Get a mortgage rate as low as 2.99% (3.058% APR) with the Amazing 5 Mortgage.
- Do you want to significantly reduce the cost of your mortgage?
- Do you plan to move or refinance in the next 5, 7 or 10 years?
- Do you want the lowest mortgage rate available?
If you answered “Yes” to any of these questions, an Amazing Mortgage might be right for you! Whether you choose the Amazing 5 Mortgage, the Amazing 7 Mortgage or the Amazing 10 Mortgage, you’ll get the lowest rate we offer and save thousands over a traditional fixed-rate mortgage during the initial fixed-rate period. Afterwards, the rate may change once per year.
Example: $200,000 loan amount, paying 2 points, with 30% equity on today’s rate
Over 5 years, a 5-year ARM at 2.99% could save you:
4.125% (4.356% APR)
= $969 per month
2.99% (3.058% APR)
= $842 per monthFuture Adjustments
Why you should choose Quicken Loans
- Only Quicken Loans offers you the Closing Cost Cutter and PMI Buster. Find out how these great options can help guide you to the best decision to meet your financial goals.
- We close the majority of our loans in 30 days or less!
- Our powerful online tools, like MyQL Mobile, allow us to close your loan quickly. This app is exclusive to Quicken Loans clients and works with iPhone® and Android™!
- We can close your loan fast. Katherine, of Holland, OH, said that with Quicken Loans, it was ‘open to close in 19 days! Fabulous!’
See where we’ve financed homes near you!
Other loans you might be interested in:
The Amazing Mortgage qualification requirements
- Refinance up to 95% of your primary home’s value
- Buy a home with as little as 10% down (primary home)
How an Amazing Mortgage works
- The Amazing Mortgage is an adjustable rate mortgage (ARM). Interest rates are fixed for a period of 5, 7 or 10 years. After the fixed-rate period, your interest rate may change once per year – either up or down depending on market conditions.
- Rate changes are capped at 5% above your initial fixed rate and 2% or 5% per adjustment period, which means you’re protected. For example: if your initial interest rate is 2.99%, your rate will never be higher than 7.99%, and will never rise more than 2% per year – after the fixed-rate period.
- Your actual payment will vary based on your situation and the current interest rates when you apply.
- You can pay your mortgage at any time without prepayment penalties.
- FHA and VA ARMs are also available for those that want the flexible guidelines of an FHA or VA loan
Learn more about adjustable rate mortgages
Very good, smooth process. The team really worked hard for us and we greatly appreciate everything.
Read this Review
Exceptional service! I had every question answered promptly and thoroughly. Very painless process.
Read this Review
“We found our home; I fell in love with it. I went home and just... on a whim I plugged in "mortgage companies" on the internet. And the next morning, I had an email at 8AM from a mortgage banker from Quicken Loans who wanted to hear things and wanted to listen. And he was really there... And he didn't speak to me as though I was just another sale waiting to happen. He really cared about me and my family and our situation...”
- Mortgage rates could change daily.
- Actual payments will vary based on your individual situation and current rates.
- Some products may not be available in all states.
- Some jumbo products may not be available to first time home buyers.
- Lending services may not be available in all areas.
- Some restrictions may apply.
- Based on the purchase/refinance of a primary residence with no cash out at closing.
- We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
- The lock period for your rate is 45 days.
- The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
- Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 251-9080 to talk to one of our mortgage experts.
30-Year Fixed-Rate Mortgage: The payment on a $200,000 30-year Fixed-Rate Loan at 4.125% and 70% loan-to-value (LTV) is $969.3 with 1.875 points due at closing. The Annual Percentage Rate (APR) is 4.356%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
Adjustable-Rate Mortgage: The initial payment on a 30-year $200,000 5-year Adjustable-Rate Loan at 2.99% and 70% loan-to-value (LTV) is $842.13 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.058%. After the initial 5 years, the principal and interest payment is $820.13. The fully indexed rate of 2.875% is in effect for the remaining 25 years and can change once every year for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years.