About Quicken Loans

Quicken Loans is the largest online mortgage lender and has got over 25 years of experience in offering tailored loan programs and mortgage options through its interactive website and loan centers in Michigan, Ohio and Arizona. Its online operation has great recognition among people. When you are racking your brains to choose a mortgage loan or helpless in affording your current monthly payment, Quicken Loans will definitely put forward excellent mortgage refinancing plans to deal with all your problems, including fixed or adjustable-rate mortgages, reverse mortgages, and refinancing loans.

The reason why Quicken Loans has earned great popularity is that powerful loan calculators make the entire application process easy and quick. As long as you answer several questions from the advisor, you will be given advice about which plan is proper for you.

Interest rate is one of the most important things you should take into account while you choose home mortgage. Quicken Loans boasts the most competitive rates which will be helpful to people who wish to refinance their home mortgages.

30-Year Fixed Rate Mortgage

Quicken Loans provides a 30-Year Mortgage with fixed rate which is as low as 3.875% and 1.375 points due at closing. Loan amounts range from $25,000 to $2,000,000. You’re required to pay the down payment which can be only 5 % of the total value if you get your first house. The monthly payment, which doesn’t include taxes and insurance premiums, will be $1,058 and the actual APR will be 4.049% if you get loan with an amount of up to $200,000. Your payment will never go up because of the unchanging rate. It’s for you if you are upset with the increasing payments in the future.

15-Year Fixed Rate Mortgage

This loan program has a 3.125% fixed rate and 1 point due at closing. You monthly payment will be no more that $1,505 for a $200,000 loan and of courses exclude any tax and insurance premium. The actually APR which is only 3.504% makes 15-Year Fixed Rate Mortgage a good way to reduce the total amount of money paid for your home. Lower rates and a shorter term mean that you will pay less interest totally. For a $200,000 loan amount with 2 points, a 15-Year Fixed Rate Mortgage will help you save $87,791 all over the life of the loan, compared with the fixed rate mortgage with 30 year term.

7-Year ARM Mortgage

7-Year ARM mortgage is an adjustable rate mortgage. Whether it will be beneficial to you or not depends on your current financial situations and estimate of your future life. If you apply for a loan with an amount of $200,000, considering the current rate of 3.75% and 1.75 points due at closing, monthly payments, including the principal and interest will be $859. What you should keep in mind is that the rate is adjustable with the market conditions. Therefore, it may benefit you or cost you much more in the long run.

5-Year ARM Mortgage

For 5-Year ARM Mortgage, the rate is 3.25% with 2 points due at closing. For the loan with an amount of $200,000, the principal and interest payment is $847.

Quicken Loans Official Website: http://www.quickenloans.com


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Quicken Loans – Mortgage & Refinance Options

Ranking the fifth largest retail mortgage lender in the U.S., Quicken Loans is a Detroit based lending company that has been offering mortgage solutions for more than a quarter century.

This web site is not affiliated with Quicken Loans. We recommend Quicken Loans official site for more accurate information of its financial services.