Frequently Asked Questions

Is QuickTermLoans.com a mortgage lender?

No. This site provides an opportunity for you to receive multiple quotes through our national network of lenders for your quick term loan and compare them before deciding which is best for you. Neither this site or its operators is a direct provider of mortgage loans.

What if I want a conventional-length loan can I get one through this site?

Yes. Though the information on this site is geared to the borrower who is seeking a short (10-20 year) home mortgage loan, if you prefer the longer length loans they are also available to you through our network of lenders and you can get connected to them by filling out our online form.

Do I have to have great credit to get a quick term loan?

It certainly helps! There are lenders in our network, however, that work with borrowers that have less than perfect credit. The most important factor in getting a quick term loan is going to be a long work history and income level sufficient to pay the higher mortgage for a short term loan. Keeping a low debt to income ratio is important as well.

What factors determine the interest rate of a quick term loan?

Your interest rate will firstly and most importantly be set on market factors beyond your control. There is a base amount of money that it costs for a lender to get the money to loan to you and that amount changes on a daily (sometimes hourly) basis. Beyond that, lenders decide on an interest rate based primarily on your creditworthiness which includes how well you have treated your past and current lenders, your debt to income ratio, your work history, your income level, how much you are asking for, the loan type, how much you are putting down on the loan and whether you have any collateral to secure the loan (such as for a home equity loan).

Are fixed rate loans always better?

This is going to depend entirely on your situation. Due to the nature of the quick term loan and how fast it is usually paid off, the adjustable rate loan which will not begin to float the interest rate for five years may be a good bargain if the starting interest rate is very low. The savings you make on those first five years payment can be saved up and used to offset any increase in mortgage payment for the remaining years of the loan.

What is private mortgage insurance?

Private mortgage insurance, or PMI, is automatically added to certain types of loans if the borrower does not put down at least 20% toward the mortgage from the start. This PMI amount must be paid with the mortgage each month and it helps to insure the lender against loss in case you default on the loan. Private Mortgage Insurance must be paid until you have reached 20% equity in your home either through payments or, if you are fortunate, the home's value increasing on you.