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| QuickenMortgage Offers Consumers Free, Real-Time Pre-Approvals |
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| QuickenMortgage Website Expands Consumers' Experience with Credit, Home Equity, Subprime & Debt Consolidation Options and New Look & Feel |
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MOUNTAIN VIEW, California -
June
02,
1999 -
Responding to growing consumer demand, Intuit's QuickenMortgage (http://www.QuickenMortgage.com), a leading online mortgage web site, is debuting a new version of its site by offering credit data and free instant online pre-approvals. In addition, QuickenMortgage visitors can now access home equity, sub-prime and debt-consolidation options, as well as three new educational centers focusing on home buying, refinancing and home equity loans. Since its launch in November 1997, QuickenMortgage traffic has grown over 800% and in the first four months of 1999, QuickenMortgage originated over $500 million in closed loans throughout the entire United States.
"With the introduction of credit reports from the national credit bureaus, QuickenMortgage can now relieve consumers' anxiety about whether or not they will be pre-approved for loans. Within minutes, we can show consumers a customized set of loans available from 15 different lenders and offer them a free pre-approval letter," said Alison Berkley Wagonfeld, director of marketing, QuickenMortgage. "In addition, with the new home equity and sub-prime loan offerings, QuickenMortgage now has an even broader set of options to help consumers save time and money."
Credit Reports and Free Online Pre-Approvals
QuickenMortgage offers a new credit report feature that allows consumers to incorporate individual credit data into their loan selection at no cost. This real-time credit check allows QuickenMortgage to truly personalize mortgage information, zeroing in on the most appropriate lenders and loans. It also gives QuickenMortgage users the ability to be pre-approved online and instantly print out a pre-approval letter that details how much a person can afford to pay for a house, making them a more qualified buyer. In addition, consumers can request a mailed copy of their credit report for $6.95.
Home Equity and Sub-Prime Loans
QuickenMortgage's new home equity loans give consumers the ability to consolidate debt or finance a home improvement project. By refinancing with a home equity loan, the value of one's home turns into cash that can help wipe out credit card payments, install a new deck or lower monthly debt expenses. Also, in most cases mortgage interest payments are tax deductible, unlike credit card, car and private loan payments. Consumers with less-than-perfect credit can now take advantage of a wider offering of sub-prime loans on QuickenMortgage. This growing group of borrowers represents 15-20% of all mortgages originated.
Other New Features
The site features now three new educational centers that offer expert guides and interactive tools on the following topics:
- Home Buying
- Refinancing
- Home Equity
Each center allows QuickenMortgage users to access the latest news and articles, try what-if scenarios, and compare customized rates and loans from at least 14 lenders in every state in the U.S. QuickenMortgage's enhanced site design makes it faster and easier than ever to use and navigate through the site and features a tighter integration with Quicken.com.
As always, QuickenMortgage offers consumers the opportunity to apply online, and those consumers that submit their application online by June 30, 1999, and close their loan, will also receive a free copy of Quicken Deluxe 99.
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About QuickenMortgage
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QuickenMortgage, a leading multi-lender mortgage web site, hosts nearly one million visits each month and has originated over one billion dollars in closed loans to date. The site offers consumers a one-stop home and mortgage shopping experience on the Internet. The site allows consumers to pre-qualify or pre-approve themselves online at no cost, and submit an online mortgage application via QuickenMortgage to participating lenders. Consumers can also directly access over 1,200,000 home listings in the U.S. through Realtor.com, as well as educate and empower themselves through timely editorial content and interactive tools. QuickenMortgage is offered by Intuit Lender Services, Inc., a wholly owned subsidiary of Intuit Inc.
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About Intuit
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Intuit Inc. (NASDAQ: INTU), a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software.
Intuit's Quicken.com Web site (www.quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
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Intuit, the Intuit logo, Quicken, QuickBooks, QuickBooks Pro, TurboTax, MacInTax, ProSeries and InsureMarket, among others, are registered trademarks and/or registered service marks of Intuit Inc. or one of its subsidiaries. Quicken.com, QuickenMortgage, Quicken Business CashFinder and Quicken Financial Planner, among others, are trademarks and/or service marks of Intuit Inc. or one of its subsidiaries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
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