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Sunday, June 20th
Refi Rate Guide is not a traditional mortgage lender or bank. Instead, it serves as a marketing tool operated by LeadPoint, connecting you with various lending partners that might offer you a loan for your mortgage refinancing.
Not Much Information
We found two different experiences when using this site, depending on which browser we used. One took us to a long list of partner lenders and sample rates, while the other jumped directly into asking us if we were looking to refinance or to purchase a home. The latter seems to be what most people get when navigating to the Refi Rate Guide site. Neither one gives prospective borrowers much information about the service beforehand.
To get started, click on "Refinance" and then select the property type: single family, multi-family, townhouse or condo. You'll then need to estimate your credit score - on this site, anything 680+ is considered "excellent", by the way - and the approximate value of the property. Use the slider to indicate the amount of the balance remaining on the current mortgage and its interest rate, and then click on the type of loan you're looking for (fixed, adjustable, or either).
You'll also see a slider for specifying if you want any cash out on your refinance. Further questions ask about any bankruptcies/foreclosures/late payments in the past three years, whether or not you can verify your income, and military service. The last few questions were a little strange: "In need of a home improvement project? Speak with a local contractor today" and then a yes/no box; whether or not you have banking or credit accounts with a list of several major banks. Finally, you provide your address and contact information.
Optional Credit Pull
The next page is a "highly recommended next step": a link to get your credit score and report. But, you can click "continue to more offers" if you'd rather not, and that's what we did.
Here's where it got weird: our "results" page didn't give us any quotes for refinancing. Instead, it asked us for more information so that we could "Find the Best Deal on Home Insurance". There was absolutely nothing on that page that let us get to any mortgage refinancing: no offers, no information, zero.
Watch The Spam
LeadPoint, the parent company of this service, is both accredited and "A+" rated with the Better Business Bureau. Those indicate that the provider is doing a good job of responding appropriately to customer complaints. What were those negative comments? They related almost entirely to spam mail, email and phone calls from LeadPoint and its affiliates. Some said they were completely unsolicited, while others signed up for information (sometimes through Refi Rate Guide) and found themselves inundated with offers not even related to their original inquiry (just like the home insurance quote form we got).
Don't Waste Your Time
Refi Rate Guide is our lowest-ranked site for getting mortgage refinancing. The reasons should be obvious: what good is a refi service that never actually connects you with a lender? Even an "A+" from the BBB isn't enough to salvage this site's last-place ranking. You'll be better off with literally any other provider in our review.
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!
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Reuters on MSN.com
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