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The Best Mortgage Refinance Companies

Where is the Best Place to Refinance Your Mortgage?

Refinancing a mortgage is a significant financial decision that can offer a number of benefits, provided you understand the process and its implications. Whether you want to lower your monthly payments, secure a better interest rate, or access your home's equity, refinancing your mortgage may allow you to get some additional cash with very little downside.

Refinancing a mortgage has become a popular financial strategy for many homeowners. The main reason why many people choose to refinance is to save money. When interest rates drop, refinancing can help homeowners lower their monthly mortgage payments. Imagine if you could pay less each month for your mortgage - that means you might have more money to spend on other things, like family vacations or saving for your children's education.

Thursday, July 18th

2024 Mortgage Refinance Company Reviews

Better Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

Better

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

When it comes to choosing a lender for mortgage refinancing, Better offers everything in one place: complete transparency with rates and terms, a 100% online process, and exceptional client support. Despite being relatively new compared to some lenders, they have swiftly solidified their position in the lending industry and expanded to include even more services to homeowners. Better has gotten the backing of several well-known banks and the praise of thousands of clients, and they continue to earn our highest ranking among mortgage refinancing lenders.

Beeline Review 4.5 Star Rating

Beeline

4.5 Star Rating

Beeline is an emerging favorite in the mortgage refinancing marketplace, started just a few years ago. Featuring traditional and cash-out refinancing, Beeline utilizes an AI-based chatbot named "Bob" to answer your questions and provide transparent information. The platform distinguishes itself by connecting directly to users' bank accounts for a super-fast verification process, allowing them to approve your refi in as little as 15 minutes and fully digital/remote closings within two weeks to 45 days. Beeline has come strong out of the gate with an "A+" rating from the BBB and enthusiastic feedback on Trustpilot praising its user-friendly approach and smooth refi experience, making it a promising option in the evolving online lending landscape.

LendingTree Review 4 Star Rating

LendingTree

4 Star Rating

LendingTree connects you with mortgage refinance offers from over 300 vetted lenders, streamlining access to multiple loan options. While LendingTree facilitates matching, keep in mind it doesn't directly fund your refinance; you'll still need to fill out a complete application with the lender you select (and double-check their reputation). LendingTree is recommended as an efficient, reliable way to get connected with both traditional and cash-out refinancing from trustworthy lenders.

Rocket Mortgage Review 4 Star Rating

Rocket Mortgage

4 Star Rating

Rocket Mortgage, formerly known as Quicken Loans, offers every type of mortgage refinancing: traditional and cash-out, as well as custom terms as short as 8 years. Despite some transparency concerns with respect to closing fees, the platform's strong customer service, tens of thousands of five-star reviews, and "A+" BBB rating make Rocket Mortgage a worthwhile choice for your refi.

loanDepot Review 3.5 Star Rating

loanDepot

3.5 Star Rating

loanDepot, a non-bank lender in operation since 2010, offers a digital-first approach and a variety of home loan products that include mortgage refinancing. With over $275 billion in funded loans in the last decade, the company has earned an "A+" rating and accreditation from the BBB. Despite its positive reputation and the convenient option to sign the closing documents at home, some website issues like grammatical errors and a quick push to a full-on loan application impact the lender's ranking here. If you decide loanDepot is the right fit, proceed with the application, but consider speaking with a representative for clarity too.

AmeriSave Review 3 Star Rating

AmeriSave

3 Star Rating

AmeriSave, with over 20 years of experience and a substantial track record of financing over 733,000 borrowers and $130 billion in loan volume, offers traditional and cash-out mortgage refinancing services. Although you can quickly obtain an "instant" rate quote through a soft credit pull, AmeriSave stands out (and not in a good way) for keeping its rates and fees totally secret beforehand. Although the company is "A+" rated and accredited by the BBB with numerous five-star reviews, specific complaints related to refinancing processes suggest a mixed experience, prompting our "just okay" rating. We'd choose the mortgage refi options higher on our list before using AmeriSave.

SoFi<sup>®</sup> Review 3 Star Rating

SoFi®

3 Star Rating

SoFi offers a variety of financial services, including student loan and mortgage refinancing, personal loans, and investment management. With a user-friendly online platform, SoFi aims to provide a streamlined and tech-savvy experience for managing your finances. Their mortgage refinancing is available in all states (except New York), and they stand out by displaying current daily rates for fixed-term mortgage refis on their main page. However, transparency on closing costs could be improved, and customer feedback, particularly regarding the mortgage refinancing process, reveals mixed experiences, with some expressing concerns about delays and insurance payments that never went through from escrow. Overall, SoFi presents a "just average" option for mortgage refinancing.

Axos Bank Review 2 Star Rating

Axos Bank

2 Star Rating

As a fully-online bank that waives lender fees during closing for applicants who meet certain criteria, Axos Bank will rightly pique your curiosity for your mortgage refinancing. You can even get some preliminary rate quotes with no soft pull on your credit. Unfortunately, client sentiment towards Axos Bank trends negative, especially regarding hard-to-reach-and-understand customer reps, as well as failures on the bank's part that caused problems for their account holders. We recommend that you choose a different bank for your refi.

eMortgage Review 1.5 Star Rating

eMortgage

1.5 Star Rating

Affiliated with HSH, eMortgage is a service that connects you with up to five lenders for mortgage options, including traditional and cash-out refinancing. However, you might encounter glitches in their form, and eMortgage's compensation structure raises concerns that they prioritize their financial interests over your best interests. Because of this and an overall lack of reputation from site users, we don't recommend eMortgage for your refinancing needs, and we'd suggest considering one of the more customer-centric alternatives on our list.

Freedom Mortgage Review 1 Star Rating

Freedom Mortgage

1 Star Rating

Freedom Mortgage has dropped to the last-place ranking on our list of refinancing options. Why? The BBB has revoked its accreditation of this company altogether and lowered its rating to a "C" because of shady (and illegal) business practices. If that weren't enough, the thousands of clients who have ranted about poor customer service, insurance bills not being paid out of escrow on time, and many other failures on Freedom Mortgage's part land this company at the bottom of our list.

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Continued from above...

It's important to distinguish between a traditional refinance and a cash-out refinance. In a traditional refinance, you replace your existing mortgage with a new one, typically with more favorable terms. This can result in lower monthly payments or a reduced overall interest cost over the life of the loan. On the other hand, a cash-out refinance allows you to borrow more than your existing mortgage balance, converting your home equity into cash. This additional sum can be used for various purposes, such as home improvements, debt consolidation, or other financial needs.

Another reason why refinancing is popular is that it can help homeowners pay off their mortgage faster. Let's say you purchased a 30-year mortgage when you originally bought your house. Now, after a few years, you have a chance to refinance at a lower interest rate. By refinancing to a new 15 or 20-year mortgage, you could pay off your home loan sooner and save a lot of money on interest in the long run.

Before diving into the refinancing process, assess your financial goals. Clearly define why you want to refinance, whether it's to save money on interest, reduce your monthly payments, or access cash for a specific purpose. Understanding your objectives will help you make informed decisions throughout the refinancing journey.

Once you have those details clear, you're ready to choose a lender. But where's the best place to look? Chances are, it's not with your current bank or other financial institution. When they already have your business, they don't have much incentive to try and save you any money or give you a new loan with better terms.

Your best bet is to shop around for your mortgage refinancing options online. You can work directly with a lender with a fully-digital application and approval process, or use a referral platform that can show you some of the top banks and credit unions that you may never have heard of. Either way, you'll be able to see all of the terms, conditions, and closing fees well in advance.

How can you tell a good mortgage refi platform apart from a not-so-great one? Here are some factors that influence whether a lender is worth your business:

  • Ease of application and overall process. The best online mortgage refinancing services take great care to explain each step and how long you should expect it to be from application to approval.
  • Transparency. Refinancing your mortgage should have zero mystery. Lenders that are upfront about their rates and fees from the get-go should be your priority over those that make you wait for a phone call or other contact.
  • Closing fees. Just like your existing mortgage, your refi will have associated closing fees. Make sure to read the terms and conditions, particularly on your Loan Estimate paperwork.
  • Reputation. It's easy for a mortgage refinancing lender to look great on the surface, but it's the client reviews and the rating from the Better Business Bureau that will tell you how the company actually performs.

Refinancing your mortgage is a financial move that requires careful consideration of your goals, the type of refinance you need, and the platform through which you choose to apply. To that end, the experts at Top Consumer Reviews have evaluated and ranked some of today's most popular options for mortgage refinancing, so that you can get the rate and terms (or the cash) that you're looking for.

The Best Mortgage Refinance Companies Compare Mortgage Refinance Companies Compare Mortgage Refinance Company Reviews What are the best Mortgage Refinance Companies Best Mortgage Refinance Company Reviews

Mortgage Refinance Company FAQ

When you refinance your mortgage, you essentially take out a new loan on your current home. Your new lender pays off your balance with your previous lender, and you start a new mortgage. It sounds complicated, but the average homeowner refinances their mortgage every four years!
A refinance could be a great opportunity under several conditions. These include a significant reduction in your interest rate, minimizing risk by changing from an adjustable rate mortgage (ARM) to a fixed rate loan, or reducing the length of your mortgage (e.g from a 30-year fixed to a 15-year fixed).
There are three situations where it probably doesn't make sense to refinance. If you've had your current mortgage for a long time, most of your payments are now going towards the principal instead of interest; a refinance will put you back to paying more towards interest and cost you more money. Or, if your current mortgage has a prepayment penalty and the lender isn't willing to waive it, you could spend more in fees than you'll save by refinancing. Finally, if you're planning to move in the near future, you might not recoup the closing costs you'll pay to refinance before it comes time to sell your home.
A cash-out refinance lets you borrow against the equity you have built up in your home. Some people do a cash-out refinance to consolidate debts at a lower interest rate, to pay for college, or to remodel their home.
Absolutely. There are some highly-rated lenders whose primary focus is online home loans, both first mortgages and refinancing. Because these lenders often have less overhead than a local mortgage broker or bank, you may get lower interest rates and be able to negotiate on some of the fees to get the best possible terms.
You'll want to run the numbers to see if it makes sense for you. Will you be in the home long enough to recoup what you've paid in points to spend less on interest? Will it make a big enough difference in your monthly payments? Do you have the cash on hand or will you have to roll the cost of the points into the mortgage itself? The decision is ultimately yours, but do the math to see if it's a good option first.
Remember all of the paperwork it took when you got your current mortgage? Expect a refinance to be very similar. You'll have to provide proof of income and homeowner's insurance coverage, bank statements, and so forth. Your home will probably need a new appraisal, and you might have to dig up your documents from the first closing, like the property survey. The process will involve a hard pull on your credit, so don't be alarmed if you see your score dip temporarily.
That depends on how quickly you provide the required documentation, how fast your lender processes it, and several other factors. You can expect an estimated time to close ranging from 30-60 days.
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