loans publishes an updated table of mortgage rates that changes daily and also illustrates market trends.Įvery Rocket Mortgage loan typically includes an origination fee for the processing of the loan unless you qualify for an incentive from Quicken Loans. Refinancing options include YOURgage, FHA, VA, and jumbo loans. In addition, Rocket Mortgage also offers jumbo loans and refinancing options. There are the typical conventional loans, known as YOURgage loans, and government-backed loans like Federal Housing Administration and Veterans Affairs loans. Rocket Mortgage offers multiple types of home loan options to make sure you get the best deal on what you’re looking for. Which loan products does Rocket Mortgage offer? Borrowers don’t have to talk to anyone the entire time, which makes the process extremely easy and unique.
You complete the whole mortgage process online, including applying for your home loan, getting approved, and locking in your rate. Quicken Loans traces its earliest roots back to 1985, so the company has decades of experience within the mortgage lending industry.Īlthough most things have turned to digital experiences these days, Rocket Mortgage was the first end-to-end, completely online mortgage experience. The Rocket Mortgage brand was launched in 2015 as the digital mortgage arm of the Quicken Loans company, which is the largest mortgage lender in the U.S. Rocket Mortgage is an online mortgage experience that quickly connects consumers with preferred mortgages through Quicken Loans. What Rocket Mortgage customers are saying.Which loan products does Rocket Mortgage offer?.
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