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Thirty-year, Fixed-rate Mortgages Start at 4.50% (4.713% APR) at Quicken Loans

Posted by: RateAPY Bank Rates News
June 9th, 2010

More to Mortgages than 30 Years

To most of us, a home loan is a 30-year, fixed-rate mortgage (FRM). That’s it. Few of us ever give a second thought to all the other sorts of mortgage loans.

However, earlier this month, the New York Times pointed out that we could be missing a trick by being so blinded. If you’re financially comfortable, plan to stay in your home for a long time, and want to be mortgage-free as soon as possible, then why not explore the possibility of buying or refinancing with a 20-year or 15-year mortgage? You could end up saving a bundle.

Mortgage Loans from Quicken Loans

For example, depending on your circumstances and where you live, as of June 9, 2010, you could get a 30-year FRM from Quicken Loans for as little as 4.50%, which is 4.713% APR. That’s quite a bargain. But if you could afford to cut your mortgage term down to 15 years, the interest rate for the same Quicken Loans mortgage could be as low as just 4.125% (4.495% APR).

Over the lifetime of your home loan, that–together with the shorter period over which you’d be paying interest–could save you tens or even hundreds of thousands of dollars.

Check Out the Mortgage Rates Market

Whether you’re thinking of buying a home or refinancing, you should compare mortgage rates. There’s serious money to be saved out there.