Best Mortgage Refinance Companies in Elgin

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Barclay Butler Financial Incorporated logo

Barclay Butler Financial Incorporated

1051 E Main St. Suite 219, East Dundee, IL 60118
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Barclay Butler Financial Incorporated caters to local borrowers in Elgin. The company delivers refinance solutions that help clients settle balloon payments and switch from adjustable-rate to fixed-rate loans. It also offers cash-out options for people looking to renovate their homes, pay off education funds, and consolidate debts. The agency partners with more than 50 investors in providing various loan programs, including conventional, reverse, and jumbo. Owner Barclay Butler has been in the industry since 1991. He assists individuals with low credit scores to obtain FHA, VA, and USDA loans.

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David Rosengarden logo

David Rosengarden

3100 W Ray Rd Ste 201, Office 209, Elgin, IL 85226
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  • Reverse Mortgages

David Rosengarden is a mortgage loan originator for Nexa Mortgage who works with clients in and around Elgin. Since 1997, Rosengarten has been helping homeowners and buyers achieve their goals through various financing solutions, including a refinance program. He helps clients compare mortgage interest rates and terms and choose the offer that best meets their needs. He also assists those who want to buy their first homes through programs like FHA, VA, USDA, and HARP loans.

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Direct Mortgage Corporation logo

Direct Mortgage Corporation

460 Briargate Drive. Suite 200, South Elgin, IL 60177
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  • New Construction

Direct Mortgage Corporation assists residents of Elgin and the surrounding areas who are considering refinancing. It provides a variety of mortgage programs such as jumbo, conventional, VA, FHA, and 203(k) loans. Its refinancing solutions assist customers in achieving various financial objectives, such as lowering their overall monthly expenses or repaying an existing loan. Clients who refinance can also use their equity to purchase additional real estate investments. In addition, the company offers second home financing and reverse mortgages.

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Direct Mortgage Corporation logo

Direct Mortgage Corporation

460 Briargate Dr #200, South Elgin, IL 60177
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  • Multi-Family Loans

Direct Mortgage Corporation works with Elgin clients to craft home financing solutions based on their individual objectives. It offers refinance services to help people save money by lowering interest rates and monthly payments or combining their first and second mortgages. Whether the client is buying their first home or relocating, the company offers different loans to meet their needs, such as conventional, FHA, jumbo, USDA, and VA. Direct Mortgage Corporation closed over 100 loans in 2018 alone and has served more than 5,000 clients.

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KeySmart Mortgage Company logo

KeySmart Mortgage Company

555 W Monroe, Suite 500, Chicago, IL 60661
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  • New Construction

KeySmart Mortgage Company is a veteran-owned and veteran-operated company that serves clients in the Elgin metro and the surrounding areas. Its loan officers provide clients with refinancing services to help them lower their monthly payments and upgrade their homes to raise their value. They also offer mortgage loans. The company's website has a mortgage calculator that helps clients determine their monthly payments based on their downpayment and interest rate. Its team has more than 30 years of combined experience in the industry.

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LifeStone Mortgage Corporation logo

LifeStone Mortgage Corporation

2401 W US Highway 20, Suite 206, Pingree Grove, IL 60140
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  • New Construction
  • Reverse Mortgages

LifeStone Mortgage Corporation offers mortgage refinancing and solutions to individuals throughout Elgin. It provides comprehensive support to clients seeking to refinance in order to reduce their interest rate and monthly payment or take cash out from their home's equity. The company also informs clients regarding the differences between VA, FHA, USDA, and conforming loans to help them choose the right loan program for their needs. LifeStone Mortgage's senior mortgage advisors have more than 15 years of experience in the industry.

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Two Roads Lending logo

Two Roads Lending

1118 E. Main St. Ste. 1B, St. Charles, IL 60174
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  • Reverse Mortgages

Two Roads Lending is a mortgage refinance company that helps clients in and around the Elgin area. Its team of loan originators assists clients with home purchasing or refinancing needs and offers loan options and solutions that will match their income and lifestyle. Two Roads Lending also aims to create trusted personal relationships with its clients by assisting them through the entire process from the start of the application until closing and moving in.

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Frequently Asked Questions

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.

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: 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.

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