The Best Mortgage Lenders to Refinance Your Home in 2018
Refinancing your mortgage has many obvious benefits. It can help you lower your monthly payments, pay off your home loan faster and save you money. But it can also turn out to be an expensive mistake if you refinance at the wrong time or don’t choose the correct lender.
We’ve laid out some of the best mortgage refinance lenders in the industry in a variety of categories so you can find the one that is right for you and make the smart financial move.
1. Best Overall: LendingTree
Heading online for a mortgage is now common practice. Online lenders have introduced convenience and automation to mortgage lending – allowing potential homeowners to apply in minutes, compare rates at a glance, shop around with ease and most importantly, save money.
LendingTree is the biggest brand name in this new kind of online lending.
You fill out one form, hit submit, and LendingTree sends your application out to its network of over 350 lenders (they only work with reputable lenders, such as Bank of America and Discover Home Loans). Once you decide on the right lender for you, the application continues with a mortgage rep who ensures you’re fully involved in every step in the process.
2. Best for Loan Variety: JG Wentworth
JG Wentworth entered the mortgage business in 2015 and have been growing at a solid pace, adding a wide variety of different loan options to their menu of offerings. Their refinance options include traditional rate-and-term refinancing and cash out options.
They use proprietary technology to streamline the application process to drive down costs and increase efficiency, ensuring that the entire process is quick and easy. And their customer service has earned them a glowing A+ rating from the Better Business Bureau.
3. Best for Good/Excellent Credit: Quicken Loans
Quicken Loans is the nation’s largest online retail mortgage lender. The refinance process begins with an online application and then moves over to a home loan expert who will guide you through the process over the phone, answering any questions and laying out all of your available options. After you close your loan, you can manage your mortgage online without any hidden fees.
Quicken Loans only works with good/excellent credit borrowers, so you’ll need a minimum credit score of 620 if you want to get approved.
4. Best for Fully Online Process: Lenda
Lenda is all about simplifying the mortgage process. Instead of burdensome paperwork, the company uses technology to create an altogether faster process that provides full transparency and lower costs. Its business model keeps costs down by limiting staff and cutting paperwork, which means you won’t pay a loan origination fee or a broker commission.
With Lenda, you can apply in minutes, get a rate in seconds and be approved for a loan in less than an hour.
Refinancing your mortgage can improve your financial situation and save you money in the long term, but it’s important you are refinancing at the right time, for the right reasons, and at the right rate. Otherwise it could be a costly mistake. If you want more information, check out our rundown of the top lenders in the industry