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Best Mortgage Refinance Companies in Aurora

2024

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Providers

Last updated:

Website
16151 S. Lincoln Hwy, Plainfield, IL 60586
  • Reverse Mortgages

Why choose this provider?

Smart Mortgage Centers is a lending company that has been helping home buyers in Aurora since 1997. It helps clients pay for and modify existing mortgages by offering various options like HARP, rate and term, debt consolidation, cash out, and home equity line refinancing. The agency also offers FHA, VA, USDA, and conventional loan options as well as bad credit, home renovation, and reverse mortgage options. The company's experts work closely with loaners to keep the refinancing process simple yet personal.

License Verified:

License: 222269

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

Website
2471 W. Sullivan Road, Aurora, IL 60506
  • New Construction

Why choose this provider?

Team Murrell Genao of First Centennial Mortgage works with Aurora homeowners seeking to refinance their existing property. The office, which is composed of an award-winning business manager and mortgage loan officers, has been practicing a consultative approach to the home loan process for more than 20 years. The professionals customize home financing solutions to aid clients in achieving their home financing goals. Adam Murrell, the manager, is a recipient of the Five Star Mortgage Professional Award.

License Verified:

License: 600113

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.
3.8
Responsiveness
Friendliness
Helpfulness
Detail
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Website
4461 Fox Valley Center Dr, Aurora, IL 60504

Why choose this provider?

For more than a decade, Reid Mitchell has been serving clients throughout Aurora. He guides them through the refinancing process. Mitchell maintains a website that contains current mortgage rates to help homeowners with their decision-making. He also sets up a variety of mortgage programs, ranging from FHA and VA loans to jumbo and conventional mortgages, for clients seeking to purchase properties. He provides Chase MyHome, an online tool that allows individuals to check their home values or explore neighborhood sales trends.

License Verified:

License: 426724

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.
4.0
Google
4.0 / 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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail

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.
  • What are the current mortgage refinance rates in Aurora?

    In Aurora and the rest of Illinois, the current average refinance rates vary between 4.36% and 5.19%, depending on the type of loan you have. Note that the term "good" when referring to a refinance rate is subjective and will depend on your individual circumstances. On the other hand, a refinance rate may be considered "bad" if it exceeds your existing mortgage rate.

  • What are the documents that one should prepare when applying for a mortgage refinance in Aurora?

    Please ensure that you have the following documents ready for the refinance application process:

    • Your two most recent W-2s
    • Your most recent two months of bank statements
    • Your two most recent pay stubs

    When applying for a loan with a spouse or another individual in Aurora, it is crucial that they also submit these documents. This will help ensure a thorough assessment of your financial situation. Self-employed individuals may need to provide additional documentation to verify their income. This can include a complete tax return that provides a comprehensive breakdown of cash inflows and outflows.

  • What should a borrower prepare during a refinance closing in Aurora?

    While virtual refinance closings are now common in Aurora, in-person closings have certain requirements, including:

    • Acceptable forms of identification include a driver's license, a government-issued photo ID, or a passport.
    • A cashier's check to cover your closing costs, if applicable.
    • Your Closing Disclosure to verify the accuracy of the final paperwork
    • A list of key contacts, such as your agent or lawyer, in case any questions arise
  • How long does it take to close on a cash-out refinance in Aurora?

    The majority of cash-out refinance borrowers in Aurora typically complete the process within a timeframe of 45 to 60 days. The length of time it takes to complete the process can vary based on different factors such as the lender, current market conditions, and the borrower's promptness in providing requested documentation. If you want to close as quickly as possible, it's important to prepare all the necessary forms before reaching out to a lender.

  • What is the required minimum credit score for a cash-out refinance in Aurora?

    While the answer often depends on the lender, it is generally recommended to have a credit score ranging from 620 to 660 to be eligible for a cash-out refinance in Aurora. However, it is important to note that certain lenders may have stricter criteria and may require a credit score closer to 700. Borrowers with lower credit scores should anticipate being charged a higher interest rate.

  • 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.