Mortgage Refinance Reviews

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LENDING TREE

In business since 1996, LendingTree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make LendingTree stand ahead of their competition.

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QUICKEN LOANS

Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans.

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THE EASY LOAN SITE

The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide.

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RATE MARKETPLACE

Rate Marketplace promises to match loan refinance companies with borrowers. However, what we found was that they simply sent us on to other mortgage referral companies. We felt this was both frustrating and a waste of our time. For those seeking assistance finding a competitive refinance loan, we recommend you choose a higher rated company on our list.

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MORTGAGE SEARCH 123

Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure.

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LOWER MY BILLS

Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information.

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Mortgage Refinance

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 mortgage 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:

  • 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.
  • Application process.  What is the process of gathering the information needed to begin the mortgage search
  • 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 these reviews help you as you decide to refinance your mortgage!



Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.

 



Mortgage Refinance In The News

An Update on Mortgage Refinance Volumes

Refinance volumes increased as mortgage rates dipped according to the recently released Federal Housing Finance Agency (FHFA) October 2017 Refinance Report. According to the report, average interest rate on a 30-year fixed rate mortgage rose from 3.81 ...

Published:  Fri, 15 Dec 2017 17:43:00 GMT



How the Fed Rate Increase Affects Your Mortgage, Car Loan and Credit Card Bill

Anyone with a credit card will see a small but instant shock to their interest rate, followed by borrowers with student and auto loans and, eventually, mortgage holders. At the Fed's final meeting of the year, and the last one for Janet L. Yellen ...

Published:  Wed, 13 Dec 2017 20:06:00 GMT



Mortgage rates pause but appear poised to drift higher

according to the latest data from the Mortgage Bankers Association. The market composite index - a measure of total loan application volume - decreased 2.3 percent. The refinance index fell 3 percent, while the purchase index slipped 1 percent.

Published:  Thu, 14 Dec 2017 06:34:00 GMT



FHA Title 1 Loans: What You Need to Know

The FHA is well-known for helping first-timers buy a home, and Title 1 loans are a way for homeowners to finance permanent property improvements and renovations. Home buyers can also piggyback a Title 1 loan onto their purchase mortgage to fix up a ...

Published:  Fri, 15 Dec 2017 16:06:00 GMT



Mortgage rates tick down

Those rates don't include fees associated with obtaining mortgage loans. Read: House prices rise at fastest pace since June 2014, Case-Shiller says The benchmark 10-year U.S. Treasury note TMUBMUSD10Y, +0.00% yield ended the week about where it began ...

Published:  Thu, 14 Dec 2017 06:00:00 GMT



Weekly mortgage applications fall 2.3% as rates rise

according to the Mortgage Bankers Association's seasonally adjusted report. Applications to refinance led the way down, falling 3 percent for the week after marking a sharp rise during the previous week. The giveback could have been expected but was likely ...

Published:  Wed, 13 Dec 2017 03:00:00 GMT



VA home loans: getting your form DD 214

That's a pretty good description of the form's importance. One of the key benefits associated with military service is the ability to get VA-backed mortgage financing. To get a VA mortgage, you need a Certificate of Eligibility (COE) and to get the ...

Published:  Fri, 15 Dec 2017 08:08:00 GMT



Hunt Mortgage Group Provides a Freddie Mac Small Balance Loan to Refinance a Multifamily Property Located in Hazelwood, Missouri

NEW YORK, Dec. 12, 2017 /PRNewswire/ -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $5.45 million to refinance a multifamily ...

Published:  Tue, 12 Dec 2017 07:39:00 GMT



TCF Bank completes acquisition of Rubicon Mortgage Advisors

The deal was initially announced in October. Now that the deal is finalized, TCF Bank will begin marketing its residential mortgage program as TCF Home Loans in the consumer market. TCF Home Loans will provide residential mortgage lending solutions to ...

Published:  Fri, 15 Dec 2017 16:33:00 GMT



A Guide to 6 Standard Home Loans

Without further ado, here's a review of six very common kinds of mortgages. Note that some home loans may fall in several of the following categories. The 30-year fixed-rate mortgage is the most popular type of home loan. It's been a smart choice for many ...

Published:  Fri, 08 Dec 2017 06:01:00 GMT




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