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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.

How to Get the Best Home Loan Possible

You deserve only the best home loan deal. Here are some tips to help you get the best mortgage deal possible.

Mortgages are not created equal. The home loan industry is thriving these days, with lenders offering various types to fit different financial circumstances and needs. The competition in the industry is just as tight that lenders are in the lookout for potential borrowers who would like to get a mortgage.

If you have looked around online for good mortgage deals and have signed up for a few sites, do not be surprised to receive email offers almost immediately after signing up. What you should look for is the best home loan deal that you can get given your circumstances. You wouldn’t want to pay higher rates or pay unwanted fees. But even if this is the case, be very wary about the oh-so-attractive loan offers you see in the mail. Use your instincts, be a smart borrower, and get the best deal you can possibly get. Here are some steps to help you find the best deal:

Know your credit rating and your credit score. Many people are not aware of the fact that their credit standing has a good bearing on their home loan deal. It is a good idea to get a copy of your credit standing as it can be a useful tool in negotiating for the best loan so that you do not end up paying more than you should. If you have credit report mistakes, immediately correct them before applying for your loan.

Be careful when using your home equity to consolidate debts. Though debt consolidation is almost always a good idea, doing so against your home can pose bigger risk. This type of loan may be useful but missing out on your repayment may get you at a higher risk for foreclosure.

Shop around for a good deal. There is no harm in shopping around for a good deal. You can contact three or four potential lenders, ask pertinent information, and then compare their home loan offers. What you should look for is the lender which can offer you the best interest rate, loan term and those which can provide you with the excellent service you deserve. You should also pay close attention to closing costs and fees that they charge. Remember that you should never base your decision only on monthly payments. Some companies do charge low monthly fees but impose hidden fees or balloon payments which can either cost you more in the long run or will be difficult for you to pay in due time. Also, be very wary of those who will ask you to pay upfront fees before actual negotiations have been talked about.

Close your deal with caution. Once you have chosen the lender and the type of deal you think is best, make sure that you read all the home loan papers before signing them. Make sure that you understand everything written and that what is reflected in writing is the actual deal you talked about. Be careful of lenders who will rush you into signing. If in doubt, do not sign the home loan deal!