Quicken Loans
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
Quicken Loans Home Buying – Dana Staniec Mortgage Banker
In this video, Quicken loans clients, Rick and Deanne from Texas, talk about their home buying experience with Quicken Loans. Dana Staniec, their mortgage was very responsive and helped make this a very easy process buying a house. The Tate’s would recommend Quicken Loans to anyone.
Duration : 0:1:18
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
Adjustable Rate Mortgage Questions Answered – Kent Wenzel Quicken Loans
Quicken loans Mortgage Banker, Kent Wenzel answers the two most frequently asked questions regarding ARMs (Adjustable Rate Mortgages).
Duration : 0:2:4
Quicken Loans Refinance Lousiana – John Moga Mortgage Banker
Quicken loans client John, from Lousiana, discusses how his banker, John Moga, helped him through a sudden divorce. John’s banker called him after every court date to check in and he updated him about custody agreements and property settlements. After the property settlement papers were signed, John called his banker and he was approved for the loan fifteen minutes later. From communicating with the client care specialist to setting up dates for closing, John’s expererience with Quicken was the most pleasant and easy he’s ever dealt with at the commercial level.
Duration : 0:3:27
Quicken Loans Home Buying – Jesse Kernc Mortgage Banker
Quicken Loans client from Texas discusses how Quicken Loans helped her family purchase their second home. When their original bank couldn’t deliver the promised rate, they contacted Quicken loans Mortgage Banker, Jesse Kernc. She liked how Jesse was always available to answer any questions and how easy it was to complete the application and all other paperwork online at their convenience. Everything went smoothly and they got a fantastic rate. They were extremely pleased with Quicken Loans.
Duration : 0:4:4
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
How Social Security Numbers and Credit Reports Fit into the Loan Process
Hey everyone, I’m Abby Pougnet and you’re watching this week’s Watch it Wednesday. Today mortgage banker Marshall O’Keefe is here to help you understand the mortgage process a little bit better by answering two questions for you: one being “why do we ask for your social security number?” and two “how is my credit score effected when you pull my credit report?”
So let’s see what he has to say!
Hi, my name is Marshall O’Keefe and I’m here to talk to you guys today about a couple quick questions that we get from clients very often first of all being ‘why do we need your social security number’ ? The answer to that question is so we can access your credit report. We are actually pulling reports from all three of the major bureaus which are: Experian, Equifax and Trans-Union. And this information is already on file with these companies. What we’re asking for your social for is to be able to match up the records they already maintain.
One of the follow-up questions that often comes after that is ‘how is my score going to be effected by having my credit pulled?’ and the easiest answer is there’s going to be a very small effect on it. Usually the first time you have it accessed it’s between 3 and 5 points, which is obviously not very major when it comes to your overall score. The good news also is that the bureaus are able to differentiate these days as to what types of organizations are accessing your credit — and a mortgage lender is going to be looked at much less adversely than some other types of organizations.
One last piece to keep in mind is that you have a 14 day window when looking around for different lenders — If you have your credit pulled once, generally speaking you’ve got about 14 days to have it accessed multiple times. That’s really only seen as one pull when it comes to the actual inquires on your report.
Duration : 0:1:40
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