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      December 5, 2019

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

2019

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.

 

Report: More than 6.8 million homeowners can cut their mortgage payments with refinancing

In an uncertain environment, seize upon certainty where you can find it." Why your credit score, income and debt matter Before you spend the time applying for a mortgage refinance, be sure you check ...

Published:  Wed, 04 Dec 2019 10:23:00 GMT



What you should ask before you refinance your mortgage

Instead, mortgage rates seemed to hop on an L.L.Bean toboggan last December and coast merrily downhill to a three-year low in September. That fueled a flurry of refinancing and the best quarter for ...

Published:  Sat, 30 Nov 2019 21:06:00 GMT



Weekly mortgage applications drop 9% as refinances pull back

Refinance weakness caused the overall drop. Those applications fell 16% for the week but were 61% higher than a year ago. Mortgage applications to purchase a home increased 1% last week, the Mortgage ...

Published:  Wed, 04 Dec 2019 10:59:00 GMT



In 2020, home sales to rise but refinancing to dip, mortgage bankers say

The Mortgage Bankers Association predicts mortgage rates will remain low in 2020, rising to an average of about 4% by the end of next year, with the impact confined mainly to boosting home purchases ...

Published:  Sat, 30 Nov 2019 02:00:00 GMT



Weekly mortgage refinance applications surge over 300% from a year ago, but there's a catch

Points dropped to 0.30 from 0.33 (including the origination fee) for loans with a 20% down payment. Mortgage applications to refinance a home loan rose 4% for the week and were 314% higher compared ...

Published:  Wed, 27 Nov 2019 12:42:00 GMT



Refinancing Your Mortgage Loan? Homeowners In These States Have The Best Shot

Money and home,loan,mortgage. Change home into cash concept. US Dollar in sack bag, Wooden house ... [+] model put on scales on wood table with green tree bokeh as background. Balance home and debt.

Published:  Tue, 03 Dec 2019 07:42:00 GMT



Refinance mortgage rate rises for Wednesday

Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a mortgage.

Published:  Wed, 04 Dec 2019 04:32:57 GMT



Everything you need to know to refinance your mortgage

Refinancing a mortgage means you get a new home loan to replace your existing one. If you can refinance into a loan that has a lower interest rate than you're currently paying, you may be able to save ...

Published:  Sat, 30 Nov 2019 09:59:00 GMT



Fairfax Title Company Answers How Mortgage Refinancing Works

Mathis Title Company, a Fairfax title company, recently published a blog called "How Mortgage Refinancing Works" to help homeowners better understand the refinancing process Mortgage refinancing is ...

Published:  Wed, 04 Dec 2019 16:07:00 GMT



Experiences of Older Refinance Mortgage Loan Borrowers: Broker- and Lender-Originated Loans

Historically, mortgages were originated and held primarily by financial institutions such as savings and loans, commercial banks, and insurance companies. Mortgage documents, underwriting criteria, ...

Published:  Fri, 29 Nov 2019 12:28:00 GMT



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