Refinance.com launched this year with little fan fair. With few write-ups, Refinance.com set about the business of doing what it was meant to do- cut the drama out of refinancing with simple step by step process to discovery of realistic options.
Refinance.com recognized upfront that in order to create a qualified consumer, a real credit report was needed as well as a realistic appraisal of the home up for refinance. The credit report is easy, as is the simple scoring that lets borrowers know exactly where they stand, and how they can improve low scores and ratings that make them more appealing to lenders willing to compete on pricing to make the loan, rather than just lead generate for lenders and brokers making refinance.com unique.
Right now, refinance.com is working to obtain better data on home values, thus improving the borrower’s score even more by removing the impulse by borrowers to fudge or exaggerate on values, but in the meantime is relying on education.
Another interesting facet of refinance.com is that it actually shields the consumer from sales people altogether via their mortgage engine allowing the consumer to pick and choose the lender and their rates listed from competing brokers rather than the other way around, much the same way we bid on airline travel today to choice destinations.
The most positive side effect of all of this is the lending broker interacts with an already scored borrower, reducing cost to market, thus allowing better pricing for the borrower.
Refinance.com is moving quickly to handle all loans and refis as well as new home loans in much the same way, and in the meantime offers guidance on refinancing, as well as scoring improvement, and tips and tricks to maintaining a quality score for consumers.
AgentGenius is not affiliated with Refinance.com