Quicken Loans, originally founded as Rock Financial in 1985 is America’s largest online retail lender. Between 2013 to 2017, the company processed more than $400 billion in mortgage volumes across all 50 states. It is also worth noting that the company has been awarded with the highest customer satisfaction rating among primary mortgage providers in the USA for 10 consecutive years and has consistently been a top pick for best overall mortgage providers.
Based in downtown Detroit, Quicken Loans aimed to change the overall structure of home loans and mortgages through Rocket Mortgage. Rocket Mortgage is described by Quicken Loans as an online mortgage experience, with a process that allows the customer to apply for a mortgage through their website and in a few cases, talk to a Home Loan Expert over the phone or chat. The New York Times also mentioned Rocket Mortgage and said, “Progress toward moving the entire mortgage approval process online made an apparent leap forward with the introduction of Quicken Loans’ Rocket Mortgage.”
With the Covid-19 virus taking a toll on the global economy, these are uncertain times that require financial organizations to put the needs of their customers before anything else. Recognizing this, Rocket Mortgages have introduced a number of steps that they hope will help their customers tide over these difficult times.
If you are currently facing a financial hardship due to the impact of the Corona Virus, you can opt to enroll your mortgage loan in a forbearance program. This will effectively give you some breathing space by pausing your repayments. This forbearance starts off as a 3 month extension. Rocket Mortgages will continue to check to check in with you on a monthly basis. The forbearance period can be extended to a total of 1 year, including the first 3 month time period. If after the first 6 months of the forbearance period, you still find yourself unable to make payments on your mortgage, you can log in to your RocketMortgage.com profile and let Rocket Mortgage know that your situation remains unchanged.
An important factor to consider is that you can even if you can’t make a full amount payment towards your mortgage, Rocket Mortgage allows you to make lesser or partial payments. Doing this is highly recommended because it helps lower the amount that is due at the end of your plan. It is also recommended that you pay your loan for as long as possible because this will let you press pause on your payments when you are in most need of doing so.
When the forbearance period ends, Rocket Mortgage will also assist in repayment plans that will either add a portion of the past due payment to current payments or help in a deferred claim where you can opt to set some or all of the past due amount to be paid later. The deferred balance amount will not accrue any additional interest.
If you have been affected by Covid-19, log into your Rocket Mortgage account or speak to a Home Loan expert on (800) 603-1955, for the best possible options for your circumstances. Phone support is available, Monday to Friday, between 8:30 a.m. to 9:00 p.m. ET and on
Saturday, between 9:00 a.m. to 4:00 p.m. ET