COVID-19 Resource Guide
June 25, 2021
*Originally published March 2020; Updated June 2021
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.
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.
The right time to apply for assistance is when you're no longer able to make your mortgage payment. We'll go over your options at the time. Paying what you can during a 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.
The CARES Act provides a COVID-19 forbearance that pauses your payments for up to 12 months total. After September 30, 2021 people with a conventional loan or a mortgage backed by the federal government can no longer apply for a COVID-19 forbearance for the first time, or re-enter one. Other assistance options are available.
Here’s how the CARES Act forbearance works if you’re eligible, or already in a COVID-19 forbearance:
- You start with a 3-month forbearance.
- We’ll automatically extend your forbearance another 3 months if you can’t resume payments.
If you need forbearance beyond 12 months, depending on your circumstances you may be eligible for an additional extension. Check in from your Rocket Mortgage dashboard; it’s the easiest way to find out if you qualify.
CARES Act Forbearance Timeline
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.
Manage Your Mortgage Online
You can track your mortgage application and documents online with Rocket Mortgage by Quicken Loans®.
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.
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.