Part of the Quicken Loans process includes accepting a good-faith deposit from all of our clients. Watch and learn more about our deposit from the Vice President of Mortgage Banking at Quicken Loans, Chad Weinbaum. Deposit amounts range from $400 – $750, and the actual amount will be indicated on your Interest Rate Disclosure & Deposit Agreement. Your deposit acts as a commitment for us to do business together. Your deposit will go toward the costs we pay to outside companies (on your behalf) while processing your loan. But don’t worry; we’ll manage all of that for you and get you to the closing table as soon as possible. The deposit allows us to give you one of the fastest, most streamlined loan processes available today. Your deposit allows us to: * Pull your credit report – To determine which mortgage programs and rates you might qualify for, we’ll pull a credit report. * Order a home appraisal – We need to know what your home is worth, so we hire an independent appraiser to give us an unbiased opinion of your homes value. Keep in mind, as your lender we have no influence over the outcome of your appraisal. If you aren’t familiar with real estate appraisals, check out our Real Estate Appraisal Video Series on YouTube. * Lock your interest rate – You’ll work closely with your Home Loan Expert on pinpointing the best time to lock your interest rate. * Process your loan – Processing includes reviewing and underwriting all documentation through Rocket – our state-of-the …
