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      January 21, 2020

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The Basics of Refinancing Your Home Mortgage

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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

Best Reviews


2020

Mortgage Refinance Reviews

5 stars
LendingTree

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.

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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.

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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.

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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.

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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.

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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.

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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.

 

4 key questions to ask now before you decide to refinance your mortgage

With 30-year mortgage rates at historic lows, more homeowners are refinancing. But before you sign on the dotted line, ask yourself these four key questions.

Published:  Thu, 16 Jan 2020 10:40:00 GMT



Refinance mortgage rate ticks higher for Tuesday

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a refi, see how that could affect you.

Published:  Tue, 14 Jan 2020 04:32:57 GMT



Better.com Awarded NerdWallet's Best Mortgage Lender for Refinance 2020

Better.com, one of the fastest-growing homeownership companies in the country, was today awarded NerdWallet's 2020 Best-of Award winner within the Best Mortgage Lender for Refinance category. This ...

Published:  Wed, 15 Jan 2020 06:26:00 GMT



Mortgage delinquency rate continues to drop in Winston-Salem area during October

Economists say housing markets and lenders are benefiting from more homeowners being able to stay current on their monthly mortgage payments, in part because of refinancing to lower mortgage rates.

Published:  Mon, 20 Jan 2020 01:45:00 GMT



With no loan limits and easy requirements, VA loans are more popular than ever

That's more than double the percentage of new VA loans in 2009. So, why the spike in popularity? Because VA loans have huge benefits for home buyers, including: Below-average mortgage rates No ...

Published:  Mon, 20 Jan 2020 05:15:00 GMT



North Lawndale residents say mortgages, loans still out of reach in some African American communities

Residents of the North Lawndale neighborhood shared their modern day struggles of getting a mortgage. On Martin Luther King Day, many are reminded of his work in Chicago to address unfair housing ...

Published:  Mon, 20 Jan 2020 01:26:00 GMT



Quicken Loans becomes NFL's first official mortgage sponsor

Quicken Loans has signed a multiyear National Football League sponsorship for its Rocket Mortgage brand in an effort to seek greater awareness and preference. The move comes just in time for marketing ...

Published:  Tue, 07 Jan 2020 10:39:00 GMT



The best mortgage refinance companies: Rates and reviews

To find the eight best refinance companies, we started with a list of the 25 most popular mortgage lenders in the U.S. Then we narrowed the selection down based on a few key criteria: ...

Published:  Tue, 07 Jan 2020 04:55:00 GMT



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