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Quicken Loans Review – Best Mortgage Refinance Rates for Home Loans

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Recently, I’ve been looking into options for refinancing my home mortgage in order to save some money. 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. And I’ve found that they’re very popular for a reason.

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. 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.

Refinancing Options

There are many things to take into account before deciding on a home mortgage product. One of the most important is the interest rate. Quicken Loans offers some of the most competitive rates I’ve seen in the industry. 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.

  • 30-Year Fixed Rate: Quicken Loans offers a 30-year, Fixed-Rate mortgage at 4.875%. This is based on a $200K loan with 1.375 points due at closing. The monthly payment on this loan would be $1,058, and the actual APR would be 5.048%. This amount does not include taxes and insurance premiums. In my mind, this is a fantastic quote. To put it in perspective, I currently have a fixed rate mortgage which is at roughly $100K, and my monthly payment is $800. Obviously, I could save a lot with this package.
  • 15-Year Fixed Rate: Another option is a 15-year, Fixed-Rate Mortgage at 4.25% with 1 point due at closing. The monthly payment for this product is only $1,505. The actually APR is 4.48%, and again, the payment does not include taxes and insurance. 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.
  • 7-Year ARM: This is an adjustable rate mortgage, so you’ll want to research this option before jumping in. It can be a benefit to you, but it could also cost you in the long run. 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). 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. The principal and interest payment would be $859.03, based on a $200K loan. Keep in mind though, this rate is variable!
  • 5-Year ARM: The current quote on a 5 year, adjustable rate mortgage is 3.25% with two points due at closing. The principal and interest payment for this option would be $847 based, again, on a $200K loan.

Quicken Loans also offers a variety of ways to reduce your monthly payments. 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 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.

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First-Time Home Buyers

Are 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.

That being said, diving into home ownership can be a daunting, intimidating, and overwhelming process. 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). Fortunately, this is not the case with Quicken Loans. Their questionnaires and calculators guide you step-by-step to make sure you find the mortgage product that best suits your needs.

Questionnaires and Calculators

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. I happen to be a big fan of calculators and questionnaires, and their website is full of them. By answering a few simple questions, they can steer you toward the product that is the best fit for you.

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 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. 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.

Final Word

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. I was overwhelmed by the whole process, and probably made a few less than brilliant decisions.

Having refinanced my mortgage a few times, I can truly appreciate the valuable service Quicken Loans has to offer. They are fully equipped to deal with any financial situation – whether you are upside down on your mortgage, can no longer afford to pay your current mortgage, or are simply out to refinance.

Before I discovered all of the advantages of Quicken Loans, I probably never would have considered an online lending institution for my refinance. Now, they are definitely at the top of my list. I don’t think you can go wrong by developing a relationship with them.

Have you had any direct experience with Quicken Loans? Feel free to share your experiences, both good and bad, below.

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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
David started his own personal finance blog, YourFinances101, in June of 2009 and published his first book on ways to save more and spend less called "Don't Be A Mule..." Since then he has been a regular contributor for Money Crashers. He lives just outside Atlanta, GA and most all of his free time is taken up by his amazing three year old son, Nicholas.