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      March 27, 2019

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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

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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.
Read More... Visit
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.

 

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Published:  Tue, 26 Mar 2019 01:56:00 GMT



Refinance your car loan Arlington's MotoRefi can do that

Homeowners refinance their mortgages all the time, but refinancing an auto loan isn't something most borrowers consider. Arlington, Virginia-based startup MotoRefi thinks it has found a way to ...

Published:  Tue, 26 Mar 2019 03:03:00 GMT



Digital Mortgage Disruptor Better.com Now Offering Government-Backed FHA Loans

With Low Down Payments and Flexibility in Mortgage Approval Requirements, FHA Loans Are Ideal for First-Time Home Buyers and The 45 Million Americans with Student Loan Debt Better.com, a digital ...

Published:  Mon, 25 Mar 2019 10:07:00 GMT



U.K. Mortgage Approvals Hit Lowest Since 2013 Amid Brexit Chaos

U.K. mortgage approvals slumped to their lowest level in almost six years, a sign of the Brexit malaise gripping the housing market. Lenders approved 35,299 home loans in February, 11 percent fewer ...

Published:  Tue, 26 Mar 2019 02:31:00 GMT



Falling U.S. mortgage rates expected to help home sales

A year ago, mortgage rates stood at 4.45 percent. Low mortgage rates help propel U.S. home sales and the refinance market. "Mortgage rates have dipped quite dramatically since the start of the year ...

Published:  Mon, 25 Mar 2019 04:00:00 GMT



UK watchdog intervenes to help mortgage 'prisoners'

There are 10,000 mortgage prisoners with lenders that are still actively offering home loans on the market, with another 20,000 at firms authorized to lend but are not longer offering new home loans. ...

Published:  Tue, 26 Mar 2019 01:12:00 GMT



Canadian mortgage rates are falling as bond yields slide lower

Fixed mortgage rates have been falling precipitously in recent weeks, as the cost of financing those loans has gotten cheaper. Banks and other lenders get the money that they loan out in mortgages by ...

Published:  Tue, 26 Mar 2019 03:06:00 GMT



Envision Bank & Mortgage Expands Footprint, Opens Four Massachusetts Mortgage Offices

The location will be managed by George Patterson. Envision Bank & Mortgage delivers a broad and diverse range of loan products for homebuyers for their purchase, refinance, construction, or renovation ...

Published:  Mon, 25 Mar 2019 08:17:00 GMT



Dougherty Mortgage Closes Supplemental Loan for DFW Property

After recently originating a $3 million loan for the 134-unit Landen in Irving, Texas, a partnership between Dougherty Mortgage and Old Capital Lending ... in 2017 using $6.6 million in Fannie Mae ...

Published:  Tue, 26 Mar 2019 03:34:00 GMT



The U.S. Mortgage Market Needs Better Plumbing

The rights to service mortgages were a sought-after asset, completely separate from the actual loans. Large banks such as JPMorgan Chase and specialized servicers such as Ocwen Financial all got into ...

Published:  Mon, 25 Mar 2019 02:30:00 GMT



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