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2024

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Best Mortgage Refinance Companies in Durham

Our Recommended Top 5

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 Durham 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.

121

Reviewed

74

Curated

5

Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

Website
1208 Cole Mill Rd., Suite 101, Durham, NC 27705
  • Multi-Family Loans

Why choose this provider?

Victorian Finance Durham - Cole Mill serves individuals and families throughout the metro and its neighboring areas. The agency assists clients with mortgage refinancing for various purposes, whether to reduce monthly payments, cash out some equity, or consolidate existing debts. Loan options include fixed-rate and adjustable-rate mortgage, FHA, VA, renovation, and USDA home loans. Victorian Finance has been in the industry since 2003 and also caters to the needs of clients who are looking into purchasing their first homes.

License Verified:

License: 50635

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

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.
2.3
Responsiveness
Friendliness
Helpfulness
Detail
––

Website
1414 Raleigh Road, Chapel Hill, NC 27517
  • Reverse Mortgages
  • NMLS #: 39166

Why choose this provider?

Frank Rexford is a senior mortgage banker representing Corporate Investors Mortgage Group in Durham. He has been in the real estate finance industry for over 14 years and has cultivated extensive technical knowledge in mortgage refinancing strategies for clients living in North Carolina. He helps clients choose the best loan option for refinancing based on their needs. His firm offers solutions for reducing monthly mortgage payments, reducing mortgage interest rates, and reducing mortgage terms.

License Verified:

License: 119234

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 (1)

Website
905 West Main Street, Durham, NC 27701
  • Reverse Mortgages
  • NMLS #: 39166

Why choose this provider?

Pinnacle Funding is a residential lending specialist in Durham that offers a variety of loan programs. It provides mortgage refinance solutions to clients and helps homeowners determine whether refinancing suits their financial circumstances, which include declining mortgage rates and financial opportunities brought by mortgage refinance loans. Customers also receive guidance on available loan options, such as FHA, conventional, VA, and USDA loans. Pinnacle Funding is committed to providing "quality customer service" and has a platform for online applications and calculators.

License Verified:

License: 107581

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 (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
5302 North Carolina 55, Durham, NC 27713
  • Reverse Mortgages
  • NMLS #: 39166

Why choose this provider?

On Q Financial, Inc. provides home mortgage refinancing in Durham. The company develops custom refinance plans for its clients, whether the goal is to switch to a lower interest rate, adjust the mortgage term, cash out on home equity, or avoid private mortgage insurance. Customers can apply for pre-approval through the company's website. On Q Financial issues conventional mortgages with competitive interest rates and several maturity options. Jumbo mortgages are available for buyers refinancing a home with a higher value than traditional conforming loan limits in addition to government-backed mortgages, including FHA, VA, and USDA loans.

License Verified:

License: 5645

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 (40)

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
555 Mangum Street, Durham, NC 27701
  • Reverse Mortgages

Why choose this provider?

Christina Jasper is a mortgage specialist who offers services in Durham and nearby locations. She creates holistic and comprehensive refinancing solutions to help families and individuals achieve their dream real estate properties. She provides high-interest debt consolidation services and assists clients in filing loans for down payments. The agent processes VA, FHA, jumbo, and conventional loans and handles second home refinancing. Jasper also furnishes loan programs for clients who want to purchase cars. She works as a branch manager at Benchmark Mortgage.

License Verified:

License: 1745727

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 (114)
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.
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 factors lead people to consider mortgage refinancing in Durham?

    Securing a lower mortgage interest rate, which results in smaller monthly payments and significant interest savings, is one of the main reasons people refinance in Durham. Another incentive is a shorter loan term, which enables homeowners to quickly pay down their mortgages and build equity more quickly. Cash-out refinancing also provides access to home equity for consolidating debts or home improvements. Moreover, refinancing facilitates a change from an adjustable-rate mortgage to a fixed-rate mortgage, guaranteeing consistent monthly payments.

  • What expenses are linked with mortgage refinancing in Durham?

    When refinancing a mortgage in Durham, several expenses arise:

    • Appraisal fees: To assess the property's current value, an appraisal is mandatory, entailing a fee.
    • Title insurance and search fees: Confirming a clean property title involves fees to check for liens and encumbrances.
    • Origination fees: Cover loan processing, usually proportional to the loan amount.
    • Prepayment penalties: Certain loans carry penalties if paid off prematurely.
    • Closing costs: Finalizing the mortgage incurs costs like taxes and recording and attorney fees.
  • How does equity factor into refinancing in Durham?

    In Durham, a borrower must have a specific level of equity in their house to refinance. Generally, rate and term refinancing are allowed with a minimum of 5% equity (equivalent to 95% LTV). Opting for a cash-out refinance requires at least 20% equity, enabling equity withdrawal. It's possible to occasionally reduce equity when refinancing. In certain situations, you might use your equity to offset the closing costs tied to the refinance process.

  • Is it possible to pursue mortgage refinancing with no closing costs in Durham?

    Yes. "No closing cost refinances" exist in Durham, allowing house refinancing without upfront closing payments. Nonetheless, although they offer initial savings, they might not always be the most economical option in the long run. Opting for no closing cost refinances involves accepting a higher interest rate to forego closing fees, which could result in an increase in your final mortgage payment.

  • What are the important things to keep in mind before proceeding with mortgage refinancing in Durham?

    As you assess your present mortgage for potential refinancing in Durham, consider the initial cost of ending your current loan. Depending on your remaining loan term, this exit expense can range from 3% to 6% of your remaining principal. Refinancing necessitates a title search, a home appraisal, and application fees. Moreover, it involves a thorough credit check, which can affect your long-term credit score. Before investing effort in an appraisal and application, ensure refinancing aligns well with your circumstances.

  • 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.