15 Best Mortgage Refinancing Companies [2019 List]

April 26

Are you looking for the Best Refinancing Companies? Are you looking to refinance your loans, to take full advantage of the current prevailing interest rates or simple to consolidate other debts, into one loan? Refinancing lowers the interest rate on your existing loan and that can really be helpful to your financial health in the long run. Refinancing your mortgage will ensure that you can take full advantage of the situation because the last time you went through the entire loan process a lot might have changed since then.

And there are more refinance lenders and more loan options now than ever that are here and ready to help you do exactly that. So here I am with the list of some best Refinancing companies in 2019 that are there at your service.

 

Best Refinancing Companies in 2019

Before you come to a final decision about the Best Refinancing companies, you need to keep a few important things in your mind like Product offerings, interest rates, closing costs, and customer satisfaction. This article brings you the top companies that offers mortgage refinancing, who are the best in this business.

1. Rocket Mortgage by Quicken Loans

This is where the Refinancing procedure is fastened by leaps and bounds. They also provide smart-phone app convenience to the refinance process. Online income and verification of assets speed the process. This Company will give you amazing services that also verifies information, then provides a conditional approval as valid as something a loan officer would issue, all online.

Some drawbacks include the fact that Rocket Mortgage does not consider alternative-credit info for refinances and there are no in-person services available. But several experts and helpful mortgage bankers are just a click away, to make sure you do not need the in-person assistance because it can all be done virtually.

To be eligible for refinancing, you need a minimum credit score of 620 and 3% down payment. Loan types offered by them – Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA.

2. Lenda

Partnered with Nerd wallet, Lenda is one of the Best refinancing company as well as a Home loan provider. They help you out through a simple method to get your loans refinanced in a quick and speedy manner. they follow the concept of a  self-serve online mortgage process which reduces costs, and then they pass the savings on to you with lower rates and zero lender fees.

There is absolutely no brokerage fees, and you can track your refinance every step of the way online. Although they do not have FHA, VA or USDA refinance products and you compulsorily need an account on this company’s website to see the personalized refinance rates. All in all, this will be a good option and the speediness provided by Lenda is why it has made it to the list.

3. CitiMortgage by Citibank

Citibank, a global investment banking and financial services corporation established more than 200 years ago and has gained so much goodwill since then. Citibank is one of the very few companies that offer 40-year fixed-rate refinance loans. The highlights being that it does allow FHA & VA refinancing.

It requires a minimum credit score of 620 like Lenda. It might turn out to be an expensive option to refinance through CitiMortgage as they have a pretty high origination fee of $100 for application and $915 to $1,115  for commitment fee.

The best feature, being their willingness to consider alternative credit data such as utility payments for borrowers without a strong credit score or history. CitiMortgage accepts up to a 50 percent debt-to-income ratio but then also requires at least 10.1 percent equity for refinancing. CitiMortgage has its set of pros and cons, but its reviews are pretty impressive.

4. SunTrust

This is a very idea kind of refinancing option, specifically for homeowners who wish to refinance their loans but are confused about the kind of mortgage to pick. Suntrust is a very known and well-reputed company. Their refinance loans come with fixed and adjustable rates. The minimum credit score requirement is once again, 620.

They have a very systematic and user-friendly online portal which provides info and tools for refinancing customers. The sad part is that the number of Physical branches that Suntrust has remains low and they are pretty strict on their credit score criteria as they do not consider alternative credit data at all.

5. Guaranteed rate

Founded in 2000. this company has gained huge goodwill since then. They offer some of the lowest published starting APRs available for both 15- and 30-year fixed-rate loans. You can calculate mortgage options and costs with such ease by making use of their people friendly online portal.

They accept customer requests who have as little as 2.25 percent equity, all you have to do is just fill an online application and you are set to go. FHA, USDA and VA refinancing is available. Guaranteed rate is a Top Lender for 15-Year Fixed-Rate Loans.

6. Bank Of America

Do you love having a wide range of options to select from? Then, Bank Of America will be the option for you! It offers to refinance mortgages with fixed, flexible and adjustable rates. There is no shortage of Physical branches of Bank Of America, so you can apply for refinancing, in person or online, it’s all up to you!

They do have several bad reviews of them floating online about their inconsistent communication. Another drawback of this BOA, being the time they take to process and close a refinance which is way slower than other lenders.

Once you provide the personal information, you become eligible for the customized refinancing rates from Bank Of America.

7. PennyMac

Regardless of why you’re wondering about refinancing, it is very important to weigh all your options and come up with a strategy that makes sense for your personal financial goals and your overall financial health. PennyMac is one of the few options that provide USDA loans.

It is best for People who wish to refinance even a rural home. The interest rates provide fixed and adjustable interest rates. PennyMac also asks for an origination fee which makes it an expensive option. They allow VA, FHA and USDA refinancing. They also offer loan products for primary residences, second/vacation homes, and investment properties.

8. Chase Mortgage

Lower your mortgage ready, get some ready cash and refinance your adjustable-rate mortgage Chase Mortgage. Refinance with them any way you like, be it over the phone, online or in-person. Choose the procedure you find the most convenient. Their face to face presence is robust.

They are quick in their workings and always aim to complete the procedures in 60 days or less. The best part is that customized rate quotes are readily available online without providing personal info. One of the major drawbacks being that Chase mortgage doesn’t have Physical Presence in all the states and they do charge an origination fee as well as other third-party fees for refinances.

9. PNC Bank

PNC is in this list, mainly because of its jumbo refinancing for home loans between $424,100 and $5 million, with 15- to 30-year fixed-rate, adjustable-rate and interest-only payment options. They also provide Zero% equity loans, which I really don’t think every other refinancing company does.

Useful online tools, on their portal help, to speed up the process of refinancing and cuts own major costs. They truly do believe in transparency and full disclosure with its customers at all costs and fees that you may incur are clearly disclosed on the company website.

The application process is not fully online and the origination fee also is pretty high ($800 to $900.), they also allow a maximum of only 45% debt income, from their customers.

10. BB & T

One of the largest financing company in the United States, BB & T. BB & T has made VA refinancing so easy and quick and that is why it has successfully made it to this list of Best Refinancing Companies in 2019. Some of there VA refinancing options are conventional to VA conversions, cash-out and Interest Rate Reduction Refinancing Loans.

Their online portal has a loan prequalification calculator and customized rate estimates. Sadly, their rate types are not adjustable, they are strictly fixed. BB & T does not operation nationwide and has several geographical constraints.

Top 15 Mortgage Refinancing Companies

We do want you to have wider options, because it is necessary to get the best, to save money and keep your financial health in check. So given below are the top 15 Mortgage refinancing companies in 2019-

  1. Rocket Mortgage
  2. Lenda
  3. Citimortgage
  4. Suntrust
  5. Guaranteed rate
  6. Bank Of America
  7. PennyMac
  8. Chase
  9. PNC
  10. BB & T
  11. Connexus Credit Union
  12. Alliant
  13. Veterans United
  14. Loan Depot
  15. JG Wentworth

Wrapping Up!

There are several reasons to refinance your mortgage but the most common ones are-  to save money on your monthly bill or over the life of your loan. However, some of us can also take advantage of refinancing to shorten the length of their mortgage or get some of their equity out of our homes to cover other expenses. Refinancing is a risky option at times, as it has several other repercussions on your credit score, which might decrease.

Hopefully, these top 15 Mortgage Refinancing companies have the one with all your requirements and suitable interest rates for you to refinance your loan, in a quick and convenient manner.


Tags

Alliant, Bank of America, BB & T, Best Refinancing Companies, Chase, Lenda, Loan Services, PennyMac, PNC\, Rocket Mortgage


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