Rocket Mortgage Verified Approval Letter | Is it worth it?
The long-awaited dream of buying your home can be defeated if you see yourself competing with other bidders of the same property. Here’s where the rocket mortgage verified approval letter, can give you an edge over and above other competitors if you have obtained it.
This article will explain in detail what a verified approval letter (VAL) means by considering the various reviews of users online that we have gathered through our research.
A verified approval letter is not connected with other kinds of approval letters. So how do I get my rocket mortgage approval letter verified?
Let us talk more about it so you increase your chances of buying the house.
Rocket Mortgage Verified Approval Letter | Is it worth it?
A verified approval letter is a document that shows your seller that you have the required finances to buy the property you are currently negotiating.
Most real estate agents will usually require you to submit a verified approval letter if you are not using your funds to finance it. This shows them that you have at least some atom of guarantee of funds.
The seller at this point believes that the negotiations will go through subject to you closing the mortgage deal with your lender.
We have already stated before that getting your mortgage letter approved by your lender does not mean that the mortgage cannot be denied.
Learn about the factors that can deny your approved letters here, including having an increased debt rate.
Rocket mortgage verifies all your financial records before granting you any approval.
Note: You can get multiple mortgage approvals from different lenders. This will help you compare their rates. So even if you already have the approved mortgage letter from rocket mortgage, you can still check other lenders.
The question is: Does getting that multiple approval letter affect my credit score? We will answer the question in this article.
Pre-Qualified Letter Vs Verified Approval Letter | What’s the Difference
Some real estate agents and even some mortgagees usually believe that a pre-approval letter is the same thing as a verified approval letter. There is a huge difference between Pre-qualification and pre-approval.
When you get a prequalified letter, the lender did not check your credit history, employment status, debt-to-income ratio, and other details.
The pre-qualification letter contains mere assumptions or estimates of your income as assets based on the information you give to your lender.
This is not the same case with a verified approval letter. The term verified means that some steps have been taken further to double-check all the information you provided when you were pre-qualified for the mortgage.
The verification requires that you submit your financial documents, identity documents, and every other documents that will be required. Do not worry we will list the documents for you in this article. It does not require you to get every document related to your entire being on earth.
So you need to obtain a verified approved letter rather than relying on your prequalified letter as the rocket mortgage verified approval letter shows your financial reliability and stability.
Documents needed to Get A Mortgage Verified Approval Letter
When you apply for the rocket mortgage, there are some documents you need to share with them to get your verified approval letter. The documents include
- Bank Statements
- Income History
- Identity Documents
- Income tax returns
It is important to note that they will also check your credit score to determine the interest rate.
How to Log into Rocket mortgage Account Online | Apply for Approval Letter
If you want to apply for the rocket mortgage approval letter, you have to login To your account. When you login, you should speak with an expert online through their customer service chat. Answer the questions accurately and do not provide false answers.
Simply go to the homepage of rocket mortgage and sign in to your account. Enter your username which is the email address you used when creating the account. Enter your password and login.
Benefits of having A Mortgage Verified Approval Letter
They are certain benefits to getting a rocket mortgage approval letter. Let us consider some of them below;
The real estate agent will understand your budget for the home and know the kind of homes to recommend for you. This will help save the time spent looking for a house.
It gives you strong bargaining power because the seller already has the confidence that you have the finances to pay for the home.
After your offer is accepted, you’re less likely to run into surprises that could slow down closing the loan.
Keep in mind an approval is just the start of getting a mortgage. Once you find a house and make an offer, the house will need to pass inspections and be appraised by a third party. Your approval amount could also change if your financial situation changes.
How long does it take to get the Verified Approval Letter from Rocket Mortgage?
Rocket mortgage usually gives you the approved mortgage letter shortly after you have submitted the necessary documents. More so, you must respond to your emails and phone calls for certain verifications to speed up the process. So if you are running out of time, hasten up in the submission of your documents and they would be ready in no distance time.
What’s the Expiration time for Rocket mortgage Verified Approval Letter
When you get the rocket mortgage verified approved letter, it is valid for only 90 days. So if you do not want to start the application process again, you should close the house deal before the end of the 90 days. However, do not be in a haste to buy because you have to check some factors. You can always get another approved letter from rocket mortgage.
Can I get multiple Mortgage Verified Approval Letters?
The fact that you have an approved mortgage letter from a particular lender does not stop you from getting from another lender multiple times. It helps you to compare the rates of the lenders so you will make a better choice. Meanwhile, they are certain factors that generally affect your home equity interest rate that you should mind.