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Best Refinance Companies in 2023
Refinancing is the process of replacing an existing mortgage or loan with a new one that typically has a lower interest rate, lower monthly payment, and/or a different term length. Refinancing can be a great option for homeowners or borrowers looking to save money on their monthly payments or to pay off their debt faster. However, finding the best refinance company can be challenging, as there are many options available in the market.
In this article, we will provide a detailed review of some of the best refinance companies, along with their pros and cons, to help you make an informed decision when choosing a company to refinance with.
1. Quicken Loans:
Quicken Loans is a well-known lender that offers refinancing options to homeowners. They have an easy-to-use online platform that allows borrowers to get personalized loan options in minutes. They offer various refinancing options, including conventional, FHA, VA, and jumbo loans. The company claims to have a 94% customer satisfaction rate and has been ranked as the number one lender for client satisfaction for 11 consecutive years by J.D. Power.
Pros:
- Quick and easy online application process
- A wide variety of refinancing options
- Offers a rate lock feature to protect borrowers from rate fluctuations
- Fast loan closing times
Cons:
- May not offer the lowest rates in the market
- Some borrowers have reported issues with the appraisal process
2. Better.com:
Better.com is an online lender that offers refinancing options to homeowners. They have a completely online application process that allows borrowers to get pre-approved in minutes. Better.com offers various refinancing options, including conventional, FHA, and VA loans. The company claims to offer some of the lowest rates in the market and has a 95% customer satisfaction rate.
Pros:
- Completely online application process
- Offers some of the lowest rates in the market
- Fast loan closing times
- Offers a price match guarantee
Cons:
- Limited availability in some states
- May not offer as many refinancing options as other lenders
3. LendingTree:
LendingTree is an online marketplace that connects borrowers with lenders that offer refinancing options. They have a simple online platform that allows borrowers to compare loan options from multiple lenders. LendingTree offers various refinancing options, including conventional, FHA, VA, and jumbo loans. The company claims to have facilitated over 55 million loan requests and has an A+ rating with the Better Business Bureau.
Pros:
- Easy-to-use online platform
- Offers a wide variety of refinancing options
- Allows borrowers to compare loan options from multiple lenders
- No application fees
Cons:
- May receive unwanted calls from lenders
- Some borrowers have reported issues with the quality of the lenders in the network
4. SoFi:
SoFi is an online lender that offers refinancing options to homeowners. They have a simple online application process that allows borrowers to get pre-approved in minutes. SoFi offers various refinancing options, including conventional, FHA, VA, and jumbo loans. The company claims to offer some of the lowest rates in the market and has a 4.9/5 rating on Trustpilot.
Pros:
- Completely online application process
- Offers some of the lowest rates in the market
- No application fees
- Offers a unique membership program with various benefits
Cons:
- Limited availability in some states
- May not offer as many refinancing options as other lenders
5. Guaranteed Rate:
Guaranteed Rate is a digital mortgage company that offers a wide range of refinancing options to homeowners. Founded in 2000, the company has funded more than $73 billion in home loans and has a 4.9/5 rating on Zillow.
Guaranteed Rate offers various refinancing options, including conventional, FHA, VA, jumbo, and USDA loans. The company claims to offer some of the lowest rates in the industry, and they have a Price Match Guarantee that promises to match or beat any competitor’s rate.
One of the unique features of Guaranteed Rate is their digital mortgage application process, which allows borrowers to apply for refinancing from anywhere, at any time. The company also offers a mobile app that lets borrowers track their loan progress and communicate with their loan officer.
Pros:
- Offers a wide range of refinancing options
- Claims to offer some of the lowest rates in the industry
- Has a Price Match Guarantee
- Simple and fast digital application process
- Mobile app for borrowers to track their loan progress
Cons:
- May not offer as many perks or benefits as other lenders
- Limited availability in some states
6. AmeriSave Mortgage Corporation:
AmeriSave Mortgage Corporation is an online lender that offers refinancing options to homeowners. They have a simple online application process that allows borrowers to get pre-approved in minutes. AmeriSave offers various refinancing options, including conventional, FHA, VA, and jumbo loans. The company claims to offer some of the lowest rates in the market and has a 4.8/5 rating on Trustpilot.
Pros:
- Completely online application process
- Offers some of the lowest rates in the market
- Fast loan closing times
- No application fees
Cons:
- Limited availability in some states
- Some borrowers have reported issues with the appraisal process
7. PennyMac Loan Services:
PennyMac Loan Services is a lender that offers refinancing options to homeowners. They have an easy-to-use online platform that allows borrowers to get personalized loan options in minutes. PennyMac offers various refinancing options, including conventional, FHA, VA, and jumbo loans. The company claims to offer competitive rates and has an A+ rating with the Better Business Bureau.
Pros:
- Quick and easy online application process
- Offers a wide variety of refinancing options
- No application fees
- Fast loan closing times
Cons:
- May not offer as many perks or benefits as other lenders
- Some borrowers have reported issues with the customer service
8. Credible:
Credible is an online marketplace that connects borrowers with lenders that offer refinancing options. They have a simple online platform that allows borrowers to compare loan options from multiple lenders. Credible offers various refinancing options, including conventional, FHA, VA, and jumbo loans. The company claims to have saved borrowers an average of $18,668 on their loans.
Pros:
- Easy-to-use online platform
- Offers a wide variety of refinancing options
- Allows borrowers to compare loan options from multiple lenders
- No application fees
Cons:
- May receive unwanted calls from lenders
- Some borrowers have reported issues with the quality of the lenders in the network
Conclusion:
There are many options available when it comes to refinancing, and finding the best refinance company can be challenging. However, by considering factors such as interest rates, loan options, customer service, and closing times, borrowers can make an informed decision. Quicken Loans, Better.com, LendingTree, SoFi, AmeriSave Mortgage Corporation, PennyMac Loan Services, and Credible are all excellent options for homeowners or borrowers looking to refinance their mortgage or loan. It is recommended that borrowers do their own research and compare rates and fees to find the best refinance company for their individual needs.
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