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Are you considering refinancing your mortgage? You should if you want to consolidate your debt, reduce your monthly payment, or take money out of your home to make another purchase or repair.
But be careful - choosing the first mortgage company you come across is not usually the best option. TopConsumerReviews.com reviews and ranks the best online mortgage refinance companies available today.
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When is it a good time to refinance your mortgage? If your existing mortgage rate is higher than the current rate for your credit score and mortgage type, you need to explore it. Would you like to lower your mortgage payment to make your house more affordable? Are you considering updates to a kitchen or a bathroom, and want to get some extra cash to afford them?
Before you stop off at the local bank to discuss home refinancing you should consider comparing refinance options online. Just visiting your local bank won't give you your best rate, which means you'll pay more. Refinancing your home through an online refinance company lets you quickly find the best rate given your credit worthiness, loan size and type. The best refinance companies allow several
banks to compete
for your loan, in order to provide you the lowest mortgage payment. They save you the hassle of calling several banks and lending institutions, and completing multiple refinance applications.
But not all online mortgage refinance brokers are the same. Before you start your search you should consider the following:
• Application process. What is the process of gathering the information needed to begin the mortgage search?
• Number of Lenders. How many banks and lenders does the company work with to find you the best rate? The larger the number, the more likely you'll receive the best rate.
• Timeliness. Are you going to have to wait for a call to discuss all of the necessary details, or will the online application expedite the process and provide you the details you're looking for?
TopConsumerReviews.com has reviewed and ranked the best online mortgage refinance providers available today. We hope you find these reviews helpful in refinancing your loan!
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Lending Tree is truly a one stop shop for all your mortgage refinancing needs. In business since 1996, Lending Tree has helped thousands of customers successfully refinance their mortgage. They currently hold an A+ rating with the Better Business Bureau and provide the most user-friendly, comprehensive mortgage refinancing website available.
Lending Tree allows you to enter all the necessary details and information directly into their system, and quickly move forward to find the best lender. This process is free and secure. Impressively, Lending Tree has relationships with over 150 lenders. Once your details are entered into their application, they
automatically find the top 5 lenders with the best refinance rates available to you.
Inquiry Process:
• Complete online request identifying property type, your credit rating, property location, mortgage amount, contact information and more.
• Receive up to 5 online offers from lenders in minutes.
• Compare mortgage rates and terms for each loan.
• Choose the loan that fits your needs and complete an official application for that lender.
We really liked the helpful tools on the website that assist with calculating what we could afford and how much cash we could take out of our existing home. For those with a lower credit score, Lending Tree provides information on credit repair and a credit monitoring service to make sure your rate is as accurate as possible.
Overall, Lending Tree has built a superior refinancing website that serves to streamline the mortgage refinance process in the most efficient manner. The number of lender relationships, the helpful tools, the professionalism and additional services all make Lending Tree stand ahead of the pack. If you're considering refinancing your mortgage, you owe it to yourself to check out Lending Tree.
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Quicken Loans have been in business for over 25 years and currently has an A+ rating by the Better Business Bureau. Their name comes from the turn around time on their loan closes. Most loans close between 2-4 weeks and are quicker than the majority of lenders.
The website is well designed and easy to follow. Customers may start the loan inquiry process online for free
however, an application fee exists if you decide to move forward with a loan option presented by Quicken. This fee to is to cover the cost of pulling the credit score and managing the process.
Inquiry Process:
• Complete online request identifying mortgage goal, mortgage amount, home value, credit rating, contact information and more.
• A Home Loan Expert calls to verify your credit score and discuss your refinance goals.
• Get matched to a loan.
• Make a deposit to cover the loan processing costs.
Quicken Loans offers a full service well designed website that helps the customer learn more about mortgages, refinancing, credit scores and much more. Quicken Loans also provides credit repair information to educate.
With a strong reputation we know that Quicken Loans has a lot to offer. They have a history of closing thousands of loans in the last 25 years and have an excellent customer service team. We would have liked to have seen more information provided online before a loan representative required our time. But, if you are looking for a quick mortgage refinance Quicken Loans is a good place to start.
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LoanApp is an online mortgage refinance company that serves to connect consumers with lenders. In business since 1992 LoanApp matches customers with up to 4 lenders to help meet their personal needs. Similar to other mortgage refinance companies LoanApp provides informational links to help educate the consumer.
The website is relatively basic and lacks some of the professionalism we'd anticipate from a mortgage refinance company. We would have also liked to have seen more information about a Better Business Bureau rating or prior customer experience.
Inquiry Process:
• Complete online request with property type, credit type, purpose of the loan, home value, mortgage balances, income and more.
• A loan expert calls to discuss loan options.
• Choose a loan.
One of our dislikes of this website was the links to other websites for the basics like rate information, home value reports, real estate information and more. We also would have liked to have seen more information regarding the company the refinance process, the lender network and any associated fees. In the end we couldn't think of any reason to choose LoanApp over a higher ranked mortgage refinance provider.
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Mortgage Search 123 is not your standard refinance website. They focus their effort on those individuals looking to refinance their home to avoid foreclosure. Mortgage Search 123 matches consumers with companies that may offer
foreclosure prevention services. They clearly state the lender may not be willing to change the consumer's loan so we have to wonder if they are leading people in for debt management services instead.
The look and feel of Mortgage Search 123 is unprofessional and unimpressive. The website lacked information about the legitimacy of the company and the overall loan inquiry process.
Inquiry Process:
• Complete online request with property location, home value, credit, contact information, status of house payments and credit card payments, total monthly debt payments and more.
• A loan contact from any bank interested in working with you will call.
• Choose a loan based on the conversations you've had with various banks.
Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them much information. We also didn't like that their only focus was refinancing to save from foreclosure. We recommend you choose a higher ranked mortgage refinance company to assist with any of your loan needs.
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LowerMyBills is a free online service for consumers to compare low rates on home loans, credit cards, health insurance, wireless services and more. The thought is, if you can find a lower cost provider you can save money on your monthly bills.
LowerMyBills left us disappointed with the look and result of their website. If you click on mortgage refinance you immediately receive information on a Fannie Mae refi program. For those not looking for a Fannie Mae mortgage refinance they will probably leave the website confused with their offerings.
Inquiry Process:
• Complete online request property type, type of loan, credit profile, purchase year, home value mortgage balances, current lender, rate info, age, address and more.
• You're directed to some, none or up to 4 website links that take you to new companies that again require you complete the inquiry process.
• Next step is dependant on new website you're directed to.
The biggest disappointment occurred after taking the time to complete four pages of personal information regarding our mortgage and ourselves and the result was four links to other websites that asked for us to complete the same information into their loan inquiry website.
We're not sure why LowerMyBills feels they have to waste our time but we doubt any customer would want to put up with the effort required. LowerMyBills is not
worth your time if you are legitimately trying to refinance your mortgage.
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Mortgage Refinance in the News
SAN FRANCISCO, May 14, 2012 /PRNewswire/ -- Bank of the West has seen a rise in mortgage loan applications since April as homeowners seek to take advantage of low interest rates under the government's ...
Publ.Date : Mon, 14 May 2012 07:00:00 -0700
Dear Dr. Don, I have an existing 5/1 adjustable-rate mortgage, and my house is underwater. My loan adjusted three years ago. Although my rate is low now, I want to refinance to a fixed rate, but I don't have any equity in the home. My house is appraised at $310,000, but I owe $327,000.
Publ.Date : Mon, 14 May 2012 04:33:22 -0700
Rock-bottom mortgage rates entice homeowners to refinance , but many borrowers are surprised to find that the advertised mortgage rate is not necessarily the refinance rate they will be offered.
Publ.Date : Tue, 15 May 2012 08:47:02 -0700
Dear Dr. Don,I have an existing 5/1 adjustable-rate mortgage, and my house is underwater. My loan adjusted three years ago. Although my rate is low now, I want to refinance to a fixed rate, but I don't ...
Publ.Date : Mon, 14 May 2012 03:00:00 -0700
Ellie Mae® , a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today released its Origination Insight Report for April 2012.
Publ.Date : Wed, 16 May 2012 06:00:00 -0700
When June Snow first looked into refinancing her interest-only mortgage, she was told it would be impossible because the value for her three-bedroom, two-bath ranch style home was not in the necessary range.
Publ.Date : Wed, 16 May 2012 05:00:00 -0700
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