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      May 26, 2020

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Quicken Loans vs Mortgage Search 123

Best Mortgage Refinance Companies

To help you find the Best Mortgage Refinance Programs, TopConsumerReviews.com provides you with an in-depth comparison of Quicken Loans and Mortgage Search 123.

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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.

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2020

Mortgage Refinance Reviews

5 stars
Quicken Loans

QUICKEN LOANS

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TopConsumerReviews.com Best-In-Class Blue Ribbon Award Quicken Loans have been in business for over 25 years and currently has an A+ rating by the Better Business Bureau. Their name is a good representation for the turnaround time it takes for their loans to close. Most loans close between 2-4 weeks, which is considerably quicker than the majority of lenders.

The website is well designed and easy to follow. You can start the loan inquiry process online for free, however an application fee exists if you decide to move forward with the loan presented by Quicken. This fee to is to cover the cost of pulling your credit score and managing the process.

Inquiry Process:

  • Complete online request identifying mortgage goal, mortgage amount, home value, credit rating, contact information and more
  • A Home Loan Expert calls to verify your credit score and discuss your refinance goals
  • Get matched to a loan
  • Make a deposit to cover the loan processing costs

Quicken Loans offers a full-service, well designed website that helps you learn more about mortgages, refinancing, credit scores, and much more. Quicken Loans also provides credit repair information, in case you want to raise your credit scores.

With a strong reputation, we know that Quicken Loans has a lot to offer. They have an excellent history, closing thousands of loans in the last 25 years, and have a great customer service team. We would have liked to have seen more information provided online before speaking with a loan representative, but that's just a minor quibble. If you're looking for a quick mortgage refinance, Quicken Loans (877-715-0889) is a great place to start.

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1.5 stars
Mortgage Search 123

MORTGAGE SEARCH 123

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Mortgage Search 123 is not your standard refinance website. They focus their effort on those individuals looking to refinance their home to avoid foreclosure. Mortgage Search 123 matches consumers with companies that may offer foreclosure prevention services. They clearly state the lender may not be willing to change the consumer's loan so we have to wonder if they are leading people in for debt management services instead.

The look and feel of Mortgage Search 123 is unprofessional and unimpressive. The website lacked information about the legitimacy of the company and the overall loan inquiry process.

Inquiry Process:

  • Complete online request with property location, home value, credit, contact information, status of house payments and credit card payments, total monthly debt payments and more.
  • A loan contact from any bank interested in working with you will call.
  • Choose a loan based on the conversations you've had with various banks.

Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them much information. We also didn't like that their only focus was refinancing to save from foreclosure. We recommend you choose a higher ranked mortgage refinance company to assist with any of your loan needs.

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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!

How to land one of the COVID era's super-low rates for your mortgage refinance

In an unusual benefit from the pandemic, the chaos on the financial markets has helped push mortgage rates through the floor. If you're determined to refinance and save, how do you score a rate that's ...

Published:  Sat, 23 May 2020 21:18:00 GMT



Mortgage regulator to loosen refinance restrictions for home loans in forbearance

People will have an easier time refinancing loans backed by Fannie Mae and Freddie Mac following being in forbearance based on new rules regulators ...

Published:  Wed, 20 May 2020 05:19:00 GMT



Why mortgage refinance activity is sliding when rates are so low

Refinance demand is slipping, after a frenzy of refinance activity in mid-March, when sub-3% mortgage rates caused a spike of refinancings to a 17-year record.

Published:  Wed, 20 May 2020 13:32:00 GMT



4 mortgage refinancing mistakes that can cost you money

With mortgages rates in decline, millions of Americans are mulling over a mortgage refinancing deal. When the light turns "green" , avoid these mortgage refinancing mistakes ...

Published:  Thu, 21 May 2020 05:16:00 GMT



I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50,000

When the COVID-19 crisis landed in the United States, the Federal Reserve slashed interest rates to record lows - and mortgage rates followed.

Published:  Mon, 25 May 2020 06:08:00 GMT



How to get the best mortgage refinance rates

But not so fast, don't rush to refinance without researching your refinancing options carefully. The one-size-fits-all theory doesn't apply to mortgage refinance rates. It's crucial to take time to ...

Published:  Tue, 19 May 2020 05:26:00 GMT



Mortgage Credit Tightens, Creating Drag on Any Economic Recovery

Housing is often the most immediate way the Federal Reserve transmits lower interest rates to the economy, as homeowners refinance to free up cash and as home buying spurs construction and spending.

Published:  Mon, 25 May 2020 11:36:00 GMT



Some homeowners are getting mortgage bailouts by mistake, and it's keeping them from refinancing

More than 4 million homeowners are now delaying their monthly mortgage payments as part of both government and private lender relief programs, but some are in them by mistake and are having a hard ...

Published:  Tue, 12 May 2020 15:52:00 GMT



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