Here at Quicken Loans® we’re always looking for better ways to serve our clients. For more than 1.8 million clients whose loans we service we’re constantly improving our communication methods. We want you to get the information you need when you need it and in an easy-to-digest format. After all, simplicity is key.
To that end, we’ve redesigned our Rocket Mortgage® by Quicken Loans servicing homepage to make it easier to use. Although all of our webpages are constantly evolving, we focused on five key features with this iteration based on your feedback. We hope you like the changes. Check out more details below.
The “Trend Report” comes from our sister company Rocket Homes Real Estate LLC and shares valuable insight on housing market trends in your neighborhood each month. This can be especially useful if you’re considering buying or selling a home as it provides the median price of homes for sale near you, how many homes are currently for sale in your neighborhood and how long it may take to sell your home. The trend report will also tell you whether it’s a buyer’s market or seller’s market which can help you decide whether it’s the right time to buy or sell in your area. This feature is currently available in select states.
Another feature you’ll notice on the updated homepage is an activity feed. This shows you everything that’s happened with your loan account in the last 30 days. It also highlights upcoming actions on your account within the next 60 days.
This will help you keep track of your payments and payment dates. In addition, you’ll see when escrow disbursements will be made to pay for things like your property taxes and homeowners insurance.
Under the section titled “Your Home,” you can see your remaining loan balance compared to the estimated value of your home. This value is based on home data available in your area. Not only does this give you an idea of the amount of equity you have in your home but it also helps you decide whether to take cash out or possibly sell your home and buy a new one.
If you do decide it’s time to buy again, our servicing site offers the ability to explore homes on the nearby market and access other helpful resources within the Rock Family of Companies. In this area you can access products and services from our sister companies as well as special offers from our partners.
My Loan Details And The Amortization Calculator
For a quick glimpse at your remaining loan balance, current term and interest rate, scroll down to the “My Loan Details” section. In this section you can use the amortization calculator to see how extra payments may affect your loan. This calculator estimates how much earlier you can pay off your loan and how much money you can save on interest if you make extra payments throughout the life of your loan.
To use the calculator, simply choose the type of additional payment you’ll make (annual, monthly or one-time), the amount of extra money you’ll pay and when you’ll start this plan. Once you enter this information, click “Calculate Savings” and the calculator will provide a breakdown of the money you’ll save on interest, how many payments you’ll save and the new date your loan will be paid off on.
Here’s an example of the calculator in action. The following information was achieved through the use of the calculator:
A loan with a current balance of $118,000 and an interest rate of 4.375% is expected to be paid off in December 2045. If the homeowner pays an extra $200 each month, they will save $32,292 on interest and pay off their loan in May 2036. That’s 9.5 years earlier than expected.
If you want to pay off your mortgage early, the amortization calculator can help you create a plan. First, determine how much money you can put toward an extra payment each month or year. Then put that information into the calculator. It will give you the new date you’ll have your loan paid off in full. Your new payoff date is now a goal to reach, and you should know how you’ll get there.
Even if you’re not set on paying off your mortgage early but sometimes make an extra payment, you can see how doing this affects your loan by plugging the one-time amount into the calculator whenever you make an extra payment.
Easier Access To Chat
Mortgages can be complex, and while we go to great lengths to make everything easy to understand it makes sense that you might occasionally have a question or two. That’s why we made it easier to chat with a Home Loan Expert.
If you have a question about your payment, a recent escrow analysis, obtaining a new loan or anything else, simply click on the “Chat Now” button at the bottom corner of any page and you’ll be connected with one of our team members.
Ready to check out all of the updates we made to the homepage? Explore its features and learn more about your loan now by signing in to your account. If you don’t have an account with us yet, create yours today. It’s a great way to manage your mortgage and help you meet your financial goals. Feel free to leave any questions you have for us in the comments.
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