Expertise.com
2024

Last updated:

Best Mortgage Refinance Companies in Elgin

Our Recommended Top 8

We did the research for you!

  • Licensing
  • User Reviews
  • Mystery Shopping Calls

Our goal is to connect people with the best local professionals. We scored Elgin Mortgage Refinance Companies on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best.

66

Reviewed

42

Curated

8

Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

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

Why choose this provider?

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.

License Verified:

License: 1833870

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 (50)

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

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

Why choose this provider?

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.

License Verified:

License: 204840

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)
Facebook
5.0 / 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.
3.8
Responsiveness
Friendliness
Helpfulness
Detail
––

Website
10417 Dawson St., Huntley, IL 60142
  • Reverse Mortgages

Why choose this provider?

Al Martinez is a broker with C&R Mortgage, serving clients in Elgin and the surrounding areas. He helps clients refinance loans to lower their current mortgage payments or switch to fixed-rate loans from adjustable-rate loans. Al also assists in obtaining cash from equity for home improvements and other personal expenses. He offers conventional, VA, FHA Streamline, and USDA loans. Al Martinez has been in the real estate industry since 2002, working with both home buyers and real estate agents.

License Verified:

License: 226357

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.
4.3
Google
5.0 / 5 (5)
Yelp
1.0 / 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

Website
158 E Chicago St, Elgin, IL 60120
  • Reverse Mortgages

Why choose this provider?

American Home Enterprises offers mortgage refinancing plans to clients in and around Elgin. Options include lowering fixed rates, shifting to ARMs, and vice versa. Terms are shortened or lengthened depending on the goals set before refinancing. The firm also has mortgage programs including FHA, Conventional, 203(k), HARP, USDA, and VA. Its website also has visitor tools like the mortgage calculator and glossary. Loan officer Monica Bueno has been in the industry for more than 20 years. She founded her own mortgage firm in 2006.

License Verified:

License: 1899538

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

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
––

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

Why choose this provider?

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.

License Verified:

License: 1094161

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 (166)
Facebook
5.0 / 5 (50)

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
––

Website
2815 Forbs Ave Suite 107-#59, Hoffman Estates, IL 60192
  • New Construction

Why choose this provider?

Acclaim Mortgage is a service provider that implements refinancing solutions in Elgin and the neighboring communities. The company assists homeowners in obtaining HARP 2.0 refinancing programs. It guides borrowers in handling refinancing transactions, from paperwork preparation and appraisal to funding. Its professionals, led by owner and broker Andre Lenartowski, advise clients on APR calculations, PMI, and locking-in interest rates. Lenartowski established the company in 2001 and gives back to the community by volunteering for Cornerstone Community Outreach.

License Verified:

License: 223747

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 (13)
Facebook
5.0 / 5 (8)

Website
1350 E. Main St., St. Charles, IL 60174
  • Multi-Family Loans

Why choose this provider?

Partners In Mortgage serves clients throughout Elgin and its surrounding areas. It provides mortgage refinancing solutions for existing homeowners looking to reduce their monthly mortgage payments, shorten their terms, or take cash out to obtain extra funds for home renovations or other investments. It guides clients in comparing rates and choosing a loan program from various lenders. Its mortgage brokers also offer loan products for clients purchasing a home and provide them with pre-approval letters.

License Verified:

License: 209585

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
4.6 / 5 (10)
Facebook
5.0 / 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
Responsiveness
Friendliness
Helpfulness
Detail

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

Why choose this provider?

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.

License Verified:

License: 1085173

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.
4.5
Google
4.5 / 5 (129)

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 typical factors that lead residents of Elgin to consider refinancing their homes?

    Elgin residents consider refinancing their homes for various reasons, including:

    • Lowering a high interest rate on their fixed-rate mortgage.
    • Transitioning from an adjustable rate mortgage (ARM) to a fixed rate.
    • Changing from a long-term loan to a shorter-term loan for quicker equity growth.
    • Switching from a short-term loan to a longer-term loan for lower monthly payments.
    • Consolidating two mortgages into a single one.
    • Using extra funds for purchases or debt repayment.
    • Shifting from an interest-only mortgage to a principal-reducing loan.
  • Which specific factors under your control can have a direct impact on the interest rate you will receive when refinancing your mortgage in Elgin?

    The loan-to-value ratio calculates new mortgage rates by comparing your mortgage to the value of your home. Higher ratios imply higher risk and rates, but a larger down payment lowers the ratio for a lower rate. Another important consideration is your credit score. Higher scores, ideally around 740, secure better rates, but lower scores may still result in reasonable rates. Other factors that influence your Elgin refinance rate include cashing out during the process and choosing an adjustable-rate mortgage.

  • Is it possible to refinance a mortgage in Elgin in order to remove another borrower from the mortgage agreement?

    Yes. Joint mortgages in Elgin may become impractical in the event of divorce or deteriorating relationships. If one borrower's mortgage is paid off, the only option is refinancing. If you intend to buy out the other borrower, a cash-out refinance is required. Similarly, if a co-signer was initially required but the resident borrower's credit has improved, he or she can refinance independently, eliminating the need for the co-signer.

  • What are the fundamental prerequisites for a streamlined mortgage refinance in Elgin?

    The fundamental prerequisites for a streamlined refinance in Elgin consist of the following:

    • The existing FHA mortgage must be up to date for refinancing.
    • The mortgage being refinanced must have been initially an FHA loan.
    • In streamlined refinancing, withdrawing more than $500 in cash is prohibited.
    • The refinance should offer a tangible benefit to the borrower, which depends on the loan type, new interest rate, and term.
  • What are the expenses associated with refinancing through the FHA streamline program in Elgin?

    Borrowers cover closing costs when refinancing with an FHA streamline in Elgin. Unlike traditional refinancing, streamline refinancing does not require homeowners to pay appraisal fees. Closing costs for an FHA streamline refinance typically range from $1,000 to $5,000. This amount can change depending on the new loan amount, down payment, and other factors. If the borrower's down payment is less than 20% of the home's value, the lender may require private mortgage insurance (PMI).

  • 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.