Is an adjustable rate mortgage right for you?
With Rocket Mortgage℠ by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can find out which loan option is right for you.
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Get a mortgage rate as low as 2.875% (3.52% 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.
Why you should choose Quicken Loans
- Only Quicken Loans offers you the Closing Cost Cutter and PMI Advantage. Find out how these great options can help guide you to the best decision to meet your financial goals.
- With more than 30 years of experience, we’ve designed a mortgage process that adapts to your needs.
- 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™!
The Amazing Mortgage qualification requirements
- Refinance up to 90% 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 it 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 who want the flexible guidelines of an FHA or VA loan.
Learn more about adjustable rate mortgages
- 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 40 days.
- The loan to value (LTV) ratio is 75%. 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.