When it comes to saving money, it’s critical to shop the best mortgage company for a low-rate mortgage or refinance.
A home loan is typically the largest debt you’ll ever have, therefore there’s a lot at stake–especially when mortgage interest rates are at historic lows.
Getting the wrong mortgage or failing to refinance when you should, can really hurt your finances.
Here’s what I mean: Just paying interest that’s 1% too high costs you over $45,000 on a $200,000, 30-year mortgage!
If you invested that money for a moderate rate of return instead, you could parlay the savings into more than $150,000.
So never get comfortable with a mortgage that isn’t as good as it could be.
There are many mortgage lenders, but the best that I’ve used is Quicken Loans.
What is Quicken Loans?
Quicken Loans is America’s largest online lender, known for providing excellent customer service.
They’ve been a direct lender for almost 30 years and funded over $30 billion in 2011 alone.
J.D. Power and Associates ranks Quicken Loans “Highest in Customer Satisfaction for Mortgage Origination in the U.S.” for the second year in a row.
The Better Business Bureau gives them an A+ for customer service. I’ve personally used Quicken Loans and was extremely impressed with their efficiency, competitive interest rates, and follow up.
What Makes Quicken Loans Different?
Quicken promises a world-class mortgage experience by:
- Returning your calls within one business day
- Giving you a checklist of documents you’ll need
- Setting realistic expectations upfront
- Never charging hidden fees
- Being proactive about updating you on the status of your mortgage
- Closing your loan anywhere that’s convenient for you
- Closing most loans in 30 days or less
What Does Quicken Loans Offer?
Quicken offers the following loan options:
- 30-Year Fixed: This traditional loan gives you the security of having fixed monthly payments
- 15-Year Fixed: A secure, low-rate loan that charges less interest
- FHA: Their most popular loan because it’s flexible and makes it easier to qualify for a new mortgage
- VA: This loan helps veterans refinance or buy homes, even with zero money down
- Adjustable Rate: Get the lowest rate offered to maximize your budget
- Jumbo: Low rates for loans over $417,000 with different options
- HomePath®: A loan for mortgage-ready homes that Fannie Mae owns
- FHA Streamline: The easiest possible refinance–you may not even need an appraisal
- Reverse Mortgage: A tool for those 62 years and older with home equity to get cash
- YOURgageSM: Choose any loan term from 8 to 30 years and get a fixed rate with a low payment
When Should You Refinance a Mortgage?
To know if you should refinance a mortgage, you need to crunch the numbers to make sure it will pay off. Here are links to several mortgage refinance calculators that make doing the math easy:
- Quicken Loans: Should You Refinance Calculator
- Bankrate: Mortgage Refinance Break-Even Calculator
- Dinkytown: Refinance Break-Even Calculator