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| Different types of mortgages |
There are many types and lengths of mortgages available for your consideration.
Some of the more common types of mortages are:
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Loan Products & Services - Standard Loan Programs
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Explore Your Conventional Loan Options Today! Conventional loans offer competitive
interest rates and are not subject to loan size limits or government housing restrictions.
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FHA Loans Insured by the Department of Housing and Urban Development (HUD), these loans offer lower interest rates
and require smaller down payments. Call 1-800-QUICKEN
or use our 30-Second Solution to see if a FHA Loan is right for you.
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| 30-Year Fixed-Rate Loan |
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With a 30-year fixed-rate loan, your interest rate stays the same for the life of the loan resulting in
predictable monthly payments. Call 1-800-QUICKEN or use
our 30-Second Solution to see if a 30-Year Fixed-Rate Loan is right for you.
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| Adjustable-Rate Mortgage |
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Loans with interest rates that adjust periodically based on changes in a pre-selected index.
As a result, the interest rate on your loan and the monthly payment will rise and fall with increases
and decreases in overall interest rates. An interest rate cap limits the amount by which the interest
rate can change; look for this feature when you consider an ARM loan. Call 1-800-QUICKEN or use our
30-Second Solution to see if an Adjustable Rate Mortgage is right for you.
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| 15-Year Fixed-Rate Loan |
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With a 15-year fixed-rate loan, your interest rate stays the same for the life of the loan resulting in predictable
monthly payments. Call 1-800-QUICKEN or use our
30-Second Solution to see if a 15-Year Fixed-Rate Loan is right for you.
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| 15-Year Adjustable-Rate Loan |
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Loans with interest rates that adjust during a 15-year term based on changes in a pre-selected index.
As a result, the interest rate on your loan and the monthly payment will rise and fall with increases
and decreases in overall interest rates over the 15-year term. Call 1-800-QUICKEN or use our
30-Second Solution to see if a 15-Year Adjustable Rate Loan
is right for you.
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Loan Products & Services - Special Loan Programs
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Take advantage of our Special Loan Programs. We're confident we can custom-fit the perfect home loan for you.
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| The Mortgage 1st® Program |
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Unlike pre-approvals offered by other lenders, Mortgage 1st gives you a firm mortgage commitment before you begin
shopping for a home. With Mortgage 1st, we process, underwrite and approve your home from start to finish.
Apply now to get your Mortgage 1st Approval!
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| First Time Homebuyer Advantage Program |
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The First Time Homebuyers Advantage Program is like having your own personal home buying consultant.
This unique, personalized, home buying program features home-buying tips & articles, a home-buying checklist,
interactive calculators, and much more.
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| The Quicken Easy Loan |
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Designed for borrowers with excellent credit, the Quicken Easy Home Loan makes buying or refinancing a home faster
and easier than ever. Close in as little as 15 days with no pay stubs, no W-2s and no income tax returns.
Call 1-800-QUICKEN (1-800-784-2536) or use our 30-Second Solution to see if a Quicken Easy Loan is right for you. |
| The Easy Answer Loan |
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Are you paying a higher interest rate than you should? Maybe you have a slightly blemished credit history and
your assets are limited. With the Easy Answer Loan, you can get a competitive interest rate (9.99% or less).
Call 1-800-QUICKEN (1-800-784-2536) or use our 30-Second Solution to see if an Easy Answer Loan is right for you. |
| The Tax Smart Loan |
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The Tax Smart Loan is for customers - even first-time homebuyers -- who want to avoid private mortgage
insurance (PMI), and have less than a 20 percent down payment.
Call 1-800-QUICKEN (1-800-784-2536) or use our 30-Second Solution to see if a Tax Smart Loan is right for you. |
| The Teacher & Officer Next Door Loan |
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If you're a teacher or police officer, you can get a 50 percent discount on HUD-owned, single-family
homes in certain designated revitalization areas.
Call 1-800-QUICKEN (1-800-784-2536) or use our 30-Second Solution to see if a Teacher & Officer Next Door Loan is right for you. |
| Zero-Down Programs |
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What's stopping you from buying the home you want? With a Zero-Down Home Loan, you can finance 100
percent of the purchase price of your new home. Click here to use our
30-Second Solution to see if a Zero-Down Home Loan is right for you.
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| Balloon Mortgages |
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A balloon mortgage is similar to a fixed rate mortgage in that
you pay a fixed amount per pay period for a set number of years.
The difference is that balloon mortgages are usually short term mortgages,
thus you are required to pay one large final balloon payment for the remaining principal at the end of the term.
Typically, this balloon payment is due at the end of 5, 7, or 10 years,
depending on the duration of your loan.
Borrowers of balloon loans can also refinance the loan when the balloon payment is due,
but this right is not guaranteed.
Some mortgage companies allow you to finance more than 100% of the home's fair market value. Most planners caution against this. |
| Other Home financing Options |
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In addition to the types of mortgages specified above, a number of additional loan programs are available
for your individual financing needs. For a listing of innovative home financing options available through
Quicken Loans, click here.
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| With all this information in mind, you are now ready to shop for a mortgage that fits your needs. |
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