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.

Refi Rate Guide Review

Sunday, September 26th

2021 Mortgage Refinance Company Reviews

Refi Rate Guide Review 1 Star Rating

Refi Rate Guide

1 Star Rating

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.

Getting Started

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).

Strange Questions

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.

Huh?

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.

Where is the Best Place to Refinance Your Mortgage?

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.

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.
Compare the Best Reviews

Continued from above...

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:

  • Reputation. What do other homeowners say about the company and the process of refinancing a mortgage? Is the service rated and accredited by the Better Business Bureau?
  • Ease of Use. Does the site make it easy to apply, to get information about refinancing in general, and ultimately to close on your refi? Will you get multiple quotes from different lenders that you'll have to vet on your own? Is it difficult to get help if you have a question?
  • Transparency. How much can you find out without having to give your personal information? Does the service give you ample details upfront about their rates, terms and fees?

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!

See the Best Mortgage Refinance Company
The Best Reviews of Mortgage Refinance Companies