Home Loan U Educates Consumers Before Shopping for a Mortgage

—Quicken Loans’ new mortgage guides offer valuable, free tips online—

Livonia, Mich. – Oct. 13, 2007 – With all the turmoil in the mortgage market, it is more important than ever that consumers be informed and educated about the entire lending process and diligent in selecting a reputable lender.

“The meltdown in sub-prime lending has led to tighter lending guidelines in conventional lending too, in the form of higher credit scores and larger down payments, even for consumers with good credit. But in all the negative noise, it’s easy to overlook the fact that the majority of consumers have good credit, can document their income and have sufficient equity. These folks will have no problem qualifying for a conventional loan and many are surprised to learn that interest rates on these loans are still quite favorable,” said Bob Walters, chief economist for Quicken Loans, one of the nation’s largest mortgage lenders.

“Consumers with less than perfect credit or those who have difficulty documenting their income, like the self-employed, are finding it more challenging to secure financing. There are a number of people who could have obtained a loan six months ago who now no longer qualify.”

Walters says as a result, it is more important now than ever that consumers educate themselves before looking for a home loan. The best source of information often comes from friends and family who have recently been through the process themselves. They will be able to provide first-hand information about working with their respective lenders.

There are many educational resources on the Internet. Quicken Loans has just published a series of “Home Loan U” personal finance education guides that are available as free downloads at www.homeloanu.com. The guides include:

  • First-Time Homebuyer – Get the knowledge you need to step into home ownership with confidence! This guide includes information about fixed- and adjustable-rate mortgage programs, determining how much home you can afford, private mortgage insurance (PMI), fees, points and closing costs.
  • Refinance – Learn all about your options when refinancing through expert advice and real-world case studies. Regardless of whether you want to lower your current rate or take equity from your home to consolidate debt, this guide will give you all the information you need to make informed decisions.
  • Power Buyer – Is a pre-approval letter worth the paper it is printed on? Learn how to be empowered as a buyer to drive the best deal possible on your new home.
  • Loss of a Spouse – This guide provides tips for making sound financial decisions regarding the home when coping with the loss of a loved one.
  • Dealing with Divorce – Learn how to best manage your finances and home when dealing with divorce. This guide provides five key steps to post-divorce financial security.
  • Protecting Your Privacy – Avoid identity theft by stopping thieves in their tracks. Learn the best strategies for keeping your personal information private and what steps to take if your information ever falls into the wrong hands.
  • Managing Your Credit – A step-by-step guide to everything you need to know about credit, including how credit scores work, and tips for building and maintaining good credit and repairing bruised credit.

The mortgage process can be confusing. Armed with the information available in the Home Loan U guides, as well as the articles, tips and mortgage calculators available at www.quickenloans.com, consumers can go into the home buying or refinancing process with confidence.

According to Walters, it is this knowledge and confidence that will help the entire process move smoothly, and without surprises.

“The bottom line is that it’s more important now than ever that consumers protect their credit, educate themselves on the types of mortgage programs they are currently in and what options are available to them, which is why the new Home Loan U guides are so timely,” concluded Walters.

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About Quicken Loans

Quicken Loans is one of the nation’s largest retail mortgage lenders, closing nearly $18 billion in home loans in calendar year 2006. The company employs more than 4,000 people and has been ranked in the “Top 20” of FORTUNE Magazine’s “100 Best Companies to Work for in America” list for the last four years. For more information, visit www.quickenloans.com. To read more about Quicken Loans unique culture, visit www.quickenloanscareers.com or see “What’s the DIFF” at the Quicken Loans Blog.