home loan
Home Finances – Quicken Loans
Hi, I’m Chris Klau and I’m a director here at Quicken loans. Often times we get the question from clients “How often should I look at my home finances?” And while there’s no specific rule for every situation, you generally want to look at your finances every 6 to 12 months. That way you can make sure that you’re always managing two things that are always changing.
Number one is your life – that’s always changing, new life events are always happening so we want to make sure you’re managing your mortgage around the changes in your life.
The other thing that’s always changing is the mortgage market and the guidelines that mortgages are based on. So you want to make sure that you’re always connecting the changes in your life with the changes in the market to make sure you’re taking advantage of all the opportunities that are out there to put yourself in a better position. So definiately make sure you’re checking in as often as possible, there’s never a time where you can check in too much, and if you have any other questions, give us a call today.
Duration : 0:1:8
First Time Home Buyer Loans | First Time Home Buyers Loans
Some Types of First Time Home Buyer Loans
Owning a home is what everybody wants. However it is not as easy as we think it was if we want to buy a home for the first time.
Why? It is because we will get so many options that can help us or can lead us to confusion.
No matter in what stage your exhaustion in getting your first home, you might need to learn some considerations on getting the first time home buyer loans from the information below.
We all know that commonly, when dealing with buying a home, you will need to have financial support.
There are several types of first time home buyer loans that you can find in general.
The first type of the first time home buyer loans is the FHA loans. There are some characteristics of the FHA loan that you should know.
It has low down payment and also low minimum credit score. On the down payment you are required only 3.5%.
The terms in this first time home buyer loans are ranging from 10 to 30 years.
Lastly, the affordability of the first time home buyer loans is also determined by your monthly payments seeing also in the insurance and property taxes.
The next type of first time home buyer loans is the FHA HUD loans. This is specifically made for the first time home buyer loans who wants to have foreclosure home.
This first time home buyer loans is fixed rate mortgage with the terms that range also from 10 to 30 years.
The program in this first time home buyer loans offers closing cost up to $2,500 and down payment that can reach $100 as the lowest.
Besides that, there is also USDA financing. What is it? it is the loan that offers 102% financing on the home of first time home buyer.
The advantage on the first time home buyer loans is that it offers free down payment and also monthly fee for mortgage insurance.
To learn more about home loans for people with bad credit, please visit :
Consolidating-Loans.com
Duration : 0:2:11
Mortgage Amortization Calculator Quicken Loans
http://www.quickenloans.com/calculator
Ever wonder how much interest you pay over the life of your mortgage? Ever wonder how much an interest rate affects how much money you pay over the life of your mortgage? Ever wondered how much you could save it you made extra payments on your mortgage?
Well, wonder no more!
With Quicken Loans new mortgage amortization calculator, you can get all of this great information in just seconds.
Here’s how our mortgage amortization calculator works:
Step 1:
Go to http://www.quickenloans.com/calculator
Step 2:
Enter your current (or desired) loan amount, choose a term of 15 or 30 years, enter your desired interest rate (such as 4%), choose your state and then hit the Calculate button
Step 3:
In a few seconds we’ll show you a chart that shows your interest and principal payments over the life of your loan. The gold area are your interest payments, and the red area your principal payments. You can see how much of both you pay at any time during you loan. Plus you’ll see every month’s individual payment explained below the graph.
Pretty cool, huh? You haven’t seen anything yet.
This is where it gets interesting.
Step 4:
Go back to your inputs and add an extra payment. You’ll be surprised how it changes your results. In this example we’ll pick an extra annual payment that’s exactly the same as the monthly payment. So, basically, you’re paying 13 mortgage payments a year instead of 12. If you did this, you’d save over $23,000 in interest and have 51 less months of payments! You can change the extra payment to be a one-time only payment or even a monthly payment. Play around with the numbers. You’ll be shocked at how even making an extra $50 payment each month toward your principal can change your numbers over the life of your loan. Paying a little extra now is like investing in your future. You’ll have more money later to enjoy life — and isn’t that what it’s all about?
Now here’s the best part of all. We’re about to find out how lower interest rates allow you to pay tens of thousands of dollars less on interest.
Step 5:
Once again, let’s go back to our inputs, but now let’s change our mortgage rate. Keeping our same numbers, let’s try a different rate. How about 7%? Wow. The monthly payment on a 200k mortgage at 7% is $1,330.60. Compare that to the 4% payment we just saw that was $985. Same loan amount. Just a different rate. It’s amazing how much the rate can affect your monthly payment. Let’s really get crazy now and put in the rate that was available in 1980. 18%. I’m almost afraid to see the results.
Oh my. The payment on a $200,000 mortgage at 18% is over $3,000. Let’s put this one to bed forever and be very grateful we’re not living in 1980.
Try some other rates at your leisure. Put any number in you want. 4.25, 9.99, whatever.
It’s really interesting to see, in one place, how much your rate will affect what you pay for your mortgage, both monthly and overall. This hopefully shows why refinancing to a lower rate is such a smart idea. If you can refinance and lower your payment just $50 a month, you could actually take the $50 and put in back in your mortgage as an extra payment (as we did in step 4) and potentially save yourself thousands in interest!
That’s it. Hope you enjoy the Quicken loans mortgage amortization calculator as much as we do. Use it to help plan your refinance or your next home purchase. The more you know about your mortgage, the better decision you’ll make when you’re ready to move forward.
Thanks for spending your time with us. Have a great day!
Duration : 0:3:49
The Importance of Credit When Applying for a Mortgage – Austin Niemiec Quicken Loans
Hi my name is Austin Niemiec, I’m a Senior Mortgage Banker at Quicken Loans and I’m here today to talk about the importance of credit and the effects it has on applying for a mortgage.
So to begin, credit simply can be defined as a tool or a measure that companies like ourselves use to determine how likely you are to pay back a loan on time. There’s a lot of different factors that go into your credit and your credit profile.
Some of the main ones are the amount of credit card debt you have, how consistent you are on your payments in your mortgage, auto loans, student loans and there’s also a section for public record, such as bankruptcies, foreclosures, charge-off judgments that can have a derogatory effect on your credit score.
What is a good credit score?
In today’s lending environment, anything over a 740 is considered excellent or platinum. The average American has a credit score of around 680 and we can even lend as low as 580 in some cases.
Why is credit important when applying for a home loan?
It’s very, very important that your mortgage expert has an accurate, up-to-date credit profile when quoting you a mortgage rate. It’s going to affect the exact program, it’s going to affect the exact interest rate, it will also affect positive and negative pricing adjustments on your loan. So, to get an accurate quote, you need to have an up-to-date credit profile.
As a consumer, it’s very important that you know what’s going on in your credit world. There may be some small collections that you may not be aware of that pull your score down dramatically. There’s a very good website you can visit, and it’s free of charge, is Quizzle.com. It will give you a free peek at your credit report, it will also give you some advice and recommendations of how to get up to that top level or that top tier.
Any other questions can be directed to your mortgage expert, they’d be happy to elaborate further. Thank you.
Duration : 0:2:25
Mortgage Divorce Decree – Steve Chandler Quicken Loans
Hi, my name is Steve Chandler. I’m with Quicken Loans and I’d like to take a few minutes of your time today to explain the reasons why we might be requesting your divorce decree as one of the required documents in order to close on your loan. Here it is basically, in a nut shell — we certainly understand that there’s a lot of sensitive information contained in a divorce decree and we’re certainly not asking for it just to spy on your or look into your personal business, but there’s really some important information in there that helps us to better understand the entire profile of the loan.
One of the main things (and really there’s two components of this) is that first of all, often times in a divorce there’s a marital home that was involved in the divorce. When the ex-spouse leaves that home they’re usually entitled to a certain amount of equity in the home (moneys owed to them). And what we do if that’s the case is we basically need to review the divorce decree so we can take a look and find out how much is owed. If we can’t see it directly we usually send out a document for the ex-spouse to sign and also agree to what the payoff might be.
The other reason is that there could be alimony or child support payments that you could be responsible for. We need to know that. It’s just basically so that we have a complete picture of your loan and complete picture of how much money you have going out in terms of liabilities.
So those are the two main reasons why we need your divorce decree. In the event you are asked for that document, understand that we’re doing it for your best interest. Thank you very much. I’m Steve Chandler, this is Quicken loans — have a great day!
Duration : 0:2:18
Quicken Loans Refinance — Frank Salinger Mortgage Banker
Quicken Loans clients Peggy and David have refinanced their home several times with Quicken loans. They love the fact that the closing takes place in their home. Frank Salinger, their mortgage banker, promptly answered any question they had about their mortgage process. Peggy and David are life time customers of Quicken Loans and recommend them to anyone looking to refinance or purchase a home.
Duration : 0:2:18
Quicken Loans Mortgage Insiders — Ian Russell Mortgage Banker
Holly and Mike from New York, discuss in this video review how Quicken loans and Ian Russell helped them refinance their home.
My QL made understanding where they were at in the process very easy. It told them what documents they needed to turn in and what they had already sent in so far. They loved the fact that they could e-sign their documents, which made it simple and quick. “It was like home loans for dummies.”
There were no surprises. Holly and Mike previously had a 10.5% rate and were able to lock into a 5% rate with their refinance through Quicken Loans.
Ian Russell, their mortgage banker, helped them every step of the way.
Closing was done in the comfort of their home and took place at a time that was convenient for them. Holly and Mike recommend Quicken Loans and Ian Russell to anyone looking to refinance their home.
Duration : 0:2:55
Quicken Loans First Time Home Buyer — Doug Blodick Mortgage Banker
Quicken loans client Anthony from South Carolina, discusses in this video review how Quicken Loans and Doug Blodick helped him purchase his first home.
Anthony was contacted by Quicken Loans through a mutual acquaintance. Doug Blodick, Anthony’s Mortgage Banker, was there to help him in any way possible throughout the loan process. He answered any questions and made sure to keep Anthony informed along the way. The whole process was made easy with e-signature and sending documents online.
Anthony recommends Quicken Loans to anyone looking to purchase their first home or refinance.
Duration : 0:3:23
Quicken Loans Millionth Closed Loan
Quicken Loans just closed its millionth loan (but THERE IS STILL TIME to qualify for your mortgage to be paid off with the Thanks a Million Giveaway https://www.quickenloans.com/about/thanks-a-million ).
See the high-tech loan counting approach we took and meet the lucky clients behind our millionth closed mortgage. See the story from the eyes of the guy who counted the loans and the clients who closed that loan. Above all, thank you America, for one million closed loans.
Duration : 0:5:54
Quicken Loans First Time Home Buyer — Doug Blodick Mortgage Banker
Quicken Loans client Anthony from South Carolina, discusses in this video review how Quicken loans and Doug Blodick helped him purchase his first home.
Anthony was contacted by Quicken Loans through a mutual acquaintance. Doug Blodick, Anthony’s Mortgage Banker, was there to help him in any way possible throughout the loan process. He answered any questions and made sure to keep Anthony informed along the way. The whole process was made easy with e-signature and sending documents online.
Anthony recommends Quicken Loans to anyone looking to purchase their first home or refinance.
Duration : 0:3:23
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