Refinancing your mortgage can seem like a huge task, but our review of the 7 best refinance lenders of 2018 will help you select the right lender to suit your needs. We’ve researched top lenders nationwide across the US, summarized their services and offerings and weighed up their pros and cons to give us a list of what are the currently top 7 refinance lenders in the US.
Why Refinancing with Best Refinance Lenders
Refinancing is the process of taking out a new loan or mortgage to pay off an existing one, leaving the borrower to pay off the new loan under a new set of terms. It may sound laborious, and many people don’t know where to begin, or whether they even should refinance. In fact there are many benefits of refinancing, the borrower may be able to secure a lower interest rate, reduce the term on their mortgage, or access some of their home’s equity. Once having decided upon whether refinancing is suitable for the individual, the next step is to chose a lender out of the best refinance lenders currently on the market.
Best Refinance Lenders
With so many lenders on the market it can be difficult to see how the compare with each other, and it can be even harder to see who stands out as being top of their game. Below we have selected the top 7 of these and have outlined why they are top, and what are the pros and cons of refinancing with them.
1. Rocket Mortgage
Rocket Mortgage is good for customers who are in need of a speedy process and like the benefits of completing the entire journey through an app. A top advantage of Rocket Mortgage is that it can offer customized loan recommendations based on refinance goals. A drawback for those who like in-person service is that the company has no physical branches.
2. Loan Depot
Loan Depot is also a company well-known for its low number of customer complaints. A particular advantage of going with loan depot is that it offers a “lifetime guarantee” on future refinances and charges no lender fees. However, it falls behind top competitors in terms of its offering of high-tech refinancing tools.
3. Veterans United
Veterans United, as the name suggests, is ideal for veterans who want to refinance. The company streamlines the process with veterans in mind, meaning less paperwork and lower costs. One big drawback however is that it does not publish rates online.
4. Sun Trust
For those who are unsure of what mortgage type is most suitable for them when refinancing, Sun Trust offers services to help them to decide. It also offers services and a website in Spanish, as well as a broad range of loans. Its limitation is that it only has a few physical branches.
5. Guaranteed Rate
Guaranteed rate is one of the best refinance lenders who will refinance for anyone who has both a good credit score and also a stable income. A pro is that it requires no personal information to offer customized refinance rate quotes. However, it does charge lender and application fees.
Chase offers the full package, allowing customers to access services in person, over the phone and online. It also offers a fast service, with refinance transactions generally closed in 60 days maximum. A drawback is that Chase charges an origination and third-party fees.
7. Bank of America
Bank of America’s major draw as on of the nation’s best refinance lenders is that it offers borrowers numerous options such as FHA, VA and cash-out refinance loans. Like Chase, it also offers services over the phone, online and in person. Of 2018 Rocket Mortgage, Loan Depot, Veterans United, Sun Trust, Guaranteed Rate, Chase and Bank of America are considered to be the 7 best refinance lenders in the US refinancing market. In deciding on a lender we recommend that the borrower should consider two major factors. Firstly, what are the personalized level of costs (in terms of interest rates and fees) carried by each lender. Secondly, they should consider what services are offered, and are they those that are relevant to the borrower.