After working for more than three years to make the mortgage process simpler and more accessible for potential homebuyers, Quicken Loans has taken the wraps off a new online mortgage application. The Detroit-based lender’s new Rocket Mortgage -- so named because receiving a loan approval takes about eight minutes, or roughly the length of time it takes a space shuttle to reach orbit -- is designed to meet the needs a specific group of potential buyers, said product lead Regis Hadiaris. “Rocket Mortgage is for those homebuyers who don’t know how much home they qualify for,” Hadiaris said. “We wanted to give people an easy, fast tool to help them figure that out. The way we look at it, if we can make the housing finance system faster, smarter and simpler, we’re going to expand homeownership.” Simple questions to start the process The online application, which is accessible via desktop computer, tablet or mobile device, begins by asking users a few simple questi...
- Rocket Mortgage is designed to pre-approve qualified buyers in as little as eight minutes.
- It has desktop and mobile functionality. Consumers can generate preapproval letters on the spot if qualified.
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