To finish up, let me tell you this: I was a first-time home buyer almost ten years ago, and I really wish that I had Quicken Loans at my disposal back then. In this aspect, Quicken Loans truly “gets it.” They understand how confusing the world of home mortgages can be, and they do their best to simplify the process for you. By inputting how much you want to borrow and the current value of your home, you can find out, up front, how much you’re looking at in the way of a monthly payment. If you do happen to have some knowledge in the area of refinancing, take advantage of the many calculators they offer to see how much you can really save if you choose Quicken Loans. By answering a few simple questions, they can steer you toward the product that is the best fit for you.
Quicken loans reviews full#
I happen to be a big fan of calculators and questionnaires, and their website is full of them. One of the reasons why Quicken Loans is so popular (they have serviced over 1 million loans since 1985) is because they make the entire process so easy. Their questionnaires and calculators guide you step-by-step to make sure you find the mortgage product that best suits your needs. Fortunately, this is not the case with Quicken Loans. You probably don’t have a lot of expertise in this area, and that can be easily taken advantage of ( watch out for mortgage and housing scams).
That being said, diving into home ownership can be a daunting, intimidating, and overwhelming process. Quicken Loans is definitely in tune with the state of the economy today, and has products for just about any individual in any type of financial predicament.Īre you in the process of buying your first home? Well, to begin with, congratulations! This is probably a great time in your life, and regardless of the current state of the economy and housing market, investing in real estate can be a great step for your financial well-being. These can be especially helpful if you are upside down on your mortgage loan or are unable to afford your current monthly payment.
Quicken Loans also offers a variety of ways to reduce your monthly payments.
The principal and interest payment for this option would be $847 based, again, on a $200K loan. 5-Year ARM: The current quote on a 5 year, adjustable rate mortgage is 3.25% with two points due at closing.Keep in mind though, this rate is variable! The principal and interest payment would be $859.03, based on a $200K loan. However, I did possess an ARM in the recent past and was able to save a bundle! Their current rate offering for this option is 3.75%, with 1.75 points due at closing. It all depends on your current financial situation and a decent estimate of your future living situation (basically, how long you plan to stay in your current home). It can be a benefit to you, but it could also cost you in the long run. 7-Year ARM: This is an adjustable rate mortgage, so you’ll want to research this option before jumping in.If you can swing it, a 15-year fixed rate package is an excellent way to reduce the overall amount of money you will pay for your home. The actually APR is 4.48%, and again, the payment does not include taxes and insurance. The monthly payment for this product is only $1,505. 15-Year Fixed Rate: Another option is a 15-year, Fixed-Rate Mortgage at 4.25% with 1 point due at closing.Obviously, I could save a lot with this package. To put it in perspective, I currently have a fixed rate mortgage which is at roughly $100K, and my monthly payment is $800. This amount does not include taxes and insurance premiums. The monthly payment on this loan would be $1,058, and the actual APR would be 5.048%. This is based on a $200K loan with 1.375 points due at closing. 30-Year Fixed Rate: Quicken Loans offers a 30-year, Fixed-Rate mortgage at 4.875%.Since I can’t give you actual figures for your particular situation, I’ve come up with a few examples to help you get a better idea of their products. One of the most important is the interest rate. Quicken Loans offers some of the most competitive rates I’ve seen in the industry. There are many things to take into account before deciding on a home mortgage product. I consider myself to be a pretty savvy shopper, and Quicken Loans is at the top of my list for potential lending institutions for my re-fi.
Quicken Loans offers some of the most competitive rates around and they have loan products for just about anyone from those looking to change their current mortgage to first-time home buyers. And I’ve found that they’re very popular for a reason. As part of my research, I decided to take an in-depth look at Quicken Loans, a site you’ve probably heard of before since it represents one of the major players in the world of online financing institutions. Recently, I’ve been looking into options for refinancing my home mortgage in order to save some money.
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