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5 Best Mortgage Refinance Companies and Lenders: Top Lenders for Refinancing Mortgages Reviewed

January 7, 2021 GMT

Houston, Texas - ( NewMediaWire ) - January 07, 2021 - If you’re looking to lower your interest rates, monthly mortgage payments, or shorten your payoff term, refinancing your mortgage is a way to do just that. However, deciding which bank is the ideal choice can be a strenuous task, requiring time and focus. As such, anyone interested in refinancing a mortgage must ensure they compare all their options thoroughly. 

Click Here To View the Top-Rated Mortgage Refinance Company in 2021

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Luckily this article has done just that. Below is a detailed review of the top mortgage refinance companies and lenders on the market. 


The Best Mortgage Refinance Companies and Lenders: At a Glance

1.  Quicken Loans - Best Overall Mortgage Refinance Company and Lender

2.  Better.com - Best Mortgage Refinance Company for First-time Homeowners

3.  BBVA - Best Mortgage Refinance Company with Zero Service Charges

4.  American Express - Best Mortgage Refinance Company for American Express Cardholders

5.  CIT Bank - Best Mortgage Refinance Company and Lender for Well-Qualified Borrowers



How The Best Mortgage Refinance Companies and Lenders Were Evaluated


Experience - A company with years of experience and success proves they understand their customer’s values and goals. As such, banks founded more than ten years ago were preferred top choices. 

Loan Options - Companies with various loan and refinancing options to suit the individual needs of their clients scored higher on this list. 

Customer Service - Banks known for providing outstanding customer service and support ranked higher on this list. 

Better Business Bureau - Higher ratings on the Better Business Bureau (BBB) were taken into consideration when ranking the best mortgage refinance and lenders. 



The Best Mortgage Refinance Companies and Lenders



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1.  Quicken Loans - Best Overall Mortgage Refinance Company and Lender


Quicken Loans is one of the country’s largest mortgage and refinancing lenders. The company has an A+ rating with the Better Business Bureau (BBB) and has held the top place on the J.D. Power U.S. Primary Mortgage Origination Satisfaction Study for the past 10-years.


The Positives

- Combines the ease of an online application with live mortgage advisers

- Instantly verifies employment and income for faster loan approval

- Offers a variety of loans that include fixed interest and renovation loans


The Drawbacks

- The lender does not offer HELOs or home equity loans.

- Lender fees are higher than some other refinancing companies. 


Along with excellent customer service, there are other benefits to refinancing a mortgage with Quicken Loans.

Loan options: Along with 15 and 30-year loans, the company offers FHA, VA, and jumbo loans. Customers can also pick their loan terms with Quicken’s YOURGage feature. Clients can choose from time lengths, starting at eight up to 29 years. 

Requirements for borrowers: The requirements will vary for each borrower, but Quicken has approved loans for customers with credit scores of 580 or a debt-to-income of 50 percent. 

Quicken is the nation’s largest lender for FHA loans. The company’s VA loans are backed by the Department of Veterans Affairs. Their YOURGage tool is also ideal for homeowners looking for a fixed interest rate.

Click Here To Use Quicken’s Loans Online Mortgage Calculator



2.  Better.com - Best Mortgage Refinance Company for First-time Homeowners


Better is an online-only mortgage and refinancing lender that’s been around since mid-2010. Since its focus is on technology and automation, clients quickly get a quote or pre-approval for refinancing, which shortens the closing date. Plus, the loan officers do not earn a commission, so there is no pressure to apply or sign up for a specific loan.


The Positives

- An easy online process with human help

- Simplifies customized mortgage rates

- A preapproval letter can be sent within 24-hours

No lender fees


The Drawbacks

- Does not offer HELOs along with home equity loans

- Also does not offer VA< FHA or USDA loans


Better will also beat competitors’ offers by at least $100 or match it. Customers also have the option of taking $100 and turning down the matching offer. Unfortunately, this does not apply to VA and USDA loans. This particular mortgage company also isn’t present in all states, which does limit its competitiveness on the market.

Nonetheless, the company does handle a variety of loans, with down payments ranging from 3% to 10%. The type of loan determines the amount. While Better does not offer lines of credit, VA, home improvement, or equity loans, customers can apply for conventional, purchase, and refinance loans.

According to the company, 72% of customers with home mortgages put less than 20% down. First-time home buyers accounted for 1 out of every 3 Better.com clients. These numbers reflect the mortgage company’s targeted client pool. 

They have structured their loans and refinancing products to meet the needs of a unique niche that include individuals with restricted stock options, self-employed clients, those who earn through Airbnb, post-graduates with student loan debt, or other situations with unsteady cash flow.




3.  BBVA - Best Mortgage Refinance Company with Zero Service Charges


With 644 branches in seven states and over $90 billion in assets, BBVA is the 30th largest U.S. bank. It offers various financial products that include home mortgages, mortgage refinancing options, and equity lines of credit. There are several types of account options:

- Checking and savings

- Money market accounts

- Certificates of deposit (CDs)

- Traditional, Roth, and rollover IRAs

- Coverdell education savings accounts


The Positives

- BBVA is among the 25 largest banks in the US.

- Zero service charges on checking accounts

- Full-service online bank

Low to no account fees


The Drawbacks

- A low-interest rate for online savings accounts

- Checking accounts do not earn interest


BBVA has a simple online loan application process where clients can apply for a conventional or jumbo mortgage or an FHA or VA loan. This bank also offers low and no-down-payment loans, construction-permit, and lot loans, including a unique option known as a Professional Mortgage Loan geared for physicians, medical residents, surgeons, dentists, and attorneys, and CPAs. 

For individuals looking to refinance their mortgage, BBVA provides information and support, including an online Mortgage Refinance Calculator to help clients determine whether now is the right time to refinance their mortgage. Refinancing costs can vary anywhere from $2,000 or less to $20,000 depending on various factors such as loan discount points and value.

Interested customers must be at least 18 years old with a minimum credit score of 620 to be eligible for a home loan with BBVA. 



4.  American Express - Best Mortgage Refinance Company for American Express Cardholders


Only American Express cardholders are eligible for loan pre-approval, and the requirements vary for each customer. The client’s management of their AmEx account is a factor in deciding loan approval.

The company’s personal loans are structured similarly to other large lenders. American Express does target consumers with good credit ratings, and the lending company does not charge prepayment or origination fees.


The Positives

- Direct bill payments with a debt consolidation loan

- No prepayment or origination fees

- No hard credit checks with the preapproval process

Free credit score monitoring


The Drawbacks 

- Only available to Amex cardholders.

- No joint, co-signed, or secured loans.

- Zero discounts for automatic payments.


Unlike some other lending companies, American Express only does a soft credit check for a loan pre-approval. The hard credit check run by other mortgage companies temporarily lowers the client’s credit score. 

Clients can apply for a consolidated loan. American Express will use the loan to pay off up to four credit cards, excluding the customer’s Amex one. The loan is similar to those offered by other leading organizations.

American Express cardholders get free credit monitoring and access to the MvCredit Guide. Customers can see their TransUnion and VantageScore credit reports. They also benefit from how-to tips on boosting their scores.



5.  CIT Bank - Best Mortgage Refinance Company and Lender for Well-Qualified Borrowers


CIT Bank offers a variety of loans that include FHA and jumbo ones. Well-qualified borrowers can also apply for a bank portfolio loan. The online bank does not charge maintenance fees and boasts competitive interest rates, but it does not have a free ATN network or checking account opportunities.


The Positives

- Home financing

No monthly fees

- Higher interest rates on CDs and Savings Builder plans

- Zero penalty CD option

- Good rates on savings and money market accounts

- The average minimum deposit for money market accounts


The Drawbacks

- No free ATMs

- Zero IRA and checking accounts


CIT bank is a good option for holding liquid savings, and their home mortgage financing is competitive with other lenders.

Customers can take advantage of the bank’s relationship pricing benefits that include both lower interest rates and cashback. The online lender also provides mortgages from the bank’s portfolio. It gives the bank and borrowers more flexibility. For example, the bank can provide a $2 million mortgage loan without private insurance required to qualified customers.



Mortgage Refinance FAQs


Q: Should consumers refinance with their current mortgage company?

A: Some lenders will give loyal customers lower interest rates when they refinance their home mortgages. It’s also a good idea to shop around to see if another lender is offering a better rate.


Q: How long does mortgage financing take?

A: Most mortgage refinancing takes 35 to 45 days to close. However, it also depends on how efficient the client and lender are. Late paperwork is the most common reason refinancing approval is delayed, so customers want to have all of their documents together at the start of the loan process.


Q: What are the average costs to refinance a home loan?

A: On average, consumers can expect to pay between 2% to 5% of the home’s value in closing costs.


Q: How do homeowners have to wait to refinance their mortgage?

A: Most homeowners can start the refinancing process after closing on their mortgage loan. However, FHA, VA, and USDA loans require a 6-month waiting period. Some lenders also follow these guidelines for conventional loans. 


Q: What if the current mortgage has a prepayment penalty?

A: Some home loan issues before 2014 come with prepayment penalties but most issued after do not. Before refinancing a home mortgage, clients need to run a cost analysis to see if the savings surpass the penalties.


Click Here To Check Out the Top-Rated Mortgage Refinance Company and Lender