---
title: 'Lower Payments or Faster Payoff: The Choice is Yours'
description: Refinancing essentially presents two paths. And right now, both paths are incredibly lucrative. The first path is for those looking for monthly savings. By refinancing…
published: '2020-11-11T22:58:25.000Z'
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![White house with grey roof surrounded by greenery](https://img.money.com/2020/10/GettyImages-75627258.jpg)

Refinancing essentially presents two paths. And right now, both paths are incredibly lucrative. The first path is for those looking for monthly savings. By refinancing a traditional 30-year mortgage at one of [Quicken Loans’s record-setting rates](https://money.com/pr/uae2525d0783?ap_referrer=https%253A%252F%252Fmoney.com%252Flower-payments-or-faster-payoff-stg%252F), you could reduce your monthly payments by hundreds of dollars, and thousands of dollars over the course of your loan. The other path is for the ambitious. By refinancing a 30-year mortgage into a 20- or even 15-year loan, you might pay a few more dollars per month, but you’ll free up *years* of mortgage-free living and *thousands* of dollars in interest savings. Talk about a win-win.

## The Secret to Capitalizing on Record-Low Interest Rates? A Record-Holding Lender

This has been a year for the books -- the history books and horror books alike. But it’s also been one for the record books. Interest rates are at their all-time low. And before 2020 goes down in history, homeowners everywhere are scrambling to slash their mortgage payments by refinancing before rates go back up. This is why it’s vital that homeowners select a trusted lender capable of acting with the speed required to close a loan amidst the frenzy.

Whether you’re looking to shave years off of the length of your loan or hundreds from your monthly payments, Quicken Loans offers the competence, systems, and rates required to meet this historic moment.

## You may be able to reduce your monthly payment or pay off your loan faster.

### Click your state to get started and see your refinance rate today with Quicken Loans (NMLS #3030).

[Calculate Your Payment](https://money.com/pr/yf1712564db2?ap_referrer=%2Flower-payments-or-faster-payoff-stg%2F&url=%2Fp%2Fquicken-loans-mortgage-refinance-review%3Fap_referrer%3D%252Flower-payments-or-faster-payoff-stg%252F%26pcuid%3Dyf1712564db2%26pd%3D1%26url%3Dhttps%253A%252F%252Fwww.lmbahsj2.com%252F2B4SBT3%252F964QF6%252F%253Fsub1%253D14282%2526sub2%253Dabm-refi%2526sub4%253DMoney%26vertical_alias%3Dmortgage-refinance%26wafid%3D14282)

## Behold The Lesser-Known Benefits of Refinancing

Regardless of how you choose to benefit, refinancing *this* month of *this* year is a no-brainer for most homeowners who purchased more than 12 months ago. Whether you look to [Quicken Loans](https://money.com/pr/uae2525d0783?ap_referrer=https%253A%252F%252Fmoney.com%252Flower-payments-or-faster-payoff-stg%252F) for a lower monthly payment or faster payoff, the refinancing process will likely present additional benefits as well. These could include a refund of your escrow balance from your current lender, and even a skipped mortgage payment during the handoff from one lender to another. That's a relief we could *all* use this year.

## Refinancing Has Never Been Easier

[Quicken Loans](https://money.com/pr/uae2525d0783?ap_referrer=https%253A%252F%252Fmoney.com%252Flower-payments-or-faster-payoff-stg%252F) is first in the country in mortgage originations by volume, according to the Mortgage Bankers Association (MBA). What does that mean in plain, simple English? They are the largest mortgage lender in the US!

Their effortless mortgage application process can be completed through its Rocket Mortgage online service or with any of their representatives over the phone. What really sets Quicken apart from other mortgage lenders is its industry-leading customer service. In J.D. Power’s yearly Mortgage Origination Satisfaction Study, Quicken Loans has taken the top spot for an unprecedented 10 years in a row. And because everyone knows that buying a home is a feat, why not choose superb customer service to make your life easier?

### Find out how much you can save today.

![](https://s3.consumersadvocate.org/prd/image/image/22258/large_c4af4862-2fc0-4478-9484-4358669e11ec.png)

[View Rates](https://money.com/pr/m46deb538159?ap_referrer=%2Flower-payments-or-faster-payoff-stg%2F&url=%2Fp%2Fquicken-loans-mortgage-refinance-review%3Fap_referrer%3D%252Flower-payments-or-faster-payoff-stg%252F%26pcuid%3Dm46deb538159%26url%3Dhttps%253A%252F%252Fwww.lmbahsj2.com%252F2B4SBT3%252F964QF6%252F%253Fsub1%253D14282%2526sub2%253Dabm-refi%2526sub4%253DMoney%26vertical_alias%3Dmortgage-refinance%26wafid%3D14282)

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