Urges Americans to Switch to A 15-Year Fixed
*According to your selection, you are
years of age and seeking a home refinance.
Calculate New House Payment!
Adjustable Rate Mortgage:
The initial payment on a 30-year $200,000 5-year adjustable rate loan at 4.125% and 75.00% loan-to-value ratio (LTV) is $969.3 with 2.375 points due at closing. The annual percentage rate (APR) is 5.059%. After the initial 5 years, the principal and interest payment is $969.3. The fully indexed rate of 5.125% is in effect for the remaining 25 years and can change once every year for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years.
15-Year Fixed-Rate Mortgage:
The payment on a $200,000 15-year fixed-rate loan at 5.125% and 75.00% loan-to-value ratio (LTV) is $1594.65 with 0 points due at closing. The annual percentage rate (APR) is 5.301%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of 10/18/2018. Some state and county maximum loan amount restrictions may apply.
Based on the two scenarios above, a homeowner could save hundreds from switching from a 15-year fixed-rate loan (payment of $1,504.56) to an adjustable rate mortgage (payment of $969.30), resulting in a savings of $535.26.
30-Year Fixed-Rate Mortgage:
The payment on a $200,000 30-year fixed-rate loan at 5.625% (6.087% APR) with 0 points and an LTV of 97% is $1,241.32, which includes a mortgage insurance payment of $90.00. Taxes and homeowners insurance are not included. The actual payment will be greater. Rates shown valid on publication date of 11/07/18. Product available on fixed-rate conventional products only. No FHA, VA or jumbo products. Additional restrictions/conditions may apply.
To qualify for these loan programs, you must be at least 18 years of age with a valid U.S. residency. Guidelines may vary for self-employed individuals. Formal approval will be subject to satisfactory verification of income, assets, credit, property condition and value. Additional restrictions/conditions may apply.
Data is collected by LowerMyBills on behalf of Quicken Loans. LowerMyBills, Inc. is not acting as a lender or broker. The information provided by you to LowerMyBills is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and/or other factors. LowerMyBills does not offer its matching services in all states.This loan may not be available for all credit types, and not all service providers in the LowerMyBills network offer this or other products with interest-only options.
(MQLSTAR-WAPP-MC-07-2019.09.18.1-243.war) (Q-2342) (T-1569782) (P-2710805) (PG-5449912) (S-6) (SID-)