Other websites and online tools have popped up to create more transparency for home shoppers and refinancers, and nearly anyone can crunch the numbers on a virtual mortgage rate calculator. Since the 2008 real estate bust, traditional lenders have had to compete with techies in Silicon Valley who wanted in on the housing recovery, as start-ups like Sindeo and Lenda - which claims that its clients save an average $8,000 in closing costs when they refinance with their service - try to streamline the residential mortgage process. ( California homebuyers also have a speedy mortgage option via the new service Google Compare: Mortgage.) But with Rocket Mortgage, shopping for a loan and applying for it is a process that requires little in the way of time and effort. Traditionally, it would take one week to several months to be approved for a housing loan, all of that, of course, after you've spent weeks shopping for that loan in the first place. Then, the website crunches the numbers like an underwriter would, and offers customizable, real-time rates to the site's user. The service cuts out the conversation between loan officer and consumer, as the consumer inputs his or her financial information directly into Quicken's database. Quicken Loans, the third-largest mortgage lender by marketshare, launched a new website called "Rocket Mortgage" last week that allows users to refinance or purchase a home in as little as eight minutes. Ever hear of an eight-minute workout? How about an eight-minute mortgage?
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