Expertise.com

2024

Last updated:

Best Mortgage Refinance Companies in Peoria

Our Recommended Top 4

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 Peoria 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.

63Reviewed

39Curated

4Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

4719 N Sheridan Rd., Peoria, IL 61614
WebsiteLicense: 695728

Expertise.com Rating

Review Sources

Google
4.9 (110)
Facebook
4.8 (42)
Yelp
5.0 (1)

Why choose this provider?

Home Mortgage Specialists, Inc., works with buyers, sellers, and investors in and around Peoria. It helps clients refinance their residential properties through its mortgage solutions. The company offers different types of programs, including USDA, FHA, VA, jumbo, construction, and conventional loans. These loan options can be used for recasting a bad mortgage, home improvement, debt consolidation, and student loan payments. Home Mortgage Specialists partners with more than 10 wholesale lenders to enable customers to achieve their dream properties.

  • New Construction

100 N. Main St., Ste. L102, East Peoria, IL 61611
WebsiteLicense: 2190506

Expertise.com Rating

Review Sources

Google
5.0 (299)
Facebook
4.9 (85)

Why choose this provider?

EZ Mortgage, LLC, helps clients in Peoria save on interest rates and payments by offering mortgage refinancing solutions. Its brokers guide homebuyers in understanding the refinance process by analyzing their situation and providing them with options and payment terms suited to their specific needs. In addition, they offer various types of loans, including HARP, FHA, VA, USDA, and 203(k). EZ Mortgage is affiliated with the Association of Independent Mortgage Experts and the Brokers Are Better Network.

  • New Construction

1709 Tullamore Ave, Suite D, Bloomington, IL 61704
WebsiteLicense: 9908

Expertise.com Rating

Review Sources

Facebook
4.8 (24)
Google
5.0 (16)

Why choose this provider?

Team USA Mortgage serves individuals and families in the Peoria metro. The company is committed to helping clients who want to pay off their outstanding loans faster or lower their monthly payments through refinancing. Its team of mortgage professionals works with clients to ensure they receive solutions specifically tailored to their financial needs. They also offer purchase loans and debt consolidation services. Team USA Mortgage is owned and operated by Bryan Root, who has been in the mortgage business for over 16 years.

410 Jubilee Suite D, Metamora, IL 61548
WebsiteLicense: 356080

Expertise.com Rating

Review Sources

Google
5.0 (1)

Why choose this provider?

LeaderOne Home Loans offers a selection of loaning choices for Peoria-based mortgage applicants. Jarrod Doty, one of the firm's loan officers, provides applicants with comprehensive refinancing options that cover debt payments, reduce monthly installments, and offer improved interest rates. His proactive approach involves the adjustment of recommendations based on client feedback and assessments of the local mortgage market. He and his fellow consultants have assisted more than 23,000 families, amassing a loan history of over $12 billion.

  • New Construction
  • Reverse Mortgages

FAQs

  • 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 types of properties can you purchase with jumbo loans in Peoria?

    Jumbo loans allow you to purchase properties in Peoria that are bigger or more expensive. This type of mortgage can exceed the maximum conforming loan limit of $726,200 established by Freddie Mac and Fannie Mae. This means that if you want to buy a larger property or a luxury home, you may want to consider applying for a jumbo loan instead of a conventional loan to be able to afford what you desire.

  • Who is eligible to get a VA loan in Peoria?

    To qualify for a VA loan in Peoria, you need to meet one of these criteria: have 90 consecutive days of wartime active service, 181 days of peacetime active service, or six years in the National Guard or Reserves. Eligibility is also given to spouses of service members who died on duty or due to service-related disabilities.

  • What happens if you inherit a home in Peoria that has a mortgage?

    You have several options if you inherit a home in Peoria that has a mortgage. If you're moving in, you can keep paying the mortgage or do a cash-out refinance. State law lets heirs take over the loan, especially if they're relatives. If selling, use the sale money or estate funds to cover the mortgage until it's sold.

  • What are your options if you are having a hard time paying your mortgage in Peoria?

    If you are having a hard time paying your mortgage in Peoria, you have several options. First, you can apply for modified loan terms if you're facing economic hardship. Refinance if you want to keep the property. If the loan's more than the house's value, think about a short sale. Also, discuss a "deed in lieu of foreclosure" with your bank to release you from the mortgage.

  • Can you apply for another mortgage even if you already have one in Peoria?

    Yes, you can apply for a second mortgage in Peoria. This allows you to borrow money against your home or another property with a first mortgage. A second mortgage is helpful for pressing financial needs like paying college tuition fees, credit card balances, or essential home improvements. However, second mortgages are usually more stringent, the terms are typically shorter, and they come with higher interest rates.

  • 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.