According to Google, the site will allow “Borrowers can also see ratings and read helpful reviews, and enter relevant information — like loan amount, estimated credit score, or home value — to receive rate quotes that match their needs.”. The tool is driven by information from Zillow and Lendingtree. The new website makes rates appear instantly and gives transparency with user generated reviews all while you shop anonymously.
Quicken Loans announced that it now officially offers a fully online mortgage through its new end-to-end online product Rocket Mortgage.
“Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime,” added Linglong He, Quicken Loans chief information officer.
According to Housingwire, Through Rocket Mortgage, users can:
Visually compare and customize interest rate, mortgage term, monthly payment and fees based on individualized financial information and goals and current underwriting guidelines for numerous products with real-time pricing.
View their individualized three-bureau credit report, analysis and score.
Import and verify asset, property and income information.
Receive full approval in minutes on conventional, FHA or VA mortgage products
Lock their interest rate.
View all loan documentation and details online, anytime, anywhere
Supposedly, you can receive a full mortgage approval online in the same eight minutes it takes a space shuttle to reach orbit.
Guaranteed Rateannounced in June that it launched the first digital mortgage.
“This is a revolutionary change for the mortgage industry, as borrowers are now able to take charge of the process and complete each step of the digital mortgage online at their own pace,” said Victor Ciardelli, president and CEO of Guaranteed Rate.
Its finally happening, the tedious mortgage process is becoming simpler, paperless, efficient and more transparent. This is the type of change crucial for these mortgage companies to survive and thrive, the must adapt to the digital age.