What is the catch with a Quicken Loan?

Bebe asked:


I’m curious how you could get a loan for 300K for approximately $800/month although I have some debt and good credit score.
Are these loans interest only? How do they work to consolidate the existing debt? I’m trying to get a 380K - 450K loan to buy a house without paying $2200-3000 a month for the mortgage.

Rodney

Tags: 300k, Consolidate Debt, Credit Score

This entry was posted on Tuesday, July 14th, 2009 at 6:31 am and is filed under Debt Consolidation. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “What is the catch with a Quicken Loan?”

1. RavensXXXV Says:
   July 15th, 2009 at 4:33 pm

   Matthew

   You would probaly only be paying interest only for the first 3-5 years on the 300K loan.

2. boo v Says:
   July 17th, 2009 at 7:57 pm

   Miguel

   dear frnd now u can get ur loan very easily…….

3. Reenie Says:
   July 20th, 2009 at 4:37 pm

   Linda

   I have actually never heard of the term Quicken Loan. It’s not possible to get a 300K loan for only $800 per month. The numbers just don’t add up. So, the catch is that you’ll be paying for it at some point & most likely with a VERY high interest rate. If this is the first time you are buying your home, or even if you are in a certain profession (like a teacher), the banks will usually offer you a lower rate. You should call around or do some more research on the internet. This is a good site with a lot of helpful loan info. Good luck!