Quicken Loans is an online lender platform said to be among the best online lender based on comparison to online residential mortgage lenders. Quicken loans are also one of America’s largest mortgage lenders as of now. This mortgaging platform is a rather enhanced one as it gives you access to so many mortgaging tools online.
Types of Loans Quicken Loans Offer
Like I said earlier, this platform is a rather enhanced one, henceforth it has so many categories of loans it offers. Below are the types of loans the mortgaging platform offers.
Thirty Years of Fixed Loans
Thirty years fixed loans are a common way of taking huge sum of money and paying it back little by little within or a week after thirty years. When you apply for this loan, the money you are to pay back will be broken down to a certain amount of which you will pay at regular intervals for thirty years.
If you take a thirty years fixed loan from quicken loan, you can pay down your mortgage time at any time without prepayment penalties. Additionally, you can buy the home of your choice and settle down while paying back the money in bits.
Fifteen Years of Fixed Loan
This is also more like the thirty years fixed loan but this one has more advantages and more disadvantages. The advantages are that of which your loan interest is reduced. However, the disadvantage is that the time will be shorter than the thirty years and if you take a whole lot of money, you are going to pay quite an amount depending on your preferences.
FHA loans are the ideal loans for people with low credit scores. Also, you still have chances of qualifying if you have financial difficulties in the past. Furthermore, FHA loans are available in different terms and you can easily choose the one that best suits you and apply. However, in most cases, the loan must be insured by the Federal Housing Administration.
VA loans are some kind of advanced mortgage option for individuals who meet the Vas guideline for military service. Before applying for VA loans, you will have to make sure you have sufficient income and that you are eligible. One benefit of this loan is that you can qualify with a lower credit score and more debt compared to conventional loans.
These loans are also referred to as rural development loans. These loans are backed up by the U.S Department of agriculture to provide affordable mortgage options to homes in rural areas. However for you to be able to apply for this loan, your credit score must be above six hundred and twenty.
Quicken Loans Mortgage Calculators
Before applying for a mortgage, it is best you check the figures that are associated with it first to make sure you are on the right part. Now, this is what quicken loans offer. With quicken loans mortgage calculator, you can now calculate your supposed mortgage rate. To use the quicken loans, mortgage calculator;
- Go to the official quicken loans website at QuickenLoans.
- On the website homepage, hover in the calculator’s tab and click on see all calculators.
- From the new webpage you are taken to, click on the mortgage calculator and enter the information you are asked to into the boxes.
- Click on next and follow the instruction given to you afterward to calculate your mortgage.
That is it for using the quicken loans mortgage calculators.