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      November 19, 2018

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Rate Marketplace vs Lower My Bills

Best Mortgage Refinance Companies

To help you find the Best Mortgage Refinance Programs, TopConsumerReviews.com provides you with an in-depth comparison of Rate Marketplace and Lower My Bills.

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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.

Continue reading below reviews

Best Reviews

2018

Mortgage Refinance Reviews

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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1 star
Lower My Bills

LOWER MY BILLS Visit Site

Lower My Bills is a free online service that provides rate comparison information for home refinancing, home equity, debt consolidation and more. The thought is, if you can find a lower cost provider you can save money on your monthly bills.

The process of obtaining those promised free quotes was simple and included answering questions related to the type of home, your credit score range, the year of original purchase, home value, mortgage balance, 1st and 2nd mortgage information, purpose of refinance, employment status, address, phone number and a few other simple questions.

Inquiry Process:

  • Complete online request including property type, the type of loan, credit profile, purchase year, home value mortgage balances, current lender, rate info, age, address and more.
  • You're directed to some, none or up to 4 website links that take you to new companies that again require you complete the inquiry process.
  • Next step is dependant on new website you're directed to.

Once the questionnaire was completed we expected a list of rates to appear given the very detailed and personal information we had provided. However, we only received four links to different websites that wanted the same information completed. Some of those four links even provided erroneous results - furthering our disappointment. For example, we put in an Indiana address and zip code and some of the results were for Fresno California. This left us wondering what Lower My Bills was planning to do with our personal information.

If the goal of Lower My Bills was to provide convenient rate mortgage rate comparison information - they failed. If the effort was to lure people into providing personal and financial information for the purpose of potentially selling to other companies, they were successful.

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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!

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