Best Mortgage Refinance Companies 2022
Mainstream Mortgage
Mainstream Mortgage assists homeowners looking for home mortgage refinance in Fort Wayne. The company offers VA and FHA loans to homeowners wanting to refinance their mortgage to consolidate debts or get lower interest rates. It also provides home equity lines of credit that allow clients to draw funds against the value of their homes at any time. Mainstream Mortgage has a $100 down program and No Money Down loan system for first-time home buyers.
Fort Financial Credit Union
Founded in 1946, Fort Financial Credit Union is a full-service mortgage refinance company in Fort Worth. It offers a variety of refinance lending options, such as conventional and USDA loans, to help homeowners obtain better interest rates, lower their monthly payments, or receive cash-outs on home equity. Loan officers take the time to explain and analyze various mortgage options, including fixed and adjustable rates. Fort Financial Credit Union also handles purchase, construction, and debt consolidation loans.
American Mortgage Service Company - Fort Wayne, In
Based in Fort Wayne, the American Mortgage Service Company focuses on financing and refinancing mortgages. The agency has been providing an array of mortgage solutions since 1975. Its loan officers assist borrowers in assessing whether refinancing suits their circumstances and selecting the appropriate refinancing programs. They also walk clients through the home buying process, which includes pre-approval, pre-purchase counseling, and home search. Emil and Elvera Bergdolt established the business with the goal of helping individuals realize their dream of homeownership.
Tyler Davis
Tyler Davis is a loan officer for clients based in the Fort Wayne metro and surrounding areas. He offers FHA, VA, conventional, and jumbo mortgage programs, as well as refinancing services and home purchase loans. His team views communication as paramount and customers have vouched that they did stay in touch throughout the whole buying process. He has been in the industry since 2010. and is a part of Crosscountry Mortgage, an FHA-approved lending institution.
Horizon Bank
Horizon Bank is a community bank founded in 1873 whose personal banking services include helping homeowners find a mortgage refinancing loan that suits their circumstances. Fixed and adjustable-rate mortgages on flexible terms are available, each tailored to the customer. The bank can offer jumbo mortgages for those with established credit, VA loans for veterans and those on active duty, and USDA loans with no down payments for customers living in eligible rural areas.
ProFed Credit Union
ProFed Credit Union members looking to home mortgage refinance in Fort Wayne and across Northeast Indiana could benefit from its competitive rates and low fees. The credit union has 11 branches staffed with mortgage specialists who can advise on the best refinance programs, and applications can also be made online in as little as 20 minutes. Loans can be taken over 15 or 30 years periods. Rates can also be locked or adjustable.
First Federal Savings Bank
First Federal Savings Bank refinances mortgages for home owners. Typically, it structures these refinances to help clients negotiate new terms with lower interest rates, lower monthly payments, and shorter amortization periods. Aside from the mortgages it does for initial home purchases, First Federal Savings Bank also finances new construction loans and does construction loans for commercial buildings. Financing is available for personal lines of credit too, as well as vehicles, business equipment, and other assets.
1st Source Bank
Serving Indiana for more than 155 years, 1st Source Bank is located in 80 centers in 18 counties across the state. Its mortgage advisors can help homeowners find the best mortgage refinancing program and reap the benefits of lower interest rates. Its conventional loan programs include fixed-rate mortgages with 15, 20, and 30-year terms. The bank's government-backed mortgages include loans supported by the Federal Housing Authority and the U.S. Department of Veteran Affairs.
Old National Bank
Founded in 1834, Old National Bank is one of the oldest and largest financial institutions in the state of Indiana. It specializes in home mortgage refinance in Fort Wayne. Loan officers assist clients wanting to refinance their homes to lower interest rates, change mortgage terms, receive cash-outs, or lower monthly payments. Refinance lending options include conventional, jumbo, FHA, and VA loans. Old National Bank also offers home equity, new purchase, construction, auto, and business loans.
First Merchants Bank
First Merchants Bank is a large financial services holding company founded and based in Central Indiana since 1893. Its services are delivered locally by bankers who specialize in its products, such as refinancing mortgages. They can offer conventional financing options and government-backed loans to enable homeowners to select the best program for their needs. These programs include jumbo loans for qualifying customers, as well as USDA, VA, and FHA. Fixed-rate and adjustable-rate mortgages are available.
Northwest Mortgage
Northwest Mortgage Inc. is a locally owned mortgage refinancing company that has been serving Fort Wayne and the surrounding areas for over 22 years. It offers services that help homeowners reduce their monthly mortgage payments, lower interest rates, and improve the terms of their loans through customized refinancing solutions. Additionally, it offers several loan options such as conventional, jumbo, USDA, FHA, and VA loans. Northwest Mortgage assists homeowners with all aspects of the refinancing process, including prequalification, loan terms, property appraisal, and closing.
Community Mortgage Lending
Community Mortgage Lending is a full-service mortgage solutions provider that attends to the residential financing needs of the Fort Wayne community. The firm assists homeowners who plan to replace their current home loan through mortgage refinancing. Its mortgage specialists help clients transition from adjustable-rate loans to fixed-rate mortgages. The team also guides homeowners with debt consolidation, private mortgage insurance elimination, and cashout settlement from their home equity. Community Mortgage Lending accommodates both in-person and online consultations.
Aspen Mortgage
The brokers of Aspen Mortgage offer loans and financing services for clients in Fort Wayne. Besides additional resources from mortgage associations and finance educators, their loan programs include cash-out refinancing plans for homebuyers seeking to change their loan providers. Nonetheless, it still provides other loan plans, including USDA loans, manufactured home loans, new construction loans, and 203(k) rehabilitation loans. Its team comprises owner Glen Ford and Crystal Wilson, who have thirty-six years of combined mortgage industry experience.
Hallmark Home Mortgage
Hallmark Home Mortgage helps homebuyers and owners in and around Fort Wayne find loan programs that match their specific needs. The firm also helps clients decide if it is the right time to refinance, whether they are looking to pay off their mortgage faster, or lower their current rate. It also offers the option of cashing out, for borrowers who would like to consolidate debt or make renovations using their home's equity. Hallmark Home Mortgage has been serving communities since 2007.
Expert Answers To Common Questions:
- Introduction
- How do you refinance a mortgage?
- How does mortgage refinance work?
- When should you refinance a mortgage?
- How much does it cost to refinance a mortgage?
- How soon can you refinance a mortgage?
- How long does it take to refinance a mortgage?
- What is the average closing cost to refinance a mortgage?
- How often can you refinance a mortgage?
- When is it worth it to refinance a mortgage?
- Can you refinance a mortgage with no closing costs?
- Can you refinance a home equity loan into a mortgage?
- Can you refinance a mortgage without a job?
- Can you refinance a mortgage with bad credit?
- Can you refinance a second mortgage?
- Can you refinance a first mortgage and not a second?
- How often should you refinance your mortgage?
- What should you expect when refinancing a mortgage?
- Q: Introduction
- A: Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
- Q: How do you refinance a mortgage?
- A: Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.
- Q: How does mortgage refinance work?
- A: The mortgage refinance process begins with choosing a broker and filling out loan application information. The process continues through underwriting and closing. The new mortgage is then used to pay off and close your original mortgage loan. This leaves you with a new loan and mortgage payment to manage each month.
- Q: When should you refinance a mortgage?
- A: If your credit score has improved or mortgage interest rates have dropped, refinancing can potentially save you money. Other reasons to refinance your mortgage include getting a fixed rate instead of an adjustable one or getting a shorter loan term. An increase in your home’s value that can let you access more equity is another reason to refinance.
- Q: How much does it cost to refinance a mortgage?
- A: The average cost to refinance a mortgage is $5,000. This amount varies, based on the state and county where the property is located and the loan amount. Common fees incurred when refinancing a mortgage include:
- Appraisal fee
- Broker’s fee
- Credit check fee
- Loan application fee
- Recording fee
- Title search and insurance fee
- Q: How soon can you refinance a mortgage?
- A: Some lenders make borrowers wait a minimum of six months before accepting a new mortgage refinancing application. However, when that happens, borrowers can check with other lenders to find one that doesn’t require a wait before refinancing. A mortgage refinance broker can guide you to lenders that allow immediate refinancing.
- Q: How long does it take to refinance a mortgage?
- A: The average amount of time it takes to refinance a mortgage is 45 days. In some cases, it may be possible to get it done faster. There also may be times when it takes longer to get a mortgage refinanced.
- Q: What is the average closing cost to refinance a mortgage?
- A: The average closing cost when refinancing a mortgage is $4,345. Closing costs may be much higher or lower depending on the amount of money borrowed. If you see an ad that says there are no closing costs, the costs are factored in elsewhere in the terms of the loan.
- Q: How often can you refinance a mortgage?
- A: You can refinance a mortgage as often as you like, however, if you refinance frequently, it can cost more in fees than you save on interest. Some reasons for refinancing repeatedly include a sharp drop in interest rates or going through a life event, such as a divorce.
- Q: When is it worth it to refinance a mortgage?
- A: It’s worth it to refinance when interest rates drop and refinancing will save you money. It also may be worth refinancing if you need to access some of your home’s equity to cover other expenses. Refinancing may be worthwhile if you're switching from a variable to a fixed rate mortgage.
- Q: Can you refinance a mortgage with no closing costs?
- A: You can refinance a mortgage without paying closing costs at the time. However, those costs are still owed and are factored in elsewhere in the financing. Lenders either add the costs to the principal owed or increase the interest rate on your refinanced mortgage loan.
- Q: Can you refinance a home equity loan into a mortgage?
- A: You can refinance a home equity loan into a mortgage in some situations. You have to have excellent credit to do this. Additionally, you must have enough equity in your home to qualify for a new mortgage that pays off the existing mortgage and your home equity loan.
- Q: Can you refinance a mortgage without a job?
- A: In some situations, you can refinance your mortgage if you don't have a job. It depends on the lender, because some will allow it and others won’t. A qualified mortgage refinance broker can help connect you with lenders that consider your situation. You have to submit documentation about your unemployment and the income you have.
- Q: Can you refinance a mortgage with bad credit?
- A: It’s possible to refinance a mortgage if you have bad credit. If your payment record with your current lender is good, you can discuss refinancing with that lender. You may also be able to refinance a mortgage by going through a government-backed lender, such as the USDA or FHA.
- Q: Can you refinance a second mortgage?
- A: It’s possible to refinance a second mortgage. If your credit score improves or interest rates drop, refinancing a second mortgage may save you money. Either of these situations can provide a way for you to get a lower interest rate. Refinancing a second mortgage can also sometimes shorten your loan repayment period.
- Q: Can you refinance a first mortgage and not a second?
- A: You can refinance your first mortgage and not the second one, but it can be difficult. You have to get the lender of your second mortgage to agree to the refinancing. The process is called resubordination, and some home equity lenders won’t agree. Additionally, lenders typically charge extra fees to resubordinate a loan.
- Q: How often should you refinance your mortgage?
- A: There is no recommended frequency for refinancing a mortgage. How often you should refinance is determined by when it will save you money. If you can get better terms on your mortgage by refinancing, then it’s a good time to take action.
- Q: What should you expect when refinancing a mortgage?
- A: When refinancing a mortgage, expect to answer a lot of questions and provide documentation to back up your answers. You'll may also pay fees and closing costs of around $5,000. Additionally, expect to start over in terms of building home equity, because refinancing takes the amortization process back to the beginning.