If you are looking for a VA, FHA, or conventional loan, one of the top internet companies that provides this service is Quicken Loans. Quicken Loans prides itself as being one of the top personal finance software companies in the United States. The company has been in business for over 30 years. Quicken has also been a trusted brand in personal finance management software. Quicken connects to and aggregates information from over 14,000 financial institutions.
Quicken Personal Finance Tools
Quicken Personal Finance tools allow their customers to stay in control of finances, easily track and pay their bills, and see all their finances in one place. The company also allows customers to manage their spending and safely monitor their investments. With Quicken, customers can also plan for their future retirement. If you have a business, Quicken allows you to manage your home and business. The typical Quicken user prefers the ability to take a proactive approach in monitoring their own finances.
With Quicken Loans, a customer can either refinance a house or purchase a home. Customers can apply online for a mortgage for a single family home, townhouse, multifamily home or a condominium.
Credit
To begin the application process for a loan, one must be able to provide Quicken with your credit score. Credit profiles range from poor (579 and below) to excellent (720 and above). The property use for the loan are home ownership, secondary home, or an investment property. Quicken assesses the property when the user inputs the zip code of the property.
Inputting data on the home
The user inputs other information for Quicken to determine which financial products best suit the user. This includes the estimated time for the home purchase, the purchase price of the home, and the estimated down payment. The user also tells Quicken what type of interest rate they are looking for, whether that is adjustable or fixed.
Assessing financial risk
To assess the loan, Quicken asks for employment status and the number of late mortgage payments one has had in the past. The user must be able to provide income verification. Quicken also asks whether a user has had a bankruptcy and foreclosure in the last three years. Quicken will ask for personal details such as one’s name, current home address, phone number, and email.
Military status
Finally, Quicken will want to know whether the user is prior military or on active duty. The company also will want to know whether or not the user is working with a real estate agent.
Home Loan Expert
Once you provide this information to Quicken, then a dedicated home loan expert contacts you to provide you service on the types of loans available.
Verifying Personal Information
When the home loan expert contacts you, he or she will ask for personal information including your social security number, date of birth, and annual income. They will also ask for information on investment accounts, including IRA or 401(k) data. The home loan expert will ask for other assets, including other real estate.
Verifying Financial Information
Once you have completed the questionnaire, the home loan expert will have you log into your financial institutions through Quicken Loans so that they can assess your banking information. The Quicken Loans representative will also ask for you to upload your most recent bank statement, quarterly retirement information, two years W-2’s and the most recent pay stub. The end goal is to send the information to underwriting. Once they have your information, you will receive your prequalification letter.