Our Amazing Mortgage Process
Wondering how the loan process works at Quicken Loans? Wonder no more. Here it is…Our Amazing Mortgage Process!
Not sure where to start? Relax, my friend. Here you’ll find our process – a virtual timeline for what it’s like to work with us. From our first conversation to after you close your loan, we’re here to walk you through it. We call it our Amazing Mortgage Process.
You’ll love working with us. Our clients get to sit back and let us do the heavy lifting. We do everything over the phone or online – and we’ll even come to you for closing. Check it out:
It starts with you and we make it easy. Let us know how you want to be contacted. We can chat, email or talk on the phone. Once we connect, we’ll match you with your Home Loan Expert. They will be your go-to person and your guide through the mortgage process. In fact, we like to say that your Home Loan Expert will change your life.
Your Home Loan Expert will ask you some questions about your mortgage goals. They’ll work with you to set realistic expectations up front and make sure you clearly understand the steps in the process. They’ll really listen to your unique situation and then help guide you to the best decision to meet your financial objectives…treating you with respect along the way. But in order to get started with a financial analysis, we’ll pull your credit.
We’ll review your credit.
To get the ball rolling on your new payment, we need your credit score. This isn’t our rule. It’s something every mortgage company requires. But it takes just a few seconds and despite popular opinion that having your credit pulled actually hurts your credit score (it lowers it a few points, but nothing to worry about), it’s really quick and easy. You just need to give us permission and we’ll get your score. You don’t even need to pay for it up front. You’ll either get your score online or talk to a Home Loan Expert, it’s your choice.
At that point we’re ready to discuss loan options and find the perfect mortgage for you.
You’ll create a My Quicken Loans account.
Once we have your qualifying credit score, we’ll find you the loan option you’ll love. We’ll do the numbers and send you a good faith estimate (called a GFE) on your personal loan website, MyQL. You’ll also be able to access MyQL using our exclusive, 100% secure app, MyQL Mobile for iPhone® and Android™. Once you agree to the GFE, we’ll prepare your application and accept your deposit. Don’t worry – we can do this online, using our secure, exclusive technology. This makes it easy to review and approve the application. And, if any part of it seems confusing, your Home Loan Expert is always available to help guide you.
We accept a deposit from all of our clients. This money will begin to cover the costs incurred to process your loan like your credit report, appraisal and title work. When you close your loan, your deposit is credited against the total of your closing costs on your closing documents. Learn more about the Quicken Loans deposit or watch our video explaining the Quicken Loans deposit.
MyQL allows us to offer you the most streamlined process in the industry. If you’re like most of our clients, you’ll like that!
We’ll underwrite your loan to verify all your information.
But we’re getting ahead of ourselves. We still have a lot of work to do and we want to do it fast. So next up, we’ll get to work underwriting your loan. In a nutshell, underwriting is verifying all the information you provided. Underwriters make sure income, assets, debt; all that stuff is verified. They may be asking you to send in more documents, depending on the requirements of your loan.
While this is all happening (we said we move fast and we aren’t kidding) we’ll need to have your property appraised. This is required for both home buying and refinancing. The appraisal is ultimately your safeguard against spending more on your home than it’s worth. It’s also a safeguard for your mortgage company to not lend out more on a property than it’s currently worth. Appraisers are always 3rd parties in the mortgage process (it’s illegal for the appraiser to work directly with or for the mortgage company) and they have only one purpose – to realistically judge a property for its actual worth at the time of the appraisal. You can learn more about appraisals in our informative article on Quicken Loans appraisals, or watch our Real Estate Appraisal Explanation video on YouTube.
Before you know it, you’re closing your loan.
When everything is ready and you give us the go-ahead, we’ll schedule your closing. But don’t you worry about finding us – we’ll come to you. Home, office, coffee shop…you name it. Tell us where you want to close, and we’ll meet you there. It takes just a few minutes to sign some papers and then – you’ve got a brand new mortgage! Pretty simple, huh? We want you to think so. That’s why we do all the hard stuff and leave the easy stuff to you.
And you’ll love this part too – as a Quicken Loans client, we’ll get in touch periodically with rewards and cool perks. You’ll get our Home Works emails, filled with cool tips, news and more. And best of all – since you’re our client, we’ll be available to help with any questions and we’ll keep an eye on your loan for you. If Quicken Loans is servicing your loan, you can even manage your mortgage with Mint.com! And if your loan is serviced by one of our servicing partners, you can still call us first if you have a question. You’re our valued client and we don’t ever want you to forget that!
That’s it. Our Amazing Mortgage Process. Questions? We’re here to help!