Fixed-rate loans are a great option if you want a monthly payment that won't change. A fixed interest rate means your rate stays the same for the life of the loan – so your payment will only change if your taxes or insurance premiums do.
Adjustable rate mortgages (ARMs) offer our lowest rates. ARMs are a great option if you expect to sell your house or refinance before the initial fixed-rate period ends. A popular ARM is the 5-year ARM, which is a 30-year mortgage with an initial fixed-rate period of five years.
Want to pay off your house before a big life change? A Quicken Loans YOURgage allows you to pick any term from 8 to 30 years so you can pay off your mortgage in the time frame that makes sense for you. Many of our clients opt for 30- or 15-year fixed-rate loans.
Low returns on savings accounts and a volatile stock market have boosted the attractions of buy-to-let property as an investment option. Landlords in many parts of the country are also enjoying increasing demand from tenants, who are struggling to afford a deposit on their first home and remaining in the rented sector.
The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction how reverse mortgage proceeds can be used.
The mortgage market consists of two sub-markets, the primary market and the secondary market. When an individual applies for and is approved for a mortgage by a lender, they are dealing in the primary market. The secondary market is the market for closed mortgage loans whereby retail lenders sell their closed loans to investors.