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30-Year Fixed-Rate Mortgage

The 30-year fixed-rate mortgage is our most popular home purchase and refinance loan. If you are planning to stay in your home for at least ten years, a 30-year fixed-rate mortgage will provide both security and mortgage payment stability.

Historic low rates on fixed-rate mortgages, will give you the peace of mind in knowing that your mortgage payment will start and stay low over the next 30 years! Talk to a Quicken Loans expert and learn how you can benefit from a fixed-rate loan.

Looking to buy a home? With a fixed-rate mortgage, you can put down as little as 5%! That means, that if you cannot afford the full 20% for a down payment, you can still get a low mortgage rate and the security that your mortgage payment will not change.

Looking to refinance? A fixed-rate mortgage allows you to refinance up to 95% of your home value. Alternatively, you may also refinance up to 90% AND take out cash or pay off debt that does not offer tax incentives. (Please consult your tax advisor.)

15-Year Fixed-Rate

The 15-year fixed-rate mortgage appeals to prospective homebuyers that plan on living in their home less than 15 years or want to pay their mortgage off fast. Mortgage rates on 15-year fixed-rate home purchase or refinance loans are lower and allow borrowers to pay much less interest than longer terms. Talk to a Quicken Loans expert and learn how you can benefit from a 15-year fixed-rate loan.

Looking to buy a home? With a fixed-rate mortgage, you can put down as little as 5%! That means, that if you cannot afford the full 20% for a down payment, you can still get a low mortgage rate and the security that your mortgage payment will not change.

Looking to refinance? A fixed-rate mortgage allows you to refinance up to 95% of your home value. Alternatively, you may also refinance up to 90% AND take out cash or pay off debt that does not offer tax incentives. (Please consult your tax advisor.)

30-Year FHA Home Loan

A FHA home loan is one of our most popular home purchase products. With a FHA loan, you can put down as little as 3.5% of the value of your home, which is one of the lowest down payments in today's market!

Insured by the Federal Housing Administration (FHA), these mortgages allow more borrowers with low or no credit to qualify for a loan under the flexible credit guidelines. FHA loans allow higher debt-to-income ratios than permitted by typical insurers. This makes FHA loans the first choice for first-time homebuyers, giving them more home for their money.

There is no maximum income level with FHA programs; however, county-specific maximum home loan amounts apply. Talk to a Quicken Loans expert and learn the specific requirements for the county in which you are looking to finance a house.

5-Year ARM

If you are looking for the lowest rate and monthly payment, you may now benefit from our historic low rates for adjustable-rate mortgages (ARM). A 5-year ARM makes sense for prospective homebuyers who are planning to stay in their home for less than five years.

During the fixed term of the loan, an ARM typically offers a lower rate and lower monthly payments compared to a fixed-rate mortgage. Interest rates may adjust after the fixed-rate period of 5 years. You would want to ask for an adjustable-rate mortgage offered with an interest rate cap to limit the amount by which the interest rate can adjust. Example: With a 2% interest rate cap, a mortgage rate could only rise 2% above the initial fixed rate, regardless of the life of the mortgage.

Homebuyers that decide to stay in their home beyond the fixed term of their ARM generally refinance before the ARM adjusts to avoid higher payments. Talk to a Quicken Loans expert and find out how to qualify for a low rate and payments of a 5-year ARM.

Jumbo Loans

Jumbo loans are mortgages above the conforming loan limit of $417,000. The conforming limit is set every January and varies on a county-by-county basis.

Jumbo loans paired with historic low rates, can bring greater financing flexibility for prospective homebuyers looking to purchase the homes of their dreams. Quicken Loans now offers lower mortgage rates and more choices on mortgages up to $2 million.

Jumbo loan options include 15- and 30-year fixed-rate mortgages as well as ARM, or FHA loans with up to 97% financing. Talk to a Quicken Loans expert and learn if your county qualifies for lower rates on some jumbo loans.