![]() The steady monthly payments with a fixed-rate mortgage may make it easier to budget.Īdjustable-rate mortgage (ARM): Also known as an ARM, this mortgage option from Quicken Loans generally has a lower interest rate when compared to fixed-rate mortgages with the same term - at least at first. The fixed-rate mortgage is a dependable home loan option. Fixed-rate mortgages are available in 15-year and 30-year terms with Quicken Loans. With Quicken, customers have quite a few options:įixed-rate mortgage: Your interest rate and monthly payments will stay the same for the entire life of this loan. You can talk through your mortgage options over the phone with Quicken Loans, but it helps to have done some research into your mortgage choices before you have your initial phone call with a lender. Once you’ve decided to dip your toe into the mortgage market you’ll need to decide what type of mortgage to get. ![]() What Kind of Mortgage Can I Get with Quicken Loans? Hate talking on the phone? You may be better off using Rocket Mortgage, an online-only portal from Quicken Loans that lets you complete your entire mortgage application on the web, without speaking to a loan officer. The company combines online mortgage application tracking with a legion of representatives who can guide you through your application over the phone. Getting a home mortgage from Quicken isn’t a matter of driving over to a local branch. You can also use the company’s “YOURgage” feature to customize your loan terms. It does, however, offer a range of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans and jumbo loans. Quicken provides only mortgages and loans - it doesn’t offer any banking, investment or other financial products. Its parent company is Rock Holdings, Inc. Quicken Loans is the largest online retail mortgage lender, according to National Mortgage News. Headquartered in Detroit, Quicken Loans has provided more than two million American families with mortgages. 2018, that it became the nation's largest residential mortgage lender with a total loan volume of $83.4 billion. Quicken, which was founded in 1985, announced in Feb. ![]() Quicken’s Home Value Index is based solely on appraisal data from home purchases and mortgage refinances.Quicken Loans has a reputation as a heavy-hitter in the mortgage space. The national composite is determined analyzing appraisal and homeowner estimates throughout the country. It compares estimates on homeowner-supplied refinance mortgage applications to the appraisal later performed. The Quicken Loans Home Price Index and Home Price Perception Index measures the difference between appraisers’ values and homeowners’ opinions of home values. dropped slightly since May, when the gap was -0.23 percent. The negative difference between homeowner perceptions and actual appraisals in D.C. was -0.19 percent in June of this year, which isn’t very large - but the gap looks a little wider compared to a positive 1.1 percent HPPI in June 2015. homeowners continue to experience lower home appraisals than they expect, and the gap has grown significantly on an annual basis. The leaderboard was switched on the HPPI scale, though, with Northeastern homeowners overestimating their home values by 2.14 percent in June and those in the West by 1.7 percent, according the report. The western region of the country saw the highest increases in home values month-over-month (1.45 percent) and year-over-year (5.84 percent), while the Northeast saw the lowest increases in both, growing 0.17 from May to June and 2.07 percent annually. And although their counterparts’s expectations in Cleveland, Chicago and Detroit aren’t in line with appraisals, either, it’s on the opposite end of the spectrum, with the HPPI in those markets falling anywhere from -2 to -3 percent. Homeowners in markets like Denver, San Francisco and Dallas are likely to see appraisals from around 2 to 3.23 percent higher than their expectations. As the report points out, home values and perceptions can vary widely across the country.
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