What types of mortgage options does Quicken Loans offer?

Quicken Loans offers a diverse range of mortgage options designed to accommodate various financial situations and homeownership goals. One of the most popular products is the 30-year fixed-rate mortgage, which provides stability in monthly payments over a long term. This option is ideal for those who prefer consistent payments and plan to stay in their home for an extended period. In addition to the 30-year fixed mortgage, Quicken Loans also offers a 15-year fixed-rate mortgage. This option allows homeowners to pay off their loans faster, resulting in lower total interest payments over the life of the loan. It is a suitable choice for buyers who can afford higher monthly payments and want to build equity more quickly. Another option is the adjustable-rate mortgage, commonly referred to as an ARM. This type of mortgage generally offers a lower initial interest rate that can adjust after a specified period, which may result in lower payments during the initial years. However, borrowers should be mindful of potential rate increases in the future. Quicken Loans also provides specialized products such as VA loans for veterans and active military personnel, as well as FHA loans for those with lower credit scores or smaller down payments. Additionally, there are options for cash-out refinancing and other unique financing scenarios. It is advisable to explore the Quicken Loans website for current offerings and detailed information on each mortgage type, as they may periodically update their products and terms.