Rocket Mortgage overview
The United States’ most trusted online mortgage lender is Rocket Mortgage, which was founded in 2002. The lending company provides a diverse range of options for purchase and refinancing, such as a product with adjustable terms called “YOURgage,” which enables borrowers to choose the. Dan Gilbert established Quicken Loans in 1985, and today he serves as the company’s chairman. Quicken Loans is the parent company of Rocket Mortgage, which is based in Detroit. . Quicken Loans officially adopted Rocket Mortgage as its name in 2021.
The fact that Rocket Mortgage does not require a minimum loan amount to qualify for their services is very encouraging. People may have a more difficult time purchasing homes in the lower price ranges because certain lenders do not provide access to small mortgage loans.
The maximum amount you can borrow is determined both by the type of mortgage you have and your qualifications. Through Rocket Mortgage, you are able to secure a jumbo loan with a maximum loan amount of up to $2.5 million, or a VA loan with a maximum loan amount of up to $2 million. These are fairly high limits; however, there are lenders out there who offer even larger loans.
Maintenance and Management of Loans
With the exception of jumbo loans, most of the loans that Rocket Mortgage originates are serviced, which sets it apart from other lenders. If you get your loan from Rocket Mortgage, there is a good chance that you will also make your payments to Rocket Mortgage. In addition to this, it services the loans that were originated by various other parties. Even if you get your loan from a different company, you may still have to make your payments to Rocket Mortgage in the end.
Credit Score Required As A Minimum
If you have a lower credit score but are still interested in obtaining a mortgage despite having bad credit, one option available to you is to look for lenders who provide non-qualified mortgages.
One more option is to sign up for the free Fresh Start programme offered by Rocket Mortgage. This programme does not require a minimum credit score in order to participate. Participants, according to a spokesperson for the company, collaborate with a certified mortgage banker who is an expert in the field of credit for the purpose of obtaining a mortgage.
The banker will review your credit report to determine the most effective steps you can take to improve your credit score in order to qualify for a home loan. These steps may include paying off collections or reducing the amount of debt you owe. While it will be your responsibility to call your creditors, the Fresh Start programme can work with the credit bureaus to quickly update your credit score and remove accounts that are in dispute from your credit report.