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Quicken Loans

According to the National Mortgage News, Quicken Loans Corporation is the largest online retail home mortgage lending firm in the United States. Quicken Loans Inc. is made up of the Quicken Loans and Rock Financial brands, as well as Title Source, a settlement service provider. In 2005, Quicken Loans closed more than $16 billion in residential mortgage loans.

Quicken Loans was founded in 1985 as Rock Financial, and currently employs more than 3,500 people. At present, Quicken Loans operates three Internet Home Lending Centers in southeastern Michigan, as well as the newest addition in Cleveland, Ohio, which opened in April, 2006.

Consumers interested in consolidating their high-interest credit cards and other debt should consider a lending service or product offered by Quicken Loans.  Features and benefits of these programs include:

Smart Choice Interest Only Refinance

  • You can pay interest-only mortgage payments for 10 years;
  • No pre-payment penalties;
  • You can choose to pay more toward your principal at any time;
  • After the 10 year interest-only period, you pay principal plus interest;
  • The interest rate can only adjust every 6 months after the fixed-rate period;
  • Interest may be tax deductible (consult your tax advisor);
  • Finance up to 100 percent of your home's value.

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Home Equity Line of Credit

  • Close in as little as 7-10 days;
  • Get your cash within days of closing;
  • Credit limits up to $500,000;
  • Interest-only payments may be made during the first 10 years of the loan;
  • Interest may be tax deductible (consult your tax advisor);
  • No pre-payment penalties;
  • Pay only if and when you make a draw;
  • 10-year draw period;
  • Repayment terms up to 20 years.

Fresh Start Loan

  • Designed for those with less-than-perfect credit;
  • Interest-only options are available;
  • Flexible guidelines allow most people to be approved;
  • Refinance your mortgage at any time with absolutely no pre-payment penalties;
  • 100% financing is available;
  • Use the equity in your home to pay off your high-interest debts;
  • Interest may be tax deductible (consult your tax advisor).

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* Debt Basics is not a lender or broker. We provide information and research on debt help and debt consolidation. Product and service offerings differ by state.