March 19, 2018

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  1. Quicken Loans
  2. The Easy Loan Site
  3. Rate Marketplace
  4. Mortgage Srch 123
  5. Lower My Bills

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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

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Disclosure: We pay our reviewers for their reviews. We are not compensated by companies for their reviews, but we are compensated for links and advertisements on our website. Click here for details.

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Best Mortgage Refinance Companies

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


Mortgage Refinance Reviews

5 stars
Lending Tree Best-In-Class Blue Ribbon Award

In business since 1996, LendingTree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make LendingTree stand ahead of their competition. Read More... Visit

4 stars
Quicken Loans


Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans.
Read More... Visit

3 stars
The Easy Loan Site


The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide. Read More... Visit

2 stars
Rate Marketplace


Rate Marketplace promises to match loan refinance companies with borrowers. However, what we found was that they simply sent us on to other mortgage referral companies. We felt this was both frustrating and a waste of our time. For those seeking assistance finding a competitive refinance loan, we recommend you choose a higher rated company on our list.
Read More... Visit

1.5 stars
Mortgage Search 123


Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure. Read More... Visit

1 star
Lower My Bills


Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information.
Read More... Visit

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? 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!

Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.


Important mortgage terms: conventional, non-conforming and conforming loans

The term "conventional" when applied to mortgage financing is different from the way we normally use it -- to mean something that is traditional or ordinary. In mortgage lending, a conventional loan is privately funded, not government-backed. Very simple.

Published:  Sat, 17 Mar 2018 04:39:00 GMT

Should this reverse mortgage borrower modify or refinance

Jane took out a HECM reverse mortgage on her house five years ago when she became 62. Because she was still employed at the time, she elected to take a credit line, which she has used sparingly ever since. She has now quit her job and wants to receive the ...

Published:  Fri, 09 Mar 2018 22:00:00 GMT

Cutbacks in high debt ratio loans could hurt home buyers

... the private mortgage insurance companies who play an essential role in all of Fannie Mae's low down payment mortgage programs. On loans where borrowers put less than 20 percent down, these companies insure against defaults - essentially taking a ...

Published:  Fri, 16 Mar 2018 06:00:00 GMT

Senate bill would diminish mortgage disclosures by banks

Some Democratic law-community makers, activists and low-income-housing advocates have raised the alarm over the prospect of diminished mortgage disclosures by banks. Removing the spotlight, they say, could allow lenders to unfairly deny loans or charge ...

Published:  Thu, 15 Mar 2018 19:17:00 GMT

Granite Point Mortgage Trust Inc. Announces First Quarter 2018 Common Stock Dividend

investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments, today declared a quarterly dividend of $0.38 per share of common stock for the first quarter of 2018. This dividend is ...

Published:  Thu, 15 Mar 2018 13:15:00 GMT

Community banks, credit unions applaud Senate bill focused on easing mortgage, loan restrictions

CONCORD - Community banks and credit unions in New Hampshire applauded Senate passage of a bill that would make it easier for people to get mortgages and other loans. "Community banks across the country will do more mortgage lending if this bill goes ...

Published:  Fri, 16 Mar 2018 00:42:00 GMT

Invesco Mortgage Capital Inc. Announces Quarterly Common and Series A Preferred Stock Dividends

financing and managing residential and commercial mortgage-backed securities and mortgage loans. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), a leading independent ...

Published:  Thu, 15 Mar 2018 13:55:00 GMT

Growing office loans in CMBS pools prompt some concern

The spread between the cap rates that major ratings agencies use for commercial mortgage-backed securities and those underwritten by the market is widening due in part to the growing number of office loans in the pools. There is some concern about this ...

Published:  Thu, 15 Mar 2018 15:43:00 GMT

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