The low rates are likely due to the struggling economy, but are a sign that people should take action if they can afford to refinance.

And Americans are definitely taking advantage of the opportunity, according to Quicken Loans Chief Economist Bob Walters. “Mortgage activity, much like the weather around the country, has remained hot,” Walters said. “Low rates are driving consumers into the market, and for good reason. Folks who refinanced not more than a year ago are now looking at a scenario where it may make sense to again refinance. The rates out there are simply that good.”

What impact do these low interest rates have on my monthly home loan payment?

Depending on where you stand today, the impact on your monthly payment could be pretty significant. Take a look at the chart below to see the effect of mortgage rates on a $200,000 mortgage payment over the last 25 years:

As you can see, rates are at all-time lows. Find out how much you could save each month in this rate environment by checking in with a trusted Home Loan Expert or view your personalized home loan recommendations inside of Quizzle.

Even with these historically low rates, is a new home loan right for you?

Even though a lower interest rate could lower your monthly payment, you may need to pay some cash up front on a new home loan for things like private mortgage insurance (PMI) or a down payment. Despite these factors, refinancing is still the fiscally smart choice for many people.

Some factors to consider when thinking about a refinance:

• Is your credit in shape? Although a credit score north of 720 is optimal for the best mortgage rates, there are currently options for people with credit scores as low as 580. Find out what your potential for credit improvement is and how to achieve it inside of Quizzle.
• Do you have the money to put toward PMI or a down payment? If you do, refinancing is likely a worthwhile investment. If you can only come up with a small down payment, an FHA home loan may be a good option for you.
• How long to you plan to stay in your home? If you plan on moving in the next five years, now may not be the right time for you to refinance.

For more information about whether a new home loan or refinance is right for you, check out your personalized home loan recommendations inside of Quizzle or contact our trusted partner, Quicken Loans, America’s #1 online lender.

Mortgage Rates Hit All-Time Low was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

At a time when identity theft is on the rise and people are concerned with how to protect themselves, it’s important to know the ins and outs of specific security measures. One of the best ways to protect yourself is to always have visibility into your information; this way you’re being proactive with your finances, rather than reactive.

Another way you can protect yourself is by heightening the level of security around your information. For example, did you know there’s a way to prevent someone from applying for a credit card or a loan in your name?

A credit freeze – also referred to as a security freeze - is something you can request from each credit bureau (Experian, Equifax and Transunion) to essentially seal your credit report.  This freeze makes your credit report inaccessible, unless you give specific authorization with a password or personal identification number. It’s like putting a padlock on your credit profile - and has been used by some as a method for identity protection.

Here’s a quick Q&A about what a credit freeze is and how you can apply for one or lift it.

What’s the difference between a credit freeze and a fraud alert?

With a fraud alert, a notice is placed on your credit file requesting creditors to verify your identity before issuing any credit in your name. This usually involves a phone call.  A credit freeze, on the other hand, completely locks your credit file, preventing anyone from accessing it.

Is there a cost associated with putting a freeze on my report?

Yes, there is. It typically costs anywhere from $3 to $10, per bureau, to freeze your credit report. However, if you’ve recently been a victim of identity theft, you may be able to apply a freeze at no cost. The costs vary by state, so check your state’s guidelines first.

How will a credit freeze impact my credit report?

[Free Resource: Check your free credit report and score]

The bad news is a credit freeze can prevent YOU from having access to your own credit report. For example, if you want to access your totally free credit report and free credit score at Quizzle, you won’t be able to if you have a freeze on your file. You also won’t be able to open any retail credit cards or rent a car using a debit card (a credit card works fine).

Once my credit report is frozen, how do I lift it?

It varies for each bureau, but you typically have two options: You can temporarily lift the freeze (some sites refer to this as “thawing”) or permanently lift it:

• Temporary lift– This method can be used when you need a third party to access your credit. A temporary lift typically lasts seven, 15 or 30 days.
• Permanent lift – As you might guess, this means you would like your credit information to be available for third parties without time restrictions. This is beneficial for people who plan to have their credit pulled often or would like to check their own credit regularly.

There may also be costs associated with lifting the credit freeze, so double check your state’s fees. This will prevent you from incurring any costs unknowingly.

Here are links to all three bureaus for more info about credit freezes and online forms to set them up:

EXPERIAN

• Credit Freeze Page
• Experian form: Temporary; Permanent

EQUIFAX

• Credit Freeze Page
• Equifax form

TRANSUNION

• Credit Freeze Page
• TransUnion form

The bottom line

If you just had your identity stolen, a credit freeze is a good way to protect yourself. However, if you want to have free access to your credit at all times and also be able to monitor it, it may be better to hold off for the time being.

For more tips and tools to help you manage your home, money and credit – including the most affordable credit monitoring on the web and complete identity theft protection – visit Quizzle.com.

More from the Quizzle Wire:

• 5 Ways to Build Credit from Scratch
• Getting out of Debt: Which Debt Should You Pay Off First?
• 3 Major Money Mistakes that Can Cost You
• Tax Records to Keep and How Long to Keep Them
• 10 Common Credit Myths

When to Freeze Your Credit Report and How to Do It was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Right now, this tax credit is only available if you get your closing in by November 30, 2009, but hopefully a new bill proposed by Sen. Johnny Isakson and Sen. Chris Dodd will not only expand the deadline, but could also expand the tax credit amount from $8,000 to $15,000!

There’s lots of support for the bill from the National Association of Realtors and the National Association of Home Builders, but Treasury Secretary Timothy Geithner said Thursday that he hasn’t “made judgment yet” on extending the credit.

Check out this Mortgage News article for more info.

There’s no date when the new bill will be decided on, but we’ll keep our ears open for it!

Will the First-Time Homebuyers Tax Credit be Extended to 2010? was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Want a chance to win a million dollars? (Now THAT would certainly boost your Quizzle rainy day fund grade…) How ’bout some $2,000 VISA gift cards? I know…it sounds too good to be true, right?

Not necessarily!

Our friends at Quicken Loans just launched a fun sweepstakes called Unlock Your Inner Millionaire where not only do you enter for the chance to win some big cash, but there’s also a lot of daily gift card prizes too – like gift cards from Fathead, Xeko, Target, and Amazon.com.

In the online game, you get to select a key and then try to unlock the door of a number of homes – and you can keep trying every day! The sweepstakes runs until December 31, 2009 so have a little fun and see if you can unlock some prizes!

Unlock Your Inner Millionaire! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Starting today, if you want a new credit report and score before you’re due for your six month freebie, you can buy one through us for just $7 – anytime you please.

But what about the free one? Don’t worry, we’ll still giving you a free credit report and free credit score every six months whether or not you decide to buy an extra in between. And since eliminating guesswork is kind of our thing, we created a credit report calendar – a count down, if you will – to show you exactly how many days you have left until your next free credit report and score.

‘Cause hey – when it comes to your credit – you should be in charge. Don’t guess. Know. Anytime you want.

Get a Credit Report – Anytime! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

You’re thinking….did I read that right? $500? Must be a catch, huh? Not this time.

We’ve all heard the news – it’s a great time to buy a home, right? But now, Quizzle’s mortgage partner, Quicken Loans, wants to give you another reason to buy a home this summer with their $500 Home Buyer Bonus.

Here are the details:

• Purchase a new home and get your mortgage through Quicken Loans.
• Signed purchase agreement and loan application must be received by July 14, 2009.
• Your loan must close by December 31, 2009.
• Receive a check for $500 after your loan closes with Quicken Loans.
• BIGGER BONUS – get an additional $250 (that’s a total of $750 in your pocket!) if you work with an In-House Realty approved real estate agent. In-House Realty can help match you with an experienced real estate agent in your area at no cost!  And until July 31, they’ll be paying you!!

Log in to Quizzle to check out YOUR mortgage options and your current home value.  Then go to Quicken Loans and fill out this easy form to talk to a Home Loan Expert and apply for your loan.

Don’t forget – first-time home buyers can ALSO get up to an $8,000 tax credit when you buy a home this year. Add all this with some of the lowest home prices and lowest rates in history and it’s a no brainer – there has simply never been a better time to buy a home!

Quizzle Introduces: The Quicken Loans $500 Home Buyer Bonus was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

It’s Earth Day and Quizzle can’t wait to celebrate with our Green Quiz!

If you haven’t taken a peek at it yet, what better day than TODAY to find out how “green” you are! In the quiz, we’ll give you a personalized Green Score based on some green-minded questions you’ll answer about your home.

What do you get from the quiz? Customized ways you can change your life to save money and save the earth. As a little bonus (for you and Mother Earth) you’ll get an exclusive 10% discount on tons of energy-efficient products when you purchase anything from Choose Renewables, our partner in the green quiz. Just enter “Quizzle10” at the Choose Renewables  store to receive this Earth Day discount.

You know your Quizzle Score…now find out your Green Score! Take the quiz now and find out how easy it is to start your earth-friendly lifestyle!

Quizzle celebrates Earth Day! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

No…no shamrock shakes. But we DO want to show you something we just launched!

We put the “quiz” in Quizzle by creating our FIRST Quizzle Quiz called “What’s Your Green Score?” In this interactive tool that we created with our energy-efficient friends at Choose Renewables, you’ll be able to find out your very own Green Score and also get money-saving solutions to become more green.

We’d love it if you could take a minute to check out the quiz and give us your honest feedback (believe me – you won’t hurt our feelings!)

Have a great St. Patty’s Day!

Happy St. Patrick’s Day from Quizzle! Are YOU Green? was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!