Why Rocket Mortgage? Plus, Understanding Your Loan Options
The Mortgage process can be daunting, which is why we recommend having a local Alabaman mortgage broker in your corner that will take you through the different twists and turns of every process. You want to find the best mortgage company, and we recommend Rocket Mortgage as they are the largest and best in the U.S and have years of experience, great customer service, convenience, and access to easy online technology. It is important that you select a mortgage company that will service your loan after you close, so it is best to know what you are looking for.
Mortgage Servicing: What you should know
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 totally 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
Understanding Fees and Payment Options
When comparing different mortgage lenders and servicers, we recommend the personalization and convenience of an Alabama licensed mortgage broker. They will explain to you 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.
Technology: Personal Online Account
It is understandable that 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 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
More Benefit of Rocket Mortgage Compared to 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
When choosing a mortgage company, you need to make sure you ask about any additional fees that might be added on top of your mortgage payments.
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 that 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
- Fixed-rate loans
- VA loans
- FHA loans
- Conventional loans
- Jumbo loans
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 also services that Rocket Mortgage 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
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 submit an application to 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.
There are plenty of benefits and advantages that Rocket Mortgage offers. They 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 to choose Rocket Mortgage as your company.