10/08/2021 · Our Prequalified Approval is the fastest way to get approved with Rocket Mortgage ®. Simply apply online and allow us to check your credit. You won’t be required to provide any documents, but you should come prepared with information about your income and ;· Once the lender has all of your information, the preapproval process can take as little as a few days. In fact, most Verified Approvals from Rocket Mortgage ® are accomplished in around 24 hours. Sometimes the lender will require more information, which can take more ;· At Rocket Mortgage®, we offer Prequalified Approval, which gives borrowers a good idea of how much home they can afford. We verify a home buyer’s credit score by pulling their three-digit FICO® Score and report. We ask prospective borrowers for a verbal verification of income and assets and determine their amount, plus the $400 in other monthly debt service, would be $3,250, which is 50% of your monthly income of $6,500. You would qualify for a purchase of $440,000 with a down payment of $22,000 (5%). Your mortgage payment would be $2,180, taxes $458 and homeowner’s insurance $ ;· Rocket Mortgage’s approval is light-years ahead of a prequalification or a preapproval because it makes no assumptions about your financial profile. Normally, mortgage lenders ask for your monthly income and the amount of savings or funds you have during the preapproval process so they can estimate how much home you can ;s pre-approval process happens entirely online. You’ll need to provide some financial information, including your income, assets, and debts, along with supporting documents to verify ;· Apparently it takes just eight minutes, the same amount of time it will take borrowers to get a full mortgage approval online via the new “Rocket Mortgage” from Quicken Loans. At least, this is the powerful claim the company is touting via a new online mortgage approval engine that promises to shake up the age-old, and very stale home loan process.

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