Skip to main content

Give Quicken Loans’ new website 8 minutes, and it will approve you for a mortgage

Thanks to various apps, you can catch a ride, hire someone to clean your apartment, and order a pizza, all without picking up the phone. It’s glorious. Thanks to Quicken Loans, you can get a similar human-interaction-free experience while refinancing or getting a home loan with its new website Rocket Mortgage. You should get approved in about eight minutes, the company says, which is different from a preapproval, because of the data the system imports and verifies thanks to its direct link to government underwriting engines.

While there are lots of mortgage calculators out there, they use generalized information to give you a general idea of what you’ll get. With Rocket Mortgage, you answer some questions, then let the system fill out other information for you. If you want to refinance, for example, you input your home’s address, and it will populate fields for whether it’s a single-family home, its original purchase price, and when it was built. It uses public records and Quicken’s data to get the information.

“We’ve been lending in all 50 states and 3,000 counties for a while, so we have a lot of internal data, so we said let’s start putting that to use for people and make this easier,” Regis Hadiaris, Rocket Mortgage product lead, tells Digital Trends. You can let it access your tax information, for example, so it knows your employment history, including how much you make. Give the system access to your bank accounts, and it will have information about your assets. It makes both the inputting process faster and removes the “burden of proof” later down the line, with users having to submit W-2s, pay stubs, and bank statements. “We don’t have to wait for people to find pieces of paper and take pictures of them and send them to us,” says Hadiaris. “This is not a calculator at all. This is an exact mortgage quote based on all that information I entered.”

Once you get your rate, you can customize it further with slider bars. If you don’t want to pay closing costs, you slide the tab over. Switching from a 30-year mortgage to a 24-year one will instantly change the numbers, instead of waiting for a loan officer and his or her calculator.

In addition to getting the approval process down to eight minutes (getting a rate for a new home took me about 13), Hadiaris says pulling Rocket Mortgage has reduced the time it takes to close the loan from 30 days to three weeks. During that time, Quicken will verify all your information, and you’ll schedule a home appraisal visit.

At the end of clicking through the process, the system had asked to access my tax records and bank accounts and showed me my credit score — basically all information that I want extra protected. Quicken says it uses bank-level encryption and round-the-clock monitoring, and even though Hadiaris says Rocket Mortgage was designed to be done in line at Starbucks, you obviously don’t want to do it over your coffee shop’s public Wi-Fi.

Updated 12/9/2015: Updated to explain how Rocket Mortage’s approval is different from preapproval.

Editors' Recommendations

Jenny McGrath
Former Digital Trends Contributor
Jenny McGrath is a senior writer at Digital Trends covering the intersection of tech and the arts and the environment. Before…
New Roborock S7 Max Ultra boasts maintenance-free dock, impressive mopping skills
Two Roborock S7 Max Ultra models on a stylized background.

Roborock, the brand responsible for some of the best robot vacuums on the market, has pulled back the curtain on the upcoming Roborock S7 Max Ultra. Available on June 11, the premium smart home gadget clocks in at $1,299, but brings serious automation to your home

Much like its older sibling, the S8 Pro Ultra, the S7 Max Ultra functions as both a vacuum and mop. But aside from the ability to clean all surfaces of your home, the big selling point of the S7 Max Ultra is its “Ultra Dock,” which can handle the following maintenance tasks without any manual input:

Read more
Razer’s best gaming chair is $100 off for a limited time
Razer Enki Gaming Chair.

Serious gamers will want to purchase a top-of-the-line gaming chair so that they will stay comfortable no matter how long their sessions last. Here's an offer that you wouldn't want to miss -- the Razer Enki Pro gaming chair for $899, after Razer's $100 discount on its original price of $999. It's arguably among the best gaming chairs not just from the brand, but across all your options in the market right now, so you'll want to take advantage of the fact that it's 10% off while the bargain is still online.

Why you should buy the Razer Enki Pro gaming chair
Razer, which is known for high-quality gaming hardware and accessories like the Razer Blade 17 gaming laptop and the Razer DeathAdder V3 Pro gaming mouse, knocks it out of the park with the Razer Enki Pro. If you've been sitting on an uncomfortable chair or a basic gaming chair while you're playing the best games of all time, your investment to upgrade to the Razer Enki Pro will definitely be worth it because of the extreme comfort that it will provide. First and foremost, it's wrapped with plush, soft touch Alcantara material plus smooth leatherette on the outer edges, for a premium feel that won't easily succumb to daily wear and tear. The gaming chair also comes with a dual-density cushioned backrest and a magnetic memory foam head cushion for solid support.

Read more
Best Prime Day deals: What to expect on Prime Day 2023
Best Prime Day 2022 Deals graphic with multiple products.

Doesn't Prime Day feel like it comes around sooner every year? Kind of like Christmas but for anyone who's hunting around for deals, we're huge fans of Amazon's Prime Day event. It's often one of the best times of year to score a great deal on some very highly sought after products. If you've somehow missed all the fuss in recent years, or you simply need a refresher on the event, we're here to help. Below, we've explained exactly what is Prime Day (you're going to love it), when the event is likely to be, and what to expect too. If you're wondering if other retailers are getting in on the act and everything else you need to know, we've got you covered. Keep reading and remember to be excited -- it's going to be a good one.
What is Prime Day?
Prime Day is Amazon's biggest sales event of the year. It also tends to be the biggest sales period outside of Black Friday and Cyber Monday.

The event started back in 2015 to celebrate Amazon's 20th birthday. Since then, it's gone from strength to strength with hundreds of millions of products sold during the event. Originally, it started out as a one-day sales event but it now encompasses two days so there are plenty of opportunities to save big.

Read more