November 4th, 2009 . .
Categorized under: Quicken Questions

Quicken Loans??need Help?

hi right know iam not able to make my house payments and i saw a commerical by quicken loans and they say that with the secure advantage loan u can cut your payment in half is this true?? and do i have to refinance?? iam i garanteed that my payment will be half of what i pay right know??and wats the catch

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Comments

  1. Hi. I just want to clarify a few points that others have mentioned here. The Secure Advantage loan you are referring to is actually no longer available. It was only offered for a limited time and that commercial shouldn’t actually be running. It must be a mistake of the TV network you saw it on. We stopped offering the Secure Advantage to our clients almost two weeks ago.
    And to clarify what the Secure Advantage was, it was a loan that offered four payment choices, with the lowest being a partial interest payment with the interest not paid being added to the principal of the loan.
    It was a great loan for people who needed temporary payment relief and choice (such as a person who works on commission or is starting a new company and may have cash flow issues on a particular month). It was intended to offer people a choice of a very low payment. It was not intended for people who could only afford the minimum payment. Ideally, a person would pay the minimum one or two months and then pay the maximum for a month or two to balance it out.
    Regarding your problems with your currently payment, I advise you to contact your mortgage lender right away and work out a temporary solution to avoid going into foreclosure and having your credit ruined. Then look into refinance as an option. Talk to a variety of mortgage lenders to see what may be available to you.
    I hope this info helped.


    Anonymous
    November 4th, 2009

  2. No! No! No!
    No!
    NO!!!!!!
    Call your lender and explain your situation. Ask to speak to someone in charge. Most lenders have programs to help you avoid foreclosure.
    The “Secure Advantage” loan is anything but.
    It is a “Pay Option Arm” and while it sounds confusing what it means is this: If you make that artificially low payment then you will end up owing many thousands more on your house than you do now…..you’ll only make your situation worse.
    That loan has a legitimate purpose, but “not being able to pay” isn’t one of them.
    e-mail me at chaddukes@yahoo.com. I will see if there is anything that I can do to advise you.
    Also, beware all of these people trying to advertise these sites that you see in the answers surrounding mine….That is just saavy advertising. I’m not a Loan Officer. I can’t make a dime off of you. Any advice that I give is free and motivated by altruism.


    ii7-V7
    November 4th, 2009

  3. see if you will save by contacting a lender that will evaluate your situation. i checked these guys out and have heard nothing but good things about them they are the best out there… there site allows you to request a rate you want and they find it!!! i have one friend that got a loan from them and loved how low their rate was
    http://www.directlendingplanet.com


    Anonymous
    November 4th, 2009

  4. Your payment could be cut in half. That part is probably true.
    Yes, you’d have to refinance. Your new loan would be an option ARM. Variable rate, fixed for first 5 years. Rate’s probably in the mid 7’s or higher right now?
    But you make payments based on an interest-only payment at HALF the rate you’re actually being charged.
    So, essentially, every month you make that small payment, an equal amount is being added to your loan balance as well. Every year, you’ll owe thousands more than you do now. I’d say that’s a pretty big catch.
    No guarantees on payments, every loan is different. Could be better or worse depending on what your current financing looks like.
    It’s not a good loan for most people. I’d try to find any other way to get it done.
    Also, that type of loan is currently one of those that no one wants to buy on Wall Street, so the availability of the product might be limited right now, and definitely requires better credit than it would have 6 months ago.


    Yanswers
    November 4th, 2009

  5. sure its a negitive am loan probably and you ll end up losing your home in a few years neg am is a bad idea and yes you have to refinance .
    i sould suggest having someonr look at what rate you are at now and if there is any way to save yo money with a fixed rate that is lower than what you are in now
    your best bet is to contact a direct lender with good rates go to
    http://www.directlendingplanet.com
    they are by far the lowest rates out there they dont pour money int advetising and dont charge back end fees
    i know several people who have gone there


    beachlov
    November 4th, 2009

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