Many American homeowners don’t understand the concept of mortgage refinancing or the benefits it comes with. Simply put, refinancing is the process of replacing an existing home loan with a new one that offers better terms. Not every homeowner can refinance his/her mortgage; there are factors to be considered and conditions to be met before the lender agrees to refinance your mortgage. Typically, your ability to refinance your mortgage will depend on the T&Cs of your original home loan, your creditworthiness, the current interest rate for mortgage loans, and the equity you have in your home. Refinancing your mortgage may or may not be appropriate depending on the factors. Carefully consider your current situation before you decide to refinance your mortgage.

Refinancing may be a wise option in several situations. For instance, if you secured your home loan at a time when interest rates were high in your area, you may want to refinance your mortgage. Also, if you are a veteran or you have an adjustable mortgage rate at the moment, refinancing can be a good option. On the other hand, if you have good interest rates on your original mortgage, getting better rates may be hard or impossible, and refinancing wouldn’t make sense. Sometimes, the fees make refinancing not worth it or too hard to accomplish. However, if you feel like your current situation favors refinancing, here is a compilation of the top three mortgage refinancing lenders at the moment. These are LendingTree, CitiMortgage, and Quicken Loans.

LendingTree is not a bank or any type of financial institution; it’s a marketplace where homeowners can secure loan offers from multiple lenders. When looking for a lender for a home refinance loan or mortgage, you want to get the lowest fees and rates as well as terms that are in line with your borrowing goals. If you choose to use LendingTree when applying for mortgage refinancing, the company gathers all the necessary information from its network of lenders jQuery331024622836459993613_1570040233478" which include industry leaders such as Wells Fargo and Citi ??" to ensure that you get the best deals. LendingTree falls at the top of our list because it does all the work to help you get the best offers. LendingTree isn’t a direct lender; therefore, rates and fees will vary depending on the lender.

CitiMortgage is part of an international banking institution, Citi Bank. CitiMortgage features on our list because it offers a wide range of the refinancing and mortgage loan options. Fees and interest rates at CitiMortgage are lower than average. Certain CitiMortgage branches offer interest only and construction loans for qualifying clients. CitiMortgage charges an application fee (only a few lenders do that) but that cancels out with lack of any special fees upon pre-approval. The mortgage refinancing application process at CitiMortgage is easy and the customer service is excellent. We also found that the underwriting fee is at or below average. CitiMortgage offers great deals whether it’s a mortgage or refinancing you are looking for. You can reach an agent directly or use their online application tool to apply.

Quicken Loans, just like LendingTree, is a marketplace where you can get multiple loan offers on your mortgage refinancing. Quicken Loans has an A+ rating on BBB and thousands of positive reviews from happy clients. The company has been around since the mid-1980s and has accumulated a lot of experience in matching all kinds of borrowers to different types of lenders. Quicken Loans is especially known for helping people with bad credit secure good mortgage refinancing offers. If you have a poor credit score, work on lowering your debt balance and make timely payments to improve your rating. If after doing all that, you still find that refinancing is your best option, head over to Quicken Loans.