Expertise.com

2024

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Best Mortgage Refinance Companies in Parma

Our Recommended Top 11

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 Parma 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.

52Reviewed

35Curated

11Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

14700 Detroit Ave. Suite 3, Lakewood, OH 44107
WebsiteLicense: 71017

Expertise.com Rating

Review Sources

Google
5.0 (15)

Why choose this provider?

Premier Mortgage Consultants Ltd. is a direct lender catering to the refinancing goals of the Parma community. Its team assists borrowers who would like to modify existing mortgages by decreasing loan terms or reducing rates. The staff accommodates homeowners across state lines. Additionally, the company delivers refinancing programs such as HARP 2.0 and reverse mortgages. It has been operating since 2004 and serves North Carolina, Minnesota, and Tennessee. Premier Mortgage Consultants has been rated the Top 5 Most Competitive by The Wall Street Journal.

  • New Construction
  • Reverse Mortgages

2530 Medina Road, Suite 100, Medina, OH 44256
WebsiteLicense: 252654

Expertise.com Rating

Review Sources

Google
5.0 (77)
Yelp
5.0 (1)

Why choose this provider?

Crossroads Home Loans offers a selection of real estate solutions in the Parma area and nearby metros. Its team works with homeowners, real estate agents, attorneys, CPAs, mortgage broker firms, and credit unions. The company helps clients who want to purchase investment spaces develop refinancing strategies to lower their monthly payments and interest rates. It also processes different mortgage programs, including USDA, FHA, VA, conventional, and jumbo loans. Crossroads Home Loans has been in operation for over a decade.

  • New Construction

3601 Green Rd Beachwood STE 310, Beachwood, OH 44122
WebsiteLicense: 262574

Expertise.com Rating

Review Sources

Facebook
5.0 (7)

Why choose this provider?

MGM Mortgage Co. is a mortgage purchase specialist serving Parma and the nearby areas. It brings together a team of mortgage experts to help clients understand their options in terms of financing their homes or prospective purchases by presenting a variety of loan programs, including fixed-rate and adjustable-rate mortgages. They also assist clients with mortgage refinancing so that they can pay off their homes at a lower interest rate. MGM Mortgage Co. has been in operation since 2001.

  • Reverse Mortgages

8750 Brookpark Rd, Cleveland, OH 44129
WebsiteLicense: 1882674

Why choose this provider?

Linkedup Home Lending, LLC, assists homeowners in Parma with their refinancing needs. It offers owners of single- and multi-family residences, condominiums, townhouses, and manufactured homes refinancing from conventional, jumbo, FHA, USDA, and VA loans. Purchase loans from the five programs are also available. Additionally, it has interest-only and graduated payments programs, as well as FRMs and ARMs. Linkedup Home Lending helps its borrowers make informed choices through online calculators, including one that figures out tax benefits.

6200 Oak Tree Blvd., Suite 300, Independence, OH 44131
WebsiteLicense: 2240

Expertise.com Rating

Review Sources

Facebook
4.7 (424)

Why choose this provider?

SIRVA Mortgage is a home lending company that lists the Parma metro as one of its service areas. Its loan officers guide borrowers in applying for programs such as VA interest rate reduction or FHA streamline loans. They search and design refinancing opportunities for clients planning to refinance occupied or vacation homes and investment properties. SIRVA Mortgage has been serving the community for over 25 years and is a member of MBA. The company also delivers relocation mortgage solutions and operates in 50 states.

  • Multi-Family Loans
  • New Construction

494 Eastwood Rd., Hinckley, OH 44233
WebsiteLicense: 2085425

Expertise.com Rating

Why choose this provider?

Cleveland Lending Group caters to the home financing needs of clients throughout Parma and nearby areas. It assists homeowners who want to improve their cash flow by lowering their monthly payments, interest rates, or loan terms through refinancing. Its wide selection of loan products extends to FHA, VA, jumbo, and fixed-rate policies. Cleveland Lending Group also provides analysis tools on its website to help borrowers compare rates and select the best mortgage program for their individual needs.

  • Reverse Mortgages

72 N. Main Street, Suite 310, Hudson, OH 44236
WebsiteLicense: 1884721

Expertise.com Rating

Review Sources

Google
5.0 (58)
Facebook
5.0 (7)

Why choose this provider?

Summit Home Lending is an independent mortgage broker that serves first-time buyers and borrowers in Parma. It provides customized mortgage and refinancing solutions to clients in order to lower interest rates and monthly payments, adjust the length of their mortgage, and take cash out of their home's equity. Some of its loan options include FHA, VA, HARP, USDA, adjustable rate mortgages, and home renovation loans. Summit Home Lending has more than 19 years of experience in the mortgage sector.

  • New Construction

20525 Center Ridge Rd Suite 138, Rocky River, OH 44116
WebsiteLicense: 1732152

Expertise.com Rating

Review Sources

Google
5.0 (146)
Facebook
5.0 (31)
Yelp
5.0 (1)

Why choose this provider?

Rockway Mortgage Co Inc assists customers in Parma in achieving the ideal home or property for investment. The company helps clients identify the loan option that fits their home purchasing or refinancing needs. It has loan advisors who assess the financial situation and calculate the buying potential of its clients based on standard lending guidelines. The business strives to be a lender of choice by educating and guiding clients throughout the process, from pre-approval to final closing.

  • Multi-Family Loans
  • New Construction

2211 Medina Rd, Medina, OH 44256
WebsiteLicense: 243256

Expertise.com Rating

Review Sources

Facebook
4.9 (35)
Yelp
5.0 (2)

Why choose this provider?

CHM Lending provides mortgage services to clients in Parma and the surrounding areas. It serves clients who wish to lower their monthly payments, consolidate their debts, reduce their interest rates, and cash-out equity for home improvements by offering refinancing solutions. The company is available to refinance clients' VA, FHA, and conventional loans. It also carries construction loan programs for clients wishing to build their homes without exceeding their budget. CHM Lending has been operating since 1992.

  • New Construction

1861 W25 Th Street, Cleveland, OH 44113
WebsiteLicense: 2122771

Expertise.com Rating

Review Sources

Google
4.9 (64)

Why choose this provider?

Social Mortgage serves residents of Parma who need to obtain new loans or refinance their current obligations into less onerous forms. The team has adjustable loans for those who need reduced interest over a short period, as well as conventional mortgages with terms that extend from 15 years to three decades. USDA programs are on hand for buyers of rural properties, and VA products are available for military members. Social Mortgage's crew has more than 45 years of collective lending sector experience.

  • New Construction
  • Reverse Mortgages

24629 Detroit Rd, Suite C, Westlake, OH 44145
WebsiteLicense: 992997

Expertise.com Rating

Review Sources

Google
5.0 (4)

Why choose this provider?

Daniel Kazda is a First Centennial Mortgage loan officer who caters to prospective refinancers in the Parma metro. He guides individuals and families in refinancing their mortgages for interest rate improvements and cash-out opportunities that fund domestic initiatives like tuition fees and home renovations. He also has a selection of down payment assistance plans for novice homebuyers. Kazda developed his comprehensive knowledge of lending guidelines and refinancing procedures through his diverse work experience in the financial industry for more than a decade.

  • 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 debt-to-income ratio is required for mortgage refinancing in Parma?

    The ideal debt-to-income ratio needed in Parma for conventional mortgage refinancing is no more than 40%. Your DTI measures how much you spend on your income to pay for your debts, such as credit cards, student loans, car payments, mortgages, and child support. These parameters are used to determine if you are financially capable of paying off your refinancing loan.

  • Why do lenders charge prepayment penalties for mortgage refinancing in Parma?

    Lenders charge prepayment fees to cover the expenses of loan origination and the interest they were supposed to earn from the mortgage. These closing costs would safeguard the lenders' and investors' initial capital outlay and projected income. Prepayment penalties can vary depending on the lenders in Parma.

  • Do you need to have an equity in your home to apply for a mortgage refinancing in Parma?

    Yes. Lenders in Parma may require borrowers to have at least a 90% loan-to-value ratio before applying for mortgage refinancing. This indicates that the value of your home is roughly 10% higher than the balance of your mortgage. Ideally, the market value of your home or real estate property should have increased since the date of the acquisition.

  • Is it possible to lock in the interest rate on a refinance loan in Parma?

    Yes. Lenders in Parma offer a mortgage lock-in rate. It is an agreement between the borrower and the lender that the current or prevailing interest rate will be fixed for the duration of the loan. Thus, regardless of market behavior, the interest rates will remain constant throughout the term of the mortgage.

  • What is the difference between modifying a loan and mortgage refinancing in Parma?

    In Parma, a loan modification usually involves extending the terms of your mortgage and paying additional interest rates. This is granted to a borrower who is in financial trouble and can't pay the loan according to its original terms. Meanwhile, mortgage refinancing is changing your loan's interest rates and terms. In addition, you may cash out from the equity of your home.

  • 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.