A point (or discount point) is an upfront fee paid to the lender to lower your interest rate. Each point costs 1% of the total loan amount. For example, on a $200,000 loan, one point costs $2,000. Paying points can lower your monthly payment and help you save on interest over the life of your loan.
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With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of reset.
Reasons to Refinance. The first step in deciding whether you should refinance is to establish your goals. The most common reasons for refinancing a mortgage are to take cash out, get a lower payment or shorten your mortgage term.
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As an online lender, Quicken Loans offers competitive and affordable rates to. Quicken Loans stands ready to help you refinance your existing mortgage in.
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Quicken Loans stands ready to help you refinance your existing mortgage in order to better meet the needs of you and your family. Their mortgage refinance rates will vary according to your borrow profile and the specifics of your loan, but are always competitive.
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The more equity you have, the better interest rate you can get on your refinance, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%.