Overview

Rocket Mortgage is fully designed for digital natives with an advanced and smooth loan platform that keeps the entire process online and on smartphones. Rocket provides:

• Detailed and personalized loan rates information
• Fast platform constantly updated in real time
• Government-backed loans for veterans, first-time buyers, and borrowers with small down payments
• 5- or 7-year ARM and 15- or 30-year fixed-rate mortgages

Who Is Rocket Mortgage Suitable For?

Rocket Mortgage is run entirely online with all of the information provided on the website or mobile apps, making it suited to digital natives who are used to running all aspects of their lives from their mobile phones. The many mortgage options make it suitable for borrowers with small down payments and lower credit scores. Users who prefer flexibility will prefer the variable ARM mortgage while the traditional fixed-rate mortgages provide reliability and certainty for anyone who likes to plan their budget in advance.

Loan Features

Rocket Mortgage has a variety of loan features.

• VA loans: Veterans are served with government-backed VA loans which aren’t always available from online lenders
• FHA loans: First-time buyers with a low credit score or less cash for a down payment can get financing to purchase a home or refinance for any purpose. Rocket Mortgage’s FHA loans require a down payment as low as 3%
• Easy online format: Rocket Mortgage’s straightforward layout helps borrowers to easily compare down payments, APR rates, and total monthly payments on different financing options. You can also adjust your down payment online to see what impact it will have on your final monthly payments
• Simple comparison: Easily compare the mortgage loan options

The Application Process

When applying for a loan via Rocket Mortgage:

• Create an account which takes about 5 seconds.
• Complete the guided online questionnaire. It’s very simple and straightforward with support along the way, and will include your financial and personal information
• Get your quotes. You can customize them by adjusting your down payment, monthly payments, or loan term until you’re happy with the funding option before you.
• Click the button to request approval online.
• Come back and log in again the next day or every day for as long as you’d like to check on the changing rates, then only click the button to lock in rates once you’re happy.
• E-sign all of the relevant paperwork online and closing can happen where and when you want it.

Deep Dive into Pros and Cons

The platform for Rocket Mortgage is advanced. Both the apps and the website are easy to use and smooth to navigate from every device. It’s possible though that anyone who isn’t fully comfortable making major financial decisions online will feel nervous about this entirely digital platform. Rocket Mortgage offers a full range of mortgage, refinancing, and home equity loan options that include government-backed loans, rivaling that of a traditional bank. Thanks to real-time rate updates, new borrowers can stay in control of their financing options by logging on as often as they want to check for the newest rates before locking in the right deal.

That said, the number of loan options can be overwhelming. It’s not really possible to browse loan terms and rates without creating an account and inputting your full financial information, making it difficult for the casual browser to compare loan options. If you’re serious about taking out a mortgage, it’s worth it to go to this trouble. However, anyone who just wants more information about their options is likely to shrink away from having to share details just to get better loan rate information.

Loan Terms – The Bare Basics

It’s difficult to share exact terms of Rocket Mortgage loans and mortgages because APR rate information can only be accessed by sharing all of your financial details and getting a personalized quote. You also can’t find out how much of a down payment you need to make without going through the entire application process, although Rocket Mortgage does offer FHA loans which require a down payment of as low as 3%.

Rocket Mortgage does reveal that terms range from 8 to 30 with the YOURgage loan and that variable rate mortgages have terms of 5 or 7 years. Rocket Mortgage only gives loans for owner-occupied homes, not for investment properties. Fortunately, Rocket Mortgage uses advanced automated tools to make it faster and easier to import your full financial information.

Repayment Terms

Rocket Mortgage offers traditional fixed-rate mortgages of 15- or 30- year terms. The variable ARM loans have terms of either 5 or 7 years. Somewhere in between, in terms of both repayment period and the level of flexibility, are the unique YOURgage mortgage loans, which allow the borrower to choose any term between 8 and 30 years and lock in to a fixed-rate mortgage.

APR rates aren’t available until you complete a full application.

Help & Support

Rocket Mortgage gives support, particularly through the live chat, which is accessible at the touch of a button from the mobile apps and the website.

Live chat isn’t quite round-the-clock but it is open from 7am to midnight ET on weekdays and 9am to midnight on weekends. There’s also telephone support for more traditional borrowers from 9am to midnight on weekdays, 9am to 8pm on Saturdays, and 9am to 7pm on Sundays.

Summary

Rocket Mortgage is a fast and digitally advanced mortgage loan provider that offers a range of refinancing and mortgage options including VA and FHA loans which can be hard to find online. The application process is entirely online and speeded up thanks to advanced automated tools. Between a functional website and effective mobile apps, Rocket Mortgage makes it easy to keep coming back and checking up on real time APR rates until you find the exact deal you want. Fast application times and responsive customer service add to the attraction of this loan provider.

Physical Address

Quicken Loans

1050 Woodward Avenue

Detroit, MI 48226-1906

USA

Visit Own Up

Overview

Own Up is a marketplace that act as an intermediary between the borrower and the mortgage lender.

After you complete a brief questionnaire on their site, you’ll receive recommended lenders based on your borrower profile. You will also then be able to speak to a licensed mortgage expert who will review your home-buying needs and goals, answer any questions you might have, and help you shop for the right deal for you.

When you have an accepted offer, you’ll be able to compare lenders in their network and see mortgage offers in real-time. Own Up provides borrowers with personalized offers without a hard credit check and they don’t require you to share your social security information.

Suitable For?

Own Up is suitable for anyone who is looking for a competitive mortgage rate and wants their questions answered about the mortgage process. However, it’s important to note that Own Up is not a lender. Own Up does not accept formal mortgage applications, originate loans, or make credit decisions.

Own Up is available in all states except HI, NV, NY., UT

Types of Loans/Products

While Own Up doesn’t directly offer financing, it will match you with lenders that do. This means you can find just about any type of home loan through Own Up, including a home purchase loan or refinance loan, fixed and adjustable-rate mortgages.

You can also find financing for different types of properties, including houses, condos, townhomes, or multi-unit properties. Additionally, Own Up can match you up with a variety of down payment options, including low to no down payment options for those who qualify for special loan programs such as FHA or VA loans.

The Application Process

Own Up’s application can be completed from the comfort of your home. Here’s what you’ll need to do to get matched with a lender:

• Step 1: Complete a brief questionnaire on Own Up's website (this should take less than 5 minutes to complete).
• Step 2 (Optional): After reviewing your profile, you’ll be matched with a home advisor who will set up a call with you to discuss your mortgage goals.
• Step 3: Own Up’s website will generate potential lender matches. You can then compare rates and fees from these partner lenders and choose the one that’s right for you.
• Step 4: Fill out the mortgage lender’s application, and all going well, it will process, underwrite, and fund your home loan.

Repayment Terms

Repayment terms vary from lender to lender. You can speak with your dedicated advisor to figure out what repayment term works for you.

Help & Support

Own Up offers 24/7 online chat support. You can also email the company directly at hello@ownup.com.

Summary

Whether you’re buying a new home or refinancing your existing mortgage, Own Up can help you achieve bigger savings. Own Up claims to save customers money by charging less than what the typical salesperson charges per home loan.

Own Up earns fees from its lenders, and all lenders pay the same fee. Own Up doesn’t directly charge its users (borrowers) anything. It handpicks reputable and financially secure mortgage companies and puts lenders through a rigorous screening process to find the top ones for its users.

Visit Own Up

FAQs

How much does Own Up cost?

Own Up is completely free to use.

How does Own Up secure personal information?

All information transmitted to and from Own Up’s website is encrypted following the highest industry standards. Additionally, it doesn’t collect sensitive personal information, such as social security numbers or personal financial documents.

Does working with Own Up affect your credit score?

Own Up conducts a soft credit inquiry to check the rates and terms you qualify for. This check does NOT affect your credit score.

How does Own Up make money?

Own Up makes money by charging its lenders to connect them with users.

How does Own Up help customers save money?

Own Up provides home shoppers with market data so that they know what they should be paying for their mortgage. In addition it provides shoppers with multiple lenders who compete with each other to offer better terms. Lastly, Own Up charges lenders a fee which is a fraction of what they pay their sales-people, so lenders can return the savings to the borrowers in the form of better loan terms.

Physical Address

50 Milk St

Boston, MA 02108

Methodology

This review was compiled using information from Own Up’s website.

Overview

Veterans United is one of only a handful of dedicated VA lenders. You won’t find conventional or FHA loans there, but you will find everything to do with VA loans. This includes VA purchase loans, as well as a range of refinancing options, including: VA Streamline, Interest Rate Reduction Refinance (IRRRL) and Cash-Out refinancing.

Suitable For?

VA loans are available to anyone who meets the minimum qualification requirements set by the Department of Veterans Affairs. Veterans United serves all of these people and it brings with it more experience in VA loans than any other lender. Veterans United goes above and beyond for its customers, including realty and advisory services built specifically for veterans by veterans

Types of Loans/Products

Veterans United offers only one type of home loan: the VA loan. A VA home loan is a loan offered by private lenders and partially guaranteed by the federal government’s Department of Veterans Affairs. The government’s involvement allows lenders to take on more risk than they would with an ordinary borrower.

Here are some of the features offered by Veterans United:

• Veterans United Military Advisors, a team of former senior enlisted leaders from each branch of the Armed Forces whose mission is to educate veterans about homeownership and VA loans.
• Veterans United Realty, an independent affiliate partner of Veterans United that offers a nationwide network of real estate agents with experience in serving Veterans.
• Lighthouse Program, a free service that helps Veterans build their credit score and improve their financial picture before applying for a home loan.
• Veterans United Foundation, which exists to help military-related families in need and also offers a biannual scholarship to service members and military families.
• Regular promotional offers. For example, when we checked in, Veterans United and Realtor.com had teamed up to offer a competition with a first prize of $75,000 toward the purchase of a new home.

The Application Process

Veterans United accepts applicants online and by phone. Its agents offer a unique ability in helping veterans get through their home loan application. Aside from the close attention, applying for a loan from Veterans United is just like applying anywhere else. You’ll need to provide documentation about yourself and your finances, such as state ID or driver’s license, social security number, and tax filings.

Here are some specific things to know before applying for a VA loan from Veterans United:

• Minimum eligibility requirements of either: 181 days on active duty in peacetime; 90 consecutive days active duty in wartime; 6 years in the National Guard or Reserve; or spouse of Veteran who died in the line of duty.
• Minimum credit score of 600.
• Minimum down payment of 0%.
• No need to purchase PMI (private mortgage insurance).
• Certificate of Eligibility from the VA is a strict requirement. Fortunately, Veterans United helps applicants secure this document.

Rates and Terms

Veterans United offers a choice between 2 repayment terms: a 30-year fixed-rate repayment or a 15-year fixed-rate repayment.

Like all other VA lenders, a VA loan from Veterans United includes a mandated funding fee of 2.15% of the amount of the loan (or 2.4% for members of the National Guard and Reserves). Surviving spouses and veterans receiving VA disability compensation are exempt from the fee. The fee can be reduced to 1.5% with a 5% down payment or 1.25% with a 10% down payment.

Help & Support

Unlike most lenders, Veterans United offers 24/7 customer service by phone. The reason for this is it allows troops deployed overseas to be able to get in touch whenever it suits them. Of course, anyone can use this service, even veterans or service people not on active duty.
Ph: (800) 884-5560

Summary

Veterans United does one thing, but it does it very well: VA loans. There are plenty of lenders and organizations out there dedicated to getting veterans into their dream home but few can claim to approach VA loans with quite the same dedication as Veterans United. If you qualify for a VA loan under the Department of Veterans Affairs eligibility requirements, then we highly recommend asking for a quote from Veterans United.

Physical Address

Veterans United

1400 Veterans United Dr.

Columbia, MO 65203

Overview

New American Funding operates 200+ physical locations in 31 states and offers its online service to the rest (except for New York and Hawaii). It offers a large suite of mortgage products, including conventional fixed-rate and adjustable home loans, as well as government-backed FHA and VA loans.

Suitable For?

New American Funding caters to all types of borrowers, but where it really stands out is with its assistance to first-time buyers and the Latino community. Its agents speak English and Spanish. More broadly, it is also active in addressing challenges Hispanic people face in achieving home ownership. New American has programs to help first time buyers and works with state down-payment assistance programs in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Missouri, Nevada, Texas, Utah, Washington, and Wisconsin.

Loan Features

Loan types include:

New American Funding offers: conventional fixed-rate, adjustable-rate, and jumbo loans; government-backed FHA, VA, and HARP loans; special home-improvement and interest-only loans; and cash-out refinances and reverse mortgages.

Features include:

• Option of paying only interest each month for a fixed introductory term of up to 5-10 years. This gives the borrower the flexibility of being able to pay toward the principal loan amount at a time of their choosing rather than being obligated to pay a fixed monthly amount.
• Cash-out refinance and reverse mortgage both offer ways to tap into home equity to get cash. A reverse mortgage is a special government-backed program for borrowers aged 62 or older. A cash-out refi involves retiring your existing mortgage and taking out a new one for an amount larger than you currently owe. The excess between your old loan’s outstanding balance and new balance is paid to the borrower in cash.

The Application Process

Interested borrowers can begin a loan application by requesting an online quote or contacting New American Funding by phone, email, or at one of its locations. Borrowers can get prequalified online but must be approved by a loan agent to get access to the online application. Home loans close in an average time of less than 30 days.

New American Funding’s process involves 5 steps:

• Pre-approval, in which the borrower provides documentation on income, assets, expenses, and credit. A loan officer then decides if the borrower can be approved for a specific loan amount.
• An official offer is sent to the borrower, detailing purchase price, down payment, loan amount, deposit, and terms and conditions.
• The borrower hands over a deposit or opening escrow.
• The application moves to the underwriter, who reviews the file and decides whether to give a final stamp approval.
• New American wires the funds.

Rates and Terms – The Bare Basics

Loan amounts range from small mortgages to super jumbo loans. The minimum down payment varies depending on type of loan. Government-backed programs such as FHA and VA loans offer lower down payments, as well as loans for first-time home buyers who receive special assistance.

Borrowers must:

• Be aged 18 or more.
• Be U.S. citizens or permanent residents.
• Have good credit for a conventional loan, or fair credit for some government-backed loans.

Repayment Terms

New American doesn’t reveal any rates on its website. To find out what rate you prequalify for, borrowers may request a rate online or speak to a loan agent in person, by phone, or by email.

Loan lengths vary from 15-30 years for fixed-rate loans, to 5-10 years for adjustable-rate mortgages.

Help & Support

The Better Business Bureau gives New American Funding an A+ rating for the overwhelmingly positive feedback it has received from customers.

Loan agents can be contacted by the following methods:

• Toll-free number
• Email
• At any of the 200+ branches in 31 states

Summary

New American Funding offers a full suite of conventional and government-backed mortgages, with extra support for:

• First-time buyers
• Minorities
• Retirees
• High-net worth buyers.

It started out as a family business and has stayed true to its roots, maintaining its independence and prioritizing a high level of customer service. Customers can apply for and manage their loans online, by phone, or in person, for maximum convenience and flexibility.

Physical Address

Broker Solutions, Inc. DBA New American Funding

14511 Myford Road, Suite 100

Tustin, CA 92780