Best Rocket Mortgage by Quicken Loans Payment Options

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Are you looking for the best Rocket Mortgage by Quicken Loans Payment Options to repay your loan? This is the most confusing aspect when borrowers want to make a payment for their mortgages.

A mortgage has been proven to be the most prevailing personal debt in the U.S.A. According to the recent Federal Reserve Bank of New York report, 70% of American debt comes from mortgages. The first-quarter report shows a solid increase in total household debt from $266 billion, to $15.84 trillion

This means that Americans live and spend most of their income o mortgage payment against other expenses like utility bills and the rest.

It is very advisable to make your mortgage payment on time. This is because if you don’t make a payment on time, your lender will in the most likely cases report you to Credit Bureaus which will eventually affect your credit score.

More so, if you make payments on time, you will avoid extra charges for late payments and high-interest rates.

Rocket Mortgage/Quicken Loans Payment Benefits

when you take up a mortgage from lenders, there is a limited time given for you to repay the loan before it enters the grace period. The time limit all depends on the type of loan that you collected. However it may be, the benefits of paying mortgage loans on time are numerous. Let us consider some of them below;

  1. Increases credit Score: One of the easiest ways to increase your credit score is by repaying your mortgage on time. A credit score is a number used to rate your credit worthiness. Different lenders demand that you have a particular minimum credit score before you will be eligible to get a mortgage from them. If you want to increase your rocket mortgage credit score, then ensure that the rocket mortgage by quicken loans payment is made as at when due.
  2. It reduces the Interest rate: One rule about the interest rate of a mortgage is that the higher the credit score, the lower the interest rate and vice-versa. A mortgage with a high-interest rate discourages borrowers from applying for loans. So it is advisable that you should not hinder yourself from enjoying low interest on mortgages because of your failure to make mortgage payments on time.
  3. Avoid Late Payment Fees: If you got the rocket mortgage home equity loans, then you are free from any fee from making your payments late. This is because the loan is mostly a secured loan where the house can be taken from you until you make your full repayment.
  4. Avoid losing your property: If you have a secured loan from rocket mortgage/quicken loans then you are at the risk of losing your property if you fail to make the rocket loan payment through the various options available. A secured loan is a loan that involves collateral. I believe you do not want to go through the stress of losing your property.
  5. Avoid a declaration of Bankruptcy: The state of bankruptcy arises when you are unable to repay your mortgages when it is demanded by the lender. This happens when you have multiple debts across several lenders. The lender can go to Court and obtain the order to declare you bankrupt for being unable to pay.

The benefits of paying rocket mortgage loans on time cannot be over-emphasized. It is advisable that you borrow what you can afford to pay back.

What are the Available Rocket Mortgage Payment Options

It is okay if you have made the decision to make your rocket mortgage payment on time. There are several payment methods that you can use to repay the loan. There are different rocket mortgage by Quicken loans payment methods that you can conveniently use to make the payment. We’ll discuss each option further to help you decide which method is best for you:

  • Mortgage Payment Online
  • Mortgage Payment Through the App
  • Mortgage Payment through Mail
  • Mortgage Payment Over the Phone
  • Mortgage Payment in Person

Mortgage Payment Through the Website

One of the best ways to make a rocket mortgage payment is through the official website. Here, you will have to log into your rocket mortgage account online. When you access the website, go to the payment center, then input your mortgage account number including your bank account and routing number. This method is very easy and flexible for you to do. When you use the online payment method, it can ensure that you do not overpay or underpay for your mortgage at any time.

Mortgage Payment Through the App

The rocket mortgage mobile app is available for you to download by simply visiting your device store. Download the app and install it. The mobile app is on the android and iOS store. Log into your quicken loans /rocket mortgage account using your email address and password. Then go to the payment center and process the payment. This is one of the most flexible ways to make a rocket mortgage by quicken loan payments.

Rocket Mortgage by Quicken Loans Payment through Phone

Sometimes things can be wrong with the internet connection or the mobile app to make your payment. When you are faced with such issues, you can always use the option of paying the mortgage through the phone. It is very straightforward and simple. Go to the contact page of rocket mortgage and call the customer care phone number. Follow the instructions. More so,  have your bank information and mortgage account number to process the payment through the phone.

Meanwhile, you should be mindful when you use other lenders’ phone payment options because they might charge you an extra fee for using the option. Rocket mortgage does not charge you any additional fee for using this option.

Mortgage Payment through Mail

Another option to consider when you make your mortgage payment is making payment through the mail. Here you simply send a cheque by mail or Crete a money order from your bank. Use your lender’s address to make sure it arrives at its destination.

Meanwhile, there is a limitation to the amount you can send via mail for payment of the mortgage. According to the U.S. Census Bureau, the average mortgage payment is $1,595. So, using money orders may not be the best option for repayments.

Keep in mind, that cheques contain information such as your name, address, account number, and routing number, all of which would be valuable to a scammer.

Mortgage Payment in Person

If your mortgage lender’s location is very close to you there is no need to go through another means of payment except for the sake of convenience. Just walk in and speak with a customer representative to process your mortgage payment for you.

Can I make a Rocket Mortgage/Quicken Loans payment Via Credit Card?

Yes, you can make your payment via credit card. It offers you incentives like cash back rewards, and rewards sign-up bonuses, and helps you avoid late fees. Notwithstanding, you should ask your credit card company about processing fees as some charge as high as 2.5%. It will not be a good practice to pay high fees just to get little cash back rewards.

Rocket mortgage/Quicken loans Grace Period for Payment

Grace period varies with your lender but it is commonly 15 days to 2 weeks after the loan is due. The grace period does not discharge you of any liability to pay off the mortgage, it only gives you more time to pay it off to avoid penalties and late fee charges.

The most important point is that you should endeavor to make your rocket mortgage by quicken loan payments on time through the options available to you above.

If you are having any issues, you can call the rocket mortgage phone number: (888) 452-0335

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About LIFEACK.COM

Lifeack.com is owned and managed by Peter Okonkwo. A corporate lawyer, and financial analyst. He has years of experience in insurance, mortgage, and personal loans. He loves writing and playing football. You can contact him through the contact us page.

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