Wednesday, June 13, 2007
Georgia Refinance
Georgia Mortgage Refinance Loans for Your Goals
Quicken Loans offers a wide selection of Georgia refinance loans. From traditional to exclusive programs, Quicken Loans provides plenty of options that will help you refinance for the right reasons.
Refinance to Lower Your Monthly Payment:
* ARM - Lower payment than conventional fixed-rate mortgages.
* SmartChoice - Monthly flexibility to cut your payment up to 30%.
Refinance to a Fixed-Rate Mortgage:
* Fixed-Rate Mortgage - Current homeowners wanting a traditional mortgage.
* Smart30 - Interest-only with a fixed mortgage rate.
Refinance to Consolidate Debt:
* Advantage1st - Pay off high-interest debt and regain control of your finances.
Still not sure which Georgia mortgage refinance loan is best for your house? Call 800-414-3811 to speak with one of our mortgage experts now.
Dedicated and Proven Service
Quicken Loans will match you with your very own mortgage banker, who will find the best Georgia refinance mortgage for your financial needs. Your mortgage banker will guide you throughout the mortgage process. For even more assistance, take advantage of the free services on our Web site. Estimate monthly payments for your new refinance loan in Atlanta, Georgia, or any Georgia city, with our convenient online mortgage calculators. Visit our Refinance Center for the latest mortgage articles, tax tips for homeowners, and a downloadable home refinance guide.
Getting Started
Come see why 9 out of 10 clients would recommend Quicken Loans to friends and family. Call 800-414-3811 or get started online now.
http://www.quickenloans.com/refinance/georgia-refinance.html
Arizona Refinance
The Right Reasons to Refinance
Quicken Loans offers innovative loans for Arizona refinancing. From traditional to exclusive programs, Quicken Loans provides options that will help you refinance for the right reasons.
Refinance to a Fixed-Rate Mortgage:
* 30-Year Fixed-Rate - Current homeowners wanting a traditional mortgage.
* Smart30 - Interest-only payments with a fixed rate.
Refinance to Lower Your Monthly Payment:
* SmartChoice - Cut your mortgage payment up to 30%.
* ARM - Lower payments than conventional fixed-rate mortgages.
Refinance to Consolidate Debt:
* Advantage1st - Pay off high-interest debt and regain control of your finances.
Estimate your new monthly payments with our easy to use online mortgage calculators. Still not sure which loan is best for you? Call 800-414-3811 and talk to a refinance expert.
Dedicated and Personalized Service
When you refinance a mortgage in Arizona with Quicken Loans, you'll work with your very own mortgage banker. In addition to finding the best refinance loan for your financial needs, your personal mortgage expert will be an invaluable source of home financing advice. For more information, visit our Refinance Center for the latest mortgage articles, tax tips for homeowners and a downloadable home refinance guide.
Getting Started
With more than 20 years of experience, Quicken Loans can help you refinance your Arizona mortgage. Call 800-414-3811 today or get started online.
http://www.quickenloans.com/refinance/arizona-refinance.html
Maryland Home Equity Loan
With more than 20 years of lending experience, Quicken Loans is a trusted source for a Maryland home equity loan. Choose from a Maryland home equity loan or cash-out refinance loan, or get a home equity line of credit through our fast and easy EquityOnline! process.
Apply online or call 800-414-3811 today to speak with one of our Maryland home equity loan experts.
Choosing the Right Maryland Home Equity Loan
If you've built the equity in your home, why not use it to help pay for something you need? A Maryland online home equity loan can be used to consolidate debt, finance home improvements, pay college tuition and more. Below you'll find the Maryland home equity loans available through Quicken Loans.
- Cash-Out Refinance - Get cash; refinance your mortgage
- Home Equity Loan - Up to a $500,000 lump sum without refinancing
- Home Equity Line of Credit - Pay only when you use it, like a credit card
If you're still not sure which of our Maryland home equity loans is right for you, try using our online home equity calculators where you can check today's Maryland home equity loan rate, determine the current market value of your home, compute how much money you can afford to borrow and more. You can even calculate the tax advantages of using a home equity loan to consolidate debt.
Personalized Service
At Quicken Loans, we will match you with one of our top home equity experts. In addition to being a valuable source of information and guidance, your personal Quicken Loans expert will help you find the best Maryland home equity loan for your financial needs.
Visit our Home Equity Center, where you can learn about beneficial home improvements, how current market conditions affect interest rates and much more.
So what are you waiting for? Come see why 9 out of 10 clients say they would recommend Quicken Loans to friends and family.
Fast and Easy Process
With EquityOnline!, Quicken Loans offers a quick and easy process for obtaining a home equity line of credit in Maryland. Simply apply online, get approved and schedule the closing for your Maryland home equity line of credit in just minutes. That's right. There's virtually no paperwork at all.
http://www.quickenloans.com/home_equity_loan/maryland-home-equity-loan.html
Maine Home Equity Loan
Choose the Maine Home Equity Loan that Suits You Best
A Maine home equity loan can be help in many ways. Whether you are using it to take care of much-needed home improvements or high-interest credit card debt, you are sure to find a program that suits your needs. Below you'll find the Maine home equity loan options available through Quicken Loans:
Choose from our selection of Indiana home equity loan options.
* Cash-Out Refinance - Refinance your mortgage, get cash from your home
* Home Equity Loan - Use your equity to get a lump sum up to $500,000
* Home Equity Line of Credit - Pay only when you use it, just like a credit card
Calculate Your Payment, Your Advantages, and More!
You can use a Quicken Loans home equity calculator to find current home equity rates in Maine. Our calculators will also help you explore the benefits of a home equity loan, including tax advantages, debt consolidation, and much more!
Still not sure which loan option makes the most sense for you? Give us a call. Let one of Quicken Loans home equity experts help you determine which option is best for you.
Get Approved Today
http://www.quickenloans.com/home_equity_loan/maine-home-equity-loan.html
Iowa home equity loan
Apply for your Iowa home equity loan from Quicken Loans today. Give us a call at 800-414-3811 to speak with a Quicken Loans expert, or get started online right now!
Choose the Iowa Home Equity Loan That Is Right for You
Not sure which Iowa home equity loan will work best for you? Our loan experts will be happy to assist you. Quicken Loans Iowa home equity loan options include:
Choose from our selection of Indiana home equity loan options.
* Cash-Out Refinance - Get cash from your home and lower your payment by refinancing your mortgage
* Home Equity Loan - Without refinancing, get a lump sum of cash
* Home Equity Line of Credit - Like a credit card; pay only when you use it
Be sure to use EquityOnline! to apply for a home equity line of credit. It allows you to take care of everything from the privacy of your home in ten minutes or less!
Apply & Get Approved Today
Our Iowa home equity loan experts are here to assist you with the application process. Feel free to use our Iowa home equity calculators to determine tax advantages, understand the benefits of consolidating high-interest credit card debt, and more.
Get started today! Give us a call today at 800-414-3811. A Quicken Loans home equity expert is available to assist you. You may also get started online today.
http://www.quickenloans.com/home_equity_loan/iowa-home-equity-loan.html
Utah Refinance
Personalized Service
Quicken Loans will provide you with your own mortgage banker. In addition to finding the best Utah mortgage loan refinancing for your financial needs, your personal refinancing expert will also be a valuable source of information, advice and guidance throughout our loan process.
Visit our comprehensive Web site from the privacy of your own home. Estimate future monthly payments with our convenient online mortgage calculators and stay up-to-date with the latest mortgage articles, tax tips for homeowners and a downloadable home refinance guide in our free Refinance Center.
Utah Refinance Mortgage Loans
Choose from Quicken Loans diverse selection of Utah refinance mortgage loans when looking to consolidate debt, lock-in a fixed rate, or lower your monthly payment. From traditional to exclusive programs, Quicken Loans provides plenty of options.
Refinance to Consolidate Debt:
* Advantage1st - Pay off high-interest debt and regain control of your finances.
Refinance to a Fixed-Rate Mortgage:
* 30-Year Fixed-Rate - Lower payment than conventional fixed-rate mortgages.
* Smart30 - Interest-only with a fixed mortgage rate.
Refinance to Lower Your Monthly Payment:
* ARM - Lower payment than conventional fixed-rate mortgages.
* SmartChoice - Monthly flexibility to cut your payment up to 30%
Still not sure which Utah refinance terms are best for your financial needs? Call 800-414-3811 for even more free assistance.
Getting Started
Come see why 9 out of 10 clients would recommend Quicken Loans to friends and family. Call 800-414-3811 or get started online.
http://www.quickenloans.com/refinance/utah-refinance.html
Alabama Refinance
Refinance Loans for All Types of Goals
Refinance your Alabama home mortgage using Quicken Loans innovative loan products. From traditional to exclusive programs, Quicken Loans provides many refinancing options.
Refinance to Lower Your Monthly Payment:
* SmartChoice Interest-Only - Cut your mortgage payment up to 30%.
* Adjustable Rate Mortgage - Lower payments than conventional fixed-rate mortgages.
Refinance to Consolidate Debt:
* Advantage1st - Pay off high-interest debt and regain control of your finances.
Refinance to a Fixed-Rate Mortgage:
* Smart30 - Interest-only mortgage with the security of a fixed rate.
* 30-Year Fixed-Rate - Homeowners wanting a traditional mortgage.
Estimate your new monthly payments with our convenient online mortgage calculators. Still not sure which loan is best for your Alabama refinance? Call 800-414-3811 for expert guide.
Invaluable Service
Quicken Loans will provide you with your very own refinance expert, who will help determine which Alabama refinance loan is best for your financial needs. Visit our Refinance Center for the latest mortgage articles, tax tips for homeowners and a downloadable home refinance guide.
Getting Started
See why 9 out of 10 clients would recommend Quicken Loans to friends and family. Call 800-414-3811 or get started online.
http://www.quickenloans.com/refinance/alabama-refinance.html
New Hampshire Home Equity Loan
Apply online or call 800-414-3811 to speak with a New Hampshire home equity loans expert today.
Various New Hampshire Home Equity Loan Options
From consolidating debt to financing home improvements to paying college tuition, a home equity loan in New Hampshire can get you through a tough time.
* Cash-Out Refinance - Get cash from your home and lower your payment by refinancing your mortgage
* Home Equity Line of Credit - Like a credit card; pay only when you use it
* Home Equity Loan - Get a lump sum up to $500,000
Visit our online Home Equity Center for more information. In addition to finding articles on a variety of home equity topics, you can make use of our convenient online home equity calculators. Our calculators can determine the market value of your home, compute how much money you can borrow against the equity in your home and more!
Simple, Hassle-Free Process
Finding a home equity line of credit for a New Hampshire property can be fast and easy with Quicken Loans. With our exclusive EquityOnline!, there is no paperwork. Simply apply online, get approved, and schedule a closing for your New Hampshire home equity line of credit in just minutes!
Getting Started
With more than 20 years of lending experience, Quicken Loans is your trusted source for a New Hampshire home equity loan. Call 800-414-3811 today or apply online.
http://www.quickenloans.com/home_equity_loan/new-hampshire-home-equity-loan.html
Ohio Refinance
Highly Recommended Service
See why 9 out of 10 clients would recommend Quicken Loans to friends and family. Experience our personalized service firsthand as a Quicken Loans mortgage banker will be specifically assigned to your application. In addition to finding the best Ohio refinance mortgage loan for your financial goals, your personal mortgage expert will be a valuable source of information and guidance throughout our fast and easy process. Visit our online Refinance Center and read the latest mortgage articles, catch up on tax tips for homeowners and get a downloadable home refinance guide.
Our Ohio Mortgage Refinance Loans
Choose from our selection of over 100 options for your Ohio mortgage refinance loan. Whatever your decision, Quicken Loans innovative products will help you refinance for the right reason.
Refinance to Lower Your Monthly Payment:
* SmartChoice - Cut your mortgage payment up to 30%.
* ARM - Lower payment than conventional fixed-rate mortgages.
Refinance to a Fixed-Rate Mortgage:
* Smart30 - Interest-only mortgage with security of a fixed rate.
* Fixed-Rate Mortgage - Current homeowners wanting a traditional mortgage.
Refinance to Consolidate Debt:
* Advantage1st - Pay off high-interest debt and regain control of your finances.
You can even estimate your new monthly payments with the convenient mortgage calculators on our Web site.
Getting Started
Are you still not sure which Ohio mortgage refinance loan is best for your needs? If so, then call 800-414-3811 or get started online today!
http://www.quickenloans.com/refinance/ohio-refinance.html
North Carolina Refinance
Quality Service
At Quicken Loans, we will match you with your very own North Carolina mortgage expert. In addition to finding the best North Carolina refinance loan for your financial needs, your mortgage banker will guide you every step of the way. From updating you on current North Carolina refinance mortgage rates to tracking your loan's status, your Quicken Loans expert is a valuable source of advice and assistance. For helpful information online, visit our Refinance Center to read our latest mortgage articles, tax tips for homeowners and downloadable home refinance guide.
Refinancing for the Right Reasons
Let Quicken Loans and our innovative loan products help you obtain a North Carolina mortgage refinance. From traditional to exclusive programs, Quicken Loans provides plenty of refinancing plans for your goals.
Refinance to Lower Your Monthly Payment:
* ARM - Lower payment than conventional fixed-rate mortgages.
* SmartChoice - Flexibility to cut your monthly payment up to 30%.
Refinance to Consolidate Debt:
* Advantage1st - Pay off high-interest debt and regain control of your finances.
Refinance to a Fixed-Rate Mortgage:
* 30-Year Fixed-Rate - Homeowners wanting a traditional mortgage.
* Smart30 - Interest-only with a fixed mortgage rate.
Estimate your new monthly payments with our convenient online mortgage calculators Still not sure which loan is best for you? Call 800-414-3811 for even more assistance.
Getting Started
Come see why 9 out of 10 clients would recommend Quicken Loans to friends and family. Get started online or call 800-414-3811 today.
http://www.quickenloans.com/refinance/north-carolina-refinance.html
Interest-Only Mortgages
At Quicken Loans, we offer a variety of interest-only home loan options, including 30-year fixed-rate mortgages and adjustable-rate mortgages. Our interest-only home loan programs are offered as interest-only loans for periods of either three, five, seven or ten years.
For many, the most appealing feature of an interest-only loan is that you control your payment amount and your cash flow in any given month during the interest-only period, and your monthly mortgage payment will be lower than it would be with an interest plus principal payment. Your interest rate may or may not be lower than a traditional mortgage, depending on your specific situation, but you will have the option of flexible payments.
Who Is an Interest-Only Home Loan For?
There are a number of good reasons to consider an interest only loan. For instance, it might make good financial sense. On a traditional 30-year fixed-rate mortgage, roughly 70% of the payment goes toward interest during the first six or seven years of the loan. If your interest rate is low, then you've borrowed money at a good rate.
SmartChoice Interest-Only Home Loan
Instead of paying down that low rate loan, you could take the extra money you'd have each month from making interest-only payments, and invest it in something that would bring you a higher rate of return. Depending on your loan amount, you could have access to thousands of dollars over the course of several years to invest or reduce high interest debt, including credit card debt.
An interest-only home loan may also be a good option for people who expect to be in their homes for less than ten years. The average homeowner stays in their home between five and seven years. As mentioned before, home mortgage payments are mostly interest for the first years of the loan. Many homeowners like the option of making interest-only payments and using the extra money as they please - save for college tuition, make home improvements, or buy a much-needed new car.
Common Misconceptions About Interest-Only Loans
While an interest-only loan may be an appealing option to many, there are a number of common misconceptions that you should be aware of prior to making any final decisions.
One common myth is that if you're not paying down your loan's principal, you're not building equity in your home. This is not necessarily true. Homes in the U.S. have been appreciating between 5 and 6% a year. Chances are that even if you're not paying down your principal, you're building equity in your home through appreciation.
You should also know that with any Quicken Loans interest-only home loan, there are never any prepayment penalties. You can refinance anytime.
Is an interest-only home loan right for you? Talk to a Quicken Loans Mortgage Expert today to help you decide at 800-251-9080.
Red Bullet Arrow
http://www.quickenloans.com/mortgage/articles/interest-only-loans_pur.html?lid=1623
Minnesota Refinance
Personalized and Online Service
Your mortgage refinance in Minnesota is personalized when you choose Quicken Loans. We will match you with your own mortgage banker who will find the best Minnesota home refinance loan for your financial goals. Learn about Quicken Loans outstanding services on our comprehensive Web site. You can even estimate future Minnesota mortgage refinance payments with our convenient online mortgage calculators. Visit our Refinance Center for the latest mortgage articles, free tax tips for homeowners, and a downloadable home refinance guide.
Minnesota Refinance Mortgage Loans for All Types of Goals
Choose from our wide selection of Minnesota mortgage refinance loans, which include traditional and exclusive programs.
Refinance to Lower Your Monthly Payment:
* ARM - Lower payment than conventional fixed-rate mortgages.
* SmartChoice - Monthly flexibility to cut your payment up to 30%.
Refinance to a Fixed-Rate Mortgage:
* 30-Year Fixed-Rate Mortgage - Current homeowners wanting a traditional mortgage.
* Smart30 - Interest-only with a fixed mortgage rate.
Refinance to Consolidate Debt:
* Advantage1st - Pay off high-interest debt and regain control of your finances.
Still not sure which Minnesota mortgage refinance loan is best for your personal needs? Call 800-414-3811 for more guidance.
Getting Started
See why Quicken Loans is America's #1 online lender and why 9 out of 10 clients would recommend us to friends and family. Call 800-414-3811 or get started online from the privacy of your own house.
http://www.quickenloans.com/refinance/minnesota-refinance.html
Washington D.C.
Looking for a Washington DC home equity loan? Quicken Loans is your trusted source for home equity loans in DC. From paying college tuition to consolidating high-interest debt, our home equity loans in Washington DC can help you achieve your financial goals.
Apply online or call 800-414-3811 to speak with one our DC home equity loan experts today.
Choosing the Right Home Equity Loan in Washington DC
Select from the Quicken Loans Washington DC home equity loans below:
* Home Equity Loan - Get a lump sum up to $500,000 without refinancing
* Home Equity Line of Credit - Like a credit card; pay only when you use it
* Cash-Out Refinance - Refinance your mortgage, get cash from your home
Calculate the current market value of your home and see how much money you can borrow with our convenient home equity calculators. For more information, visit our Home Equity Center to review our informative and useful articles.
Fast and Easy Process
With EquityOnline!, there is no paperwork. Simply apply online, get approved and schedule the closing for your home equity line of credit in just minutes. It really is that simple. It's no wonder why 9 out of 10 clients say they would recommend Quicken Loans to friends and family.
Getting Started
Quicken Loans is America's #1 online lender and your trusted source for a home equity loan in Washington DC. Call 800-414-3811 today or get started today online.
http://www.quickenloans.com/home_equity_loan/washington-dc-home-equity-loan.html
How Mortgage Interest Rates Are Affected
But interest rates are also influenced by what the Federal Reserve, also known as “the Fed”, does and where the fed funds rate is set.
Short-Term & Long-Term Rates
The federal funds rate, also known as the “fed funds” rate, is the interest rate charged when banks lend funds to one another. This is a short-term rate, or a rate that is two years or less in maturity. When the Federal Open Market Committee (FOMC) raises or lowers the Fed funds rate, it affects mortgage rates that are tied to short-term interest rates, such as home equity rates and adjustable rates. When short-term rates fall, borrowing and spending usually increase. This can cause inflation, something the Federal Reserve wants to keep in control.
Long-term interest rates, or rates that are 10 years or more in maturity such as for 30-year mortgages, are influenced by short-term rates in a round-about way because they can rise when concerns about inflation increase. To keep inflation under control, the Fed started raising short-term interest rates in 2004. Because of this, people who have adjustable rate mortgages have been refinancing into longer-term fixed-rate mortgages to avoid rising rates, especially since long-term rates have remained historically low for quite some time.
The Fed funds rate is currently at 5.25 percent. However, it's almost impossible to accurately predict the future of something as complex as the U.S. economy, so no one is ever really sure if or when the rate will change. In any case, it is important to understand some of these market dynamics because a lack of understanding can sometimes cost you a lot of money.
If you are would like to learn more about mortgage interest rates, call us at 800-251-9080 to talk to a refinance expert or click the button below and a refinance expert will answer all your questions.
http://www.quickenloans.com/refinance/articles/market_conditions_affect_rates.html?lid=733
Is it Time to Refinance Your Mortgage?
Refinance from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate
It's important to consider what mortgage rates are doing. Since mid-2004, the Federal Reserve has raised interest rates several times and is expected to keep raising rates in the near future. This means that if you have an adjustable rate mortgage (ARM), it may adjust to a rate that's higher than a fixed-rate mortgage . Now might be a good time to consider refinancing to a fixed-rate loan.
However, you must also consider the amount of time you plan on being in your home. If you're only going to be in your home for a few more years, it may make sense not to refinance out of your ARM. If you're going to be in your home longer than seven years, it might be a smart move to refinance to a fixed-rate mortgage.
Refinance from a Fixed-Rate Mortgage to an ARM
Again, you need to consider how long you plan on being in your home. Many people move within nine years so it may not make sense to pay a higher interest rate for a 30-year fixed-rate mortgage when you're not going to be in the home that long. Doing so may be costing you money. Consider refinancing to an ARM instead — you'll get a lower rate and lower your monthly mortgage payment.
Lower Your Monthly Mortgage Payment
SmartChoice Refinance Loan
A drop of just one half to three quarters of a percentage point in interest can lower your monthly payment. If you don't refinance, you may be paying too much every month for your loan, and that's never a good financial move. There are a few different ways you can lower your monthly mortgage payment.
First, you can simply refinance to a lower interest rate. A lower rate generally means a lower monthly payment.
Second, you can change the term of your mortgage. For instance, if you have a 15-year mortgage, you can lengthen the term to 30 years. Since the balance of your mortgage is spread out over a longer period of time, your payment is lower. However, if you have a 30-year mortgage and one of your financial goals is long-term savings, you may want to consider shortening your term to 20 or even 15 years. Your payment will be higher, but you will pay much less in interest over the life of the loan, saving you thousands of dollars in the long run.
The third way to lower your payment is to refinance to an interest-only loan. Basically, with an interest-only loan, the minimum amount you are required to pay is the amount of interest for a certain period of time, though you can pay as much principal as you like. But you get the flexibility to pay less if you need or want to divert your money elsewhere, such as contributing to your 401k or saving for your child's college tuition.
Use our refinance calculator to see how you could lower your monthly mortgage payment.
Getting Cash from Your Home
The equity you have in your home can act like a savings account that you could access through a home equity loan or a cash-out refinance. This is usually done when you want to finance an important home improvement, pay for college or pay off high-interest credit card debt. Whatever your reason, this may be the right option for you.
Consolidating High-Interest Credit Card Debt
The difference between credit card debt and a mortgage can, financially speaking, mean thousands of dollars. Why? Because unlike your mortgage, the interest you pay on a credit card is not tax-deductible and you pay a higher rate than you would on your mortgage. Because of this, credit card debt is often referred to as "bad debt" whereas your mortgage is considered "good debt." Using your home equity to pay off your high-interest credit card debt can save you money in the long run. Using your home equity, rather than your credit cards, to finance expensive purchases can also be a smart move. Be sure to consult your tax advisor.
Deciding on when to refinance your mortgage will depend on the circumstances of your situation: how long you'll be in the home, what your financial goals are, whether interest rates are dropping, etc. It's up to you to decide if it's right for you.
If you still have questions, please call us at 800-251-9080 to talk to a refinance expert today. We can help you determine which refinancing option is best for your situation.
http://www.quickenloans.com/refinance/articles/refinance_reasons.html?lid=186
What You Should Know about Interest-Only Refinancing
How Interest-Only Loans Work:
If you choose to make the interest-only payment one month, that month's payment is lower than it would be had you made the principal and interest payment. Your interest rate may or may not be lower than a traditional mortgage, but you will have the option of choosing your payment. Sophisticated homeowners know that having this type of payment flexibility is one of the smartest ways to manage your personal finances.
Refinancing from a traditional home loan to an interest-only loan has become popular because it gives you control over your cash flow. This example illustrates the payment flexibility of refinancing a $150,000 mortgage to an interest-only loan.
$150K @ 7.5% Interest-Only Payment..........$745.00
$150K @ 7.5% Principal and Interest Payment....$1,050.00
Cash flow difference is $305.00 a month.*
It's this simple: with an interest-only loan, in months when you need more cash, you don't have to pay principal and interest. You can just pay the interest.
Who Is an Interest-Only Refinance For?
Refinancing to an interest-only loan is a good choice for anyone looking to make their money work harder for them. For instance, making interest-only payments and putting the difference into an investment which brings a higher rate of return. Traditional mortgages offer no such option. That's something to think about if you're not maximizing your yearly 401(k) and IRA contributions.
But there are other things you can do with the extra cash you can have every month:
* You could pay down high-interest credit card debt.
* Save for your children's college tuition.
* Buy or lease a second family vehicle.
* Increase your home's value by making home improvements.
* Set aside money for a rainy day.
Depending on your existing loan balance , refinancing to an interest-only loan could get you access to thousands of dollars over the course of several years to put to use as you think best.
Interest-only refinancing may also be a good option for people who expect move again before the end of the interest-only period of their home loan.
The Truth About Interest-Only Refinancing
Get started on a SmartChoice interest-only loan
A big misconception about interest-only mortgage refinancing is that if you're not paying down your loan's principal every month, you're not building home equity. That's not necessarily true. Homes in the U.S. have been appreciating between five and six percent a year. Chances are that even if you're not paying down principal, appreciation is building equity in your home for you.
You should also know that with any Quicken Loans interest-only loan, there are never any pre-payment penalties. And you can refinance again at any time if mortgage rates or your financial situation changes.
If you still have questions, download the Consumer Handbook on Adjustable Rate Mortgages or call us at 800-251-9080 to talk to a refinance expert today. We can help you determine which refinancing option is best for your situation.
http://www.quickenloans.com/refinance/articles/interest-only-loans.html?lid=1621