QuickenMortgage 2.0 makes debut; offers rebate to loan applicants

Real Estate Weekly, July 29, 1998

QuickenMortgage (http://www.QuickenMortgage.com) offers a $225 rebate to online mortgage and refinancing applicants a as it debuts the second version of its site.

The new version expands QuickenMortgage to include an online mortgage application, five new lenders and direct access to over 500,000 home listings in the U.S.

QuickenMortgage, an award-winning web service, offers consumers one-stop shopping for competitive, low price mortgages from 11 of the nation's leading lenders. The rebate will be available through this summer to all consumers who close the loan for which they applied online via QuickenMortgage.

"QuickenMortgage is the gateway for home-buyers on the Internet because they can shop for a home and mortgage anytime, anywhere," said Alison Berkley, senior product manager for Intuit. "And after they compare the various rates and costs from thousands of loans that fit their needs, consumers will now be able to reward themselves with this savings." Consumers seeking to refinance can also enjoy the $225 rebate after using the online loan application.

The timing could not be better. As interest rates stay low and demand for homes remains high, home pricing is stable in some regions, with some other areas - particularly hot markets in the Northeast and California - experiencing steady escalations. Overall, 1997 was the best year on record for home sales since 1968, with 4.21 million previously owned homes changing hands, and 1998 is off to a fast start as well, according to the National Association of Realtors. Among repeat home-buyers, the national median home price rose 4.7 percent last year to $178,700, making every penny saved prior to closing count that much more.

How QuickenMortgage Works

QuickenMortgage allows consumers to search through thousands of loans, pre-qualify themselves online at no cost, and submit an online mortgage application via the web site. In just 15 minutes, users can make apples-to-apples comparisons of loans, selected and sorted based on their preferences. For loans offered by the participating lenders, users can drill down and get detailed information, including an itemized list of closing costs, along with an online Good Faith Estimate.

QuickenMortgage offers access to 11 national lenders including: Allied Money, American Finance, Chase, Countrywide, HomeSide, LaSalle, LoanWorks, North American, PNC Mortgage, Principal Residential and Wells Resource.

New QuickenMortgage Educational Centers

Site visitors can also enjoy four QuickenMortgage Centers dedicated to educating consumers about the entire home purchase and financing cycle:

* Home & Mortgage Center features articles from industry expert Ilyce Glink and Inman News, including Glink's Step-by-Step Guide to Homeownership. The center also includes daily market commentary and detailed mortgage news from Mortgage Market Information Services.

* HomeSearch Center provides access to over 500,000 home listings provided by Moore Data's Cyberhomes

* Credit Center helps consumers find out how their credit affects the loan process, where to go for help and provides access to order credit reports online.

* Refinance Center educates the consumer about what to consider in deciding whether to refinance and points consumers to the best tools and articles on the web.

Other Features on QuickenMortgage include:

* Online, printable pre-qualification letters;

* Home finance calculators, including "Should You Refinance Today?," "How Much House Can You Afford," and "What Are Today's Rates.";

* A detailed checklist of all the documentation needed to close a loan; and

* State-of-the-art encryption and verification technology.

Since its launch in November 1997, over 1.2 million consumers have already visited Quicken. Mortgage, and the site was recently awarded "Best Consumer Real Estate Site" by Inman News.

The recent Intuit partnership with America Online and existing relationships with Excite and CNNfn gives QuickenMortgage the potential to reach over 10 million new consumers. QuickenMortgage rounds out Intuit's web offerings, which include personal finance, tax and insurance tools, advice and resources.