Quicken Loans urges Americans to take advantage of lowest rates in 12 months



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Quicken Loans received the highest score in the J.D. Power 2010 - 2018 (tied in 2017) Primary Mortgage Origination and 2014 - 2019 Primary Mortgage Servicer Studies of customers' satisfaction with their mortgage sales experience and mortgage servicer company, respectively. Visit JDPower.com/Awards.

Adjustable Rate Mortgage:
The initial payment on a 30-year $200,000 5-year adjustable rate loan at 4.125% and 75.00% loan-to-value ratio (LTV) is $969.3 with 2.375 points due at closing. The annual percentage rate (APR) is 5.059%. After the initial 5 years, the principal and interest payment is $969.3. The fully indexed rate of 5.125% is in effect for the remaining 25 years and can change once every year for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years.

15-Year Fixed-Rate Mortgage:
The payment on a $200,000 15-year fixed-rate loan at 5.125% and 75.00% loan-to-value ratio (LTV) is $1594.65 with 0 points due at closing.The annual percentage rate (APR) is 5.301%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of 10/18/2018. Some state and county maximum loan amount restrictions may apply.

Based on the two scenarios above, a homeowner could save hundreds from switching from a 15-year fixed-rate loan (payment of $1,504.56) to an adjustable rate mortgage (payment of $969.30), resulting in a savings of $535.26.



30-Year Fixed-Rate Mortgage:
The payment on a $200,000 30-year fixed-rate loan at 5.625% (6.087% APR) with 0 points and an LTV of 97% is $1,241.32, which includes a mortgage insurance payment of $90.00. Taxes and homeowners insurance are not included. The actual payment will be greater. Rates shown valid on publication date of 11/07/18. Product available on fixed-rate conventional products only. No FHA, VA or jumbo products. Additional restrictions/conditions may apply.

To qualify for these loan programs, you must be at least 18 years of age with a valid U.S. residency. Guidelines may vary for self-employed individuals. Formal approval will be subject to satisfactory verification of income, assets, credit, property condition and value. Additional restrictions/conditions may apply.

Cash-Out Refinance:
The average homeowner with a mortgage has gained $12,400 of equity in their home this year available to draw and use, that homeowners are missing out on. Due to the new tax laws, not all uses of cash from HELOC's are tax deductible, which is a loss of a major benefit for consumers who are interested in tapping into that equity. Therefore, cash out refinances may be more appealing to individuals interested in refinancing, because they maintain their tax deductible benefits that are not as available under HELOC.



Out of the 51.7 million homeowners with a mortgage in the United States, 43.6 million have tappable equity. This means that 84% may have available equity or cash that they can use in their homes.


Furious Pace and Cutting Your Number of Payments in Half assumes refinance from a 30- to a 15-year fixed rate mortgage.

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