Man talking on cell phone in his kitchen

As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.

Billing statements can sometimes be confusing. There’s the overall payment, but what are you really being charged for? Your mortgage payment is made up of the principal, interest, taxes, homeowners insurance and sometimes homeowners association dues.

Here at Quicken Loans, one of our ISMs – or company philosophies – states, “Simplicity is genius.” With that in mind, we’ve redesigned our billing statement so it’s easier to find the information you need.

We’ve also added some great new capabilities for those of you who make your payment over the phone.

Billing Statement

We’ve redesigned our billing statement to make it easier for you to find the information you need and get on with your life. You can view a mockup of the new statement, but let’s go over the features.

Loan Information

The first thing you’ll notice about the new statement is a big box in the top right-hand corner, where you can get a quick peek at your most important payment details. This box includes your loan number and the property address as well as crucial information such as the statement date, due date and amount due.

A separate box underneath shows additional loan information, including the original loan amount and your interest rate, along with your principal balance. Knowing your original loan amount and current balance can help you see your advancement in paying off your mortgage.

Your escrow balance will also be included here. If you see a negative balance in this area, it means you have a shortage due to increased insurance premiums or the fact that your taxes went up with your property value.

Payment History

Knowing your loan information is one thing, but let’s not lose track of the reason we like knowing that information. We want to know how close we are to actually paying the loan off. And if you know where you’ve been, it can also help you to predict where your payment is going in the future. That’s where the payment history comes in.

The payment history section shows not only your last payment but also all the payments you’ve made in the last year. This will help you determine the overall funds you’ve put toward principal, interest, taxes and insurance.

On the second page, you can see all the activity that’s occurred with your loan since your last statement. This helps you to see how your payments are allocated every month.

For example, it would help you find out when taxes and insurance were paid using the money in your escrow account.

Current Payment Breakdown

We’ve all paid our bills and then wondered where all that money actually goes every month. If you take a look at your payment breakdown, you can see not only how much of your mortgage payment is going to the principal and interest but also what you pay on a monthly basis for mortgage insurance, homeowners insurance and property taxes.

This section also shows any escrow overage or shortage and any advances that may have been paid on your behalf.

Important Messages

If we have something we need to make sure you see, it’ll be in this section at the top of your statement. You might see a notification that your homeowners insurance is about to renew or a message about an opportunity to sign up for electronic payment options.

That’s the skinny on our new billing statement and phone payment changes. If you have any additional questions, please let us know below, and we’ll get you the answers.

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This Post Has 121 Comments

  1. you had aGood experience with us. I’m going to have someone reach out about this. A Quicken user surely need a supporting hand that can instruct them systematically and when the user unable to implement it on its own, then still take the remote access of its system in order to avail the Quicken customer care services directly.

    1. Hi James:

      We’re always here to help, but we do think there are plenty of things our clients can do on their own. We try to make things as simple as possible. Is there something we can help you with?

      Thanks,
      Kevin Graham

  2. Our refi experience was an excellent one with QL. We already had done a VA refi in 2012 and our 2016 VA refi actually provided a lower interest rate and enough cash back to liquidate most of our credit debt. We expected some delay with the process but since we do not subscribe to the drive-thru mentality of too many impatient people, it went smoothly and above expectation.
    The new statement is very good. The detailed explanation was easy to understand. We remain satisfied customers of QL.

  3. I appreciayed dealing with Quickens courteous, patient. and helpful reps –
    in particular dan welch – – thank you !

    1. Thanks, William! You’ve made our day! We’re going to make sure Dan sees your compliment as well. Have a great night!

  4. My experience with Quicken loans has been amazing 6months in on my home purchase and everything has been fair and very understandable the billing statement I receive is EXCELLENT to say the least, Thanks Quicken loans for a tremendous Experience

  5. The billing update email was excellent. I have li longed for this type of statement. I need to know the history, balance owed, etc. This keeps me from having to call to get an update on my account.

    You are thoughtful and AMAZING!!!
    M ODEN

  6. the whole refiexperence was anythung but born to amaze. it was a pain of redo redo redo with each person telling me something else. this email is another stupid attempt to amaze. why not a sample withexplanation. no need to writ a book

    1. I do apologize for using a whole lot of words to describe a simplified billing statement. That’s on me as the writer. However, I do want to make sure we look into your refi experience and see what happened. Thanks for reaching out! Someone will be in touch.

      Thanks,
      Kevin Graham

        1. Hi Sandra:

          I’m sorry to hear you had a poor experience with us. I’m going to have someone reach out about this.

          Thanks,
          Kevin Graham

          1. I don’t understand why there’s an increase in taxes every year causing my mortgage payment to change I send extra money in escrow and principal every month along with my regular payment and still I have to pay all these taxes every year since I’ve been with Quicken Loan I don’t understand it and I don’t like it what has to happen in order for there to be a decrease at the end of the year?

          2. I don’t understand why there’s an increase in taxes every year causing my mortgage payment to change I send extra money in escrow and principal every month along with my regular payment and still I have to pay all these taxes every year since I’ve been with Quicken Loan I don’t understand it and I don’t like it what has to happen in order for there to be a decrease at the end of the year?

          3. Hi Carolyn:

            Without knowing about your personal property values, I can tell you that property values across the nation are up in general. Although this can be good because you’re gaining more equity faster, your taxes also increase depending on where you’re at in your bracket. If your property value decreases, your taxes can decrease. They’re proportional to each other. One thing I might suggest is to make sure you’re taking every exemption you qualify for.

            Thanks,
            Kevin Graham

    2. Carl, you nailed it. Why not offer an example statement to look at? That'[s what I expected to see before I wasted my time opening this email.

  7. We remain thrilled with the refinancing terms, now entering our third year. And I was already pleased with the organization and clarity of both the paper statement and the online statement. [You probably want me to bypass the paper and just stick with the online version and copy stuff myself, but I still have too much “old blood” in my veins! 🙂 ] Thanks for providing such a tremendous service to our family! We had been in a tough spot before QL came along!!

    1. I’m very glad we were able to help you, Paul and Sally! It’s great to have you as clients. And paper does work really well when you’re not near a computer. We get it! Have a great night!

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