'We've grown our servicing call centers by hundreds and hundreds of people all working from their homes, to take the phone calls, answer the questions,' Farner said. Requests to delay mortgage payments grew by 1,270% between the week of March 2 and the week of March 16, and another 1,896% between the week of March 16 and the week of March 30, according to numbers released Tuesday by the Mortgage Bankers Association. ARMs are a great option if you expect to sell your house or refinance before the initial fixed-rate period ends. Lower Rates Adjustable rate mortgages (ARMs) may offer lower initial rates than some other loan types. Many of the nation's top mortgage issuers, of which Quicken Loans is the largest, are working with clients to help them get through the coronavirus-driven economic halt. Many of our clients opt for 30- or 15-year fixed-rate loans. Overall, for a wider variety of loan types, we would recommend Quicken Loans. If you would like the option to get cash from your home equity, you will need to look into other mortgage lender options. Then, compare your monthly savings from refinancing to how much you’ll pay in fees to determine how long it will take to breakeven. Both Better and Quicken Loans offer refinancing, but neither company offers a home equity loan product or home equity line of credit (HELOC) option. These may be similar to the price you paid when you first took out the loanabout 2 to 5 of the loan. But homeowners can access their equity with a cash-out refinance. I’ll be honest, I was lured in by the fact that I’m familiar with the Quicken name brand. I used my own mortgage rate table and found a reasonable rate from Quicken Loans. But at some time in the future, you have to catch those back up.' If you can get approved for a lower rate, you’ll also want to look at the closing costs for refinancing. Quicken does not offer home equity loans or home equity lines of credit (HELOCs). Quicken Loans breaks down the mortgage loan process into 7 simple steps. 'Our tool right now is something called 'forbearance,'' Farner said on 'Squawk Box.' 'It gives you the opportunity to pause on making your mortgage payments no impact on your credit.

Quicken loans refinance