Since purchasing a house involves a large bunch of money, most house buyers turn to mortgage loans to ease their financial burden. The traditional way of getting a mortgage is pretty clear. During most part of the process, the lender and the borrower communicate with each other face to face. But in a Quicken Loan mortgage, the company runs almost the whole process online. Though the essence of a Quicken Loan mortgage is very silimar with a traditional one, there are tiny differences.
To get a Quicken Loan mortgage loan successfully, you need to follow the five-step process.
1. Application of the Loan
There is no doubt that the first step is application. At the beginning of the application process, you should chat with or send an email to a Quicken Loan mortgage banker. Talking with him on the phone is also an option. You do not have to do everything online. After a conversation, he will provide you with his recommendation.
2. Credit Check
Mortgage loan lenders require to check your credit score, Quicken Loans is no exception. The company determines whether you qualify for the loan and the interest rate you will get with your credit. You can access your credit report online. If you don’t know how to get it, you can ask a mortgage specialist to help you.
3. Good Faith Deposit
Good faith deposit is a fee you pay in advance. It covers the cost of your credit report, home appraisal and other payments along the whole loan process. Usually a good faith deposit costs you $400 to $750. But you are lucky if you apply for the loan from Quicken Loans. Because it deducts the deposit from your other closing costs, which means you can save some money.
Underwriting is the most essential part of the whole process. In this step, the company will have a sophisticated check on your financial situation. It must verify your financial information including your salary and properties to have a general idea about your financial solvency. It is by this step that the lender decides how much he will loan you. The money you get won’t exceed the value of your house.
5. Closing of the Loan
The only chance you get to meet with a Quicken representative in person is at the closing point of the loan. The place where you two meet each other is up to you. You can pick up a place at your convenience.