Check out the different types of home loans available from Quicken Loans, chosen by 4,516 homeowners as the best mortgage lender in 2010. These customers ranked Quicken the highest for its most satisfactory performance in mortgage evaluation, approval and closing and the performance of its loan officers and customer contact officers.
The mortgage lenders that topped J.D. Power’s survey in 2010 were:
- Quicken Loans
- MetLife Home Loans
- PNC/National City Mortgage
- U.S. Bank
- SunTrust Mortgage
- BB&T or Branch Banking and Trust
- Fifth Third Mortgage
- Wells Fargo
- GMAC Mortgage
Quicken Loans offer the following home loans:
FHA Loan. This is the most popular loan type for many financial institutions, including Quicken. You can choose between a fixed-rate and adjustable-rate loan. Your down payment can be lower than 20 percent. For mortgage insurance, you’re going to pay only a one-time premium of one-percent of your loan amount and then a monthly payment of 0.90 percent of your loan amount until your total loan-to-value rate reaches 78 percent.
30-Year Fixed-Rate Loan. This is the second most popular home loan type. This fits homeowners who plan to stay in their homes for a long time. Your monthly payment stays the same until the end of the term.
VA Loan. This is for members of the military, veterans and surviving spouses of veterans. The Veterans Affairs Department offers housing loan privileges to its personnel for their services to the country, such as no-down payment, no mortgage insurance and the option of a fixed-rate or adjustable-rate loan. The VA also offers additional housing-related grants and special loans to servicemen who suffered serious injuries while in service.
15-Year Fixed-Rate Loan. This fits you if you’re focused on paying the lowest total interest for the whole loan.
Adjustable-Rate Loan. ARM is chosen by people who want to maximize their budget during the first five or seven years of the loan term.
Jumbo Loan. This is a loan that exceeds $417,000. The loan amount ceilings vary depending on borrowers’ areas.
HomePath Loan. This loan is offered by Fannie Mae for people buying Fannie homes.
FHA Streamline Loan. If you want to refinance your FHA home loans, Quicken offers this loan. In some cases, home appraisal is no longer needed.
SmartPMI Loan. Quicken offers this loan if you can’t afford the 20-percent down payment requirement and you’re also looking for a lower monthly mortgage insurance payment.
Reverse Mortgage Loan. This is for homeowners who are 62 years old or older. This is taken usually when the senior homeowners no longer have other resources for their costs of living.
Quicken Loans and the other top mortgage lenders offer loans for buying homes in Tampa. Contact Tampa4U.com for information on Tampa homes for sale.