In the world of home financing and mortgage lending, Quicken Loans and Rocket Mortgage are two names that often come up. There is often confusion about the relationship between these two entities. Are they the same? How do they differ? In this blog post, we’ll explore the connection between them, providing you with a comprehensive understanding of their relationship and how they operate in the mortgage industry.
Table of Contents
1.Quicken Loans:
- Quicken Loans is a prominent mortgage lender based in the United States.
- It was founded in 1985 and has since grown to become one of the largest mortgage lenders in the country.
- Quicken Loans offers a wide range of mortgage products, including conventional loans, FHA loans, VA loans, and jumbo loans.
- The company is known for its online mortgage application process and efficient digital services.
2. Rocket Mortgage:
- Rocket Mortgage is an online mortgage platform created by Quicken Loans.
- It was introduced in 2015 as a digital mortgage application tool, aiming to streamline the mortgage process.
- Rocket Mortgage allows borrowers to complete the entire mortgage application process online, from pre-approval to closing.
- The platform offers a user-friendly interface, real-time updates, and convenient document submission options.
3. Relationship Between Quicken Loans and Rocket Mortgage:
- Quicken Loans is the parent company of Rocket Mortgage.
- Rocket Mortgage operates as an online platform under the Quicken Loans umbrella.
- While Quicken Loans is the traditional mortgage lender, Rocket Mortgage is the digital platform that provides a seamless online mortgage experience.
4. How Rocket Mortgage Works:
- Borrowers can visit the Rocket Mortgage website or use the Rocket Mortgage mobile app to initiate the mortgage application process.
- The platform guides borrowers through a series of questions and prompts to collect the necessary information for the application.
- Once the application is complete, borrowers receive instant pre-approval or loan options based on their provided information.
- Rocket Mortgage utilizes advanced technology and automation to verify borrower data and provide quick loan decisions.
5. Benefits of Rocket Mortgage:
- Convenience: Rocket Mortgage offers a convenient online platform, allowing borrowers to apply for a mortgage from the comfort of their homes.
- Speed: The digital process reduces the time required for traditional mortgage applications, providing faster pre-approval and loan decision times.
- Transparency: Rocket Mortgage provides real-time updates and clear communication throughout the mortgage process, keeping borrowers informed at every step.
- Efficiency: The platform streamlines document submission and verification, making it easier for borrowers to provide the necessary paperwork.
6. Quicken Loans and Rocket Mortgage Customer Experience:
- Customers of these can expect excellent customer service and support throughout the mortgage process.
- Both entities are committed to providing a positive experience and assisting borrowers with any questions or concerns they may have.
Conclusion: Quicken Loans and Rocket Mortgage are closely intertwined, with Quicken Loans serving as the parent company and Rocket Mortgage acting as the innovative digital mortgage platform. Together, they offer borrowers a seamless online mortgage experience, combining the expertise of a trusted mortgage lender with the convenience and efficiency of a digital platform. Whether you choose Quicken Loans or Rocket Mortgage, you can expect a streamlined mortgage process and a commitment to customer satisfaction.
