Quicken Loans Rocket Mortgage: 5 Key Paperwork Tips

When diving into the world of home loans, one significant player stands out: Quicken Loans Rocket Mortgage. This innovative platform has streamlined the mortgage application process, making it more efficient for prospective homeowners. However, even with simplified digital processes, there are specific pieces of paperwork you need to manage. Here are five key paperwork tips to help you navigate your Rocket Mortgage journey successfully.

Understanding What Documents You Need

Rocket Mortgage significantly reduces the paperwork burden, but there are still essential documents you must have ready. Here are the documents you'll typically need:

• Proof of Income: Recent pay stubs, W-2 forms, or 1099s if you're self-employed.
• Employment Verification: A letter from your employer or any other form of employment confirmation.
• Tax Returns: Usually for the last two years.
• Bank Statements: To verify your savings, checking, or other asset accounts.
• Credit Report: This will be accessed by Rocket Mortgage, but having your own copy can help you understand your financial standing.

Make sure these documents are current and reflect your financial status accurately.

Organizing Your Documents

Keeping your documents organized can make your mortgage application process much smoother. Here's how:

• Digitalize: Scan or take photos of your physical documents. Rocket Mortgage can accept digital copies, which speeds up the process.
• Categorize: Use folders or software to categorize your documents. For example, keep all income-related documents together.
• Track Versions: If you're self-employed or have irregular income, keep versions of your income statements and bank statements throughout the process as these documents might need updating.

Accuracy and Completeness

Ensure all information provided in your application is accurate and complete:

• Double-Check Information: Verify all personal details like your full name, Social Security number, employment, and income information.
• Discrepancies: If there are any discrepancies between what you provide and what is in the public records (like your credit report), address these issues proactively.

Timeliness and Follow-Up

Quicken Loans Rocket Mortgage aims for a fast approval, but delays can occur if you're not timely:

• Provide Documents Promptly: You’ll receive alerts or emails regarding any missing documents. Upload or provide these quickly.
• Follow-Up: If you've submitted documents and don't receive confirmation, follow up. Delays can occur due to system hiccups or misunderstandings.

Handling Special Situations

Your financial situation might require additional documentation or special handling:

• Self-Employment: Provide Profit and Loss statements or additional bank statements showing regular deposits.
• Recent Employment Changes: If you've recently changed jobs, include details like job offers or contracts to verify employment stability.
• Assets as Income: If you're using assets like retirement funds for income, documentation showing these assets should be included.

⚠️ Note: If your income or credit profile has unusual elements, Rocket Mortgage might require more extensive verification. Be prepared for this by having additional supporting documents ready.

Summing up, the Quicken Loans Rocket Mortgage process simplifies the home loan application, but you still need to manage your paperwork effectively. Ensure your documents are accurate, organized, and promptly provided. With these tips in mind, you're set to navigate the mortgage paperwork with ease, getting one step closer to homeownership.