Expertise.com

2024

Last updated:

Best Mortgage Refinance Companies in Bloomington

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 Bloomington 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.

47Reviewed

29Curated

4Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

2680 E Main Street, Suite 212, Plainfield, IN 46168
WebsiteLicense: 53441

Expertise.com Rating

Review Sources

Google
5.0 (9)
Yelp
5.0 (1)

Why choose this provider?

Hallmark Home Mortgage is a Fort Wayne-based firm that provides lending options to clients in Bloomington. Its loan officers help people find the right mortgage refinancing solution after carefully analyzing their goals and financial position. They walk clients through the process, whether the purpose is to lower monthly payments, decrease interest rates, reduce loan terms, or get cash out. The team also works with first-time homebuyers and those needing construction or renovation funds. Tina Bennett, the branch manager, has been in the mortgage industry for over 20 years.

  • New Construction
  • Reverse Mortgages

Bloomington, IN
WebsiteLicense: 1989565

Expertise.com Rating

Review Sources

Google
5.0 (14)

Why choose this provider?

Clayton Norman is a mortgage professional licensed under Simplify Home Loans since 2020. He offers services to locals in Bloomington and nearby communities. Norman provides mortgage refinance solutions to clients that want to replace their current home loan and shorten their payment. His refinancing services also help individuals secure lower interest rates and monthly payments. In addition, the agent assists clients that plan to consolidate debt or make home improvements through cash-out refinance. Norman is a certified Veteran Lending Specialist.

  • New Construction
  • Reverse Mortgages

3900 South Walnut Street, Suite C, Bloomington, IN 47401
WebsiteLicense: 1585146

Expertise.com Rating

Review Sources

Google
5.0 (32)
Facebook
5.0 (11)
Yelp
5.0 (1)

Why choose this provider?

The Indiana Mortgage Company offers solutions to customers in and around Bloomington. Its team assists clients in consolidating their debts and lowering their interest rates by utilizing its familiarity with custom loaning plans and lending processes. It assists applicants in narrowing down specific options that match their current income situations and credit scores, as well as their desired terms for different payment periods. It also obtains options from various lenders after conducting a thorough analysis of the local mortgage market.

  • New Construction
  • Reverse Mortgages

3939 S. Walnut St., Suite 3, Bloomington, IN 47401
WebsiteLicense: 126673

Expertise.com Rating

Review Sources

Facebook
4.8 (100)
Google
5.0 (15)

Why choose this provider?

Mortgage Masters of Indiana caters to clients in Bloomington and nearby areas. Its mortgage loan originators and officers help homeowners planning to refinance their current loans, as well as individuals or investors seeking to apply for a mortgage program to purchase a property. As a full-service mortgage banker, Mortgage Masters of Indiana offers a selection of loan products, including VA, FHA, and USDA rural housing mortgages. The firm's president, Shannon Curry Bartnick, has been involved in the mortgage industry since 1995.

  • 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 distinguishes a cash-out refinance from a Home Equity Line of Credit in Bloomington?

    A cash-out refinance loan in Bloomington substitutes your current mortgage with a new one that is larger than what you owe, and you can either receive the difference in cash or use it to pay off other loans. A HELOC, on the other hand, is a second loan backed by the equity in your home that functions similarly to a credit card line. It enables you to borrow money by writing a check whenever necessary.

  • What expenses are linked to the process of refinancing in Bloomington?

    Refinancing in Bloomington comes with associated closing costs. These typically encompass appraisal charges, credit fees, mandatory escrow and title fees, taxes, discount points, and homeowners' insurance. You can choose to include these closing costs in your loan, thereby avoiding the requirement to pay upfront fees on the day of closing.

  • What advantages does refinancing offer in Bloomington?

    The following are some advantages of refinancing in Bloomington:

    • Refinancing can result in reduced monthly payments if interest rates have decreased since you took out your current mortgage.
    • Opting for a shorter-term loan could be the remedy if your goal is to decrease total interest costs and expedite debt settlement.
    • You might be able to switch to a more advantageous mortgage and include extra money in the loan for your discretionary use if you've built up enough home equity.
  • What mistakes should you avoid when refinancing in Bloomington?

    Avoid these mistakes when refinancing in Bloomington:

    • Refinancing with impaired credit: If recent financial issues affect your credit, reconsider refinancing despite low rates, as your credit score significantly influences the offered rate.
    • Carelessly choosing the loan term: Opting for a 30-year loan to cut payments seems appealing but could lead to high-interest costs and extended payments.
    • Home equity for short-term fix: Using home equity to settle high-interest debts can be a smart move, but it only works well with controlled spending.
  • What is the minimum waiting period for refinancing after buying a home in Bloomington?

    In Bloomington, VA loans need six payments or 210 days to be eligible for refinancing. FHA loans require six payments for rate-and-term refinancing and 12 months for cash-out refinancing. USDA loans generally demand 12 payments before refinancing, and conventional loans allow immediate rate-and-term refinancing, often with a new lender. However, waiting for six months is recommended to prevent possible loss of the lender's initial commission. Alternatively, a cash-out refinance requires at least a six-month waiting period.

  • 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.