Last Updated: May 27, 2020
COVID-19, also known as coronavirus, has transformed our daily lives and routines. We will keep you informed so you can make the best decisions about your home loan and finances.
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.
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.
Manage Your Mortgage Online
You can track your mortgage application and documents online with Rocket Mortgage by Quicken Loans®.
Starting A New Loan
Things are changing rapidly, but one thing that will never change is our commitment to giving you the best mortgage experience.
Even in areas where shelter-in-place orders have taken effect, we can guide from application to closing while keeping you and your family safe.
As the situation changes, we’ll update you with the latest information to help you make the best decisions about your mortgage, your finances and your family.
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
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.