Expertise.com

Best Mortgage Refinance Companies in Grand Rapids

2024

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Providers

Last updated:

Website
5043 Cascade Road Southeast, Grand Rapids, MI 49546
  • Reverse Mortgages

Why choose this provider?

For more than a decade, Team Mortgage Company has been providing financial support to clients who want to buy a house in West Michigan. The lending professionals at this company guide clients throughout the property refinancing process and find ways to lower their monthly payments or reduce the time it takes to pay off their loans. The Grand Rapids-based firm's services include reverse mortgage loans, rural development loans, VA loans, and FHA home improvement loans.

License Verified:

License: 129757

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.
4.9
Facebook
4.9 / 5 (26)
Yelp
5.0 / 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
3738 28th Street Southeast, Grand Rapids, MI 49512
  • Reverse Mortgages

Why choose this provider?

AIM Tax & Mortgage offers refinancing solutions to clients in Grand Rapids and the surrounding areas. The firm has been in business since 2018. It employs local area specialists with extensive knowledge of the community and who are dedicated to helping homeowners meet their financial goals. They help clients with new loans in order to pay off existing mortgages through privately funded or government-backed loaning programs. These include conforming loans, jumbo loans, FHA streamline refinancing, and VA loans.

License Verified:

License: 162064

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
Yelp
3.5 / 5 (5)
Facebook
5.0 / 5 (4)

Website
2828 Wilson Avenue Southwest, Grandville, MI 49418
  • New Construction

Why choose this provider?

Northern Mortgage Services LLC is a locally owned and operated mortgage banking company that serves the residents of Grand Rapids and the surrounding areas. It helps homeowners obtain different benefits, such as lower interest rates or equity cash-outs, through mortgage refinancing. It handles a wide variety of loan programs, such as fixed-rate mortgages, adjustable-rate mortgages, FHA loans, and VA loans. Vice president and branch manager Joshua J. Nawrot has been working in the mortgage industry for more than two decades.

License Verified:

License: 130662

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.
2.5
Facebook
4.8 / 5 (25)

Website
4180 44th Street Southeast, Grand Rapids, MI 49512
  • Reverse Mortgages

Why choose this provider?

Gold Star Mortgage Financial Group has been providing home loan solutions to clients in Grand Rapids since 2000. Led by its branch manager Bill Ardy, it caters to clients in purchasing a home, property upgrades, or loan refinancing, providing various loan programs, such as jumbo, conventional, USDA, FHA, and VA loans. The company's website offers loan tools to calculate debt consolidation and annual percentage. Gold Star Mortgage Financial Group is a three-time inductee of the Ellie Mae Hall of Fame for the Outstanding Loan Origination Process.

License Verified:

License: 3446

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
Yelp
5.0 / 5 (22)

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
5500 Northland Drive Northeast, Grand Rapids, MI 49525
  • New Construction

Why choose this provider?

Kevin Wildman is a mortgage consultant and broker at Lake State Mortgage who serves clients in Grand Rapids and nearby communities. Wildman assists homeowners who wish to reduce their existing mortgage terms, lower payments and interest rates, and obtain cash from their properties through mortgage refinancing. He specializes in four refinance options, including fixed-rate, adjustable-rate, FHA refinance, and USDA refinance. Wildman has been working in the mortgage business for more than 12 years. He also serves clients in rural areas.

License Verified:

License: 168184

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.
4.6

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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail

Website
214 Fulton Street East, Grand Rapids, MI 49503
  • Multi-Family Loans

Why choose this provider?

Treadstone helps homeowners and individuals from Grand Rapids with replacing their existing mortgage to eliminate their mortgage insurance and shorten the terms of their loan. It offers options for cash-out refinancing, fixed-rate financing, and equity capitalization. The lender also assists clients with getting interest rates slashed so that they will only be required to provide monthly payments at a lowered cost. Treadstone has a dedicated team for veterans who need assistance with home financing.

License Verified:

License: 222982

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.
4.4
Yelp
4.0 / 5 (14)
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.
3.8
Responsiveness
Friendliness
Helpfulness
Detail
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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.
  • Is there a waiting period for mortgage refinancing in Grand Rapids?

    While there's no fixed time limit, waiting 8 to 12 months before refinancing a mortgage in Grand Rapids is advisable, with exceptions. It's recommended to confirm with your lender during the initial application whether any short-term penalties apply. If you are contemplating a rate reduction shortly, paying discount points upfront may be more cost-effective than a full refinance.

  • What are some common traps to avoid while refinancing a home in Grand Rapids?

    The automatic payment trap highlights the need to turn off automatic payments before closing. Missing payments during the process, the missed or late payment trap, can hurt credit and hinder closure. The tax escrow trap underscores the necessity to establish new escrow accounts or cover taxes. The insufficient funds trap reminds us of potential adjustments affecting cash needed to close. Refinancing in Grand Rapids can present challenges, but preparation can help dodge pitfalls.

  • Is there a limit to the number of times a homeowner can refinance their home in Grand Rapids?

    There's no set limit on refinancing frequency in Grand Rapids, but a waiting period of about six months between refinances is standard. Refinancing involves prerequisites like credit score, income, debt, and property value assessment like home purchases. Meeting the mortgage lender's criteria is crucial for rate-and-term and cash-out refinancing.

  • How is the monthly payment for a refinanced mortgage in Grand Rapids determined?

    The monthly mortgage payments in Grand Rapids depend on the loan term. Mortgages are 30-year or 15-year terms. Longer terms mean smaller monthly payments, while shorter terms require larger payments for quicker debt payoff. The principal amount, interest, insurance, and taxes are the four components that determine the monthly payment. Escrowing taxes and insurance allows for spreading these costs throughout the year.

  • How does refinancing a jumbo mortgage in Grand Rapids differ from standard loans?

    Refinancing jumbo mortgages in Grand Rapids involve higher loan amounts and elevated risk due to potential default. Consequently, stricter underwriting guidelines are in place. These include requirements like a higher credit score, often starting at 680. The debt-to-income ratio for jumbo loans is limited to 36% to 40%, which is lower than other loans. Additionally, more substantial cash reserves are usually required. Moreover, increased costs can be associated with purchasing and refinancing a jumbo loan.

  • 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.