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5 popular lenders for easy home refinancing options

Homeowners often choose to refinance their mortgages when they want to take advantage of lower interest rates, need to convert home equity to cash, make the loan term shorter, or switch to a lower fixed-interest rate. Whatever be the objective of opting for a home loan refinance, the process of applying for refinancing is the same as that of the first mortgage. You will need to shop around for suitable refinancing options, make a comparison of available home loan refinance options, and prepare all the mandatory documentation.

When your home loan refinance application gets approved, your lender will pay off your existing loan and you will have to make payments on the new mortgage. Before going for home loan refinancing, ensure that you check the current rate of interest since the interest rates for home loan refinancing keeps on fluctuating on a day-to-day basis. Most lenders post their interest rates on their official websites. You can also get estimates of down payments and the interest rates you will have to pay over a period using online calculators provided by lenders on their websites, which help in making home loan refinance comparisons. If you are planning on refinancing your mortgage, here is a list of popular mortgage lenders with the types of loans offered by them and the refinance application processes.

  • LendingTree
    LendingTree is not a home loan refinance lender, per se; it is, however, an aggregator that brings together lenders and consumers who require home loan refinance options. An online marketplace for loans, LendingTree has a large network of lenders, making it quite convenient for homebuyers to make a comparison of home loan refinance options. When you use LendingTree, you have access to competitive home loan refinance rates from some of the biggest national lending institutions as well as leading regional and local lenders. To find the best home loan refinance, you have to fill up a form on LendingTree’s website; you will then be provided with customized loan offers on the basis of your requirements from at least five lenders to help you make a better home loan refinance comparisons. The lenders may pull hard inquiries, which may affect your credit score. Ensure that you read through the terms and conditions before filling the form.
  • CitiMortgage
    One of the leading home loans refinance providers, CitiMortgage offers loans with competitive rates for purchasing as well as refinancing. The loans offered include those of the traditional, government-program, interest-only, and construction types. Interest-only and construction loans are available only at specific branches of CitiMortgage. You can also get fixed- and adjustable-rate loans. With so many options available, it is recommended to ask for loan information from the local branch before directly applying for a refinance loan through the website. Once inquiries have been made, the application process becomes quite simple. Just fill the form online and state your objective of applying for refinancing. You will then get a free consultation from the lender and the refinancing process will begin. It should be noted that unlike most mortgage lenders, CitiMortgage charges an application fee.
  • Wells Fargo
    When you make home loan refinance comparisons, you will find that Wells Fargo has interest rates that higher than most lenders. However, it offers a wide variety of refinancing options; these include fixed-rate mortgages, adjustable-rate mortgages, jumbo loan options, mortgage and home equity refinancing, temporary payment reduction, and affordable home refinance programs. You can get an estimate of down payments and interest rates offered by Wells Fargo with the help of their online calculator. For those with a second home, such as a vacation house or a rental, Wells Fargo offers refinancing option for the mortgage of the second home as well. The lender is also known to provide an efficient customer service.
  • Bank of America
    No home loan refinance comparison list is complete without mentioning Bank of America. Like most major lenders, Bank of America also offers a wide variety of home loan refinance options that include adjustable-rate, 15-year fixed-rate, 30-year fixed-rate along with jumbo, Federal Housing Administration, and Veterans Affairs. Also, it is one of the very few lenders in the market that has a special mortgage for home buyers with low finances. Known as the Affordable Loan Solution mortgage, this mortgage from Bank of America has a low down payment. Although it charges higher fees compared to most lenders, the interest rates offered by Bank of America are lower than the industry average and the loans are approved quickly. Recently, an online mortgage portal called Home Loan Navigator was launched by Bank of America. Using this portal, customers can track the refinancing process online through the mobile app or desktop.
  • U.S. Bank
    The various home loan refinances options offered by U.S. Bank include fixed-rate, ARM with lower introductory rates, jumbo, FHA with low-down payment options, and Veteran Affairs. Construction loans are also offered by this lender. U.S. Bank has one of the easiest refinance application processes. You can sign up online through their website, upload the required documents, and submit the refinance application. With no application fees, U.S. Bank offers competitive rates, and existing U.S. Bank customers can avail lower rates. Be sure to add this bank in your list of home loan refinance comparison.

It should be noted that this is not an exhaustive list of lenders for a home loan refinance comparison. Shop around for more refinance providers, look into the various fees and interest rates charged by them, and apply for a refinance loan that best suits your requirements and finances.

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