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      March 31, 2020

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

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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.

 

Every Homeowner Should Avoid These 5 Costly Mortgage Refinancing Mistakes

With mortgage interest rates at record lows, many homeowners are choosing to refinance their mortgages. If you've been thinking about taking the same step, keep scrolling. I've listed out five of the ...

Published:  Mon, 30 Mar 2020 11:21:00 GMT



Mortgage industry seeks billions in federal help as homeowners stop paying their loans

Their pleas for help have been met with skepticism from groups that have long called for tougher industry oversight. One of the largest non-bank mortgage companies reported $2 billion in revenue last ...

Published:  Fri, 27 Mar 2020 09:17:00 GMT



Drop in mortgage rates is expected to re-energize refinancing

Mortgage rates have fallen for the first time in weeks and are down sharply from a week ago, thanks to the Federal Reserve's steady offensive against the coronavirus financial crisis. Recent increases ...

Published:  Thu, 26 Mar 2020 15:35:35 GMT



These Cities Are Seeing The Highest Growth In Mortgage Refinance Applications

Refinancing applications tripled from a year ago in each of the 50 largest cities and in all but five states as record-low mortgage rates clearly resonated with homeowners.

Published:  Wed, 25 Mar 2020 19:21:00 GMT



Why refinancing your mortgage or student loan might not actually save you money right now

Even though the Fed slashed interest rates to near zero, lenders are worried no one will be able to pay back their loans.

Published:  Thu, 26 Mar 2020 13:26:00 GMT



Quicken Loans CEO Says Largest Mortgage Firm Has Record Volume

Quicken Loans, the largest U.S. mortgage issuer, is processing a record volume of applications even as the coronavirus disrupts the economy and work environment, according to Chief Executive Officer ...

Published:  Tue, 24 Mar 2020 14:51:33 GMT



Drop in Mortgage Rates Is Expected to Encourage More Homeowners to Refinance

Mortgage rates have fallen for the first time in weeks and are down sharply from a week ago, thanks to the Federal Reserve's steady offensive against the coronavirus financial crisis. Recent increases ...

Published:  Thu, 26 Mar 2020 12:22:00 GMT



Mortgage Rates Are Down Due to COVID-19. Should You Refinance?

As such, prospective homeowners are clamoring to apply for mortgages while current homeowners are rushing to take advantage of these competitive rates by refinancing. In early March, the Mortgage ...

Published:  Wed, 25 Mar 2020 08:03:00 GMT



Mortgage Bankers Ask SEC to Save Them From Margin Call Surge

Mortgage bankers are sounding alarms that the Federal Reserve's emergency purchases of bonds tied to home loans are unintentionally putting their industry at risk by triggering a flood of margin calls ...

Published:  Mon, 30 Mar 2020 06:43:24 GMT



Coronavirus Complicates Home Buying and Mortgage Refinancing

The coronavirus has snarled many spring home-buying plans, as apartment buildings ban open houses, real estate agents shutter brokerages and quarantines make it tough to even step outside. Now, ...

Published:  Mon, 23 Mar 2020 05:25:00 GMT



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