Quicken Loans Launches 'Rocket Mortgage' Initiative

It takes eight minutes for a space shuttle to reach orbit. Shouldn't consumers be able to complete a mortgage process in the same time span?

Quicken Loans thinks so.

'Rocket Mortgage'

Quicken Loans announced on Tuesday the creation of "Rocket Mortgage," a new online mortgage process that offers consumers the ability to receive a full mortgage approval online in the same eight minutes it takes a space shuttle to reach orbit.

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Rocket Mortgage offers consumers the "cleanest, easiest and quickest" mortgage application ever, with the option to compare and customize interest rates, mortgage terms, monthly payments and fees based on individualized financial information and goals.

"Quicken Loans has been the clear leader in mortgage technology for almost two decades," Bill Emerson, Quicken Loans' CEO said in a press release. "We changed the mortgage industry when we created the first 50-state online retail lending platform that has since helped millions of Americans achieve their home financing goals, while experiencing the best client service in the nation."

Google Adds Mortgages To Compare

Google discussed on Monday that earlier this year it added a mortgage calculator to its suite of products available on Compare.

However, the company observed that nearly one in two borrowers still don't shop around for their mortgage – perhaps due to a lack of relevant information. To help make mortgage shoppers more confident, Google responded by adding mortgages to its suite of Google Compare products.

Google Compare for mortgages now provides an "intuitive experience," connecting lenders with borrowers. It also offers a "real-time, apples-to-apples comparison of rate quotes" in a short amount of time. Borrowers can also read reviews and ratings of lenders.

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