• Are you having a baby? Here’s a handy, downloadable PDF with a list of 50 essential items you’ll need for your new baby. Whether you’re sorting through your baby shower gifts or drafting your shopping list, these tips may help you figure out what you need most.

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  • Although vacationing during the cold winter months is exciting, it’s important to take care of all the mundane details before leaving your home for a significant amount of time. Nobody wants to worry about the safety of their home while vacationing, and you won’t have to if you take these steps.

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  • Characterized by bright colors, woven fabrics and handcrafted pieces, southwestern-style decorating takes influences from Native American, Spanish and Mexican art. Whether you live out west and want your home to reflect your surroundings, or you simply want to incorporate colorful or handmade items into your existing decor, here are some tips to help you...

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Adjustable Rate Mortgages

Adjustable Rate Mortgages

An adjustable rate mortgage (ARM), is a loan with an interest rate linked to a specific economic index. As this index changes, the interest rate on your loan will change as well, and your monthly payments will be periodically adjusted up or down accordingly. Because ARMs are usually less expensive than fixed-rate mortgages, many borrowers choose ARMs when purchasing or refinancing. Borrowers might also choose an ARM if their property interest rates show signs of remaining low, if they don’t plan to keep their property for a long time and they need to save money in the short term, or if they intend to refinance to a fixed-rate mortgage before their interest rate adjusts. What Is the Index, Margin, and Adjustment Period on an ARM? Lenders use a specific index to measure interest rate changes on each ARM. While 1-year, 3-year and 5-year Treasury Notes are the most commonly used indexes, there are many others. The margin is the interest rate that represents the lender’s cost of doing business plus the profit they will make on the loan. The margin is added to the index rate to determine your total interest rate; it usually stays the same during the life of your home loan. The period between rate changes is called the adjustment period. For example, a loan with an adjustment period of 3 years is called a 3-year ARM, and the interest rate and payment cannot change until three years after the loan was originated. Are There Caps on…

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Mortgage Pre-Approval is Better than Pre-Qualified

Mortgage Pre-Approval is Better than Pre-Qualified

Get the mortgage advice you need. Your biggest investment is your home, and our exclusive Quicken Loans Pre-Approval give you the edge you need to make the most of it. You could have a lower mortgage payment, lower interest rates, flexible payment options, low down payment, no closing costs ultimately giving you a lot more home buying power. We offer a number of different types of mortgage options to fit your individual financial situation. Strong Negotiating Muscle With any Quicken Loans Pre-Approval home loan, you’re approved for your mortgage* before you shop for a home, giving you extra muscle at the bargaining table. It’s the closest thing you can be to a cash buyer. You have a clear advantage over other home buyers because the seller knows that your offer is serious. Expert Online Mortgage Advice Your home purchase is the biggest investment you’ll ever make, and you should maximize your investment. The home loan experts at Quicken Loans help you do that. You’ll not only get expert mortgage advice on which home loan makes sense for your situation and gives you more buying power, but you’ll get the Home Advantage newsletter published exclusively for our clients. You’ll learn how to manage your mortgage as you would manage your stocks and bonds, IRAs and 401k. Knowing how to maximize your home investment can benefit you greatly. Get More Home Buying Power The Quicken Loans Pre-Approval give you options and flexibility. For instance, we’ve got home loans that allow you to…

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FHA Mortgages

FHA Mortgages

The Federal Housing Administration (FHA) doesn’t make or guarantee loans, but it’s been insuring home loans since 1934. The insurance on FHA loans removes or minimizes the default risk lenders face when borrowers put down less than 20% of the purchase price. FHA-approved lenders are authorized to process loan applications, underwrite, and close FHA loans. Why Is an FHA Loan a Good Option for Single or First-Time Homebuyers? First-time and single homebuyers should explore FHA loan options for several reasons. First, it will be easier to qualify for an FHA home mortgage because your loan will be insured by the government, thereby making your application more attractive to lenders. Second, an FHA loan often costs less than a conventional mortgage and is more forgiving of issues with credit and payments. Third, FHA home loans don’t require a large down payment at closing time, which is a huge plus for first-time homebuyers or an unmarried person seeking to buy a home on a single income. Since January 1, 2009, FHA borrowers can finance 96.5% of the purchase price and put down only a low 3.5% down payment! Yet another advantage to FHA loans for single or first-time buyers is that FHA mortgage terms may allow you to wrap closing costs into your mortgage. Because typical closing costs for FHA home loans are around 2% or 3% of the total mortgage, this option can allow you to get a loan that would otherwise be cost prohibitive if you don’t have stacks of…

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Interest-Only Mortgages: The Facts

Interest-Only Mortgages: The Facts

An interest-only loan is one that gives you the option of paying just the interest or the interest and as much principal as you want in any given month during an initial period of time after your closing. For many, the most appealing feature of an interest-only loan is that you control your payment amount and your cash flow in any given month during the interest-only period, and your monthly mortgage payment will be lower than it would be with an interest plus principal payment. Your interest rate may or may not be lower than a traditional mortgage, depending on your specific situation, but you will have the option of flexible payments. Who Is an Interest-Only Home Loan For? There are a number of reasons people consider interest-only loans. For instance, it might make good financial sense. On a traditional 30-year fixed, roughly 70% of the payment goes toward interest during the first six or seven years of the loan. If your interest rate is low, then you’ve borrowed money at a good rate. Instead of paying down that low rate loan, the extra money each month from making interest-only payments can be investe in something that would bring a higher rate of return. Depending on the loan amount, you could have access to thousands of dollars over the course of several years to invest or reduce high interest debt, including credit card debt. An interest-only home loan is sometimes considered an option for people who expect to be in…

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