An adjustable-rate mortgage (ARM) is “a loan with interest rates that are adjusted periodically based on changes in a pre-selected index after a set fixed-rate period. As a result, the interest rate on your loan will rise and fall with increases and decreases in overall interest rates.” There you have it. The official definition of [...]

The VA loan is one of the most popular loan programs in America – with over 14 million veterans and military members taking advantage of this benefit since the end of World War II. What makes VA loans so appealing when refinancing are the relaxed credit requirements and higher refinancing and cash-out refinancing amounts that [...]

Let’s say you have a home that’s worth $150,000 and you owe $100,000 on the mortgage. That means you have $50,000 of equity in your home, which is like having $50,000 in a savings account. A cash-out refinance allows you to access that equity. For instance, if you need $10,000, you can refinance your mortgage [...]

Myth: Everyone can qualify for a loan modification – regardless of their ability to pay their existing mortgage or their previous pay history. Fact: Loan modifications are intended to prevent foreclosures for borrowers who are in default or are in imminent danger of default. If you qualify for a refinance now, you will NOT qualify [...]

Interest-only home loans are great for keeping your mortgage payment low and flexible. By paying just the interest payment, you free up cash each month because you don’t have to pay the principal, too. The flexibility to pay the interest only one month and the principal and interest the next puts you in control of [...]

Quicken Loans now offers FHA Streamline, the easiest way to refinance your FHA loan. With FHA Streamline, you could refinance an FHA loan with no appraisal and no income/assets verification. Watch our FHA Streamline video on YouTube for more information about this great opportunity to lower your mortgage payment with an FHA refinance. Refinancing an [...]

At Quicken Loans, our goal is to make sure you’re always in the best mortgage for your financial situation. As you’ve heard in recent news, our government released a multi-step plan to help American homeowners. We’re extremely excited to be a part of the plan that could help up to 9 million responsible homeowners in [...]

Confused about whether you can qualify for a Wells Fargo loan modification to lower your mortgage payment? Homeowners facing financial difficulties may apply for a loan workout to lower their monthly loan payment to help them to stay in their home. However, each applicant must complete a loan modification package that will be reviewed for [...]