HARP Refinance Lenders Battle It Out

The government's HARP program is very popular, because it allows even low credit score and under-water homeowners to refinance their homes and save hundreds of dollars every month. It also has many people asking "What bank or lender has the best HARP Home Refinancing Loans?" That's what this article will find out.

To start, let's go over what HARP is. HARP stands for Home Affordable Refinancing Program, and is the government's way of helping homeowners lower their monthly mortgage payments by refinancing, even if they have little to no equity in their home or less than perfect credit.

There are plenty of banks that offer HARP 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:

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Rates

Try as we might, we cannot find actual rates for HARP loans on either the Quicken Loans or Loan Depot websites. This doesn't mean their rates are high – it's just that you can't see them right away. LendingTree shows current refinance rates, then advises that HARP refinancing may be a little higher (this is true everywhere). So by being so up front with rates right on the HARP page, LendingTree wins this one.

Winner: LendingTree

Loan Options

Quicken Loans doesn't offer specifics in regards to terms and similar for HARP 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 HARP 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 HARP Refinancing Loans. That said, we felt the overall presentation of LendingTree's is the best – right on their HARP Refinancing Page, they have a robust assortment of website tools, calculators, and information regarding HARP 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 three of these lenders are great choices. But we have to pick a winner, so going by our criteria, our winner is LendingTree. 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 HARP lender a breeze. Quicken loans is an excellent choice as well, and, of course, Loan Depot's physical locations make them a good choice for face to face lending.

We hope you enjoyed this comparison, and are ready to start saving hundreds of dollars a month with HARP refinancing.