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Best Mortgage Refinance Companies in Miami

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Agave Home Loans logo
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License Verified:

License: 1007729

Nationwide Multistate Licensing System and Registry

Agave Home Loans

3230 East Broadway Road Suite B-220, Phoenix, AZ 85040
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  • Reverse Mortgages

Business Description

Agave Home Loans helps property owners in Miami with their mortgage refinancing needs. This independent firm assists them in securing their financial objectives—paying off higher interest debts or paying for college fees—by converting their existing equity to cash and finding lenders who offer low interest rates. Its staff also informs clients about the processes to help them make wise decisions. Lastly, Co-owner Doug Wang has more than seven years of experience in the mortgage industry. 

License Verified:

License: 1007729

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (597)
Facebook
5.0 / 5 (91)
Yelp
5.0 / 5 (6)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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All In One Mortgage Lenders logo
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License: 1702891

Nationwide Multistate Licensing System and Registry

All In One Mortgage Lenders

6780 SW 80th St., Miami, FL 33143
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  • Reverse Mortgages

Business Description

All in One Mortgage Lenders is a Miami-based firm whose staff brings over 100 years of experience. The company helps clients refinance existing mortgages, whether they are looking to lower interest rates, shorten payment terms, switch from adjustable-rate to fixed-rate loans, or tap cash from a home's equity. In addition, the agency provides new mortgages through FHA and VA. It assists senior citizens who are eligible to apply for reverse mortgages. Having an on-site processing and underwriting center allows the company to deliver fast loan approvals.

License Verified:

License: 1702891

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.2
Facebook
4.4 / 5 (63)
Yelp
2.5 / 5 (9)
Google
5.0 / 5 (6)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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DAK Mortgage logo
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License Verified:

License: 1922428

Nationwide Multistate Licensing System and Registry

DAK Mortgage

1080 Brickell Avenue, #4106, Miami, FL 33131
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  • New Construction

Business Description

DAK Mortgage caters to clients in Miami and nearby areas. It offers mortgage refinance services, helping individuals cash out their residential property's equity for business creation, college tuition, debt consolidation, home renovation, and real estate investment purposes. It also serves those who are caught in foreclosure proceedings and want to lower their interest rate. In addition, the firm provides other types of mortgages, such as bridge, home construction, jumbo, and investment property loans. DAK Mortgage brings more than 15 years of experience in the industry.

License Verified:

License: 1922428

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (49)
Facebook
5.0 / 5 (3)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
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Dynamic Mortgage logo
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License Verified:

License: 1797180

Nationwide Multistate Licensing System and Registry

Dynamic Mortgage

634 6th Street, Miami Beach, FL 33139
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  • Reverse Mortgages
  • NMLS #: 39166

Business Description

Dynamic Mortgage provides mortgage refinancing services to clients in Miami. The company offers a selection of loan options for homebuyers and homeowners, including 30-year fixed-rate mortgages, adjustable-rate mortgages, FHA home loans, VA home loans, and USDA loans. Clients can also avail themselves of the services provided by loan officer Dovie Lieberman, including personalized mortgage solutions based on their unique criteria and financial conditions. Taking cash out of home equity to refinance mortgages is also an option for clients.

License Verified:

License: 1797180

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (6)

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4.0
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Eduardo Oropeza logo
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License Verified:

License: 1530957

Nationwide Multistate Licensing System and Registry

Eduardo Oropeza

2665 S. Bayshore Drive, Suite 103-1, Miami, FL 33133
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  • New Construction

Business Description

Eduardo Oropeza is a loan officer affiliated with American Portfolio Mortgage. He caters to clients in Miami and the surrounding areas. He assists individuals who are looking to refinance their mortgage to address college tuitions, home improvements, lifestyle changes, and retirement goals. He also serves those whose objective is to reduce their monthly payments. Oropeza offers different types of loan programs, such as ARMs, Fannie Mae conventional, high-balance, and jumbo. In addition, he provides FHA, USDA, and VA loans.

License Verified:

License: 1530957

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
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5.0 / 5 (37)
GoKapital logo
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License Verified:

License: 1636005

Nationwide Multistate Licensing System and Registry

GoKapital

2150 Coral Way, Miami, FL 33145
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  • New Construction

Business Description

GoKapital provides various mortgage programs for individuals and business owners in Miami. It caters to amateur or experienced investors who want to acquire or refinance investment properties by providing hard money, fix-and-flip, foreign national, and bridge loans. The company offers working capital from $20,000 to $5,000,000 for businesses in industries like cannabis, restaurants, and e-commerce. GoKapital was established by Chris Moreno in 2013. Moreno, who also speaks Spanish, is a former analyst for prominent financial agencies in NYC.

License Verified:

License: 1636005

Nationwide Multistate Licensing System and Registry

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Halpern & Associates Mortgage Corporation, Inc. logo
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License Verified:

License: 366842

Nationwide Multistate Licensing System and Registry

Halpern & Associates Mortgage Corporation, Inc.

1680 Michigan Ave Ste 1001, Miami Beach, FL 33139
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  • Multi-Family Loans

Business Description

Halpern & Associates Mortgage Corporation, Inc. serves individuals and families in Miami looking to purchase or refinance a property. It offers a variety of loan options, including conventional, VA, jumbo, and bank statement loans. It also assists foreign nationals. The agency has no-income verification mortgage and private money loan options. Halpern & Associates has been in the industry for over 20 years. It has an online mortgage calculator to assist clients looking to estimate loans.

License Verified:

License: 366842

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (7)
Google
5.0 / 5 (2)
Yelp
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Iconic Mortgage & Real Estate logo
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License: 1547953

Nationwide Multistate Licensing System and Registry

Iconic Mortgage & Real Estate

1444 Biscayne Blvd, Miami, FL 33132
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  • New Construction

Business Description

Iconic Mortgage & Real Estate is a lender based in Miami. The agency specializes in FHA and VA refinances and has recently diversified its mortgage products. It serves clients looking to purchase various properties including single- and multi-family homes, condos, and townhomes. It was founded in 2016 by Aleksandre Vayshelboym, who has over 16 years of experience in the industry. He served for 11 years at Service 1st Mortgage, which holds the distinction as one of the few mortgage lenders to survive the 2007 mortgage crisis.

License Verified:

License: 1547953

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
4.7 / 5 (560)
Facebook
3.9 / 5 (7)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Lending Bankers Mortgage LLC logo
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License Verified:

License: 383682

Nationwide Multistate Licensing System and Registry

Lending Bankers Mortgage LLC

848 Brickell Avenue, Miami, FL 33131
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  • Reverse Mortgages
  • NMLS #: 39166

Business Description

Lending Bankers Mortgage, LLC, is a Miami-based firm that assists residential and commercial clients in several areas, including refinancing. Its team of advisors is knowledgeable in different home refinancing options such as rate and term, which caters to clients who wish to eliminate escrow accounts, lower interest rates, or shorten mortgage terms. Furthermore, they handle cash-out refinance transactions that involve obtaining home equity. Lending Bankers Mortgage, LLC, caters to clients who speak English, Spanish, and Portuguese.

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License: 383682

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (134)
Facebook
5.0 / 5 (3)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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McGrover Funding Corporation logo
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License Verified:

License: 1593453

Nationwide Multistate Licensing System and Registry

McGrover Funding Corporation

3812 Ponce De Leon Blvd, Coral Gables, FL 33134
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  • New Construction

Business Description

McGrover Funding Corporation caters to customers in the Miami metro and the surrounding areas. It assists homeowners looking to refinance their mortgage by offering various loan programs. These include commercial, conventional, FHA, USDA, and veteran's affairs loans. The company also provides hard money loans, which help pay off debts, divorce costs, IRS lien, and medical bills. McGrover Funding Corporation comprises mortgage professionals who bring over nearly 40 years of combined experience in the industry.

License Verified:

License: 1593453

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (8)
Facebook
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Miami Mortgage Advisors logo
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License: 2003124

Nationwide Multistate Licensing System and Registry

Miami Mortgage Advisors

31 Southeast Fifth St CU-401, Miami, FL 33131
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  • Multi-Family Loans

Business Description

Miami Mortgage Advisors is a local brokerage serving individuals and families throughout the local metro and the neighboring communities. The firm offers personalized mortgage refinancing options to meet the needs of its clients who seek to reduce monthly payments, cash out some of their equity, or consolidate existing debts. It has more than 20 years of experience offering mortgage solutions such as conventional, FHA, VA, USDA, non-agency, and private lending options. The firm donates to organizations like Debris Free Oceans and Miami Cancer Institute after each successful transaction with clients.

License Verified:

License: 2003124

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (58)
Facebook
5.0 / 5 (21)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Network Capital logo
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License Verified:

License: 11712

Nationwide Multistate Licensing System and Registry

Network Capital

444 Brickell Ave 1st Floor, Miami, FL 33131
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  • New Construction

Business Description

Network Capital offers over 20 years of experience serving individuals and families throughout Miami and the neighboring areas with their mortgage refinancing needs. Clients can consult with the firm's mortgage bankers to find out their exact needs and what type of loan would be appropriate to meet them, whether the client intends to cash out or just get a better rate and term. Loan options include convention, FHA, and VA loans. Network Capital also has locations in Irvine, Los Angeles, and New York City.

License Verified:

License: 11712

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.4
Google
4.6 / 5 (46)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Polaris Funding Group logo
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License Verified:

License: 2540

Nationwide Multistate Licensing System and Registry

Polaris Funding Group

201 S Biscayne Blvd 28th Floor, Miami, FL 33131
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  • New Construction

Business Description

Polaris Funding Group provides services to Miami and the surrounding communities. It assists individuals who are looking to refinance their mortgage for various purposes. These include debt consolidation, equity cash-out, home improvement, and rate or term adjustment. It also caters to those who want to lower their interest rates and monthly payments. In addition, the firm serves first-time homebuyers and offers different loan programs, including adjustable- and fixed-rate mortgages, balloon, graduated payment, interest-only, FHA, and VA. Polaris Funding Group has been in operation since 2007.

License Verified:

License: 2540

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
4.8 / 5 (55)
Facebook
4.8 / 5 (23)
Yelp
4.5 / 5 (18)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
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Detail
––
Rate Leaf logo
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License Verified:

License: 1917493

Nationwide Multistate Licensing System and Registry

Rate Leaf

999 NE 125th St, North Miami, FL 33161
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  • Reverse Mortgages

Business Description

Rate Leaf is a family-owned brokerage that serves clients in Miami. Through its mortgage and refinance services, which include private money lending as well as loans for fix and flip, renovation, rental property, and commercial real estate, it helps borrowers find the best mortgage rates and a simple and secure way to buy a home. With over 468 completed loans and 15 years of experience as a broker, the firm works to give customers fast, flexible, and creative solutions to their mortgage needs.

License Verified:

License: 1917493

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (145)
Facebook
5.0 / 5 (10)
Yelp
4.0 / 5 (6)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Ready Mortgage Lenders logo
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License Verified:

License: 1100518

Nationwide Multistate Licensing System and Registry

Ready Mortgage Lenders

1000 Northwest 57th Court, Miami, FL 33126
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  • Reverse Mortgages
  • NMLS #: 39166

Business Description

Ready Mortgage Lenders is a Miami-based business that has been in operation since 2013. One of the areas it specializes in is home refinancing which involves comparing mortgage terms and interest rates. Its team can assist clients in changing their loans to either FHA, jumbo, fixed-rate, or adjustable-rate mortgages. The advisors also work with both seasoned investors and first-time homebuyers in purchasing loans. Ready Mortgage Lenders' executive board has over 70 years of collective industry experience.

License Verified:

License: 1100518

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.8 / 5 (116)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Relax Mortgage logo
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License: 1975871

Nationwide Multistate Licensing System and Registry

Relax Mortgage

777 Northwest 72nd Avenue, Miami, FL 33126
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  • New Construction

Business Description

Relax Mortgage is a firm assisting Miami clients who are looking to purchase or refinance a property. Various loan options are available, including FHA, USDA, fixed-rate, conventional, and renovation mortgage. Its principal loan officer, Ana Sanz, is also a real estate broker and Realtor with more than 25 years of industry experience navigating through the Florida state market. She uses her professional connections in helping clients identify their home valuation and the loan program that fits their needs.

License Verified:

License: 1975871

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Swift Loan logo
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License Verified:

License: 1607706

Nationwide Multistate Licensing System and Registry

Swift Loan

1221 Brickell Ave ste 900, Miami, FL 33131
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  • New Construction

Business Description

Swift Loan offers services to clients in Miami and the surrounding areas. It provides customers with mortgage refinancing options. Its team uses the company's digital systems to provide several loan products based on a client's essential information. Swift Loan's system helps individuals list their income and assets without the need to gather their records. It also keeps customers informed of each stage of the loan process. The firm offers continued support by providing clients with their properties' monthly market data.

License Verified:

License: 1607706

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (47)
Facebook
5.0 / 5 (13)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Tabares Group logo
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License Verified:

License: 350924

Nationwide Multistate Licensing System and Registry

Tabares Group

2030 S Douglas Road, Coral Gables, FL 33134
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  • New Construction

Business Description

Tabares Group is a company that caters to clients in Miami and its neighboring communities. It offers a variety of home purchase and refinancing programs, including primary residential mortgage loans, investment and second home financing, and commercial real estate financing. The firm also handles various products such as fixed-rate and adjustable-rate mortgages, warrantable and non-warrantable condo financing, and streamlined refinancing. In addition, it provides jumbo, conventional, FHA, and VA loans. Tabares Group’s staff has over 45 years’ worth of collective industry experience.

License Verified:

License: 350924

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (73)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Mortgage Hub logo
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License: 1948246

Nationwide Multistate Licensing System and Registry

The Mortgage Hub

2525 Ponce de Leon Blvd, Suite 300-73, Coral Gables, FL 33134
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  • Reverse Mortgages

Business Description

The Mortgage HUB offers solutions to residents in the Miami metro. Its team of mortgage brokers helps clients find a refinancing program based on their financial objectives and needs. The company assists individuals in comparing rates and products from several different lenders. It uses a refinance visualizer to guide clients in building long-term investment strategies based on their mortgage savings. Michael Ortiz, the president of The Mortgage HUB, has been helping individuals and families with their home loan needs for 16 years.

License Verified:

License: 1948246

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Mortgage Veterans logo
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License: 1819862

Nationwide Multistate Licensing System and Registry

The Mortgage Veterans

185 SW 7TH ST #2104, Miami, FL 33130
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  • Reverse Mortgages

Business Description

Established in 2018, The Mortgage Veterans caters to individuals in Miami and the surrounding areas seeking assistance in refinancing a mortgage. The firm helps clients in lowering interest rates, consolidating debts, boosting credit scores, and obtaining tax deductions. It also provides guidance in second mortgages, home equity loans, and cash-out options like VA, FHA, and conventional. Founder Steven Abramson got his bachelor's degree in Marketing from the University of Maryland’s Robert H. Smith School of Business.

License Verified:

License: 1819862

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
5.0 / 5 (25)
Yelp
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
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Back to Providers

Frequently Asked Questions

Introduction

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.

How do you refinance a mortgage?

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.

How does mortgage refinance work?

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.

When should you refinance a mortgage?

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.

How much does it cost to refinance a mortgage?

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

How soon can you refinance a mortgage?

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.

How long does it take to refinance a mortgage?

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.

What is the average closing cost to refinance a mortgage?

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.

How often can you refinance a mortgage?

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.

When is it worth it to refinance a mortgage?

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.

Can you refinance a mortgage with no closing costs?

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.

Can you refinance a home equity loan into a mortgage?

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.

Can you refinance a mortgage without a job?

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.

Can you refinance a mortgage with bad credit?

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.

Can you refinance a second mortgage?

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.

Can you refinance a first mortgage and not a second?

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.

How often should you refinance your mortgage?

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.

What should you expect when refinancing a mortgage?

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.

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