A custom mortgage can hit the spot — for some
With rock bottom interest rates driving a boom in refinancing — applications recently hit the highest level in 3½ years nationally — many lenders are offering customized mortgages to attract borrowers who have excellent credit. Quicken Loans, the online lender, is aggressively marketing a customized product called a “YOURgage” that allows customers to choose any repayment term from 8 to 30 years. “It’s still a fixed-rate loan. There’s no balloon. There’s no reset,” said Bob Walters, chief economist at Quicken Loans.