Applying for a contract can be a overwhelming prepare, but Enliven Advances points to create it as smooth and clear as conceivable.As one of the biggest contract moneylenders in America, Enliven Advances has streamlined their contract application prepare whereas still giving customized benefit and bolster. Here is an overview of what you’ll be able anticipate when applying for a Enliven Credits contract.
Applying for a mortgage is an involved process, but with the right lender it doesn’t have to be complicated. Quicken Loans streamlines the experience with fast online applications, 24/7 support, and mortgage specialists to guide you. As one of America’s largest lenders, they have optimized the home buying process while still providing a customized personal touch.
When applying with Quicken Loans, you can expect a straightforward application process assisted by mortgage experts. Begin online, over the phone, or in person at a local branch. Quicken’s convenient digital platform lets you easily submit all required financial documents and track progress 24/7.
Their team verifies income, assets, credit history and other details to underwrite loans responsibly. An official Loan Estimate provides clear mortgage terms and closing cost estimates upfront so there are no surprises. Home appraisals and inspections further validate property value and condition prior to final approval.
Throughout the process, you have a dedicated mortgage banker available to explain options, answer questions and handle any bumps in the road. Quicken aims to provide the ideal loan product for each customer’s unique situation. With extensive financing programs, including conventional, FHA, VA, jumbo and adjustable rate mortgages, they can find the right fit.
From application to close, Quicken Loans emphasizes efficient processing powered by industry-leading technology. But they combine this speed with thoughtful guidance from real human experts. No wonder they are a leading lender. When it’s time to get pre-approved and start your home search, Quicken Loans offers the ideal mix of fast service and helpful advice.
Gathering Required Documentation
Before beginning your Quicken Loans mortgage application, take some time to gather all required documentation. This includes:
- W-2s and tax returns for the last 2 years
- Pay stubs covering the last 30 days
- Bank statements for the last 2 months
- Retirement account statements
- Documentation of any other income sources
- Social Security cards
- Driver’s license or other government-issued ID
- Permanent resident card if applicable
- If refinancing, your existing mortgage statement
- Home insurance information
- HOA documents if applicable
Organizing these documents ahead of time will make the application process go much more smoothly.
Starting the Quicken Loans Application
You can begin your Quicken Loans mortgage application in a few different ways:
Visit Quicken Loans website and click “Apply Now.” This will take you through a simple online application that collects basic information about you, your finances, and the mortgage you want.
Over the Phone
Call their mortgage experts at (800) 785-4755. They can talk you through the information needed to get the application started right away.
Visit a Animate Advances contract office close you. An master credit officer will direct you through the contract application prepare face-to-face.
No matter how you begin, the Enliven Credits group will be accessible to reply any questions you have got along the way.
Providing Personal and Financial Information
Your Quicken Loans mortgage application will collect a variety of personal and financial information including:
- Legal name
- Date of birth
- Social Security number
- Current address and length of residency
- Phone number and email address
- Current employer name, position, and duration of employment
- Previous employer name and duration if employed there recently
- Income sources and amounts
- Bank names, account types, and current balances
- Investment and retirement account balances
- Credit card and loan balances
- Monthly expenses like rent, utilities, etc.
Providing complete and accurate details helps Quicken Loans accurately assess your financial situation when considering your mortgage application.
Choosing Your Mortgage Terms
As part of the application, you will need to determine the mortgage terms you want including:
Common options include:
- Conventional loan: Not backed by the government
- FHA loan: Insured by the Federal Housing Administration
- VA loan: For qualifying military members
- USDA loan: For properties in rural areas
- Jumbo loan: For loan amounts over conforming loan limits
How much you aim to borrow. Getting pre-approved can help determine the loan amount you can qualify for.
Interest Rate Type
You’ll select a fixed-rate or adjustable-rate contract depending on your needs. Settled rates do not alter over the life of the advance whereas movable rates begin lower but may increment over time.
Standard loan terms are 15 or 30 years. The longer the term, the lower the monthly payment but the more interest paid over time.
Think about your budget and financial goals as you pick the terms that fit your situation. The Quicken Loans team can help explain your options too.
Uploading Supporting Documentation
In order for Quicken Loans to verify the financial information you provided, you will need to upload documentation including:
- Pay stubs
- Tax returns
- Bank statements
- Investment account statements
These documents provide the income, employment, and asset verification required to underwrite your mortgage application. Uploading clear, easy-to-read files helps avoid any processing delays.
You can quickly and securely upload documents directly through your online Quicken Loans account. Assistance is also available if you have any trouble uploading.
Getting Your Home Appraised
The mortgage process will require an appraisal to determine the market value of the home you wish to purchase or refinance. Quicken Loans will order the appraisal and schedule an inspection.
You will get a chance to review the appraisal report as well. This helps verify that the home details like square footage, room count, condition, etc. are all accurate. If discrepancies are found, reach out to Quicken Loans so they can connect with the appraiser to make corrections.
The appraised value of the home will impact the final loan terms, so ensuring accuracy is important. Quicken Loans closely monitors and reviews all appraisals as part of their mortgage quality control standards.
Receiving a Loan Estimate
Within 3 business days of your completed application, Quicken Loans will provide an official Loan Estimate form. This detailed estimate breaks down:
- Loan amount
- Interest rate
- Projected monthly payments
- Closing costs
- Taxes and insurance
- Adjustable rate details if applicable
- And much more
Reviewing this information allows you to have a clear understanding of the expected loan terms and costs before proceeding. If you have any questions, a mortgage banker will be happy to explain the Loan Estimate details.
Completing the Final Steps
Once your application is complete and verified, there are just a few final steps before closing:
While not required, it is recommended to have the home inspected before closing. This identifies any issues or needed repairs.
Mortgage lenders require homeowners insurance on the property. Quicken Loans can help you get coverage.
This verifies you hold clear title to the home and there are no undisclosed liens.
Your file goes through an underwriter to finalize approval and issue a clear to close.
This form outlines the final loan terms and closing costs. Compare to the Loan Estimate.
Digital or paper documents will need to be signed at closing to finalize the mortgage.
Quicken Loans guides you smoothly through these end stages until you have the keys to your new home or refinanced mortgage!
Benefits of Applying with Quicken Loans
There are many advantages to completing your mortgage application with Quicken Loans:
You can easily start your application, upload documents, and monitor progress through your Quicken Loans online account. Everything happens quickly and securely on your schedule.
Their dedicated team of home lending experts have years of mortgage experience. They can explain your options, answer all questions, and handle the entire application process for you.
Quicken Loans offers an array of mortgage products including conventional loans, government-backed loans, jumbo loans, and adjustable rate mortgages. They can find the right loan for your unique financial situation.
Clear Rates and Fees
Their detailed Loan Estimates clearly outline expected rates, monthly payments, and closing costs so there are no surprises. You know what to expect upfront.
Quicken Loans has invested heavily in industry-leading technology to automate processes where possible for fast, efficient mortgage processing from application to close.
Since their loan officers receive a steady salary, they can focus 100% on your needs instead of pushing certain products for a commission.
If you value fast, streamlined mortgage applications along with customized personal guidance, Quicken Loans is an excellent choice. Their efficient processes and knowledgeable team make mortgage applications painless.
Quicken Loans Application Requirements
To qualify for a Quicken Loans mortgage, there are some minimum application requirements to meet:
Stable income sources must be verified through pay stubs, W-2s, tax returns, and other documentation. This confirms your income levels to cover mortgage payments. Self-employed individuals may need to provide additional tax and business documents.
Most Quicken Loans mortgages require a minimum credit score of 620. They will thoroughly evaluate your credit report to assess creditworthiness. A higher score can qualify you for lower interest rates.
Down Payment Funds
Conventional loans require at least 3% down. Options like FHA and VA loans allow down payments as low as 3.5%. The down payment must come from your own funds, not gifts. Bank statements help verify funds.
Low Debt-to-Income Ratio
Your total monthly debts divided by gross monthly income should stay under 50%. This debt-to-income ratio indicates how much disposable income you have to comfortably make mortgage payments.
Meeting these requirements shows you are financially ready to take on a mortgage. The Quicken Loans underwriting team will review all factors in your unique situation to officially approve your application.
Getting Pre-Approved with Quicken Loans
Going through the pre-approval process with Quicken Loans is highly recommended. Here are some key advantages:
Locks in Rates
You can lock in an interest rate once pre-approved. This protects you from rate increases while house hunting.
Strengthen Buying Position
Sellers know a pre-approved buyer can smoothly close the deal. This gives you a competitive edge over other buyers.
The pre-approval amount indicates the maximum home price you can afford based on your finances. This gives you a budget baseline while searching for homes.
Speeds Up Final Approval
Since many documents and details are verified during pre-approval, the final mortgage approval goes faster.
No Credit Impact
Quicken Loans will soft pull your credit to initially screen eligibility without impacting your score. A hard inquiry only occurs once formally applying.
Going through pre-approval first makes the entire mortgage process faster and easier. With a rate locked in and maximum affordability determined, you can find the right home knowing you are set for final approval. The experts at Quicken Loans guide you through smoothly.
Uploading Documents Securely
Submitting all required documentation is an essential piece of the mortgage application process. Quicken Loans allows you to easily and securely upload your files right through your online account.
Accepted File Types
You can upload files in these formats:
- Excel Spreadsheets
Double check that files are clear and easily readable before uploading.
Document Upload Page
In your Quicken Loans account, look for the “Upload documents” page. Here you can submit files related to:
Drag and Drop
The upload page allows you to simply drag and drop your files into the designated folders. No need to attach or browse your files – just select and drag.
File Size Allowance
Individual files uploads can be up to 20MB in size each. You may need to separate larger documents into multiple files before uploading.
All document uploads are handled through secure 256-bit encryption. This protects your sensitive financial information while in transit.
Uploading your mortgage-related files through your Quicken Loans account is the fastest and most secure method. This allows your application to be processed without delay. Contact support if you have any trouble with document uploads.
Tracking the Status of Your Application
Once you submit your mortgage application with Quicken Loans, you probably want to know what is happening behind the scenes. Monitoring your application status lets you stay informed throughout the process.
Your Quicken Loans online account dashboard will display the current status of your mortgage application. Expect steps like:
- Processing documents
- Pending underwriter review
- Conditionally approved
- Docs sent to closing team
- Clear to close
The online status lets you monitor progress from your first application through to closing.
Communication from Your Team
In addition to the online status, your dedicated Quicken Loans mortgage banker will proactively keep you updated on your application status.
Expect both email and phone call check-ins when there are status changes or action needed. Ask any questions you have along the way.
Following Up Yourself
Don’t hesitate to reach out directly as well if you have not heard any updates in some time. Their call center can provide status updates.
You can also message your mortgage banker through your account if you just have a quick question on application status.
Staying looped in throughout the processing of your mortgage ensures there are no surprises and you know what to expect next. Open communication is key!
Providing Additional Documentation Upon Request
During the underwriting process, it is common for Quicken Loans to request additional documentation if needed to verify specific details or fill any gaps. Being responsive helps avoid slowdowns.
Examples of Commonly Requested Items:
- Clarification letters explaining large deposits or credits on bank statements
- Documentation of gift funds being used for down payment
- Tax returns for additional prior years
- Further proof of employment history and current income
- Updates on debt that may have changed since application
- New bank statements if originals expired
How Requests Will Be Sent
Expect email and phone requests from your mortgage banker for any additional required documents. The request will clearly indicate what items they need and why.
Quick Turnaround Needed
To keep your application moving, try to respond back with requested documents within 1-2 days. Leaving requests open can delay next steps.
Resubmitting via Your Account
If requested, simply upload additional documents through your online Quicken Loans account like the initial application stage.
Promptly providing requested information demonstrates you remain engaged and responsive through the mortgage process. This helps everything run smoothly to approval.
What to Expect on Closing Day
Closing day is the finish line – where you finally complete the mortgage process and get the keys to your home! Here is an overview of what to expect with a Quicken Loans closing:
Closing Disclosure Form
A final Closing Disclosure will outline your loan details, fees paid, escrow setup, and cash needed to close. Review carefully and get clarification from your mortgage banker on anything you have questions about.
Closing Agent Meeting
A closing agent will overview all your final loan documents and have you sign paperwork to finalize the mortgage. This meeting usually takes 1-2 hours and can happen at a local office or even remotely.
Down Payment and Closing Costs Due
Make sure the down payment funds and closing costs from your Closing Disclosure are paid at least a day before your closing meeting. This can be wired or sent as a certified check.
Complete a final walk-through of the home 1-2 days before closing to ensure no damage has occurred and everything is in order before the sale is finalized.
Get the Keys!
Once all paperwork is reviewed and signed, you will receive the keys and officially become a homeowner!
Quicken Loans wants to ensure you completely understand the final loan terms before closing. Don’t hesitate to reach out to your mortgage banker with any last minute questions. Soon you’ll be getting those keys and settling into your new home!
Home Buying Mistakes to Avoid
While applying for a mortgage to buy your first or next home, be cautious of these common mistakes:
Not Getting Pre-Approved
Pre-approval should be your first step before looking at homes. This determines the loan amount you qualify for and locks in rates. Make sure you are looking in the right price range.
Overlooking Closing Costs
Account for taxes, insurance, fees and other closing expenses on top of your downpayment when budgeting. Closing costs can total 3-5% of the home price.
Changing Jobs or Credit
A job change or taking on new debt during the mortgage process can jeopardize your approval. Avoid major shifts until after you close.
Not Truthfully Disclosing Information
Be upfront about things that may impact mortgage eligibility like source of funds, job loss, new debt, etc. Dishonesty can be grounds for denial.
Not Double Checking Details
Carefully review your Loan Estimate, appraisal, and Closing Disclosure forms. Flag any errors or items needing clarification as soon as possible.
Rushing the Process
While efficiency is good, rushing can lead to missing important details. Give yourself plenty of buffer time in case extra documents or clarifications are needed.
Watch out for these missteps that could cost you time, money or even your approval. Quicken Loans can guide you through the best process.
Refinancing Your Mortgage with Quicken Loans
If you currently have a mortgage, refinancing with Quicken Loans may be able to secure you better terms. Here are some common goals people have when refinancing along with tips for getting the most benefit:
Lowering Your Interest Rate
If current rates are at least 0.75% less than your existing rate, refinancing can likely lower your rate and monthly payment. Lock this low rate in ASAP.
Shortening Your Loan Term
Refinancing to a shorter loan term (like from 30 to 15 years) builds equity faster by paying off the balance quicker. Weigh higher monthly costs vs interest savings.
Tapping Home Equity
A cash-out refinance lets you access your equity, using it to pay off high interest debt or fund home improvements. Only borrow what you need.
Dumping Private Mortgage Insurance
Once you reach 20% equity, refinancing may allow you to cancel costly PMI. Be sure to verify equity before moving forward.
Changing Loan Type
FHA and VA loans can be refinanced to conventional loans once you have the required equity. This escapes government regulation and Mortgage Insurance Premiums.
Crunch the numbers to see if refinancing makes sense for your situation. The pros at Quicken Loans can assess if you can benefit.
Alternatives to Refinancing with Quicken Loans
Besides refinancing your mortgage, Quicken Loans offers some other solutions to save money or tap equity:
Lower Your Rate
Rates change frequently. You may be able to lower your rate through a fast and inexpensive rate modification with your current lender vs a full refinance.
Recast Your Mortgage
If you have made extra principal payments, recasting can lower your payment