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COVID-19 Resource Guide

Kevin Graham

September 29, 2020

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*Originally published March 2020; Updated September 2020

COVID-19, also known as coronavirus, has transformed our daily lives and routines.  Here's what you need to know so you can make the best decisions about your home loan and finances.

Starting A New Loan

There's much about our lives that has changed in the last year, but one thing that will never change is our commitment to providing you with the best possible mortgage experience. We can guide you from application to closing while keeping you and your family safe.

Closings And Home Appraisals

We’re taking every precaution to make sure appraisers and signing agents are clear of symptoms of COVID-19. In some cases, these agents may not need to enter the home at all.

See how we’re keeping our clients safe during the mortgage process.

Take The First Step Toward The Right Mortgage

Apply online for expert recommendations with real interest rates and payments.

Mortgage Assistance

Whether you’re currently having trouble making your mortgage payment or simply trying to plan ahead, we’re here to help you.

How COVID-19 Mortgage Assistance Works

If you’re unable to make your payments due to COVID-19, you can enroll in a forbearance program to pause your mortgage payments.

It’s important to continue paying your mortgage payments for as long as you can – this will help you pause your payments when you need it most. Paying what you can during forbearance will benefit you later by decreasing the amount due at the end of your plan. You can make full or partial payments on Rocket Mortgage at any time. Just use the custom payment option in the Payment Center.

Under the CARES Act, which provides relief during COVID-19, you have a right to a forbearance that pauses your payments for up to 12 months total. Here’s how it works:

  • You start with a 3-month forbearance.
  • We’ll automatically extend your forbearance another 3 months if you can’t resume payments.

After you’ve used 6 months of forbearance, you can extend your forbearance again if you can’t resume payments. Just check in from your RocketMortgage.com dashboard to let us know.

We’ll be checking in with you monthly and doing extensions in 3-month increments. That way, we can help you figure out the best path forward based on your current situation. While your payments are paused, we recommend paying what you can to reduce your balance at the end of the program.

When your forbearance ends, we’re here to help you figure out how to bring your loan current. Here are some options you might have:

  • With a repayment plan, we’ll add part of your past-due amount to your regular mortgage payment each month.
  • With a deferral or partial claim, we’ll set all or part of your past-due amount aside to be paid later. It will be due when you pay off your mortgage, sell your home or refinance. You won’t be charged any interest on the deferred balance.
  • With a loan modification, we’ll modify the terms of your existing loan to include your past-due payments. 

You also have the option to pay the total past-due amount. This will bring your loan current right away.

If you extend your forbearance, you can still apply for these options to bring your loan current at a later date. Keep in mind, however, that you’ll have a larger amount you’ll need to bring current, which may make it harder to get caught up.

COVID-19 Mortgage Assistance For Quicken Loans® Clients.

COVID-19 And Your Mortgage: FAQs

Manage Your Mortgage Online

You can track your mortgage application and documents online with Rocket Mortgage by Quicken Loans®.

Automatic forbearance extension graphic.

COVID-19 And Real Estate

Here's what you need to know about the way the real estate market has changed given the current situation with COVID-19.

Economic News

Federal Reserve Makes Emergency Rate Cut

Stock Market Has Great Week – Market Update

Fannie Mae And Freddie Mac Suspend Foreclosures

How The Federal Funds Rate Impacts Consumer Interest Rates

COVID-19 Stimulus Checks: Your Questions Answered

How COVID-19 Has Affected Real Estate And The Housing Market

Can You Buy And Sell A House During the COVID-19 Situation?

COVID-19 Scams: Warnings And Safety Tips

Personal Finances

Tax Deadline For 2020 Pushed Back Amid COVID-19: What This Means For You

How To Maintain Financial Health During The COVID-19 Situation

How To Protect Your Credit Score During The Coronavirus Outbreak

7 Ways To Protect Your 401(k) From COVID-19

How To Prepare For A Recession

How Should You Handle Your Retirement Savings And Investments During COVID-19?

Should You Use 401(k) Retirement Funds to Offset COVID-19 Expenses?

Emergency Budget: What It Is, Why You Need It And How To Create One

Where To Find Financial Assistance During COVID-19

COVID-19 Scams: Warnings And Safety Tips

Everything You Need To Know About The Student Loan Interest Waiver

Preparing Your Budget For A Layoff

Ideas For Tackling Finances At Home

Will There Be A Second Stimulus Package?

How To Organize Debt Coming Out Of COVID-19

Lifestyle

Tips To Stay Connected And Active While Social Distancing

How To Work From Home: A Complete Guide For 2020

How To Handle Existing Travel Plans During COVID-19

20 Creative Activities For Kids To Do At Home During COVID-19

Home Maintenance To Tackle When Cooped Up At Home

Tips To Properly Sanitize Your Home For COVID-19

What COVID-19 Means For Open Houses As Agents Use Virtual Tours

3 Ways You Can Support Your Community Heroes During COVID-19

Hit Refresh! Gather Ideas For Microadventures

Creating Your Ideal Work From Home Office

7 Ways To Take Advantage Of Technology During COVID-19

Ways You Can Use Your Wallet To Benefit The Community During COVID-19

Smart Tips For Grocery Shopping During COVID-19

How To Postpone Or Plan Your Wedding During COVID-19

How To Practice Social Distancing At Work

Helping Our Communities

During these challenging times, our top priority is the health and safety of the communities we serve. The Quicken Loans Community Fund and Gilbert Family Foundation have made a $1.2 million commitment to combat the effects of COVID-19 in Detroit.

Learn more about what we're doing to support health professionals during COVID-19. And read more about what the Rocket Mortgage Technology Team is doing to help the city of Detroit test patients efficiently with an open-source mass testing platform.

Apply For Mortgage Assistance

If you’re currently unable to make your payment due to COVID-19, you can apply for a forbearance to pause your payments.

Apply For Forbearance

Kevin Graham

Kevin Graham is a Senior Blog Writer for Quicken Loans. He specializes in economics, mortgage qualification and personal finance topics. As someone with cerebral palsy spastic quadriplegia that requires the use of a wheelchair, he also takes on articles around modifying your home for physical challenges and smart home tech. Kevin has a BA in Journalism from Oakland University. Prior to joining Quicken Loans, he freelanced for various newspapers in the Metro Detroit area.