As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.
As someone who works on Rocket Mortgage every day, it’s exciting to see feedback coming our way from people all over America. Like me, many have been waiting for this a long time. Let’s get real – if I can handle all my banking, taxes and other financial transactions online, why not get a mortgage online, too?
But some of the feedback raises questions about what we mean when we say you can get a mortgage completely online. So here’s a more in-depth look at how Rocket Mortgage works.
“It can’t be as simple as ‘Push Button, Get Mortgage.’”
Technically, you’re right. There are a series of buttons to push, but like a recent Rocket Mortgage ad points out, “Push Multiple Buttons” just doesn’t sound as good.
Here’s how it works. First, you’ll answer a few questions, and we’ll pull your credit report. Next, you’ll get a real, customizable mortgage solution with an interest rate based on your actual credit and finances.
The big idea is that Rocket Mortgage has taken a traditionally difficult, slow, analog process and made it digital so it’s faster and more convenient. That doesn’t mean it’s easier to qualify for a mortgage – just that the process itself is now much simpler. I myself tried it a few months ago and got through the experience in about 15 minutes.
“How is Rocket Mortgage so fast?”
Part of the reason it’s so fast is that you can share your bank statements and pay stubs at the touch of a button. That means you don’t have to look up your exact account balance or paycheck amount, or download or upload PDFs from a separate website, or enter all of that information manually. All of your info gets imported and filled out for you automatically.
And that doesn’t just save you time during the approval process, either. It also means it’s quicker and easier to get the up-to-date info needed during underwriting for the final sign-off on your loan – and that means less paperwork and less headache for you.
“What about after I get approved? The whole mortgage process must take longer than a few minutes.”
You’re right again. Rocket Mortgage lets you get from application to approval in minutes. After that, you’ll continue to MyQL, your online portal where you’ll see all the steps needed to close your loan. MyQL also lets you stay in touch with the team of experts responsible for making sure you get to closing as smoothly and as quickly as possible. That means your entire mortgage process can be completed online.
“Aren’t some mortgages too complicated to do completely online? What if I have questions?”
Rocket Mortgage can handle most home purchase and refinance loans, and we’re always listening to feedback to improve the experience and help more people. If the system isn’t ready for your unique financial situation yet, you’ll be able to talk to a Home Loan Expert, either on the phone or through online chat, to move forward with your loan.
Want more proof of how simple it is to get a mortgage online? Watch how it works and learn more about just how simple it is to get a mortgage online.
Ready to apply for a mortgage? You can create an account to store your progress & have 24/7 access in the application process with Rocket Mortgage.
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