Types of Mortgage Refinancing Lenders
In our experience, some clients are most comfortable with the effort of filling out an application with a local banker. Others may be interested in working with lenders primarily or exclusively online. While both methods are good, they should be competitive in terms of cost, and online applications are becoming more common because of their convenience. With so many national and local lenders offering mortgage refinancing options, it helps to understand the common types of lenders available.
Banks and brokerages: Mortgage companies are companies that make loans to buy or refinance a home. Mortgage brokers “buy” multiple mortgage lenders to help clients find the best rates and terms. These services are available locally, nationally, or through online services such as Lending Tree.
Mortgage Bankers: Most mortgage lenders are mortgage lenders. Bankers typically borrow money from warehouse lenders to cover mortgages they issue to customers, and then sell the mortgages to another lender or creditor to pay the warehouse mortgage lender. Mortgage bankers primarily see origination and other loan fees paid from when you sign the loan.
Lessons
to read about different lenders
Credit Unions: These financial institutions are cooperatives and are owned by their members. They tend to have lower interest rates than other mortgage lenders. If you are not a member of a credit union, you can search your local or national credit union for membership requirements.
Our Search for the Best Mortgage Financing Companies
1. We researched the top mortgage refinancing companies and created a comprehensive list to choose from
2. We evaluated mortgage refinancing companies based on expert-guided criteria, including cost, application options, and customer experience
3. We offer you the best mortgage financing company
Mortgage Company Reviews
After our evaluation, we chose these three best mortgage financing companies: Rocket Mortgage, Bank of America, and First Online Banking. Each of these companies emerges from the competition.
NBKC Reviews
great mortgage lender
National Bank of Kansas City, or NBKC, is headquartered in Kansas City, Missouri. While the company has become the national leader in mortgage refinancing, it remains its roots as a lender with a personal focus on its customers. Like other lenders, the company will analyze credit scores, income-to-debt ratios to determine whether an applicant is approved. Unlike other lenders, the company often works with customers to help them understand what they’re buying and how to make sound decisions.
Screenshot: NBKC website.
In addition to maintaining customer-first service priority, NBKC is competitive with any major bank on important mortgage refinancing factors. NBC’s interest rates, closing speed and low service fees make the company ideal for clients looking to refinance equity in their residences.
NBKC has an “A+” rating on the BBB, 5 stars on Bankrate, 4.9 on Zillow, and is highly rated by customers on sites like LendingTree.
Rocket Mortgage Review
great technology
Accelerated Lending is the nation’s largest mortgage provider, and Rocket Lending is their online mortgage brand. The company originated in 2017 with loans in 2017, not any other lender, including major banks. For convenience, the company immediately verified more than half of the applicants and obtained financial assets through the online application. Rocket Mortgage offers loans from eight to 30 years with online exchange rate exchange rates. A calculator on the company’s website helps applicants understand the best refinancing options.
Screenshot: Rocket Mortgage website.
Rocket Mortgage applicants can apply quickly and opt for weekly email or text alerts to let them know when rates change. Their online tool uses bank-grade security to track the status of documents and applications required to process loans.
Rocket mortgages do not have a physical location, and applicants can use their hands to talk to the mortgage lender. Instead, the company offers the option of chatting with a representative or online for assistance. Applicants have easy access to home loan specialists outside of typical hours, and you can choose where and when closures occur. If you’d prefer to apply for a mortgage in person with a banker, you may want to move on to our next option. Rocket Mortgage offers mortgage bankings in all 50 states.
Bank of America Mortgage Review
Great customer service
Bank of America publishes its competitive and average payments on its website without having to fill out long forms. To learn more, such as the effect on your credit rating, website visitors can visit a custom rate. The company only quotes rates for its mortgage products, so applicants should compare the stated rates with other lenders they are considering. Compared to Rocket Mortgage, Bank of America offers a wider range of refinancing options, including FHA, VA, and cashed refinancing as well as fixed and adjustable-rate loans.
Screenshot: Bank of America.
Based in Charlotte, NC, the multinational bank has approximately 700 branches, with locations in all 50 states. Bank of America is consistent, with a consistent number of loans originating each year.
Borrowers can choose to use the online and mobile portals to make a mortgage application or speak to a loan officer. Schedule appointments for face-to-face meetings at local branches by phone or online. Applicants can also walk into branches for information on mortgage refinancing. The company offers an online form to qualify borrowers for a loan or the ability to call a toll-free number to speak with a mortgage representative. If you apply online and are approved, you will be near your local US office.
Online options for pre-review and document submission provide flexibility for those who want the convenience of an online tool, but also want the option of meeting with a loan officer. However, Bank of America doesn’t understand at its speed, however, some previous clients have complained about the closing process or lack of communication.
The first internet bank mortgage loan
online runner up
1999 First Internet Banking as Online Banking. The company publicly publishes its current tax rate and initiates the loan application process with ease. Since all banking is online, the site provides helpful, straightforward information on mortgages, refinancing, and how to apply. The first internet mortgage offers to speak to a loan officer who can help you choose the best refinancing option before you apply, or you can start your application online right away.
Screenshot: The first internet banking process.
First Internet Banking’s website says it has lower overhead costs because it doesn’t have a physical branch, and it can pass the savings on to customers. However, applicants should still compare published rates with other lenders. While loan officers aren’t as familiar with housing and economic conditions in your area as local bankers, the firm has clients in all 50 states.
Although First Internet is only available online, it provides mortgage applicants with a toll-free number, as well as an online link to a mortgage refinance representative. At the close, the applicant signs the documents at a convenient time arranged locally. Customer reviews highlight the company’s professionalism, courtesy, and communication during the mortgage process. The company says it can close most refinancing loans in 40 days or less.
Related Mortgage Refinancing Resources
Readers of the Mortgage Refinancing Guide content also read these related articles.
Is an unlimited cost financing for you?
The title makes it pretty self-explanatory, but you might not understand the details of no closing fee. Since this type of refinancing is an option, it’s important to know if no-closing cost financing is right for you.
How to Get the Best Mortgage Refinance Rates
In some cases, getting a low-interest rate is the whole point of refinancing your current mortgage. You can shop around different lenders and compare interest rates, but there are steps to ensure you get the best rate.
