The mortgage process can be daunting, which is why we recommend having a local Huntsville mortgage broker in your corner that will take you through the different twists and turns of every process.
If you are searching for a good mortgage servicing in Huntsville, we recommend hiring someone with experience, providing great customer service, convenience, and access with easy online services, such as Rocket Mortgage. You must select a mortgage company that will service your loan after you close, so it is best to know what you are looking for.
Let’s get into what mortgage servicing is and what you should know before going for a home loan in Huntsville.
Mortgage Servicing: What You Should Know
Mortgage servicing is the process of getting a mortgage loan and then managing it after it has been issued. When you get a mortgage to purchase a home or property, the mortgage servicing process involves several key things that the mortgage servicer has to do.
It is best to find a local mortgage broker that will help you manage your mortgage and guide you through the application process, and after closing until your loan has been paid off.
There are various things that your local mortgage broker does, and these include the following:
Assisting the client with obtaining pre-approval for a mortgage loan
Collecting all relevant documentation (pay slips, bank statements, etc.)
Help you complete the mortgage application
Ensuring that borrower understands all legal disclosures
Submitting documents to the lender
Maintaining records of payment
Maintaining loan balances
Providing timely communication
Collecting monthly payments
Making sure property taxes are paid
Making sure homeowner insurance is up to date
Loan Types and Products that Rocket Mortgage Offers
If you are looking for a company that offers a wide range of loan options, Rocket Mortgage is the best option for you. For people who want to buy a new home and for homeowners who are looking to refinance an existing mortgage, Rocket Mortgage is the best option that you should look into.
Right now, they offer the following types of mortgages:
Refinance loans – refinancing a loan involves replacing an existing loan with a new loan that typically has better terms or features.
Fixed-rate loans – With a fixed-rate mortgage, the interest rate remains constant throughout the life of the loan, providing borrowers with predictability and stability in their monthly payments.
VA loans – VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs and are available to eligible active-duty service members, veterans, and certain surviving spouses.
FHA loans – FHA loans are mortgages insured by the Federal Housing Administration (FHA), a government agency.
Conventional loans – mortgage loans that are not insured or guaranteed by the federal government
Jumbo loans – Jumbo loans are mortgages that exceed the conforming loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac.
You will have access to different types of mortgage refinance loans through Rocket Mortgage, which include standard rate and term refinancing, as well as cash-out, refinance loans. They also offer government-secured loans for refinancing like FHA streamline refinance loans and VA Interest Rate Reduction Refinance Loans or IRRRL.
There are services that we doesn’t offer, which are the following:
USDA loans
Construction loans
Adjustable-rate mortgage loans
Any type of renovation loans
Home equity loans
Home equity line of credit
Understanding Fees and Payment Options
When comparing different mortgage lenders and servicers, we recommend the personalization and convenience of an Huntsville-licensed mortgage broker. They can better guide you about the various servicing fees and payment options.
Rocket Mortgage has no service charges when it comes to payment and provides different payment options like one-time payments, automatic payments, and biweekly payments.
Rocket Mortgage Fees vs. Other Mortgage Companies
Rocket Mortgage offers less servicing fees than other lenders in the marketplace. There is no charge when you make a payment on your mortgage, whether you make it online or over the phone. This service is free, so you can rest assured that you will save hundreds, or even thousands, of dollars throughout the life of your loan.
Rocket Mortgage also has multiple payment options:
One-time payments
Automatic payments
Biweekly payments
With that being said, when you choose a mortgage company, you need to make sure you ask about any additional fees that might be added on top of your mortgage payments.
Mortgage Servicing Online Account
Understandably, life can get busy sometimes, and it might be hard to manage all the paperwork and payments that will come with getting a mortgage. With Rocket Mortgage, you will have access to a personal online account that will allow you to manage your loan easily. Use the app to do the following:
Manage and make payments
View your tax and insurance payment history
Access your loan information
Use the amortization calculator
Access your mortgage documents
Keep track and view your home’s equity easily
Connect with Rocket Mortgage through the online chat feature
Rocket Mortgage: Refinancing Services
Rocket Mortgage offers a good selection of refinance loans, from conventional to government-backed loans. The average refinance loan takes about 30 to 45 days to close, from start to finish. The fees that you pay to refinance usually average from two to three percent of your loan amount.
You also won’t be able to have an estimate of fees until you apply for Rocket Mortgage. If you want to avoid any extra upfront costs, you can roll the refinance closing costs into your new home loan. This will work if you have enough equity to show.
Conclusion
There are plenty of benefits and advantages that Rocket Mortgage offers. We offer a wide range of services and the best part about this company is they do not have an extra charge when you are making payments. Hopefully, with all the information that is listed above, you can make an informed decision and pick the best mortgage servicing company for your next house.