Quicken Mortgage Review: How do Quicken Mortgage Rates Compare?

Quicken Loans

Mortgage rates are approaching all-time lows. This raises the always popular question — why pay more? Quicken Mortgages can help you to pay less through rock bottom interest rates, and the mortgage experts at QuickenLoans will help you to find the best financial service so you can get the home of your dreams.

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Quicken Mortgage Products

QuickenLoans mortgage experts will help you decide what the best financial product is for you and your family. They do this using three pieces of information: Your mortgage goals, the value of the loan that you need and how much the home is worth.

Your mortgage goals will influence what type of loan the people at QuickenLoans are going to set you up with. QuickenLoans offers two main types of financial services: Refinancing and buying a new home. These two basic services are broken down into four types of mortgage loans offered from QuickenLoans:

  • Home Buying: Whether you’ve signed a purchase agreement, have an offer pending on a house, are looking to buy a couple months down the road or are just researching your options, don’t hesitate to talk to a mortgage officer from QuickenLoans. They will help you to get affordable rates in an economy offering some of the most competitive rates in history. With rates and housing prices so low, now is definitely the time to buy.
  • Home Equity Loan: If you’ve got equity in your home and need cash now, QuickenLoans want to help you refinance at a rate that is beneficial for you and your family. Talk to a representative who can get you the cash that you need to remodel your home or anything else that you need using the equity in your home as collateral.
  • Debt Consolidation: If you’re swimming in debt, you might find it easier to make a single monthly payment, rather than trying to keep track of all your creditors. Many people in debt might also be able to reduce the principle on their debts by paying off existing creditors with a single lump sum. Quicken will help you to navigate the often complicated and confusing landscape of debt consolidation.
  • Mortgage Refinancing: Some customers wonder what they can do to lower their interest rates … and their monthly payment in the process. With rates at all-time lows, there’s never been a more perfect time to refinance your existing mortgage, lowering your monthly payments by taking advantage of a lowered interest rate. Even a decrease in a half a percentage point can save you thousands of dollars over the life of your mortgage.

Quicken Mortgage Rates and Terms

Quicken also offers three different types of mortgage terms to fit every budget and every family’s needs. You can get the following mortgage terms from Quicken:

  • 30-Year Fixed Mortgage Rates: This mortgage term will keep monthly payments low. In the case of a $200,000 mortgage loan at a 3.99 fixed APR and a loan-to-value of 70 percent is under $1,000 per month, with 1.125 points due at closing. State and low taxes and insurance premiums are not included in the price of this financial product. Some state laws limit the amount that you can borrow on such a product.
  • 15-Year Fixed Mortgage Rates: When you get a 15-year fixed mortgage from QuickenLoans, your monthly payment will be higher, but your term is lower, so the house will be yours sooner. The monthly payment on a $200,000 mortgage at 3.25 percent comes out to just over $1,400 with 1.625 points due at closing. As with the 30-year mortgage, state and local laws might limit exactly how much you can borrow.
  • Adjustable Rate Mortgages: QuickenLoans also offers adjustable-rate mortgages if this is a better option for you. Rates can often be rock bottom on these adjustable rate mortgages: As low as 2.5% APR. The rate can only change once per year for the life of the loan, so you won’t have to worry about getting a different bill every month of the year. Further, if rates continue to decline, you’re going to see your monthly payment go down. This is not true of fixed-rate mortgages. One down side of the adjustable rate mortgage is that you can see your payments increase as rates increase.
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How to Get a Great Mortgage Rate

Getting a fixed-rate mortgage with QuickenLoans at this time can help you to save thousands of dollars over the course of your loan. You can convert this into paying down other debts or finally take that vacation you and your family have been wanting to go on.

Talk to someone at QuickenLoans to see which of their financial products makes the most fiscal sense for you and your family. They will help to match you with the loan that will allow you to make the most of your money.

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About the Author

GOBankingRates Staff

These articles are written by the in-house GOBankingRates team.

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