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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