Home refinancing is all about finding a better mortgage deal that works for you. But with so many home loan refinance companies out there, it can be tough to know who to turn to. Luckily, we’ve done the research for you and are pleased to share our findings on the best home loan refinance companies available today.
Introduction
Is your current mortgage rate higher than what you’d like to pay? Do you need a loan with better terms? If you answered yes to either of these questions, refinancing your home loan could be the answer. Refinancing can help you to lower your monthly payments, consolidate debt, and tap into your home equity. But how do you choose the right home loan refinance company, one that will work with you, and help you get a better deal?
Choosing the right home loan refinance company can be a challenging and time-consuming process, but it’s worth it. A good refinance company can help you save money and make the refinancing process as smooth as possible.
In this article, we’ll introduce you to the best home loan refinance companies to help you make the best-informed decision for your situation. We’ve researched and reviewed the most popular companies in the industry, and we’re happy to share our findings with you.
Let’s dive in and take a closer look at the best home loan refinance companies!
Why Refinance Your Home Loan?
If you’re not sure whether refinancing your home loan is the right choice for you, here are some good reasons why you might want to consider it.
Lower Interest Rates
Refinancing your home loan can be an excellent way to secure a lower interest rate, which means you’ll have lower monthly payments. This can save you a lot of money over the life of your loan.
Change Your Loan Term
Refinancing your home loan can also enable you to change the length of your loan term. For example, you may choose to switch from a 30-year loan to a 15-year loan, allowing you to pay off your mortgage more quickly.
Access Your Home Equity
Refinancing your home loan is also an excellent way to tap into your home’s equity. By refinancing, you can take out cash from the equity you’ve built up in your home and use it for other expenses, such as home renovations or debt consolidation.
Consolidate Debt
If you have several high-interest loans or credit cards, refinancing your home loan can help you consolidate your debt. This can help you save money on interest and make it easier to manage your finances.
Improve Your Credit Score
If you’re struggling with a low credit score, refinancing your home loan can help. If you’re able to obtain a lower interest rate, your payments will be more manageable, and you’ll be less likely to miss a payment. A good payment history can help improve your credit score over time.
Changing Your Loan Type
Another reason to consider refinancing your home loan is to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. This can provide you with security and predictable payments over time.
The Top 5 Home Loan Refinance Companies
Now that we’ve covered the benefits of refinancing let’s take a look at the top home loan refinance companies.
Company |
Minimum Credit Score |
Loan Types |
Fees |
Customer Service |
|---|---|---|---|---|
Quicken Loans |
580 |
Fixed and Adjustable |
Varies by State |
Excellent |
LoanDepot |
620 |
Fixed and Adjustable |
Varies by State |
Excellent |
Better.com |
620 |
Fixed and Adjustable |
Varies by State |
Excellent |
Veterans United Home Loans |
None |
Fixed and Adjustable |
Varies by State |
Excellent |
AmeriSave |
None |
Fixed and Adjustable |
Varies by State |
Excellent |
1. Quicken Loans
Quicken Loans is the largest mortgage lender in the United States and has been around for over 30 years. They offer a streamlined process, excellent customer service, and a wide range of mortgage products. Quicken Loans is known for its online tools and mobile app, which allow you to apply for a refinance loan and track your progress easily.
Key Features of Quicken Loans
Quicken Loans offers fixed and adjustable-rate mortgages with terms ranging from 8 to 30 years. They have a minimum credit score requirement of 580, making them an accessible option for many borrowers. They also offer a wide range of mortgage products, including FHA, VA, and USDA loans.
Advantages of Quicken Loans
- Excellent customer service
- Easy online application process
- A wide range of mortgage products
- Fast approval process
Disadvantages of Quicken Loans
- Higher closing costs than some other lenders
- May require more documentation than other lenders
2. LoanDepot
LoanDepot is a direct mortgage lender that offers competitive rates and low fees. They pride themselves on offering a hassle-free mortgage process and excellent customer service. LoanDepot has been in business since 2010 and is headquartered in Southern California.
Key Features of LoanDepot
LoanDepot offers fixed and adjustable-rate mortgages with terms ranging from 10 to 30 years. They have a minimum credit score requirement of 620, and they offer a range of mortgage products, including VA, FHA, and Home Equity Loans.
Advantages of LoanDepot
- Competitive rates and low fees
- A wide range of mortgage products
- Easy online application process
- Excellent customer service
Disadvantages of LoanDepot
- Limited brick-and-mortar locations
- No USDA loans
3. Better.com
Better.com aims to make the mortgage process as simple as possible. They offer a fully digital mortgage application process, which can save you time and money. Better.com also prides itself on transparency and clear communication throughout the refinancing process.
Key Features of Better.com
Better.com offers fixed and adjustable-rate mortgages with terms ranging from 10 to 30 years. They have a minimum credit score requirement of 620, making them an accessible option for many borrowers. They also offer jumbo loans for those with higher borrowing needs.
Advantages of Better.com
- Fully digital application process with minimal paperwork
- No lender fees or commission
- Fast approval process
- Excellent rates
Disadvantages of Better.com
- Limited availability in some states
- No physical branches to visit
4. Veterans United Home Loans
Veterans United Home Loans is a mortgage lender that specializes in VA loans for military service members and their families. They offer personalized mortgage solutions and excellent customer service. Veterans United Home Loans has been in business since 2002 and is headquartered in Missouri.
Key Features of Veterans United Home Loans
Veterans United Home Loans specializes in VA loans but also offers conventional and FHA loans. They have a minimum credit score requirement of None, making them an accessible option for many borrowers. They also offer a range of mortgage products, including fixed and adjustable-rate mortgages.
Advantages of Veterans United Home Loans
- Specializes in VA loans
- Excellent customer service
- Dedicated loan specialist assigned to each borrower
- Fast approval process
Disadvantages of Veterans United Home Loans
- Only offers VA loans to eligible borrowers
- Limited availability in some states
5. AmeriSave
AmeriSave is a mortgage lender that offers a range of mortgage products, including conventional, FHA, and VA loans. They pride themselves on providing excellent customer service and making the refinancing process as smooth as possible. AmeriSave has been in business since 2002 and is headquartered in Georgia.
Key Features of AmeriSave
AmeriSave offers fixed and adjustable-rate mortgages with terms ranging from 10 to 30 years. They have a minimum credit score requirement of None, and they offer a range of mortgage products, including FHA and VA loans.
Advantages of AmeriSave
- A wide range of mortgage products
- Excellent customer service
- Competitive rates and low fees
- Easy online application process
Disadvantages of AmeriSave
- Limited availability in some states
- More documentation required than some other lenders
Frequently Asked Questions
1. What is refinancing?
Refinancing is the process of replacing an existing mortgage with a new one. Typically, refinancing is done to secure a better interest rate, change the term of the loan, or access the equity in your home.
2. What are the benefits of refinancing?
There are several benefits to refinancing your home loan, including lower interest rates, changing your loan term, accessing your home equity, consolidating debt, improving your credit score, and changing your loan type.
3. What is the minimum credit score required to refinance a home loan?
The minimum credit score requirement varies by lender, but many lenders require a minimum credit score of 620. However, some lenders, like Quicken Loans and Veterans United Home Loans, offer refinancing options for borrowers with lower credit scores.
4. What fees are associated with refinancing a home loan?
Refinancing fees can include appraisal fees, title fees, application fees, and other closing costs. The fees associated with refinancing can vary by lender, so it’s essential to compare options carefully.
5. How do I choose the right home loan refinance company?
Choosing the right home loan refinance company can be challenging, but there are several factors to consider, including interest rates, fees, customer service, and loan terms. It’s essential to compare options and do your research before choosing a lender.
6. What documents do I need to refinance my home loan?
The documents required to refinance your home loan vary by lender, but typically you’ll need to provide proof of income, employment, and identification. You may also need to provide tax returns, bank statements, and other financial documents to complete the refinancing process.
7. How long does it take to refinance a home loan?
The refinancing process can take anywhere from 30 to 90 days, depending on the lender and the complexity of the loan. However, some lenders, like Better.com, offer a fast approval process, which can help speed up the process.
8. Can I refinance my home loan more than once?
Yes, you can refinance your home loan more than once. However, it’s essential to consider the costs associated with refinancing, including closing costs and fees, before deciding to refinance again.
9. How much money can I save by refinancing my home loan?
The amount of money you can save by refinancing your home loan depends on several factors, including your current interest rate, the length of your loan, and the amount of equity in your home. However, refinancing can help you save thousands of dollars over the life of your loan.
10. Can I refinance my home loan if I have bad credit?
It may be more challenging to refinance your home loan if you have bad credit, but it’s not impossible. Some lenders, like Quicken Loans and Veterans United Home Loans, offer refinancing options for borrowers with lower credit scores. It’s essential to shop around and compare options carefully if you have bad credit.
11. Can I refinance my home loan if I’m self-employed?
Yes, you can refinance your home loan if you’re self-employed. However, you may need to provide additional documentation to prove your income and financial stability. It’s essential to work with a lender who understands the needs of self-employed borrowers.
12. How does refinancing affect my credit score?
Refinancing your home loan can have a temporary impact on your credit score. When you apply for a new loan, your credit score may drop, but the impact is usually minimal. However, if you miss payments on your new loan or take on too much debt, it can negatively impact your credit score over time.
13. Will I need to get my home appraised when refinancing my home loan?
Yes, you may need to get your home appraised if you’re refinancing your home loan. The lender will need to determine the value of your home to determine the amount of the loan. However, some lenders, like Better.com, offer a streamlined process that may not require an appraisal.
Conclusion
Refinancing your home loan can be a significant financial decision, and choosing the right home loan refinance company is crucial. By doing your research and comparing options, you can find a lender that works for you and helps you get a better deal.
We’ve introduced you to the top home loan refinance companies, and we hope this article has been helpful in your search for the right lender. Remember to consider factors like interest rates, fees, and customer service when choosing a lender.
Don’t wait to save money on your mortgage. Take action today and start your refinancing journey with one of these top home loan refinance companies!
Disclaimer
The information in this article is for informational purposes only and does not constitute financial advice. We recommend that you consult with a financial advisor or lender before making any financial decisions.