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    You are at:Home » Mortgage Refinance Companies Reviewed

    Mortgage Refinance Companies Reviewed

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    By pps-DUEditor on April 28, 2021 Finance

    Mortgage refinance is a financial tool that allows you to take out a new loan against your home while continuing to live in it. Using the equity you own in your home as collateral, you could bag a mortgage with a better repayment tenure and a lower interest rate.

    Let’s take a look at the pros and cons of companies that offer the best mortgage refinance.

    LenderFi

    Pros

    Instant online approvals with minimum personal information requirements

    Online mortgage process with updated rates for qualifying borrowers

    No lending fees

    Speedy loan closing (within 14 days)

    Telephonic access to loan consultants

    Cons

    Limited to certain states

    Customers have to apply to access minimum borrowing requirement information

    Bank of America

    Pros

    Reduced loan origination fees (up to $600) for qualifying existing customers

    Interest rates between 2.5% and 3.25% depending on loan and tenure

    Access via physical branches, telephone, or online channels

    Supports loan management through a mobile app or website

    Cons

    Minimum credit score varies according to loan type

    Expensive closing fees

    AmeriSave Mortgage

    Pros

    Convenient and fast online application process

    Access to no-obligation rate and mortgage information

    Detailed fee structure

    Minimum required down payment of 3%

    FHA loans; minimum credit score of 580

    Accurate quotes and low rates

    Cons

    No leeway for expensive purchases or changing jobs during the refinancing process

    Requires recent interior and exterior appraisal

    Better.com

    Pros

    No fees

    Best loan rates between 1.875% and 3.750 %

    Approvals within 180 seconds

    A time frame of three weeks from application to closing

    Minimum credit score of 620

    Nationwide refinance

    Cons

    No physical presence for issue resolution

    Does not offer Jumbo refinance options

    Quicken Loans

    Pros

    Offers conventional, government-backed, and jumbo loans in all states

    Minimum score eligibility of 580 for FHA and 620 for conventional loans

    Access to cash-out, term, and rate loans

    Hassle-free online loan application

    Outstanding customer service

    Cons

    Does not accept alternate forms of credit data

    Electronic mortgage closing is through an external company

    Doing a bit of research online and efficiently using online comparison tools can help you make an educated decision while choosing a mortgage refinance company. To avoid surprises along the way, we suggest speaking with your financial advisor before refinancing your home.

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