Quicken Loans Zing Blog - Learning Center - Lower Mortgage PaymentWhat would you do if you had a lower mortgage payment?  Maybe you’d start a college savings fund for the kids?  Or how about buy that shiny new car you’ve had your eye on for months?  We know you don’t want to pay more than you have to on your home loan, so we’re here to help lower your payment!

Does This Describe You?

While there’s never a better time to lower your mortgage payment – especially with today’s low rates – we know there are certain events that might have you in need of extra funds.  Whether you’re paying for your kids or your own college tuition, saving for a wedding, expecting a baby, or even setting money aside for a down payment on your next home, we can help you get into a lower monthly rate!

What Are the Home Loan Options That Fit Your Goal?

You want options?  We’ve got them!  When it comes to refinancing your home, Quicken Loans has plenty of mortgage choices 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 Mortgage
As the length of your loan increases, it’s only natural for your monthly payment to decrease!  With a 30-year fixed rate, 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 Mortgage
A simple qualification process, government-backed security, and a lower payment?  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 Mortgage
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 payment lowering:

  • 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 Mortgage
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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