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      June 18, 2019

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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.

Continue reading below reviews

Best Reviews

2019

Mortgage Refinance Reviews

4 stars
Quicken Loans

QUICKEN LOANS Visit Site

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 Visit Site

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!

Interest rates are down, so is it time to refinance?

Interest rates for mortgages are low __ really low. As of the first week of June, long-term mortgage rates were down for the sixth consecutive week. The 30-year fixed rate average was below 4 percent, ...

Published:  Mon, 17 Jun 2019 00:08:00 GMT



Applications for mortgages, refinancing spike amid low interest rates

Amid the lowest mortgage rates in almost two years, overall mortgage applications swelled last week by nearly 27 percent, according to data released Wednesday. Applications to refinance homes ...

Published:  Sat, 15 Jun 2019 07:38:00 GMT



U.S. mortgage rates hold steady, remain low

A year ago, mortgage rates stood at 4.62 percent. Low mortgage rates help propel U.S. home sales and the refinance market. "Mortgage rates were mostly unchanged from last week due to easing of trade ...

Published:  Mon, 17 Jun 2019 03:00:00 GMT



Purchase Mortgages Spark Homebuilder Stocks, More Good News To Come

A turnabout by the new home sales naysayers looks near. The reason? The consensus expectation of a 2% decrease in purchase mortgage applications was just upended by the reported 10% increase. That is ...

Published:  Fri, 14 Jun 2019 17:07:00 GMT



With mortgage rates at 2-year lows, here's how to decide whether to refinance your home loan

More consumers are looking into refinances lately, but fewer people actually stand to benefit from getting a new mortgage. As mortgage rates have dropped this year, more mortgage borrowers are ...

Published:  Thu, 13 Jun 2019 07:46:00 GMT



Buying or refinancing? The mortgage rate frenzy is back

Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy or refinance a home. "It's amazing how many times a once-in-a-lifetime opportunity comes around," ...

Published:  Tue, 18 Jun 2019 13:00:00 GMT



Credit Scores & Mortgages: What You Need To Know

If you're looking to rent a new home, get a loan approved or even get hired for a new job, having a good credit score is absolutely necessary. Credit scores will have a direct impact on your ...

Published:  Mon, 17 Jun 2019 13:50:00 GMT



USA Today blasts reverse mortgages, industry fights back

Last week, USA Today released a scathing investigative story that took aim at reverse mortgages, blasting lenders for targeting impoverished, elderly homeowners and leading a substantial number of ...

Published:  Mon, 17 Jun 2019 13:24:00 GMT



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