Quicken Loans Zing Blog - Learning Center - Consolidate DebtIs home loan debt slowly creeping up on you?  Quicken Loans is here to help eliminate high interest payments on your mortgage so you can regain control of your financial situation!  It’s not too good to be true: we really can consolidate your debt by refinancing with low, tax-deductible mortgage rates!

Why not make one low, monthly payment instead of dealing with several?  You’ll pay less overall each month and the interest is generally tax-deductible!  Even if you don’t have perfect credit, we’ll get you started on paying off high-interest debts to improve your rating!  Talk about savings!

Does This Sound Like You?

Maybe you’ve got a little one on the way, saving for retirement, or you’re just looking to pay off other bills: whatever the case, Quicken Loans can help you consolidate your home loan debt!  Refinancing a home can add up to savings for college tuition and weddings, or help ease the burden of divorce or the loss of a loved one.


What Are the Home Loan Options That Fit Your Goal?

Want to refinance with some of the lowest home loan rates in history?  We don’t blame you!  At Quicken Loans, we’ve got plenty of mortgage options to fit your unique situation.

Adjustable Rate Mortgage

The ARM (adjustable rate mortgage) has the lowest rate around!  It might be an excellent choice if you’re looking to:

  • Refinance up to 95% of your primary home’s value
  • Buy a primary home with as little as 5% down
  • Be guaranteed the flexible guidelines and security associated with our available FHA and VA ARMs
  • Pay your mortgage at any time without pre-payment penalties

As a reminder, rate adjustments are capped at 5% above your initial rate and 2% or 5% per adjustment period. This means if your initial interest rate is 3.99%, your rate will never be higher than 8.99%, and will never rise more than 2% per year.  Wow! Talk about savings!

30-Year Fixed-Rate Loan
As the length of your loan increases, it’s only natural for your monthly payment to decrease!  With a 30-year fixed-rate loan, payments are low and steady, leaving you with that peace-of-mind feeling that there won’t be any surprises hitting your budget!  It’s a great refinance option if you’re looking for features such as:

  • Ability to refinance up to 95% of your primary home’s value
  • Opportunity to purchase a primary home with as little as 5% down
  • Loan amounts ranging from $25,000 to $2,000,000

FHA Streamline Refinance
A simple qualification process, government-backed security, and a lower payment to help you consolidate debt?  It might sound too good to be true, but an FHA Streamline Refinance offers you the same great features as your current FHA loan and works to make your monthly rate cost less!  With a streamline refinance, there are minimal credit requirements, no appraisal required, and a simple qualification process

VA Loan
We’ve got super rate-saving options for veterans too!  Apart from the no down payment guarantee that saves you money up front, VA loans are available with the following options for ideal debt consolidation:

  • 30-, 20-, and 15-year fixed-rate loans
  • 5-year Adjustable Rate Mortgages
  • Jumbo VA loans up to $1,094,625 ($1,500,000 in Alaska and Hawaii)
  • Up to $325,000 cash-out on a refinance

And the best part?

  • Ability to refinance up to 100% of your primary home’s value
  • Opportunity to buy your primary home with no money down
  • No monthly PMI (Private Mortgage Insurance)

YOURgage
If you’re looking to refinance but stay the course with your loan’s term, consider our YOURgage. Our most revolutionary and flexible home loan option, it’s customizable to your terms, whether it’s a 27-year or 19-year mortgage!

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