Quicken Loans has launched a new product call the Rocket Mortgage, which has been heavily advertised on TV. Is this product faster and easier than those of other lenders? Generally, no. But, it’s great advertising.
Quicken touts a system that can get your employment information and bank statements directly, without your having to provide pay stubs, W2s and bank statements – provided you give them permission to access these documents. This can make it faster and easier to get this information to them for a loan approval.
BUT, many other lenders have the same system. And, 50% of the time the system doesn’t automatically retrieve the information and you have to provide it in the normal way.
Quicken says you can get a loan approval in eight minutes (after you take the time to fill out their forms). That doesn’t mean the money is there ready for you. The process normally takes a few weeks. Ooops! Launch delayed.
By the way, Quicken doesn’t promise a low cost loan, just a quick approval. (In fact their rates are higher than many other lenders.)
Regardless of the lender, if you are self-employed or have a corporation or partnership, an automated approval system like Quicken’s will not work for you. If you have rental income, the system doesn’t work for you, either. Get royalties, no dice. Alimony/child support, sorry kiddo. Foreign income, no luck.
Many times a person’s financials are not just a simple bank account and a fixed paycheck. Should that be the case, there is no rocket lift-off – with any lender. A good mortgage professional (here’s where I come in), can work out these situations and get you a great deal.
If you know someone who is looking for a loan approval, please have them check with me. I can provide a fast approval, plus they will get personal service and not feel like a test animal on a rocket shot into space.
Referrals are always appreciated and are always treated with 5-star service.