Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.
Sunday, June 26th
SoFi starts out looking like a great choice for online mortgage refinancing, with a clean website and lots of helpful info. But, you'll get no information about rates unless you create an account and verify your identity, and you may have to complete an official application just to see what closing fees to expect. With more than 100 complaints registered with the BBB, SoFi has some room to grow to earn a higher ranking among lenders offering mortgage refinancing.
Refi Rate Guide is confusing, jumping right into asking for your information without telling you anything about their service. Even after you've answered all of the questions, you may never actually get to a page with rate quotes. Although the parent company of this site has an "A+" from the Better Business Bureau, that doesn't make up for the fact that you won't be able to refinance your mortgage when using their service. Any other mortgage refinancing service would be a better choice.
While it might be tempting to go with a local mortgage broker or even your community bank, you're not likely to get the lowest rates or ideal terms that way. Why? They usually work with their preferred partners instead of negotiating or "comparison shopping" to get you the best deal. You're paying for convenience and familiarity, but that's it. Fortunately, there are many reputable online lenders that make it quick and easy to get low rates and great terms, all from your laptop or even your mobile phone!
With interest rates at historic lows, it's worth your while to consider mortgage refinancing. Whether you want to shave years off your current mortgage and lower your interest rate or get cash out from your established equity, there's no better time than now. Using an online lender lets you compare rates, complete the application, and finish the entire process without ever leaving home: some services send a mobile notary to you for the final steps of signing the paperwork! Otherwise, you can often choose a local title company if you prefer to go the more traditional route.
Not all online mortgage refinancing providers work the same. While some operate more like a regular bank, funding your loan themselves, others act as a referral service so that you can compare rates and offers from multiple lenders at once. Whichever site you choose, don't be afraid to take the quote you receive and ask other lenders to compete for your business! Some of the fees charged in the refi process are negotiable, so why not see who can give you the absolute best loan terms?
As you start the process of refinancing your mortgage, keep in mind the following criteria for each lender or service you're considering:
TopConsumerReviews.com has reviewed and ranked the best services for mortgage refinancing available today. We hope this information saves you money by helping you find the best rates and terms when you refinance your mortgage!
Select any 2 Mortgage Refinance Companies to compare them head to head