A Federal Housing Administration (FHA) loan provides many benefits for home buyers and those who are trying to refinance. Let’s take a minute to better understand the particulars of this government-insured program to see if it’s the right decision for you.
The VA home loan program is a great benefit for veterans and eligible active duty service members serving our country at home and abroad. We put together a new video on the advantages of this great loan program.
One potentially confusing aspect of rate shopping for mortgages is that you’re actually looking at two different rates: the interest rate and something called the APR. What gives? Quicken Loans Home Loan Expert Kevin Ruzylo lays out the difference for you.
Whether you’re a seasoned homeowner or a first-time home buyer, understanding how your escrow account works can be confusing. But really, it doesn’t have to be. I’ve taken the most important information and broken it down for you so when you’re facing your next escrow analysis, you won’t be freaked out.
If you’re currently in the process of purchasing a home, you may have come across the terms “conventional” and “non-conventional.” But what’s the difference? And why should you choose one over the other?
Whether you’re a first-time homebuyer or a veteran of the mortgage process, it’s easy to be confused by mortgage discounts points. Let’s break down the purpose of these points, as well as the overall benefits and risks of buying them. This information could save you thousands over the life of your loan.
Quicken Loans Director of Solution Consulting Eddie Berger explains how you can use mortgage calculators to play out scenarios affecting your mortgage payment, such as changing the term and rate. You can also calculate how much you would save by paying off your mortgage sooner.
The adjustable rate mortgage (ARM) has been a popular choice for decades for Americans wanting to refinance or buy a home. The reason is simple – ARMs often offer a lower rate than fixed-rate mortgages and can save homeowners thousands of dollars. Watch our new video to learn more about ARMs.
When you make monthly mortgage payments, a portion of that money goes toward the loan principal, and a portion is applied to the interest. Amortization is all about understanding the relationship between the principal and the interest, and how this relationship changes over the life of the loan.
Want to learn more about the home buying process? Watch our video, which breaks down the buying process into a few easy steps.