When looking for the best refinance companies, it’s important to look for the ones that provide personalized service and competitive rates. Here are five to consider: Rocket Mortgage, Guaranteed Rate, SoFi, Guild Mortgage, and SoFi. These mortgage companies have been providing home loans for decades, so you can trust their advice and services.
Rocket Mortgage
If you are looking for a mortgage refinancing company, Rocket Mortgage can help. This company has a 2.85 star rating from the Better Business Bureau and has closed nearly 400 complaints over the past year. However, if you have poor credit or no credit, it is a better idea to look for a different company.
This company offers a variety of loan products. These include traditional mortgage loans, but they also have a special in-house offer called YOURgageSM. Under this program, borrowers can get a loan for as much as 97% of their home’s value, with just a 3% down payment.
Rocket Mortgage is an excellent choice for people who want a fast and convenient mortgage refinance. The process is 100% digital, and the lender provides award-winning customer service. The company also has a mobile application that simplifies the process by allowing applicants to preapprove themselves on the go. Users can also upload documents and e-sign documents to their online loan portal. Customers can also chat with a Rocket representative if they need assistance or need information about their loan.
For those with poor credit, Rocket Mortgage also offers FHA loans. These loans do not require a down payment and allow borrowers with low credit to qualify for low-rate loans. However, borrowers with poor credit may need a lower credit score to qualify for these loans.
SoFi
SoFi is a lender that offers low mortgage rates and fast processing times. However, it does not offer loans for entry-level borrowers or government-backed loans, such as FHA, VA, or USDA. Nevertheless, if you can meet the eligibility requirements and have good credit, SoFi could be a good option for refinancing your home loan.
SoFi offers several types of loans, including cash-out refinancing, home equity loans, and credit cards. Moreover, it also offers insurance and investment products. While SoFi does not provide government-backed loans, such as FHA or VA loans, it does offer mortgage refinancing. However, SoFi does require a 5% down payment on mortgages.
In addition to low mortgage rates, SoFi also offers fast application processing and responsive customer service. Customers also like the online application process. The pre-approval process usually takes about three to four weeks, and the closing process usually takes about 28 days. Additionally, existing customers can get a $500 discount on the processing fee. To qualify for this offer, applicants must have a SoFi personal loan or student loan, or have a minimum investment balance of $50,000.
SoFi also offers conforming conventional loans, but their credit-to-income ratio (DTI) requirements are stricter than those of other lenders. To qualify for a loan with SoFi, you must have a credit score of at least 620 and a debt-to-income ratio below 50%. Despite these restrictions, SoFi may be able to help borrowers with higher debt to income ratios. In addition, their underwriting process considers factors like credit score, property eligibility, and employment status.
Guaranteed Rate
Guaranteed Rate is a mortgage lender that offers many mortgage types, including conventional, FHA, and VA loans. It also offers jumbo and interest-only mortgages. Their goal is to keep rates as low as possible, while making the entire process transparent and easy to understand. These factors encourage consumers to take an active role in the lending process.
Guaranteed Rate makes it easy to apply for mortgage refinancing and homebuying through its website. This user-friendly website has interactive checklists, a personalized mortgage rate quote, and an online application with e-signature and document upload capabilities. In addition, the company has a mobile app that offers real-time rates and allows users to connect with a loan officer via email.
Guaranteed Rate’s home mortgage refinancing service offers interest-only mortgages and allows applicants with bad credit to qualify. The company has a good branch network in most states. Make sure to check out which office is closest to you before making a decision. Guaranteed Rate also offers competitive underwriting fees. However, it is important to shop around to find the best mortgage refinancing company for you.
Guaranteed Rate is a well-established company with a reputation for low mortgage rates and excellent customer service. They are headquartered in Washington, D.C., and are accredited with the Better Business Bureau since 2009. They have a good rating on the BBB website. The company is an Equal Opportunity Employer and welcomes applicants of all backgrounds and ages.
Guild Mortgage
Guild Mortgage is a mortgage company with a long-standing reputation for putting their customers first. The company offers more than 500 different down payment assistance programs, including those aimed at first-time buyers. There are also programs available for repeat homebuyers. These programs can help you save money and have a higher down payment when you buy a home.
The company offers both fixed-rate and adjustable-rate mortgages. While the former will not change during the term of the loan, the latter will fluctuate depending on the benchmark index or lender margin. Some borrowers prefer fixed-rate mortgages, but others prefer the flexibility of an adjustable-rate mortgage. Guild also offers custom fixed-rate products that allow borrowers to end their payments early or extend the loan term without having to refinance.
Customers will find the rates that Guild offers very competitive. They can also view all loan documents before applying, reducing the closing time to hours or minutes. Guild has a perfect 5-star rating on Google and an A+ BBB rating. They have been accredited by the Better Business Bureau since 2016. In addition, Guild Mortgage is often ranked near the top of the J.D. Power mortgage originator rankings.
The company is one of the largest mortgage lenders in the Northwest, and is expanding into other areas. In 2021, the company acquired Portland, Maine-based Residential Mortgage Services, which offers fixed-rate mortgages and adjustable-rate mortgages. Customers can also use the company’s online application process to streamline the refinancing process.
Navy Federal Credit Union
The website of Navy Federal Credit Union is easy to use. You can apply online or visit a branch to get pre-approval. People with low credit scores are a good fit for this lender because it allows borrowers to use alternative credit data such as proof of timely bill payment.
Navy Federal offers a wide range of products and services, including mortgage refinancing. It also offers mobile banking, online banking, and credit cards. It also offers a number of discounts to members, including insurance discounts and partner offers. The credit union also offers financial planning and investment services.
The mortgage products offered by Navy Federal Credit Union are very affordable. Unlike other mortgage companies, Navy Federal does not require a large down payment. Its refinancing rates are comparable to those of purchase loans, and are lower than the national average. Its flexible lending policies allow borrowers to refinance even when they are underwater. Other benefits include low fees and no private mortgage insurance. In addition, there are no prepayment penalties.
Navy Federal offers fixed-rate 5, 10 or 15-year repayment terms. It also offers the option of debt consolidation for families with multiple children. It does not require a cosigner, but it can help you qualify for a refinance loan. You must have good credit and have been making on-time loan payments for 12 months. You can also take advantage of Navy Federal’s Homebuyers Choice refinancing for low-equity homeowners. This refinance lets you convert an adjustable-rate mortgage to a fixed rate loan.
Quicken Loans
Quicken Loans is one of the top refinancing companies, with a great reputation for customer satisfaction. Their customer satisfaction ranking has improved year after year and they currently rank as the number one lender in customer satisfaction for a ninth consecutive year. In addition, they have an A+ rating with the Better Business Bureau, which evaluates a company’s reputation for honesty and transparency in its advertising and response to complaints.
While Quicken Loans doesn’t have physical branches, they’ve made a major effort to develop their online presence. For instance, they have a service called Rocket Mortgage, which can find financial information about a person’s financial situation and help customize a mortgage. Rocket Mortgage will also let you see if you are approved and lock a rate.
Another great feature of Quicken Loans is their ability to streamline the process. Once you’ve decided to apply for a loan, you will be assigned a Home Loan Expert who will guide you through the process. Then, they will pull your credit score and provide you with a prequalification letter.
Quicken has been ranked among the top lenders by J.D. Power for years, and their website is one of the best ways to compare mortgage rates and fees. They have a simple, digital application process and 3,000 home loan experts available to help you throughout the process. Moreover, they offer many refinancing options, including conventional and jumbo loans.
