What is Rocket Mortgage YOURgage Loan?
Rocket Mortgage YOURgage loan is a unique mortgage product offered by Rocket Mortgage, the online lending division of Quicken Loans. This loan is designed to give homeowners more flexibility and control over their mortgage payments.
The YOURgage loan allows homeowners to customize their mortgage payments based on the terms they prefer. Homeowners can choose any loan term between 8 and 30 years and any fixed interest rate. This makes it easy for homeowners to select their preferred payment plan that suits their budget and financial goals.
One of the main benefits of YOURgage loan is that it gives homeowners the ability to pay off their mortgage sooner by making additional payments without any penalty. If a homeowner receives a bonus or inheritance, he or she can use it to make extra payments towards the loan, which can offset the principal balance, saving interest expense.
Rocket Mortgage YOURgage loan also comes with competitive rates and a fast, convenient application process. Borrowers can easily apply for a YOURgage loan online or by phone, and receive a personalized mortgage rate and estimate within minutes. Applicants can even get pre-approved for a loan in a matter of minutes.
In summary, Rocket Mortgage YOURgage loan is a flexible mortgage product designed for homeowners who want more control over their mortgage payments. With customizable terms and competitive rates, this innovative loan product allows homeowners to pay off their mortgage sooner and on their terms.
Frequently Asked Questions about rocket mortgage yourgage loan
Rocket Mortgage® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop.
Rocket Mortgage, LLC, formerly Quicken Loans, LLC, is an American mortgage lender, headquartered in Detroit, Michigan.
June 1985 – Dan Gilbert founded Rock Financial, which would become known as Rocket Mortgage, in 1985. The company was initially founded as a mortgage broker. 1988 – Rock Financial took the steps to become a mortgage lender. Rocket Mortgage is now one of the largest mortgage lenders in America.
Is Rocket Mortgage the Same as Quicken? Yes. Rocket Mortgage used to be called Quicken Loans. However, the corporate name was changed in May 2021 so as to be consistent with the name of its parent company, Rocket Companies.
Your clients can now save money on closing costs through BUY+ when you refer them to Rocket Mortgage. Whether you're new to working with us or you've partnered with us before, all clients are eligible. Benefits: Purchase clients receive a 0.50% closing credit from Rocket Mortgage.
Quicken Loans® changed its name to Rocket Mortgage®.
Rocket Mortgage stands out as the nation's No. 1 FHA lender, helping borrowers with limited down payment funds, but all home buyers and refinancers can take advantage of the lender's convenient website and app to both apply for and manage their loans. Rocket consistently ranks No. 1 in customer-satisfaction surveys.
Along the way Rocket became a word that defined what we did best. So in 2021, we changed our official company name from Quicken Loans to Rocket Mortgage as a testament to our obsession with making it easier for people to get a mortgage.
fair credit scores
Rocket Loans is best for borrowers with fair credit scores who need money fast. Rocket Loans is transparent about its loan process. It also serves borrowers with fair credit scores as low as 640.
Rocket Mortgage is an online direct-lending platform for residential mortgages and home loan products. Rocket Mortgage was formerly known as Quicken Loans, but officially changed its name in 2021. Owned by Rocket Companies, Rocket Mortgage has grown to become one of the most popular mortgage lenders in America.
Key Takeaways
The loan servicing specialist manages prompt debt payment collection and, in turn, receives a minimum proportion of the compensation to be paid by the borrower. It assists in preventing complex loans and fostering a healthy relationship between the defaulter and financial institution.
Rocket Mortgage stands out as the nation's No. 1 FHA lender, helping borrowers with limited down payment funds, but all home buyers and refinancers can take advantage of the lender's convenient website and app to both apply for and manage their loans. Rocket consistently ranks No. 1 in customer-satisfaction surveys.
Rocket Mortgage has closed more than $1.6 trillion in home loans since 1985 and services more than 2.4 million families' mortgages every month. Rocket Mortgage net client retention rate was 97% over the 12 months ended June 30, 2023.
