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Step 1: Downloading the Rocket Mortgage App
Begin by downloading the Rocket Mortgage app from the App Store if you are using an iPhone or the Google Play Store if you're on Android. Once installed, open the app and agree to the terms of service and privacy policy to proceed.
Step 2: Creating Your Account
After launching the app, you will be prompted to create a new account. Tap on 'Create Account' to start. Fill in your personal details such as name, email address, and phone number. Ensure the information is accurate and current. You may also be asked to create a password. Choose a strong password to protect your account.
Step 3: Providing Financial Information
The app will guide you to provide essential financial information needed for the mortgage application. You will need to enter your income details, including employment status, salary, and other sources of income. Additionally, be prepared to provide information on your existing debts and monthly expenses.
Step 4: Choosing Your Mortgage Type
Once your financial information is submitted, the app will present you with various mortgage options. These may include fixed-rate or adjustable-rate mortgages. Select the mortgage type that best fits your financial situation and long-term goals. You can view details regarding interest rates, terms, and monthly payments for each option.
Step 5: Completing the Application
With your mortgage type selected, the next step will be to complete the application form. This includes confirming the financial information you provided earlier. Review all entries carefully to avoid any mistakes. Accurate information is crucial for the approval process. After verifying everything, submit your application through the app.
Step 6: Documentation Submission
Post submission, you may be required to upload several documents such as tax returns, pay stubs, and bank statements. Use the app's camera function to take clear pictures of the documents or upload directly from your device if they are saved digitally. Make sure all documents are legible and meet the necessary requirements for the mortgage application.
Step 7: Reviewing Loan Offers
Once your application has been processed, you will receive loan offers directly through the app. Take time to review each offer, comparing interest rates, terms, and monthly payments. Feel free to reach out to a Rocket Mortgage consultant if you have questions about any of the offers.
Step 8: Accepting a Loan Offer
If you find a loan offer that meets your needs, you can accept the offer through the app. Follow the prompts to finalize the acceptance, which may include agreeing to additional terms and conditions. Be prepared for any follow-up questions or requests from Rocket Mortgage to ensure everything is in order.
Step 9: Closing the Loan
After accepting a loan offer, the closing process will begin. This step involves signing all necessary documentation and finalizing the mortgage. You will receive instructions regarding the closing date and any further actions required on your part. The entire process may take a few weeks, depending on your personal situation and the mortgage specifics.
Step 10: Managing Your Mortgage
Once your mortgage is finalized, you can manage your mortgage directly through the Rocket Mortgage app. This includes making monthly payments, viewing your payment history, and accessing support if needed. Stay informed about your mortgage details to ensure timely payments and overall management.