With Mortgage Rates Near 50-Year Lows, How Much Could You be Saving Every Month?

With all of the recent financial turmoil, many people are surprised to learn that mortgage rates are currently near 50-year lows.  The reasons are complex, but the opportunity for home owners couldn’t be clearer.

For many, it means they could be making significantly lower monthly mortgage payments on the same loan amount.

Regardless of whether you currently have a fixed rate or an adjustable rate mortgage, all home owners should now be considering re-financing to lock in these new lower rates.  The savings, both in terms of lower monthly payments and savings over the lifetime of your loan could be significant, savings that can now more than compensate for any fees associated with obtaining a new loan.

If history tells us anything it’s that it is impossible to predict where markets are going.  Next year, or even 6 months out, financial shocks could send rates skyrocketing again.  If you have an adjustable rate loan, you could wake up one day to find that your interest rate and the amount of your monthly payment is suddenly significantly higher.  For people struggling to make ends meet as it is, that could be devastating. That’s why experts are advising people to lock in a low rate if they can.

If you want to quickly find out how much you could save by refinancing, one of the best places to start is Quicken Loans, the largest online mortgage resource in the country.  Quicken Loan’s online resources and re-fi calculator make it remarkably fast and easy to see how much you can save.

With 25 years under their belt as a direct lender, Quicken Loans has not only weathered the recent turmoil in the housing market, but they have thrived by providing honest, straightforward service to their clients. In fact, last year was their biggest year ever, with over $25 billion in loans funded.

If you’ve gone through the loan process in the past, you know what a hassle it can be.  Part of what has made Quicken Loans so successful is their unique methodology for getting their clients through the closing of their loans faster than most other loan companies. Their streamlined process means less paperwork, less stress and less delay for borrowers.

In addition to being able to set you up with the lowest rates on fixed and jumbo loans, Quicken Loans is also the easiest and fastest way to get an FHA loan or a VA loan. FHA loans are great for folks with less home equity and lower credit scores and VA loans are the top benefit of military service. Quicken Loans can help you close either in half the time of most other lenders.

And if you owe more than your home is worth and previously couldn’t qualify for a refinance, you may qualify for the government’s new Making Home Affordable plan. Quicken Loans can help you. With a new, streamlined refinance program from Fannie Mae, Quicken Loans is able to refinance your mortgage to a low, fixed rate. This is fantastic news for nearly 5 million people who couldn’t previously refinance under traditional guidelines.