Refinance Your Mortgage
Home Loans—Provided by Quicken® Loans®
Refinance Your Mortgage
Whether you're trying to lower your monthly payments or pay off your loan sooner, choosing to refinance your home mortgage can be a smart financial decision. And with Schwab Bank's home lending program provided by Quicken Loans, you could enjoy even more benefits.
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Mon.–Fri., 8 a.m.–9 p.m. ET; Sat., 8 a.m.–4 p.m. ET
What kind of loan is right for you?
1. Average monthly closing time for purchase and refinance loans between April and September 2013 is 40 days or fewer from the date the interest rate is locked.
2. In order to participate, you must agree that the lender, Quicken Loans, may share your information with Charles Schwab Bank. As part of the Schwab Bank home loan program from Quicken Loans, you will receive a closing cost discount of $200. Offer is good only for mortgages that close, except for Home Equity Lines of Credit. The closing cost discount will appear on the borrower's final HUD-1 statement at closing. Your application date is printed on the Good Faith Estimate (GFE). For more information about other special offers that may be available, visit schwab.com/mortgage.
3. Interest-only mortgages have an initial interest-only payment period followed by a fully amortizing payment period. After the interest-only period ends, your monthly payments will increase because you will be paying both principal and interest. Interest-only mortgages include additional risks you should consider. For more information about these risks, please contact a home loan specialist.
4. Home equity lines have a 10-year draw period followed by a 20-year repayment period. During the draw period, you will be required to make monthly payments of accrued interest. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest.
HELOC Terms: As of April 28, 2014, the annual percentage rate (APR) for a primary residence is 3.99%. Rates vary for second homes or vacation homes. The APR on your home equity line of credit is variable based upon the Wall Street Journal Prime Rate plus a margin. The maximum APR that can apply is 18% or the maximum amount permitted by state law, whichever is less. The minimum credit line amount is $50,000 or the minimum amount permitted by state law, whichever is less. The maximum credit line is $1,000,000. Additional terms and conditions apply. You may not use this home equity line as a bridge loan, for commercial purposes, to invest in securities, or to repay a margin loan.
HELOC Fees: The estimated range of fees you may pay is from $0 - $29.00 for every $1,000 of your line amount, and will vary based on the location of the property. The amounts provided are estimates and are not a substitute for initial disclosures of closing costs that you will receive once you apply for a loan with Quicken Loans. Proof of proper and adequate insurance may be required prior to closing.
Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required. Program terms and conditions are subject to change.
Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Investment products are offered by Charles Schwab & Co., Inc. (member SIPC). Charles Schwab & Co., Inc. does not solicit, offer, endorse, negotiate or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Home lending is offered and provided by Quicken Loans, Inc, Equal Housing Lender. Quicken Loans Inc., is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc. or Charles Schwab Bank. Deposit and other lending products are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.
Quicken Loans is an Equal Housing Lender. Licensed in all 50 states. NMLS #3030. Click here for additional licensing information.
Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. "Quicken Loans" is a registered service mark of Intuit Inc., used under license.