April 13, 2021

MP Now News

Mortgage News

Mint and Rocket Mortgage Team up for Faster Preapproval Applications

  • If you are a Mint user, you can now pre-apply for Rocket Mortgage in the Mint app.
  • Mint already has most of your information on file, so applying can take less than 10 minutes.
  • If you can get a pre-approval letter within minutes, you can get a quote quickly in today’s hectic market.
  • See Insider Tips For The Best Mortgage Lenders »

Budgeting app Mint from Intuit has teamed up with the mortgage lender Rocket mortgage. If you are a Mint user, you can apply for pre-approval with Rocket Mortgage directly from your Mint app.

Mortgage Pre-Approval is an early step in the Home buying process. When a lender pre-approves you for a mortgage, they’ll say they’d love to work with you. The lender tells you What types of loans can you take out?how much you might be eligible for borrowing and what your interest rate might be. Once pre-approved, your rate will usually be locked for 60 or 90 days.

Usually, you apply for pre-approval directly from the lender. However, applying through the Mint app is a great way to make a name for yourself in home buying.

How to apply for pre-approval for mortgages through Mint

The free Mint app You get a comprehensive view of your finances by keeping your financial information and documents in one place.

When applying for a mortgage approval, lenders will need to see your creditworthiness, employment history, tax returns, balance, and assets. As a Mint customer, you probably already have most (if not all) of this information stored in the app.

Mint automatically fills parts of your application with the available details. Just check the application to make sure the information is correct and then click some buttons to indicate what type of home you are buying and how much you are willing to spend.

Varun Krishna, senior vice president and head of the Intuit Consumer Group mint, told Insider that some customers completed their pre-approval application in just eight minutes.

Today’s housing market is competitive. Low interest rates encourage people to buy and There aren’t enough houses in the market Meet demand. Often times, when houses are put up for sale, they leave quickly.

You do not do that to have to show a pre-approval letter when bidding on a home. But it shows that you are a serious prospect who is already working with a lender. And in today’s market it can make you even more competitive.

To apply for pre-approval from a lender, it will likely take you a few days to gather all of your financial documents. It may also take the lender a day or two to process your application and send you an official pre-approval letter. But if you’re applying through Mint, it can take minutes – then you can hurry to get your home bid before it gets off the market.

Should You Use Rocket Mortgage?

The partnership between Mint and Rocket Mortgage can speed up and simplify the application process. But even if you are already a Mint user, you still want to make sure that Rocket Mortgage is the right lender for you.

Rocket mortgage is a good lender overall. It has been ranked as the top lender for JD Power customer satisfaction for 11 consecutive years. It could be a good solution if you have a strong credit score and need certain types of mortgages.

If you’re a Mint customer with a good credit scoreThe partnership between these two companies could help you buy a home quickly in this hectic market.

Laura Grace Tarpley is an editor at Personal Finance Insider, specializing in mortgages, refinancing, bank accounts and bank reviews. She is also a certified teacher for personal finance (CEPF). During her four years in the personal finance field, she has written extensively on ways to save, invest, and navigate credit.