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Top 10 US companies for Mortgage Refinance
Top 10 US companies for Mortgage Refinance
Home mortgage refinance services have definitely picked up in the second quarter of 2009. The increase in mortgage refinance operations account for an increase of 24 percent compared to the previous quarter performance.
While the economic meltdown did wash away even some of the giants in the industry, only a few able to stand the storm and rise again. Very low interest rates and home mortgage lending and refinancing spree has given rise to the increase in the number of loan disbursements.
Are you really interested in knowing the top 10 performers during the second quarter of 2009? Well, then here is a list of US Companies that have fared well in the business of mortgage loans and refinancing.
Top 10 US companies for Mortgage Refinance
* Well Fargo – Sustaining its position as one of the countries leading mortgage lender Wells Fargo tops the list of best mortgage refinance companies in the US. Home loan originations have seen a substantial rise in the second quarter of 2009 of 28%, which means big business. The company has definitely picked up from its previous performances.
* Citigroup – After all the drama and climax, finally Citigroup started recovering with substantial business and a fairly increased production of home loans and refinances. 42% increase in business during the second quarter is a positive note.
* Bank of America Finding a place in top 10 list of mortgage refinance lenders Bank of America a definite performer in the mortgage business. Its loan origination figures have crossed $100 billion.
* Residential Capital LLC Residential capital is a real estate finance company offering innovative capital solutions to customers from across the world. The company is a market leader both in the US and UK.
* Met Life Inc The Company has operations in India and most parts of Europe and Asia. Together with insurance services the company also offers financial services to its customers.
* Quicken Loans A variety of home mortgage loans are offered by the company. It is one of the best online home mortgage loan processing company and retail mortgage lender.
* Sun Trust Bank Inc – It specializes in a number of services like banking, mortgage lending, credit card, mutual funds, insurance and asset management services. The bank has more than 1500 branches in southern United States.
* Flagstar Bank Corp Consumer financing, mortgage financing, asset management and banking services are the products offered by Flagstar. It is the holding company for Flagstar Bank. It is a national leader in the business of mortgage lending.
* JP Morgan One of the oldest financial services company, JP Morgan offers a number of services namely commercial banking, investment, card and retail financial services namely mortgage lending and auto finance. It has the largest market capitalization among the banks in the US.
* US Bank Home Mortgage US bank specializes in online banking, credit card processing, loans especially mortgage loans and wealth management. Online home mortgage processing and refinancing services offers great advantage prospective borrowers looking forward to find the best of home mortgage deals.
* PHH Mortgage- PHH offers one of the leading and best of Mortgage Solutions in the country. With its process efficiency, multi channel business, customer service it offers mortgage loan and refinancing services at a different level altogether.
Basic Information You Need to Know about Getting Home Mortgage Loan
Interested in getting a home mortgage loan soon? Here is some basic information you need to now about home mortgages. Arm yourself with these pieces of information before moving further.
Everyone surely believes that courage, hard work and determination are the keys to financial prosperity. One of the most predominant symbols of stability is owning a house. More often than not, owning a house today means getting a home mortgage loan for finance the purchase. A home mortgage basically entails that you pay a certain amount of monthly payment over an extended period of time (also called term, usually lasting 10 to over 30 years).
When you get yourself a home mortgage loan, it usually covers four inclusions, namely the principal amount, the interest you owe on the balance, homeowner’s insurance as well as real estate taxes. There are two different types of home mortgages, the fixed rate (where your monthly payment remains the same) and the adjustable rate (where monthly dues fluctuate), Your home mortgage loan can also include conventional, non-conventional, interest-only, reverse mortgages and home equity loans, among many others.
How to apply for a home mortgage loan
There are only three steps you need to take to apply for a mortgage. First, you simply fill out an application form and schedule a meeting with your lender. You must present all supporting evidence about your identity, financial status and credit situation. You usually need to pay around $100 to $300 for this. The next step to do is to wait for your lender to obtain your credit report for you and to verify your application and financial status.
After these two steps, your next move is to determine whether or not you should be approved or not. The decision of your lender would rely mostly on your credit standing, your financial history and the appraisal of your collateral.
You can speed up the entire application process by first checking whether you are qualified for such a loan. If you think you are, complete all your requirements and financial paperwork beforehand, ready for submission anytime your lender wants them. It is also not a bad idea to check on your application every now and then, as it will call their attention for sure.
Who can qualify for a home mortgage loan?
Anyone who has a stable income and has a nice financial standing can well qualify for a mortgage. Those with poor credit ratings may also qualify, usually at the expense of increase interest rates. Furthermore, there are many ways by which you can achieve financial stability faster with home loans. You can for example, make a large down payment to lower your rate and to make it easier for you to get approved.
The key to success in your home mortgage loan is planning ahead. A home is certainly a major purchase and preparing for it should be the way to go. You should start to aggressively save as much money as you can years before planning on your major home purchase. Get as much help as you can, sell your investments and assets if need be, use your pension plan funds or personal savings – these are all good ways to get yourself the down payment you need.