- Home Loans
Get a fixed rate with the option to pick any term from 8 - 29 years.
Who Are YOURgage Loans Best For?
If you want to tailor the term of your loan to fit your mortgage payoff timeline and monthly budget goals, Rocket Mortgage® YOURgage could be a great fit for you.
Like the idea of a 15-year fixed mortgage but want a little more spending room? Want to own your home outright the year your child goes to college? A YOURgage could be ideal.
How Do YOURgage Loans Work?
You’ll choose a custom loan term from 8 - 29 years. And with a fixed-rate, your principal and interest payments will remain constant for the life of your loan.
Just because you’ve set the length of your mortgage doesn’t mean you’re locked in. Make additional payments at any time and pay off your loan early.
How Do I Qualify For A YOURgage Loan?
- Minimum 3% down payment
- Minimum FICO® Score of 620
- Debt-to-income ratio (DTI) of no more than 50%
- 3% – 6% of the purchase price to cover closing costs
Take the first step toward the right Mortgage®.
Quicken Mortgage® YOURgage® Loan Benefits
- You can customize the length of the loan, potentially saving on your monthly payments.
- You may be able to avoid mortgage insurance with a down payment of 20% or higher.
- Your interest rate is fixed for the life of the loan, so you don’t have to worry about your rate rising.
- You can buy your primary home with as little as 3% down and can typically refinance up to 97% of your home’s value.
Mortgage Insurance Requirements
You’ll have to pay primary mortgage insurance (PMI) if you have a down payment less than 20%.
- This typically costs between 0.5% and 1% of your loan amount per year, spread over 12 payments.
- Once you reach 20% equity in your home, you may be able to request to cancel PMI.
- PMI is often cancelled automatically once you reach 22% equity.
- You have the option to apply for lender-paid mortgage insurance (LPMI). With LPMI, the lender pays the full premium for the mortgage insurance policy up front. In exchange, you take a slightly higher interest rate.
Recommended Next Steps
Find The Answers You Need
Visit our Learning Center, where we break down the mortgage process so it’s easier to understand.
Calculate What You Can Afford
Get an estimate on how much home you can afford, the down payment you’ll need and what your monthly payment could be.
Lock Your Rate
With Rocket Mortgage® by Quicken Loans®, start your mortgage application right away by answering just a few basic questions about your goals.