Best Mortgage Refinance Companies in the U.S

With the current housing market being as hot as it is, many people have decided that a mortgage refinance may be the best option. Many mortgage refinance companies in the United States strive to earn your business. But which are the most reliable mortgage refinance companies? With so many choices, here is a list of the best mortgage refinance companies across the U.S for the best deal.

Best Lender Overall: Rocket Mortgage

Rocket Mortgage is a mobile mortgage lender that allows you to refinance your home loan in as little as eight minutes. They have a reputation for providing excellent customer service and ensuring that their customers are satisfied with their service and experience with Quicken Loans.

The company offers its services through an app, which makes applying for a mortgage quick and easy. It is the first mortgage lender to provide a completely online mortgage application process. So you don’t need to visit their office or consult an agent on the phone before submitting your paperwork.

Pros

• No down payment is needed
• Competitive interest rates
• Extensive customer service
• Offers cash-out loans

Cons

• Offers no USDA loans

Best Interest Rates: Better.com

Better.com is a personal loan company that offers a wide range of loans, including mortgages, auto and cash advances. They’ve got the lowest interest rates on those loans around. That means you can lower your monthly payments by thousands of dollars if you pay off your debt early enough.

Better has no origination fees and no prepayment penalties either. That means if you want to pay off your loan early or refinance again in future years without incurring additional fees or penalties such as late fees, it’ll be easy as pie with Better’s low-interest rates on all their services.

Pros

• No lender fees or commission
• Loan approval within 20 minutes
• Low-interest rates

Cons

• No in-person branches
• Offers no USDA or VA loans

Best Online Lender: Guaranteed Rate

Guaranteed Rate is an outstanding mortgage refinance company offering excellent customer service. They offer a variety of products, including adjustable-rate loans, interest-only loans, FHA loans and Jumbo loans. Their rates are competitive with other companies in the industry.

With an easy online application process and helpful staff, you can rest easy knowing your loan is handled professionally by local homeowners and experienced realtors.

Pros

• Operates in all states
• Requires a low minimum credit score
• Affordable interest rates
• VA loans require no lender fees

Cons

• Offers no home equity loans

Best for Fast Preapproval: SoFi

SoFi is a good option for low-interest rates, which means you’ll save money on your monthly payments over time. The company also offers good customer service, so if you have any problems or questions about the refinancing process, they will be happy to help you.

SoFi lets customers choose from a wide range of loan products and features. These include auto loan refinancing, banking, investing, and personal loans. You can even get preapproval before applying for any home loan at SoFi. This way, if something changes in your financial situation between now and when your new mortgage closes, there’s no need for reapproval.

Pros

• Low APR
• Fast loan preapproval
• Minimal mortgage rates

Cons

• Mortgages originate in a few states

Best Discounts for Members: Bank of America

Bank of America is a great mortgage refinance company offering many products. The branch network is extensive and available in many locations throughout the country, making it easy to find ones nearby if needed.

Their product offerings include fixed-rate mortgages and adjustable rate loans (ARM) which offer low-interest rates over time but may increase at a higher rate than anticipated during the first few years of use.

They also have access to other banks’ lending programs, so if there are any issues with an existing one, Bank of America may be able to help out.

Pros

• Membership discounts on refinance closing and purchase costs
• Available physical branch locations across the country
• Online application available
• Several programs on mortgage discounts are available

Cons

• Offers no USDA loans

Best Marketplace: LendingTree

LendingTree is a leading online marketplace for loans and refinancing that connects borrowers with several lenders. It’s a subsidiary of LendingTree.Inc, which was founded in 1996 and offers a wide range of products and services, including a mortgage refinance, personal loans, auto loans and credit cards. Their application process is straightforward, so there isn’t much confusion when applying for one of their loans. Plus, they are committed to helping you save money on interest rates and fees.

The company’s mission is to make it easier for consumers to get loans and refinancing options that fit their needs. They do this by:

• Making loans available with lower rates
• Making it easy to apply for a loan online
• Providing free credit scores and monitoring your credit score. That allows them to provide alerts if changes in your credit score could impact debt consolidation plans or other financial products offered through LendingTree.

Pros

• They have a wide variety of loan options, from short-term to long-term, and even HELOCs.
• They offer a free credit report every month.
• Fast and quality customer service

Cons

• Their rates are not always the best, but they do have some good deals on loans.

Best for Low Credit Score Borrowers: New American Funding

New American Funding is a mortgage lender founded in 2003 and has branches throughout the US. They are the best choice for first-time borrowers with low credit scores. They offer competitive rates, an easy application process and excellent customer service.

New American Funding has many different types of loans, including conventional loans, FHA financing, USDA and VA loans, etc.

The best part about New American Funding is that they offer loans at low-interest rates and flexible repayment options. So if you’re looking for a way to get the money you need but don’t want to pay high-interest rates, this is the place for you.

Pros

• Minimal mortgage rates
• Fast preapproval
• Low APRs

Cons

• They don’t operate in all the states

Best for Customer Service: Chase

Chase is a great company to work with and one of the best mortgage refinance companies in the U.S. They have a variety of products and services, including:

• Home Equity Loans
• Credit Cards (Chase Freedom, Chase Sapphire Preferred)
• Auto Loans (Chase Auto Loan)
• Mortgages (Direct Mortgage Rate Lock)

They have excellent customer service, so you can expect they will quickly answer all your questions. Chase has over 4,700 branches across the country. So if you’re looking for an affordable mortgage refinance loan or another type of loan from one of their locations in your area, this could be perfect for you.

Pros

• Affordable mortgage interest rates
• Low down payment loans
• Learning center for online refinancing available
• Discounts for borrowers who finish completing a course on loan education and existing clients

Cons

• Offers no USDA loans

Factors to Consider When Choosing a Mortgage Refinance Company

When considering a mortgage refinance, there are many things to consider. The rate of interest is one of the most important factors. Not only does this determine how much you will pay in interest over time, but it also determines how much extra principal you’ll need to put down on your new loan. Plus, if your rate changes between now and when your mortgage closes, there could be a massive difference in overall costs!

The Rate of Interest

The interest rate is expressed as a percentage and can be fixed or variable. Fixed rates are more predictable than variable rates because fewer fluctuations in market conditions affect them. However, they may also be higher than variable rates compared to similar products with fixed-rate terms, which means you’ll have to pay more upfront if you want access to this option.

The Length of the Loan

The length of your mortgage will affect how much you can refinance. The longer a loan is, the lower its interest rate and monthly payments are likely. If you want to save money on your monthly expenses or make more each month, it’s best to go with a shorter-term loan.

Time Duration to Close the Loan

This is one of the most important factors in choosing a mortgage refinance company and should be considered before making any decisions. The longer it takes for your application to be processed, the longer you’ll have to wait while they investigate your credit history and determine whether or not they will approve your loan. If this becomes too much of a hassle for you, look elsewhere.

To close the loan, bring all required documentation with you when closing on time so there are no delays when applying for financing. This includes tax returns and proof of income. If possible, try getting copies and originals since some lenders may request originals only. Afterwards, fill out the pre-closure request form, pay the pre-closure fees, and sign the required documents.

Escrow Services

Escrow services are essential for the lender to protect itself from fraud. The escrow service acts as a third party to verify the accuracy of information provided by the borrower. It can also be used to enforce any payment conditions imposed on a borrower.

For instance, if you want to refinance your mortgage but have already paid off most or all of your existing loan, escrow services will ensure that you pay only what’s owed on your current mortgage and nothing more. This is applicable as long as everything goes according to plan during closing.

Conclusion

There is no shortage of choices when it comes to refinancing your mortgage. However, you need to make sure you’re getting the most out of your money and time by comparing rates until you find one that fits your budget requirements!

Whether you’re looking for a mortgage refinance or want to find a new home, we hope this list of top mortgage companies has provided you with some helpful information. You’ll be able to make an informed decision in no time!