DETROIT, Nov. 24, 2015 // --In the eight minutes it takes a space shuttle to reach orbit, Americans will now be able to receive a full mortgage approval online with Rocket Mortgage by Quicken Loans (www.rocketmortgage.com). More than 500 Detroit-based developers, designers, QA technicians and business analysts from QL Labs - Quicken Loans' technology innovation team - have worked for over three years to completely redesign the highly complex mortgage process. Rocket Mortgage brings the home loan experience to the fingertips of consumers whether they are at their desktops or using a mobile device.
Quicken Loans has been the clear leader in mortgage technology for almost two decades. We changed the mortgage industry when we created the first 50-state online retail lending platform that has since helped millions of Americans achieve their home financing goals, while experiencing the best client service in the nation, said Bill Emerson, Quicken Loans Chief Executive Officer. Today, we took another monumental leap forward with the launch of Rocket Mortgage, which brings simplicity and clarity to the home loan process like never before, while delivering solutions at unimaginable speed.
Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime, said Linglong He, Quicken Loans Chief Information Officer. Our team at QL Labs has worked tirelessly to ensure that Rocket Mortgage users have the same award-winning experience that has made Quicken Loans an eight-time J.D. Power top-rated mortgage lender for client satisfaction.
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This is one of the biggest breakthroughs in financial technology history, born and built in downtown Detroit, added He. The team effort to get this off the ground was extraordinary.
Detroit-based Quicken Loans Inc. is the nation's second largest retail home mortgage lender. The company closed $200 billion of mortgage volume across all 50 states since 2013. Quicken Loans generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked Highest in Customer Satisfaction for Primary Mortgage Origination in the United States by J.D. Power for the past six consecutive years, 2010 – 2015, and highest in customer satisfaction among all mortgage servicers in 2014 and 2015.
Quicken Loans was named among the top-30 companies on FORTUNE magazine's annual 100 Best Companies to Work For list for the last 12 consecutive years, ranking No. 12 in 2015. It has been recognized as one of Computerworld magazine's '100 Best Places to Work in IT' the past 11 years, ranking No. 1 in 2015, 2014, 2013, 2007, 2006 and 2005. The company moved its headquarters to downtown Detroit in 2010, and now more than 10, 000 of its 13, 000 team members work in the city's urban core. For more information about Quicken Loans, please visit QuickenLoans.com, on Twitter at @QLnews, and on Facebook at Facebook.com/QuickenLoans.
Quicken Loans Launches Revolutionary End To End Online Product
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Home equity lines of credit and home equity loans both allow you to use the equity you’ve built up in your home. Interest rates for home equity loans are fixed, whereas HELOC interest rates vary. Home equity loans give you one lump sum, whereas HELOCs provide funds as needed.
A home equity line of credit is a type of second mortgage that allows homeowners to borrow money against the equity they have in their home and receive that money as a line of credit. Borrowers can use HELOC funds for a variety of purposes, including home improvements, education and the consolidation of high-interest credit card debt . Sound a little confusing? We’ll break it down for you.
What Is A Home Equity Line Of Credit (heloc)?
Qualifying for a home equity line of credit is a lot like qualifying for a mortgage refinance. You’ll have to meet certain requirements before you can get this type of loan. The exact HELOC requirements will vary from lender to lender, but you typically need: Reliable income: Many lenders will need proof of income to confirm you’ll be able to pay off your loan payments. Good credit: A credit score above the mid-600s will likely approve you for a loan. A credit score above 700 is considered ideal. Qualifying amount of equity in your home: You should have at least 15% – 20% home equity. Responsible payment history: Lenders may evaluate your previous payment history to make sure you haven’t made any late payments in the past. A low debt-to-income ratio (DTI): The lower your DTI, the better. Discuss with your lender what their qualifying DTI ratios are to potentially receive a loan. Overall, HELOC requirements are similar to the requirements to refinance a mortgage. Make sure you review each to get the best understanding of the options available to you.
A HELOC has two phases that separate borrowing and repayment, also known as the draw period and the repayment period. Be aware, however, that you’ll make payments on the loan during both periods. Phase 1: The Draw Period The first phase, called the draw period, is when your line of credit is open and available for use. During this period, you’ll be allowed to borrow from your line of credit as needed, making minimum payments or possibly interest-only payments on the amount you’ve borrowed. If you reach your limit, you’ll have to pay off some of what you owe before you can continue borrowing. If you want to extend your draw period, you may be able to refinance your HELOC to do so. Phase 2: The Repayment Period Once you reach the end of your draw period, you’ll no longer have access to the HELOC funds and will have to start making full monthly payments that cover both the principal and interest. This is the repayment period. If you’ve been making interest-only payments up to this point, be prepared for your payments to go up, potentially by a lot. The length of both periods will depend on the loan you get. For example, you may decide that a 30-year HELOC, with a 10-year draw period and 20-year repayment period, makes the most sense for you. Typically, lenders won’t allow you to borrow against all the equity you have in your home in order to keep your loan-to-value (LTV) ratio below a certain percentage. This is because lenders want you to have a certain amount of equity in the home, since you’re less likely
Qualifying for a home equity line of credit is a lot like qualifying for a mortgage refinance. You’ll have to meet certain requirements before you can get this type of loan. The exact HELOC requirements will vary from lender to lender, but you typically need: Reliable income: Many lenders will need proof of income to confirm you’ll be able to pay off your loan payments. Good credit: A credit score above the mid-600s will likely approve you for a loan. A credit score above 700 is considered ideal. Qualifying amount of equity in your home: You should have at least 15% – 20% home equity. Responsible payment history: Lenders may evaluate your previous payment history to make sure you haven’t made any late payments in the past. A low debt-to-income ratio (DTI): The lower your DTI, the better. Discuss with your lender what their qualifying DTI ratios are to potentially receive a loan. Overall, HELOC requirements are similar to the requirements to refinance a mortgage. Make sure you review each to get the best understanding of the options available to you.
A HELOC has two phases that separate borrowing and repayment, also known as the draw period and the repayment period. Be aware, however, that you’ll make payments on the loan during both periods. Phase 1: The Draw Period The first phase, called the draw period, is when your line of credit is open and available for use. During this period, you’ll be allowed to borrow from your line of credit as needed, making minimum payments or possibly interest-only payments on the amount you’ve borrowed. If you reach your limit, you’ll have to pay off some of what you owe before you can continue borrowing. If you want to extend your draw period, you may be able to refinance your HELOC to do so. Phase 2: The Repayment Period Once you reach the end of your draw period, you’ll no longer have access to the HELOC funds and will have to start making full monthly payments that cover both the principal and interest. This is the repayment period. If you’ve been making interest-only payments up to this point, be prepared for your payments to go up, potentially by a lot. The length of both periods will depend on the loan you get. For example, you may decide that a 30-year HELOC, with a 10-year draw period and 20-year repayment period, makes the most sense for you. Typically, lenders won’t allow you to borrow against all the equity you have in your home in order to keep your loan-to-value (LTV) ratio below a certain percentage. This is because lenders want you to have a certain amount of equity in the home, since you’re less likely
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