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      February 23, 2020

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Quicken Loans vs Rate Marketplace

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 Rate Marketplace.

To see ALL of our reviews for the Best Mortgage Refinance Programs, please Click Here

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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Best Reviews

2020

Mortgage Refinance Reviews

4 stars
Quicken Loans

QUICKEN LOANS

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Toll-Free Number:

877-715-0889

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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2 stars
Rate Marketplace

RATE MARKETPLACE

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Rate Marketplace is a California based company that started in 2013. They work to match refinance, car insurance, home mortgage seekers and more with actual lenders and insurance companies. They currently hold an A- Better Business Bureau rating.

We immediately noticed that the company is not very transparent in the lender networks they partner with. Much of the information we found about the company is related to finding more lenders, their primary source of income, rather than providing the who, when and where to the mortgage refinance customer.

The website is pretty basic and, despite some information about refinancing, including a handful of mortgage articles, we found almost no helpful information. The company asks that you dive into completing their quick online form to get started. They promise that up to 5 different lenders will contact you individually to discuss loan options.

Inquiry Process:

  • You complete online request with credit type, property type, home value, mortgage balances, income, contact details and more
  • A loan expert from a partner company calls to discuss loan options
  • You choose a loan from those described to you

We liked that Rate Marketplace doesn't require our social security number to send our information on to a lender but we couldn't help but wonder who was going to contact us and when. Outside of the anticipated phone calls, we also received a list of 6 mortgage lender websites to visit. We noticed that many of the companies listed were also referral sites and weren't sure why we had to go through the effort of completing a questionnaire if we weren't going to be directed to actual lenders. As with some other refinance lead generation companies we found that Rate Marketplace was ultimately a waste of time.

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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!

I bought a condo with a subprime loan in 2004, but refinancing my mortgage means I now have cheap, stable housing in the Bay Area

Her home-buying strategy was unique, but anyone with a high mortgage interest rate can benefit from refinancing to a lower APR.

Published:  Fri, 21 Feb 2020 10:40:00 GMT



Mini-mortgage refinance boom continues as coronavirus keeps rates low

Mortgage lenders were busy last week, but mostly with current homeowners looking to take advantage of low mortgage rates. Total mortgage application volume increased 1.1% compared with the previous ...

Published:  Wed, 12 Feb 2020 12:22:00 GMT



Mortgage rates are at three-year lows - here are 5 questions to ask yourself before you refinance your mortgage

The average rate for a 30-year fixed-rate mortgage now stands at 3.45%, the lowest since 2016 Homeowners may be sitting pretty if they refinance at today's low rates - but they'll need to avoid ...

Published:  Tue, 11 Feb 2020 06:05:00 GMT



5 questions to ask yourself before you refinance your mortgage

The average rate for a 30-year fixed-rate mortgage now stands at 3.45%, the lowest since 2016 Homeowners may be sitting pretty if they refinance at today's low rates - but they'll need to avoid ...

Published:  Mon, 10 Feb 2020 10:35:00 GMT



Quontic Debuts First of Its Kind Streamline Refinance Mortgage

Quontic, the adaptive digital bank, today announced an innovative new Streamline Refinance mortgage product. Homeowners with a 660+ credit score and a 24 month timely mortgage payment history can ...

Published:  Wed, 19 Feb 2020 08:58:00 GMT



How and Why Do You Refinance Your Mortgage

literally. If you were paying 5% on your mortgage debt and now you can get that liability down to 4% debt, wouldn't you want to do that? It gives you more financial flexibility and more value out of ...

Published:  Wed, 12 Feb 2020 11:00:00 GMT



Bad Credit? Best Bad Credit Mortgage Refinance Companies

If your credit isn't in the best shape but you still want to refinance your mortgage c heck out Benzinga's guide to the best mortgage lenders for those with bad credit.

Published:  Thu, 20 Feb 2020 12:30:00 GMT



Looking to refinance your mortgage? Might want to move instead

As mortgage rates remain low, current homeowners are in a position to save on their monthly payments by refinancing their loans at a lower interest rate. Unfortunately for tri-county area residents, ...

Published:  Thu, 13 Feb 2020 12:15:00 GMT



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