Top Refinance Companies Reviewed

Refinancing is the process of negotiating a new mortgage contract while living in the existing home. Instead of closing, the deal there is a negotiation done with the lender. This negotiation done allows you a lower rate and you also get cashback as credit for the equity that is paid in the former mortgage. When buying a new home several administrative costs are present that can range anywhere between 2% to 6% of the new loan. Refinancing is done when a party is willing to stay longer in the house for several years so that to recoup the closing cost.

Below we will make a list of the TOP REFINANCE COMPANIES REVIEWED especially for readers to ascertain which company to go for when looking for a new loan. Refinancing the mortgage can turn to be a smart financial move or a costly one which is why we have mentioned the names of the top refinancing companies that will fit best for all your needs. Looking into these refinancing companies mentioned below will help you get a better understanding and choose wisely the best company that suits your requirements.

Mentioned below are the top refinancing companies that can be opted if you are looking for a mortgage loan.

QUICKEN LOAN:

Quicken Loan is regarded as one of the most popular refinancing companies as it is the best lender having almost 50 branches. Quicken Loan is one of the most renowned in providing loans as they are readily available and deal in all sorts of loans. The applications are processed online through Rocket Mortgage and electronic loan closings. The process involved in this refinancing company is straightforward making it easy to get a loan.

Quicken Loans offers an array of loans such as FHA, HARP, and Jumbo, VA, 15 to 30 years loan and adjustable-rate mortgages. There are several pros and cons of Quicken loans that will be discussed below.

PROS:

The minimum credit score required is 620 and for FHA the minimum credit score is 580
Quicken loan also offers conventional, jumbo and government-backed loans
Quicken loans offer rate, term, and cash-out loans

CONS:

Quicken loan avoids looking at alternative credit data which are employment and income data.
To use the e-closing option it is essential to use their sister company Amrock for the same.

NATIONWIDE HOME LOANS INC:

Nationwide Home loans Inc is an all-in-one service provider with loan types that cover all spectrums. This home loan provider offers the best rate to customers and has a good custom term capability to support it. Nationwide Home Loans Inc operates in eight states offering the lowest rates on refinancing. This loan provider company is good with customers as they help them understand what they are looking for and offer them at the best rates possible.

Loans offered come do not have origination fees or discount points. Some of the refinance loans also do not have upfront closing costs. If consumers looking for refinancing do not have cash with them then they can easily roll the closing cost into the loan. This allows the customers to make the best opportunity to save money on monthly payments. Nationwide Home Loans Inc offers loans for a term of 5 to 30 years. Nationwide Home Loan is known for its good relationship with customers which is why it is at the top.

There are several pros and cons of Nationwide Home Loans Inc that are discussed below.

PROS:

They offer the best rate on loans
They are an in house lender
Loans terms can be customized to suit the customers

CONS:

It has its branches in only 8 states
The minimum credit score requirement is 580

LENDERFI:

LenderFi is one of the most renowned online lenders offering hassle-free operations. Customers can search the rates for loans they are looking for without having to hand over their personal information. This lending platform also offers instant loans with no lender fees. The refinancing company offers various types of loans for purchase and refinancing. What is amazing is LenderFi offers products for single-family homes, multifamily homes, planned unit developments, and manufactured homes.

LenderFi has been in the lending business since 2006 offering the most competitive fees for a wide variety of loans. They are a non-bank-lending firm that uses the online platform to streamline expenses and provide loans to consumers at the best possible rates. LenderFi closes the loans in less time that is around 2 weeks keeping lending very simple and straightforward. There are several pros and cons of LenderFi that will be discussed below.

PROS:

Customers can close their loans within two weeks of applying
There are no lender fees required
LenderFi keeps all the mortgage rates current for online application

CONS:

There are no home equity loans available by LenderFi
This lending facility is not available in some of the most popular places in America such as Hawaii, Missouri, Nevada, New York Utah

BANK OF AMERICA:

Bank of America can be said as one of the best refinancing banks as they offer a robust suite of refinancing options. Bank of America is one of the most subtle banks to get loans from as they refinance many loan types and they are equipped with online, phone, and walk-in branch service. Under the current scenario, Bank of America offers a reduction of $600 in closing fee while refinancing which is not seen in any other lending companies.

Bank of America is quite popular and old having its branches in all the 50 states of the country. As on the lending, the interest rates start from 2.5% and can go up to 3.250%. Being a traditional bank, Bank of America requires more personal documents from customers looking for refinancing. Below mentioned are the pros and cons of Bank of America.

PROS:

There is a preferred reward for clients offering a reduction of almost $600 in the origination fee of the mortgage.
There is rate transparency

CONS:

The closing fees are very high
A minimum credit score is required for loans.

CONCLUSION:

The above-mentioned refinancing companies will offer you the best variety of term lengths and fixed and variable rate choices. Depending on the customer service, rates, fees and area covered we have come up with the top four refinancing companies that offer exclusive services.