Cash-Out Refinance Lenders Battle It Out
The government's cash-out program is very popular, because it allows millions of homeowners to tap into their equity and receive thousands a month! It also has many people asking "What bank or lender has the best Cash-Out Home Refinancing Loans?" That's what this article will find out.
There are plenty of banks that offer Cash-Out refinancing loans. But which one is best for you?
To answer that question, we'll take several online lending quote companies, look at different factors, and give you our top choice:
Rates
Try as we might, we cannot find actual rates for Cash-Out loans on either the LendingTree or JG Wentworth websites. This doesn't mean their rates are high – it's just that you can't see them right away. Quicken Loans shows current refinance rates, then advises that Cash-Out refinancing may be a little higher (this is true everywhere).
Winner: Quicken Loans
Loan Options
Quicken Loans doesn't offer specifics in regards to terms and similar for Cash-Out Loans. We can assume that several terms are available, but again, you'll need to talk to them to find out exactly what is available. The same is true for Loan Depot as well – they have some overview information, but they'd rather interact with you to get the finer points down.
LendingTree is a little different – they have a wide variety of tools right on their Cash-Out Refinance page. Calculators, rates, requirements, etc. True, they are not a direct lender (instead, they find you several lenders), but the sheer amount of options available right in front of you makes this an easy call – LendingTree wins.
Winner: LendingTree
Lender Reputation
Quicken Loans has been around the longest amount of time (since the 1990's in fact), and has also won the JD Power award for customer satisfaction for 7 years running. LendingTree has also been around 20+ years, making them a long-term lender as well. Loan Depot is more or less the late arrival to the party, having been in business since 2010. That said, they are a major player, with more than 150 retail locations.
All three have an A+ Better Business Bureau Rating, meaning you should feel comfortable with any of them.
Winner: Quicken Loans
Intangibles (website tools, information, customer service, etc.)
We took a look at all three websites, and all three have a page for Cash-Out Refinancing Loans. That said, we felt the overall presentation of LendingTree's is the best – they have a robust assortment of website tools, calculators, and information regarding loans. The other two also have good information, but they also would rather you interact with someone to get the finer points. Loan Depot is the only one of the three with retail locations, so if you are a "look my loan officer in the eye" type person, they are your best (and only) option. But for websites, we'll go with LendingTree
Winner: LendingTree
Conclusion
All of these lenders are great choices. But we have to pick a winner, so going by our criteria, our winner is Quicken Loans. They have the most "up-front" information right on their website, they've been around a good long time, and they have the website tools that make comparing a cash-out option a breeze.
We hope you enjoyed this comparison, and are ready to start enjoying your cash-out funds.