How Can Liv Help
Liv can answer questions, offer personalized information, help you make payments, assist you in navigating the Rocket Mortgage® Servicing site and provide information on COVID-19 assistance.
Here are some ways to use Liv, whether you currently have a loan with us or are considering purchasing a home.
Make payments: Liv can help you make your monthly mortgage payment today, or schedule this for the future. You can also use LIV to make a one-time principal payment, or to set up monthly autopay.
Get personalized information: Liv can notify you of pending payments you have or your next payment due date. You can also find answers to FAQs from our Client Relations and Servicing teams and request to opt out of marketing and promotional communication.
Get answers to your questions: Liv can help you find answers to frequently asked questions about documents, 1098, escrow and homeowners insurance, for example.
Rocket Mortgage Credit Score Minimum
Your credit score is 1 of the most important factors lenders look at when approving you for a mortgage. Thats because your score helps lenders understand how you pay your debts a higher score typically indicates that youre more financially responsible than a borrower with a lower score.
Rocket Mortgage® requires a minimum credit score of 620 to be approved for a conventional home loan. It is possible to get approved with a lower score, but if your score is on the low end, expect to pay a higher interest rate.
Current mortgage rates are always changing, and it helps to speak with your mortgage broker or use mortgage calculators to see how rates will impact your situation. Yes, your credit score often determines the rate you get, but you also want to compare what youre offered with whats available or affordable. Remember, while 30-year fixed-rate mortgages are common, these standards could change depending on the loan type.
What Is Quicken Loans
Quicken Loans Mortgage Service is an online lender based in Detroit. Since its founding in 1985, the lender has grown to become the most recognizable brand in retail mortgage lending in the U.S., as well as its ever-present online mortgage lending platform.
Our research shows that Quicken Loans is considered one of the top mortgage lenders you can find, for a number of reasons. Sit tight and we will go through exactly why.
Quicken Loans offers a wide variety of mortgage types. But as opposed to going into a building to complete that often arduous task of application signing, this lender embraces technology to enable clients to complete the entire process online.
In 2016, Rocket Mortgage was born Quicken Loans fully online mortgage lending platform. Rocket Mortgage is more widely known, largely because of its TV coverage. Recently, Quicken Loans announced it would undergo a total rebranding with the aim of closer aligning itself with the globally recognized brand.
Quicken Loans has a Better Business Bureau rating of A. The company has been BBB accredited since 1986.
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Making A Payment With Check Pay
To make a payment using Check Pay, you need to the following information:
- Account to use: By default, Quicken will use the account that you chose while setting up the reminder. You can choose any other Check Pay-enabled account as well.
- Payment amount: Quicken will display the default amount that was entered when you created the reminder. You can change the amount as needed.
You can optionally enter information for the Category, Tag, and Memo fields. Adding this information will improve Quicken reports about your payments and transactions. If you want the memo to be printed on the physical check, check the box next to Include memo on printed check.
How Do I Pay My Mortgage
Since you’re going to be making many mortgage payments over the life of your loan, its important to understand the nitty-gritty of monthly mortgage payment options. Below are a few ways you can make a payment to your lender. Well discuss each option further to help you decide which method is best for you:
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Is There A Penalty For Paying Off Your Mortgage Early
Some mortgage companies charge borrowers with a prepayment penalty for paying off their mortgage earlier than their loan term. If this fee is set, lenders will typically charge their clients a percentage of the principal balance that wouldve remained, or the amount of interest that wouldve been paid. Prepayment penalties are used to discourage individuals from making extra payments on their loans or refinancing at a lower interest rate, which in turn allows lenders to collect interest. Rocket Mortgage does not charge prepayment penalties.
Making A Check Pay Payment From The Register
To make a payment using Check Pay, you need to enter the following information:
- Date: Select the date you want the payment to mail. A payment can be scheduled out a maximum of 45 days. Please take into account the expected delivery date range to ensure your payment arrives by the due date.
- U.S. Postal Service Priority Mail products and First-Class packages may require more time to be delivered due to limited transportation availability as a result of the ongoing Coronavirus Disease impacts to the United States.
You can optionally enter information for the Category, Tag, and Memo fields. Adding this information will improve Quicken reports about your payments and transactions. If you want the memo to be printed on the physical check, check the box next to Include memo on printed check.
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What Are My Ongoing Monthly Expenses
Paying off your mortgage is no small feat, and it changes the way youll financially maintain ownership of your home. Lenders will often consolidate property taxes and homeowners insurance fees into your monthly payment through the escrow account. Once your relationship with the lender is dissolved, youll start making those payments yourself.
If your lender required homeowners insurance, youre no longer under the obligations of the loan, so you can opt out. Of course, homeowners insurance is a financial safeguard against damage to your property in case of natural disasters, accidents, robberies and more, so its a good idea to keep it. To do so, contact your insurance provider to remove your lenders payment information and set up your own auto pay.
For the lifespan of your mortgage, youve paid property taxes in monthly installments. Then, the lender pays the lump sum annually or semi-annually to relevant tax authorities.
Now, youll pay your local tax office directly. Dont be surprised if you receive a large bill in the mail. Its easy enough to estimate and save for your property tax payment.
What Kind Of Mortgage Can I Get With Quicken Loans
Once youve decided to dip your toe into the mortgage market youll need to decide what type of mortgage to get. You can talk through your mortgage options over the phone with Quicken Loans, but it helps to have done some research into your mortgage choices before you have your initial phone call with a lender.
With Quicken, customers have quite a few options:
Fixed-rate mortgage: Your interest rate and monthly payments will stay the same for the entire life of this loan. Fixed-rate mortgages are available in 15-year and 30-year terms with Quicken Loans. The fixed-rate mortgage is a dependable home loan option. You know what youre getting. The steady monthly payments with a fixed-rate mortgage may make it easier to budget.
Federal Housing Administration loan: This government-insured loan may be a good option if you have limited income and funds for a down payment, and/or a lower credit score. We put together a comprehensive guide to FHA loan qualifications if you want to take a deeper dive. The minimum credit score for an FHA loan through Quicken Loans is 580. You can put as little as 3.5% down when you get an FHA loan from Quicken.
United States Department of Agriculture loan: Quicken offers USDA mortgages as part of its government loan products. If you’re looking to purchase home in a rural area and you make 115% or less of the area’s median income, you may be eligible. Features of Rural Development Loans include 0% down payment and low guarantee fees.
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Third Set Up Check Pay
If your amounts are correct, your account will now be enabled for Check Pay. The Payment Accounts for Quicken Bill Manager screen will also display confirmation that the account is enabled for Check Pay.
What Can You Do Online With Quicken Loans
Quicken Loans has no physical branch you can visit, so the company puts a lot of effort into its online presence and features. For example, you can check out live mortgage interest rates on the Quicken Loans website.
To attract customers who like to do everything online, Quicken Loans offers Rocket Mortgage. Rocket Mortgage is an online portal from Quicken Loans that finds, imports and verifies financial information, and lets you customize your mortgage , see if you’re approved and lock your rate all without speaking to a person. Its a quick, online-only option for the phone-phobic.
If you dont use Rocket Mortgage youll be able to start your application online but will need to speak with a Quicken Loans rep over the phone to move your mortgage application forward. You can also bypass the website altogether and go straight to the phone to start your Quicken Loans mortgage process.
Whether you opt to use Rocket Mortgage or Quicken Loans regular application process, you can access your Quicken Loans account online through their portal, MyQL. Youll be able to check the status of your loan online at any time, 24/7. Theres also a MyQL mobile app.
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Would You Qualify For A Quicken Loans Mortgage
If you opt to apply for a mortgage with Quicken Loans youll need a minimum credit score of 580 to qualify for an FHA loan. This is lower than the 600 minimum that most lenders require for FHA loans. 580 is the lowest score that falls into the fair .
Youll need a minimum credit score of 620 if you want a shot at getting approved for a conventional loan from Quicken Loans. The higher your credit score the higher your chances of approval. But your credit score isnt the only important stat that Quicken Loans will consider. Your income, debt levels and down payment savings will also affect your ability to score a Quicken Loan.
Twenty percent is the norm for a down payment on a conventional loan, but you can put less money down if youre willing to pay private mortgage insurance. If you dont have the 20% down payment needed for a conventional mortgage without private mortgage insurance , you may be interested in Quicken Loans PMI Advantage option. With this option, you can get out of paying monthly private mortgage insurance by opting for a higher interest rate at closing, or by paying all your PMI in one lump sum at closing. The former option means youll pay more interest over the life of the loan . The latter option can be advantageous if the seller of the home youre buying is willing to pay your PMI to sweeten the deal.
Minimum Credit Score For A Quicken Loans Mortgage
If you dont already know what a good credit score is, then make sure you read up on it first. Here are the minimum credit score requirements that you will need to apply for a loan with Quicken Loans:
- 620 for conventional and for VA loans
- 580 for FHA loans
- 760 for jumbo loans on purchases, and 700 for refinances
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Consider Biweekly Payments To Pay Off Your Mortgage Early
Rocket Mortgage clients can set up biweekly payments at no cost. By doing this, homeowners pay off their mortgage early and save money on their interest, over the life of the loan. Lets go over how it works.
Every 2 weeks, you would make a half payment, which is applied to your loan when we receive enough to satisfy a full contractual payment. Because of the calendar, there will be 2 months when you make 3 half-payments a month. This third payment is applied directly to your loan principal, so youre making the equivalent of one extra payment directly toward your mortgage balance each year.
In order to set up biweekly payments, you’ll need to be a month ahead in your mortgage payments. When you set this up, you’ll select a date between the 1st and 14th of the month and the second half of your payment is made 2 weeks after the initial date. Payments are made every 2 weeks going forward.
Approval Underwriting And Closing Timelines
No matter what type of mortgage you apply for, you can expect to get preapproved in as little as eight minutes, and usually within 24 hours of submitting your request.
Once you apply, the company can underwrite your loan in as little as one hour, but more commonly within two days.
Rocket Mortgage says it can close a loan in eight days in a best-case scenario. On average, Rocket Mortgage closes its loans in 26 days, according to a company spokesperson. The companyâs average time to close a conventional refinance is 21 days, and the average time to close a conventional purchase loan is 36 days.
You can sign your loan disclosures and closing documents electronically with Rocket Mortgage, which can help speed up the process.
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How To Apply With Rocket Mortgage
Rocket Mortgage allows you to submit a complete mortgage application online, including uploading documents like bank statements and pay stubs. By submitting this information before you shop for a home, you can get a verified approval letter showing that an underwriter has checked out your finances and youâre a serious buyer.
This efficient process means thereâs no need to submit your personal information first just to get a callback from a loan officer. In fact, back in 1998, Rocket Mortgage was one of the first companies to embrace the convenience the internet could bring to mortgage applicants. The company has offered electronic mortgage document signing since 2002, a service some other lenders still do not do.
Make Larger Payments More Frequently
Making extra payments toward your mortgage can help pay it off faster. While some people choose to make additional payments on a consistent basis, others do so whenever they come across some extra cash. The specific way that you choose to make extra mortgage payments should be based on your budget.
Just make sure that if you make extra payments, you tell your lender that you want the money to go toward lowering your mortgage principal. If you fail to make this clear, your lender could instead use the additional funds to pay off the interest.
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Is It Worth Refinancing For 05%
Many experts agree that refinancing is not worth it unless your interest rate falls by at least 0.50% to 1%. However, this might not be exactly true in all cases.
Bruce Ailion, Realtor and property attorney said,
Say you are refinancing from an adjustable rate to a 0.25 percent lower fixed rate. Here, refinancing may make sense. Thats especially true if you expect interest rates to increase.
How Do I Send Funds For A Payoff
Rocket Mortgage accepts only certified funds for loan payoffs: wire transfers, cashiers checks or certified checks. Your bank can help you with sending certified funds. Information on where to send your check or wire transfer are included in your payoff quote. Please include your name, loan number and property address on your payment.
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Reduce Your Interest Payments
As you pay off your mortgage, the first payments you make primarily go toward the interest on your loan. The longer that you carry your mortgage, the more youll have to pay in interest over time. Choosing to pay your loan off early can help you save a significant amount of money by avoiding additional interest charges. This is especially true for homeowners who had locked their mortgage into a higher interest rate originally.
