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      November 19, 2019

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The Basics of Refinancing Your Home Mortgage

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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

Best Reviews

2019

Mortgage Refinance Reviews

5 stars
LendingTree

LENDINGTREETopConsumerReviews.com 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
Site

4 stars
Quicken Loans

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
Site

3 stars
The Easy Loan Site

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
Site

2 stars
Rate Marketplace

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.
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Site

1.5 stars
Mortgage Search 123

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
Site

1 star
Lower My Bills

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
Site

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!

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.

 

How to refinance your mortgage and save money every month

Refinancing a mortgage can help you secure a lower mortgage interest rate, reduce your monthly payments, or access some of your home's equity.

Published:  Wed, 13 Nov 2019 14:37:00 GMT



Mortgage rates are increasing again - so why did more people apply for home loans?

Although mortgage rates now stand higher than they did just a couple months ago, more people are applying for loans to buy homes. The 30-year fixed-rate mortgage averaged 3.75% during the week ending ...

Published:  Thu, 14 Nov 2019 06:50:00 GMT



EXCLUSIVE: Cincinnati mortgage company expands, adds high-profile exec

River City Mortgage is undertaking a massive growth plan that has it on track to more than triple loan volume this year and approach $1 billion in mortgage loans next year. Norwood-based River City is ...

Published:  Mon, 18 Nov 2019 10:24:00 GMT



How to save money on mortgage refinancing fees: Money Matters

These add up to $1,170. The problem is they're disproportionately high compared to your loan amount. The biggest questions I had, besides lower lender fees: Can you get a discount on your title ...

Published:  Sun, 10 Nov 2019 09:57:00 GMT



The Fed is buying billions of mortgage bonds - here's why it matters

The Federal Reserve has dramatically picked up the pace of its mortgage bond purchases in recent months as it seeks to keep the housing finance market on an even keel as borrowers race to refinance.

Published:  Mon, 18 Nov 2019 09:40:00 GMT



NewRez and Shelter Mortgage Announce Formation of New Joint Venture Lender, Landed Home Loans

Through partnership with lending industry leader Shelter Mortgage, Landed is able to significantly expand its services and impact. Landed Home Loans is creating a centralized platform with a ...

Published:  Mon, 18 Nov 2019 06:28:00 GMT



Everything you need to know to refinance your mortgage

Refinancing a mortgage means you get a new home loan to replace your existing one. If you can refinance into a loan that has a lower interest rate than you're currently paying, you may be able to save ...

Published:  Fri, 15 Nov 2019 10:05:00 GMT



Rockport Mortgage's Linda Pellegrino Named 2019 Professional Woman of the Year By IREM New England Chapter

She is responsible for over $1 BILLION dollars of refinancing proceeds and the preservation and revitalization of housing developments throughout New England. Her work has greatly improved living ...

Published:  Mon, 18 Nov 2019 16:05:00 GMT



Reasons to refinance a mortgage

Many readers have written of late to ask whether they should refinance their mortgages. It's not surprising: Mortgage rates have dropped significantly. The average 30-year fixed mortgage rate is under ...

Published:  Sat, 16 Nov 2019 21:02:00 GMT



How to know when to refinance your mortgage

When mortgage rates fall as they have in 2019, many homeowners refinance their loans. While refinance activity is up dramatically over last year, that doesn't mean it's always a smart move. Knowing ...

Published:  Fri, 15 Nov 2019 10:20:00 GMT



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