How does the Quicken Loans process work?

The process at Quicken Loans, now known primarily as Rocket Mortgage, is designed to be user-friendly and efficient, allowing potential borrowers to navigate their mortgage journey with ease. It typically begins with the applicant providing some basic information, such as personal details, financial history, and the type of loan they are seeking. This information can often be entered directly through the online platform, which streamlines the initial application. Once the application is submitted, Quicken Loans conducts a preliminary review of the information provided. This step is crucial as it helps determine the applicant's eligibility and the suitable loan options available to them. After this, the applicant may receive a prequalification or preapproval, which outlines how much they can borrow based on their financial status. Following prequalification, applicants will typically move into the underwriting phase. During this process, Quicken Loans will verify the applicant's income, credit history, and other relevant financial details. This step is essential in assessing the applicant's risk level and ultimately approving the loan. Once underwriting is completed and the loan is approved, the final documents will be prepared for signing. After all paperwork is signed, and any necessary closing costs are settled, the funds will be disbursed. Overall, the Quicken Loans process emphasizes convenience and transparency, allowing applicants to track their progress online. Those interested in specifics may want to explore the current website for more personalized information regarding their loan options and the entire process.