Expertise.com

2024

Last updated:

Best Mortgage Refinance Companies in Columbia, MD

Our Recommended Top 3

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 Columbia 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.

54Reviewed

33Curated

3Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

8850 Columbia 100 Parkway Suite 215, Columbia, MD 21045
WebsiteLicense: 143255
Website

Expertise.com Rating

Review Sources

Google
4.2 (111)
Facebook
3.5 (14)
Yelp
2.0 (5)

Why choose this provider?

APEX Mortgage caters to customers in Columbia. It serves diverse markets, including people who want to buy their first homes or those who need to consolidate their debts. Its mortgage programs include jumbo, VA, and FHA loans. It also offers conventional and reverse mortgages. Its mortgage professionals work personally with customers to help them find the right loan for their needs. In addition, APEX Mortgage gives clients access to interactive tools that are available on its website.

  • Reverse Mortgages

200 Arrowhead Way, Queenstown, MD 21658
WebsiteLicense: 192444

Expertise.com Rating

Review Sources

Google
5.0 (113)
Yelp
5.0 (5)

Why choose this provider?

Ability Mortgage Group assists home buyers in acquiring home loans in the area of Columbia and the surrounding communities. The locally owned and operated business offers numerous mortgage options, such as jumbo, VA, FHA, and USDA loans, as well as reserve mortgages and cash-out refinance. In addition, it provides online tools like mortgage and closing cost calculators for clients to utilize. Peter Dellane established the company in 2001. He has the knowledge and connections that allow him to obtain mortgages from major banks at wholesale rates.

30 East Padonia Rd. Ste 408, Lutherville-Timonium, MD 21093
WebsiteLicense: 1191010

Expertise.com Rating

Why choose this provider?

Best Loan Choice is a locally owned and operated mortgage lending company that has been serving Columbia and the surrounding areas since 2014. It offers a variety of mortgage products, including VA, FHA, USDA, and conventional loans. It also offers first-time homebuyer and down payment assistance programs. Its team utilizes proprietary software in order to conduct cost and wealth management analysis and compare hundreds of mortgage rates. The professionals of Best Loan Choice have over four decades of collective lending experience.

  • New Construction

Compare our Top Mortgage Refinance Companies

NameExpertise RatingAddressPromotionsLearn more
APEX Mortgage
8850 Columbia 100 Parkway Suite 215, Columbia, MD 21045
Ability Mortgage Group
200 Arrowhead Way, Queenstown, MD 21658
Best Loan Choice
30 East Padonia Rd. Ste 408, Lutherville-Timonium, MD 21093

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 refinancing options do mortgage companies typically offer in Columbia?

    Mortgage companies in Columbia offer a range of refinancing options, including FHA Streamline for existing FHA mortgage holders, VA Streamline for eligible VA loan recipients, HARP 2.0 for homeowners with loan-to-value challenges, and FHA 203K for home renovation needs. These options provide flexible solutions to accommodate various financial situations and homeowner requirements.

  • Which types of fees are associated with mortgage refinancing in Columbia?

    In Columbia, refinancing costs include a range of fees similar to those incurred when you initially purchased your home. These might consist of a loan origination fee, title fees, appraisal fees, attorney fees (if applicable), and closing costs. Closing costs refer to the expenses incurred by the buyer during the final step of property purchase, involving document signing, down payment, and various fees. Closing costs usually range from 2% to 3% of the total loan amount.

  • What are the current mortgage refinance rates in Columbia?

    As of August 2023, the refinance rates in Columbia are 7.019% for a 30-year fixed mortgage, 6.186% for a 15-year fixed mortgage, and 7.611% for a 5-year adjustable-rate mortgage (ARM). These rates are based on a credit score range of 720-739 and are applicable to single-family homes used as primary residences. Note that these rates can vary based on your individual circumstances, lender policies, and market conditions.

  • Are there any time limits for debt collectors to collect on a debt in Columbia?

    Yes, even if a court rules in favor of a debt collector, there's a time limit in Columbia. After obtaining a judgment, the debt collector has 12 years to collect on the settlement. If a debt collector does not collect within the applicable timeframes, they lose the legal right to pursue the debt through court actions. However, they might continue attempts to collect the debt without the ability to sue.

  • If your lender in Columbia sells your loan, can the new lender change the terms of your mortgage?

    No, the new lender that purchases your mortgage cannot change the payments, rate, or any other aspect of your original mortgage agreement. The terms remain the same. An active secondary mortgage market is present, where lenders and investors engage in the buying and selling of mortgage pools. In the event that a different company buys your mortgage in Columbia, they will inherit all terms and conditions associated with it.

  • 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.