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      February 22, 2018

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  1. Quicken Loans
  2. The Easy Loan Site
  3. Rate Marketplace
  4. Mortgage Srch 123
  5. Lower My Bills

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The Basics of Refinancing Your Home Mortgage

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Mortgage Refinance Better Business Bureau Reliability Seal

Best Mortgage Refinance Companies

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.

Continue reading below reviews

2018

Mortgage Refinance Reviews

5 stars
Lending Tree

LENDINGTREETopConsumerReviews.com Best-In-Class Blue Ribbon Award

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. Read More... Visit
Site

4 stars
Quicken Loans

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.
Read More... Visit
Site

3 stars
The Easy Loan Site

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. Read More... Visit
Site

2 stars
Rate Marketplace

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.
Read More... Visit
Site

1.5 stars
Mortgage Search 123

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. Read More... Visit
Site

1 star
Lower My Bills

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.
Read More... Visit
Site

Continued from above

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.

 

Weekly mortgage applications tank even more, as rising rates make homes less affordable

Volume was just 3.5 percent higher than a year ago, according to the Mortgage Bankers Association. Applications to refinance a home loan, which are most rate-sensitive, fell 7 percent for the week and were 2.8 percent higher than one year ago, when ...

Published:  Wed, 21 Feb 2018 19:12:00 GMT



Study: Even with rate upticks, metro Bham homeowners miss out on refinancing savings

Many homeowners in the Birmingham metro area could be missing out on savings by not refinancing their mortgages - even with the recent uptick in rates. Jefferson County was listed as No. 1 in the state where homeowners are missing out on refinance savings.

Published:  Wed, 21 Feb 2018 07:05:00 GMT



Vulture funds: can more be done to protect mortgage borrowers

The problem in dealing with the issue of residential mortgage loans possibly being sold to vulture funds is that it is not clear what the exact problem is, never mind the solution. What this sale would mean for borrowers in arrears whose loans are sold is ...

Published:  Wed, 21 Feb 2018 23:48:00 GMT



Mortgage Loan Rates Increased Again Last Week, Applications Slide

and the percentage of all new applications that were seeking refinancing fell from 46.5% to 44.4%, its lowest level since last July. Adjustable rate mortgage loans accounted for 6.4% of all applications, up 0.1 percentage points from the prior week.

Published:  Wed, 21 Feb 2018 04:30:56 GMT



Retiring with Debt: Mortgage, Home-Equity Loans, Credit Cards

More older Americans are carrying significant amounts of debt into retirement. Even with low interest rates, is that wise Consider: Older Americans, those 60 and older, had $1 trillion in household debt (mortgages, home equity loans, auto loans, student ...

Published:  Wed, 21 Feb 2018 21:31:00 GMT



Rising mortgage rates: Is now the time for ARM loans

ARM loans are an invisible part of the mortgage marketplace, but maybe that's about to change. Since 2009 annual mortgage rates have been below 5 percent, and demand for adjustable-rate mortgages (ARMs) has been in the single digits. Ellie Mae reports ...

Published:  Mon, 19 Feb 2018 07:14:00 GMT



Mortgage rates hit four-year high, adding to home buyer woes

Even so, mortgage rates remain much lower than the market has seen in the past. Rates reached more than 6.6 percent 10 years ago, according to Freddie Mac. Before spiking to 4.38 percent last week, rates for conventional 30-year, fixed loans peaked at 4.41 ...

Published:  Wed, 21 Feb 2018 07:46:00 GMT



Australia's ANZ builds mortgage book as bad debts drop

largely driven by owner-occupied mortgage lending. Riskier investor loans, which are being closely watched by Australia's prudential regulator, were only about half a percent higher over the period, the bank said. "They are all switching away from ...

Published:  Mon, 19 Feb 2018 17:29:00 GMT



Guild Mortgage serves local community

What sets Guild Mortgage above other mortgage companies, Lemon said, is that they service their own loans. "A lot of times when you go through another mortgage company, they sell off your servicing so you never know who you are making payments to," Lemon said.

Published:  Tue, 20 Feb 2018 23:28:00 GMT



GSF Mortgage Adds Additional Loan Originator to the Wolverine State

She is an industry veteran and has been serving customers and their mortgage needs for 25 years. Bargy is adept at working with first-time homebuyers, single close constructions loans, refinancing options and debt consolidation. Her business philosophy is ...

Published:  Thu, 22 Feb 2018 00:05:00 GMT



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