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      January 20, 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!

Mortgage refinancing spree becomes a race against the clock

Some 43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data and analytics company. One such way to do this ...

Published:  Thu, 17 Jan 2019 23:25:00 GMT



Mortgage applications surge 13.5% as borrowers rush to take advantage of lower rates

Volume was just 0.5 percent lower than a year ago. Refinance demand drove the gains, with those applications rising 19 percent for the week to the highest level since last March. Mortgage demand conti...

Published:  Wed, 16 Jan 2019 04:00:00 GMT



US average mortgage rates steady; 30-year stays at 4.45 pct.

The decline in home borrowing rates in recent weeks has been a spur to prospective homebuyers, reflected in a spike in applications for mortgages. The recent easing of rates has come amid steep ...

Published:  Thu, 17 Jan 2019 09:03:00 GMT



Mortgage rates stand pat as federal shutdown creates uncertainty about economy

The refinance index jumped 19 percent from the previous week, while the purchase index climbed 9 percent. The refinance share of mortgage activity was at its highest level in nearly a year, accounting ...

Published:  Thu, 17 Jan 2019 07:28:00 GMT



Why mortgage lending at Wells Fargo, Chase and Citi plunged

In other words, fewer people want to take out mortgages from us, and those who do aren't as profitable for us. Banks spent the early years of the post-financial crisis recovery fleeing the mortgage ma...

Published:  Wed, 16 Jan 2019 09:50:00 GMT



How to Get a Mortgage With Bad Credit

[Read: The Best Mortgage Lenders.] Beeston says the typical base credit score allowed for conventional mortgages is 620, although some lenders may require a higher score. Knowing where your credit sco...

Published:  Fri, 18 Jan 2019 11:30:00 GMT



Churchill Mortgage Now Offering Rate Secured Program

The launch of the program builds on the success of the lender's Certified Homebuyer Program, which it launched a year ago in January 2018. Churchill provides conventional, FHA, VA and USDA residential ...

Published:  Fri, 18 Jan 2019 15:50:00 GMT



UPDATE 1-U.S. mortgage applications climb to 11-month high - MBA

The interest rates on 30-year fixed-rate mortgages averaged 4.74 percent for a second week, the lowest since late April, as U.S. bond yields have been held down by concerns partly due to slowing econo...

Published:  Wed, 16 Jan 2019 06:30:00 GMT



Better Mortgage Launches Emergency Refinance Program to Help Government Workers Currently Furloughed or Working without Pay

NEW YORK, Jan. 17, 2019 /PRNewswire/ -- Better Mortgage, one of the leading digital mortgage lenders in the U.S., today announced that it has launched a mortgage refinance program called Shutdown Reli...

Published:  Wed, 16 Jan 2019 21:25:00 GMT



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