Mint customers can now use the budgeting app to get preapproved for a loan by Rocket Mortgage
- If you’re a Mint user, you can now apply for preapproval with Rocket Mortgage in the Mint app.
- Mint already has most of your information on file, so applying could take less than 10 minutes.
- Getting a preapproval letter in minutes helps you make an offer fast in today’s hectic market.
- See Insider’s picks for the best mortgage lenders »
Budgeting app Mint by Intuit has teamed up with mortgage lender Rocket Mortgage. If you’re a Mint user, you can apply for preapproval with Rocket Mortgage directly from your Mint app.
Mortgage preapproval is an early step in the homebuying process. When a lender preapproves you for a mortgage, it’s saying it would like to work with you. The lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be. Once you’ve been preapproved, your rate is typically locked in for 60 or 90 days.
Usually, you’d apply for preapproval directly through the lender. But applying via the Mint app could give you a leg up in the homebuying process.
How to apply for mortgage preapproval through Mint
The free Mint app gives you a thorough look at your finances by storing your financial information and documents in one place.
When you apply for mortgage preapproval, lenders need to see your credit score, employment history, tax returns, bank account balances, and assets. As a Mint customer, you probably already have most (if not all) of this information stored in the app.
Mint will auto-fill parts of your application with the details it has on hand. Just review the application to make sure the information is correct, then click a few buttons to specify what type of home you are buying and how much you’re willing to spend.
Varun Krishna, Senior Vice President and head of Mint for Intuit Consumer Group, told Insider that some customers have finished the preapproval application in as little as eight minutes.
Today’s housing market is competitive. Low interest rates are encouraging people to buy, and there aren’t enough houses on the market to satisfy demand. So when houses go up for sale, they often go fast.
You don’t have to show a preapproval letter when you place an offer on a home. But it shows that you’re a serious prospect who is already working with a lender. And in today’s market, it can make you even more competitive.
To apply for preapproval with a lender, you’d probably need a couple days to gather all your financial documents. The lender also may take a day or two to process your application and send you an official preapproval letter. But when you apply through Mint, it could take minutes — then you can rush to make your offer on a house before it goes off the market.
Should you use Rocket Mortgage?
The partnership between Mint and Rocket Mortgage can make the application process faster and easier. But even if you’re already a Mint user, you still want to make sure Rocket Mortgage is the right lender for you.
Rocket Mortgage is a good lender overall. It has ranked as the top lender for customer satisfaction from JD Power for 11 consecutive years. It could be a great fit if you have a strong credit score and need certain types of mortgages.
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If you’re a Mint customer with a good credit score, the partnership between these two companies could help you buy a home quickly in this hectic market.
Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.
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