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      July 5, 2020

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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


2020

Mortgage Refinance Reviews

5 stars
Quicken Loans

QUICKEN LOANSTopConsumerReviews.com Best-In-Class Blue Ribbon Award

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.

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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.

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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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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.

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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.

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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!

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.

 

3 Things That May Prevent You From Refinancing a Mortgage

Refinancing a mortgage can save you money in the long run, but it's not always easy. Here's how to avoid common problems with refinancing a mortgage.

Published:  Sat, 04 Jul 2020 03:02:00 GMT



Mortgage refinance rates could drop even lower a- 4 ways to prepare

Although the coronavirus crisis has had a devastating impact on the U.S. economy, the pandemic has also dropped mortgage rates to all-time lows. That's great news for homeowners looking to refinance.

Published:  Fri, 03 Jul 2020 05:06:00 GMT



How to understand home loans and get the lowest mortgage rate you can

A mortgage is a loan from a bank or a financial institution that helps you purchase or refinance a home. If you want to live the American dream of being a homeowner, you're most likely going to need a ...

Published:  Sat, 04 Jul 2020 17:17:00 GMT



Loans in coronavirus mortgage bailouts see largest weekly decline yet - but there are more red flags

The number of borrowers in government and private sector coronavirus-related mortgage bailouts just fell by the largest weekly volume since these plans were put in place. There are, however, warning ...

Published:  Fri, 03 Jul 2020 04:01:01 GMT



Mortgage rates today - interest rates hit new record low

WHY IT'S A GOOD IDEA TO REFINANCE YOUR MORTGAGE WHILE RATES ARE LOW. Of course, that doesn't mean that's the rate borrowers can expect when applying for a mortgage. Your inter ...

Published:  Thu, 02 Jul 2020 10:27:00 GMT



Mortgage rates plunge to new low, but you may need to hurry

Mortgage giant Freddie Mac, which conducts the survey each week, says even lower rates are possible later in the year. But in the near-term, rates could rise as investors react to the government's ...

Published:  Thu, 02 Jul 2020 10:37:00 GMT



Mortgage rates just hit a new low again

The 30-year fixed-rate average sank to 3.07 percent, the fifth time in the past several months it has set a record low.

Published:  Thu, 02 Jul 2020 08:24:00 GMT



Refinance Interest Rates Today, July 3, 2020 | Rates fall

Several key refinance rates ticked downward today. If you haven't locked a refinance yet, see how your finances could be affected.

Published:  Fri, 03 Jul 2020 04:32:58 GMT



Mortgage Rates Reach All-Time Record Low

(RTTNews) - Mortgage rates, or interest rates on home loans, reached lowest rate heading into holiday weekend, according to mortgage provider Freddie Mac (FMCC.OB). Releasing the results of its ...

Published:  Thu, 02 Jul 2020 09:20:00 GMT



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