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      January 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

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Mortgage Refinance Better Business Bureau Reliability Seal

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

2018

Mortgage Refinance Reviews

5 stars
Lending Tree

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.

 

Mortgage applications rise 4.1% as borrowers see last chance to get lowest rates

especially to refinance their current loans, worried that the long run of record low rates is over. The rise in mortgage applications last week doesn't make sense - unless you factor in fear. Interest rates rose, but borrowers may have jumped in ...

Published:  Thu, 18 Jan 2018 03:04:00 GMT



Discover the global mortgage & loans software market

A brief overview of the Global Mortgage & Loans Software Market is provided in the report based on product scope and market status & outlook. The market is segmented on the basis of type, end-users/application, and geography. Mortgage & Loans Software ...

Published:  Thu, 18 Jan 2018 01:41:00 GMT



MBA: Mortgage Applications Rise 4.1% During the Week Ending January 12th

On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 32% over the previous week. The Refinance Index rose 4% over the same period. The seasonally-adjusted Purchase Index rose 3%, and the unadjusted ...

Published:  Wed, 17 Jan 2018 12:30:00 GMT



Ask the Expert: Can I finance the cost of my home renovation into my mortgage

(Courtesy Staten Island Board of Realtors)(Third-Party-Submitted) Can I finance the cost of my home renovation into my mortgage Yes you can! Renovation loans are ideal for a number of situations -- such as purchasing a new home, renovating and refinancing ...

Published:  Thu, 18 Jan 2018 01:44:00 GMT



How to Get a SunTrust Mortgage

SunTrust Bank offers a variety of mortgage programs you can use to refinance existing home loans or purchase a home for the first time. You can also use SunTrust home loans for a cash-out refinance, which enables you to use your home's equity for a major ...

Published:  Tue, 16 Jan 2018 12:08:00 GMT



How to Use Personal Loans to Refinance Student Loans

Private loans are offered by private lenders, just as you'd find with a car loan or a mortgage. There's no government or U.S. Department of Education involvement with a private loan, meaning that borrowers work directly with their lender in repaying ...

Published:  Wed, 17 Jan 2018 09:16:00 GMT



Rising Housing Demand Leads to Increase in Mortgage Applications

The refinance share of mortgage activity decreased to 52.2 percent of total applications from 52.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.2 percent of total applications. "Call it fear or call it ...

Published:  Wed, 17 Jan 2018 00:00:00 GMT



Mortgage Loan Rates Rose Sharply Last Week

and the percentage of all new applications that were seeking refinancing slipped from 52.9% to 52.2%. Adjustable rate mortgage loans accounted for 5.2% of all applications, up 0.2 percentage points from the prior week. Mortgage rates remained quite steady ...

Published:  Wed, 17 Jan 2018 03:30:00 GMT



Ellie Mae: Refis dominate end-of-year mortgage market

Refinance mortgages dominated the mortgage market in December due in part to purchases being down in the winter months, and also borrowers rushing to close their loans before the newly instated tax reform took effect. The percentage of refinances rose to ...

Published:  Wed, 17 Jan 2018 14:30:00 GMT



Flagstar Bank Welcomes Consumer Direct Mortgage Team from Capital One

It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 95 retail locations in 27 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division. Flagstar is a ...

Published:  Thu, 18 Jan 2018 02:55:00 GMT



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