Best Mortgage Refinance Companies We Recommend

We also have a mortgage refinance calculator that will help you estimate how much you might be able to save during the process.

Quicken Loans by Rocket Mortgage is the best refinance lender.

Better – Best for Speedy Closing

loanDepot is the best place to go if you want to refinance your mortgage online.

Navy Federal Credit Union – Credit Union at its Finest

Best for Jumbo Loans: Ally Bank

Best for Borrowers with Bad Credit Across the Country

Best for Member Discounts: Bank of America

Less interest means more money in your pocket. Refinance your house RIGHT NOW!

When you refinance a house, you replace your existing mortgage with a new loan. Now is the time to lock in a reduced interest rate and start saving. Simply select your state.

Rocket Mortgage: Best Mortgage Refinance Reviews

Overall, the best refinance lender


  • Customer service is rated highest by JD Power.
  • In 2020, the largest mortgage originator will be
  • eClosing simplifies the online application process.
  • A mortgage refinance rate calculator is included.


  • There is no in-person service available.

Because of its strong track record in customer satisfaction, in-depth digital tools, and web-based customer service, we chose Rocket Mortgage as the best overall mortgage refinance. Rocket was also the leading mortgage originator in the United States in 2020.

In the 2020 JD U.S Primary Mortgage Origination Satisfaction Study, Quicken Loans by Rocket Mortgage (NMLS# 3030) has continuously placed first, outperforming rival lenders year after year. Despite the company’s strong internet presence, it also has over 3,000 home loan professionals available seven days a week to assist you with your application over the phone.

Customers can have their property taxes and home insurance information immediately imported when they enter their address into Rocket Mortgage. Customers can use eClosing to change their rate, repayment period, and charges to see what additional payment choices are available.

Types of loans:

  • 15-year and 30-year conventional mortgages are available.
  • ARMs (adjustable-rate mortgages) are a type of mortgage
  • Loans supported by the government (FHA, VA, and USDA loans)
  • Jumbo loans are a type of loan that is larger than

Better: For the better Time to Close Quickly


  • Online process is quick, and there’s a price-matching programme for competitors.
  • There are no commissions or fees paid to loan officers for lender origination, application, or underwriting.
  • Smart technology searches for and applies eligible savings automatically.


  • Only available online; no physical store.
  • Hawaii, Massachusetts, Nevada, and New Hampshire are the only states where this product is not accessible.
  • There are only a few types of refinance loans available.

Why did we pick it? Better was chosen as the best mortgage refinance business for quick closing times because clients can get a rate quote and a letter of preapproval in just a few minutes from Better. In addition, the lender promises to be able to close mortgages in as little as 14 days.

Better Mortgage (NMLS# 330511) is a digital lender that offers a simple and quick mortgage refinance process. The company’s lending products provide some of the lowest interest rates and closing costs in the business.

Because they operate entirely online, Better can avoid some of the expenses paid by traditional brick-and-mortar lenders, such as application, underwriting, and origination fees. It also provides a price guarantee if another lender offers a lower rate on their refinance goods.

Better consumers can use the lender’s secure website to upload and sign all of their documentation. They can also speak with one of the company’s professional loan officers directly.

Types of loans:

  • Mortgage with an adjustable rate
  • Mortgage with a set interest rate

loanDepot: is the best option for anyone looking to refinance their mortgage online.


  • With 200 locations in 43 states, we are licenced in all 50 states.
  • From application to closing, the mello smartloan digital platform streamlines the whole loan procedure.


  • Rates for loans are not available on the internet.

We chose loanDepot as the top mortgage refinance company for online mortgage refinancing because of its outstanding web platform and nationwide availability.

loanDepot (NMLS# 174457) is known for its “mellosmartloan,” an end-to-end digital site that uses artificial intelligence to validate asset and employment information, as well as execute credit checks and start the appraisal process.

Licensed loan counsellors are also available at loanDepot to assist customers in choosing the best mortgage package for their specific financial condition. You can also get information on their mortgage rates by calling their lending officers, which are sadly not publicly available on their website.

When you choose loanDepot for a mortgage refinance, you get a lifetime guarantee. After you’ve refinanced with them at least once, the company will waive lender costs and reimburse appraisal expenses on subsequent refinances.

Types of loans:

  • Loans with fixed and adjustable rates
  • Jumbo loans are a type of loan that is larger than
  • Loans supported by the government (VA and FHA loans)
  • Loans from the Home Affordable Refinance Program (HARP)

Navy Federal: Credit Union is a credit union that serves sailors.


  • Application for pre-approval online
  • The seller might contribute up to 6% of the home’s worth toward closing costs.
  • Doesn’t necessitate the purchase of private mortgage insurance (PMI)


  • Veterans, active-duty military personnel, and their families are eligible to join.
  • There are no FHA, USDA, construction, or reverse mortgage loans available.

We chose Navy Federal as the top mortgage refinance credit union because of its quick online pre-approval procedure, flexible loan terms, and benefits for borrowers who are also selling their home.

For their VA Streamline (IRRL) and Homebuyers Choice mortgage refinancing options, Navy Federal offers 10- to 30-year loan maturities. For those who have exhausted their VA loan options, the lender also provides the Military Choice loan. They do not, however, offer FHA, USDA, construction, or reverse mortgages.

For homebuyers wishing to refinance or sell and buy new property, Realty Plus and Navy Federal Title Services are tools that make the mortgage refinance process easier. To help you with your mortgage application, Realty Plus connects you with a real estate agent and an agent coordinator. You can also gain $400-$8,000 if you finalise your mortgage with Navy Federal using Realty Plus.

Homesquad, a new option for potential buyers to acquire a faster preapproval for a mortgage loan, is also available through Navy Federal. Borrowers can check on their loan status 24 hours a day, 7 days a week online or on their mobile device, upload documents quickly, set up autopay, view payment history and other account actions, and obtain forbearance assistance.

Types of loans:

  • Fixed-rate loans are the most common type of loan.
  • VA Streamline and Cash-Out VA Loans
  • ARMs (adjustable-rate mortgages) are a type of mortgage
  • Jumbo loans are a type of loan that is larger than

Ally Bank: is a financial institution based in the United

Experts in Jumbo Loans


  • Optional features include an online application, document uploads, and electronic signatures.
  • There are no costs charged by the lender.
  • Your credit score is unaffected by quotes.
  • With a 20% down payment, no PMI is required.


  • Only an in-person visit is required to complete a mortgage application.
  • If your down payment is less than 20%, you may be compelled to pay PMI.

Why did we pick it? Because of its higher-than-average lending ceiling and lack of lender fees, we chose Ally Banks as the top mortgage refinance firm for jumbo loans.

Ally Bank is known for its jumbo loans, which can be worth up to $4 million. Ally offers a bigger loan sum for this type of loan than other lenders, which typically cap lending at $2 million. This lender wants a 20% down payment on jumbo loans, as well as proof that borrowers can meet their bills for a set number of months. Ally allows restricted stock units, unlike other lenders.

Potential borrowers can apply, submit papers, and sign documentation online, but they must visit one of their locations to complete and close the loan application. Borrowers can access rates and a refinance mortgage calculator on their website, as well as additional information about refinancing and jumbo loans.

Type of Loans:

  • Mortgage with a set interest rate
  • Mortgage with an adjustable rate
  • Jumbo loans are a type of loan that is larger than
  • Refinancing with a cash-out option


Best for poor credit loans


  • Options for self-employed and low-credit buyers are best for borrowers with bad credit.
  • Terms that can be changed
  • Will match loan estimate offers from competitors
  • Consultations are free of charge.


  • California, Colorado, Texas, Idaho, Washington, Oklahoma, Montana, and North Dakota are the only states where the company operates.

Why we chose it: Because of its strong programmes for self-employed and low-credit buyers, including its Lease Option Program, we chose Nationwide as the best mortgage refinance firm for borrowers with bad credit.

The Lease Option Program at Nationwide Home Loans (NMLS #331347) requires at least a 10% down payment and adequate income to cover closing expenses and rent payments. The home is purchased by Nationwide, and you sign a lease arrangement with a three-year option to purchase.

During those three years, you can reside in your new home (paying the lease) while Nationwide works with you to raise your credit score, figure out income reporting requirements, or take whatever other actions are necessary to help you prepare to buy the house.

In addition, Nationwide offers a Best Rate Guarantee, in which they will match a loan estimate from another lender.

Types of loans:

  • Loans from the Veterans Administration
  • Loans from the Federal Housing Administration (FHA)
  • Loans that are not unconventional
  • Jumbo loans are a type of loan that is larger than

Bank of America is the best place to go for member discounts.


  • Discounts on both purchase and refinance closing fees are offered to members only.
  • There are physical branch sites available all around the country.
  • Alternative credit data, such as utility bills and rental payment history, is taken into account.


  • There are no renovation loans available.

Why we chose it: We chose Bank of America as the top mortgage refinance firm because of its Preferred Rewards programme, which offers significant discounts on purchase and refinance closing expenses to members.

Preferred Rewards is a programme offered by Bank of America to its customers. They may be eligible for a closing cost reduction of up to $600 on their purchase or refinancing origination fees if they use this service.

The programme is divided into tiers that range from Gold to Platinum Honors, with discounts based on which category each client qualifies for. Qualifying balances in Bank of America banking and/or Merrill Lynch investing accounts determine a member’s tier.

Another advantage of working with Bank of America is its extensive digital offerings, which include an online tool that allows you to track the status of your mortgage loan and refinance application in real time. While the company’s website does not provide credit score requirements, you can speak with one of their loan representatives to discover whether you are eligible for refinancing.

Types of loans:

  • Home equity loans are a type of home equity loan.
  • Mortgages with a set interest rate
  • Refinance loans with adjustable rates
  • FHA and VA loans are two types of government-backed loans.
  • Refinancing loans with a cash out component

Other Businesses We Thought About

When we investigated the refinance mortgage lending sector, we discovered that many of the largest mortgage refinancing lenders didn’t necessarily provide the greatest refinance products, even if they excelled in other areas. Some lenders, including as Guaranteed Rate and, were eliminated as a result of this.

Highlights from Chase’s Review


  • The country’s eighth-largest mortgage loan originator
  • Adjustable-rate mortgages, 10-, 15-, 20-, 25-, and 30-year mortgages, FHA and VA loans, and the DreamMaker Mortgage Program are among the financing options available.
  • Mortgage interest rates that are competitive
  • Calculators for loan estimates, interest rates, and periods are available in the online refinance learning centre.


  • Within the previous five years, the CFPB has taken several regulatory steps (although none filed within the last three years)
  • A large number of consumer complaints have been filed with the Consumer Financial Protection Bureau (CFPB) over the average rating in the JD Power customer satisfaction survey.

PNB Bank review

Advantages of PNC Bank


  • On its website, you can find current mortgage rates as well as useful calculators.
  • Home application tracker and insight planner
  • Preapproval for a mortgage via the internet


  • Alaska, Arizona, Arkansas, California, Connecticut, Hawaii, Idaho, Iowa, Louisiana, Maine, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, South Dakota, Utah, Vermont, Washington, and Wyoming have no branches.

Review of SunTrust (now Truist)

SunTrust (now Truist) Pros Highlights


  • Software that allows you to apply for a mortgage online and follow your progress.
  • a wealth of educational resources


  • Alabama, Arizona, Washington, DC, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, and Virginia are the only states with branches.

Alliant Credit Union Review Highlights from Alliant Credit Union Rates and fees are not available online.


  • When rates reach your target, Rate Watch gives you an alert.
  • Complete the online application process.


  • Doesn’t reveal loan fees
  • There will be no in-person banking.
  • To be eligible, you must be a member.

Guild Mortgage Highlights from the Guild Mortgage Review


  • E-signatures, digital loan process tracking, and online mortgage application
  • The direct lender is responsible for servicing its own loans.
  • Calculator for closing costs and total payments


  • In New York and New Jersey, it is not available.
  • Only 33 states have branches.
  • Bank of the United States of America Review

Highlights from the United States Bank


  • Traditional, cash-out, and a customer credit offer option that rewards homeowners with an existing first mortgage with U.S. Bank are all available refinance loan options.
  • Excellent online tools, including a fully digital app and a proprietary app.
  • Provides generic mortgage rates, with the option to narrow down results by state.
  • Prequalification via the internet


  • The level of customer satisfaction was low.
  • The website’s mortgage rates are based on a credit score that is greater than usual.

Review of AmeriSave Mortgage

AmeriSave (NMLS#1168) Pros Highlights


  • A wide range of lending choices are available.
  • The average closing time is 25 days.


  • The NMLS has taken a large number of regulatory actions, and it does not disclose origination fees or closing charges.
  • New York Reali Loans Review is not available.

Reali Loans (NMLS#) Pros Highlights


  • There are no origination fees.
  • Rate quotes that are unique to you


  • There is no information on the many types of loans available.
  • Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia, and Washington are the only states where it is available.

Highlights from the Veterans United Home Loans Pros’ Review


  • Representatives are accessible for free credit counselling 24 hours a day, 7 days a week.


  • Only 18 states have physical branches.

Guide to Mortgage Refinancing

Our mortgage refinance guide explains the various types of mortgage loans, the advantages of refinancing, and the documentation required by financial institutions for a full application.

Mortgage Refinance Types

Rate-And-Term Refinance is one of the most common types of mortgage refinancing.

A rate-and-term refinance, often known as a “no cash-out refinance,” changes the interest rate or the term (or both) of an existing mortgage while keeping the amount the same. The interest rate on this option is usually lower than on cash-out loans.

Refinance with No Closing Costs

For individuals who qualify, some lenders offer “no-closing-cost” or “zero-closing-cost” refinance loans. While you’ll still have to pay closing expenses and interest on those fees, you won’t have to pay them right away.

Refinancing with Cash-Out

A cash-out refinance, like a home equity line of credit, transfers the equity you’ve built up in your property into cash (HELOC). You’re essentially replacing your current mortgage with a new loan with a bigger balance than your present loan. As a result, you’ll get the difference in home equity as a tax-free cash advance at closing.

What to Be Aware Of: The borrower may end up with a higher interest rate and the loan may be extended. Keep in mind that you should only borrow a sum that you can afford to repay.

Cash-Out Refinancing is a type of refinancing that allows you to

During a refinance negotiation, borrowers can lower their mortgage principal using a cash-in refinance. The borrower makes a lump-sum payment on their mortgage with this form of loan, lowering the principal balance on their new mortgage refinance loan.

This strategy, unlike cash-out refinancing, may increase the chances of an underwater mortgage qualifying for a refinance. Most lenders want an LTV ratio of at least 80% in most cases.

Refinance in a Simpler Way

Borrowers can refinance an existing FHA loan with minimal documentation and underwriting with a streamline refinance. For homeowners who currently have a VA loan, a streamline refinance could be a smart alternative. Take a peek at our top selections for Best VA Loans and Best Mortgage Lenders before making a decision.

Is It Time to Refinance Your Home?

If you’re on the fence about refinancing your mortgage, this page will explain the benefits, what you can do with the money, and what evidence financial institutions demand for a thorough application.

Refinancing can be beneficial in the following ways:

  • Reduce your mortgage’s interest rate.
  • Assist you in lowering your monthly cost.
  • Reduce the length of your loan

Refinancing can be used for a variety of purposes, including:

  • Improvements to the house
  • Repairs or additions to your home
  • Emergencies in finances

The difference between the value of your home and the amount owed on your mortgage is your home equity. Home equity can be used for a variety of purposes, including:

  • Consolidation of debt
  • Refinance or pay off student loans

If a mortgage refinance isn’t the greatest option for your financial circumstances, but you still want to manage your large student debt, our list of the best student loan refinance businesses might help.

Only consider a mortgage refinance to pay off credit card debt if the balance is really large and continues to rise due to interest rates. If you’re in debt and want to raise your credit score, look through our list of the finest credit repair companies. Before refinancing your house, you should consult with a financial counsellor.

Should I keep my existing lender if I want to refinance?

Before choosing a refinance mortgage lender, consider the following:

  • Shop around and get loan quotes from a variety of lenders.
  • Examine current mortgage rates and annual percentage rates (APR).
  • Examine your refinancing alternatives, including fixed and adjustable-rate mortgages, as well as government-backed loans.

In terms of refinance rates, loan products, or closing expenses, you might uncover lender offers that are better deals. While many lenders have their own calculators, you may use our mortgage refinance calculator to see how much money you could save.

Another alternative, in addition to refinancing with your present lender, is to use a mortgage broker, who acts as a middleman between borrowers and lenders. This can be advantageous because certain lenders only work with brokers and give higher rates as a result of the broker’s big volume of loans.

Mortgage Refinancing with a Business Backing

Eligible customers will be able to refinance their mortgages starting this summer at a lower interest rate and with lower monthly payments. Borrowers might save $100 to $250 each month, according to the Federal Housing Finance Agency (FHFA).

Hope for Homeowners (HFH) and the Home Affordable Refinancing Program are two more federal programmes that may be able to assist consumers with limited options who are facing financial hardship (HARP).

What Are the Requirements for Refinancing Your Mortgage?

When applying for a new mortgage refinance, lenders look at three things: credit score, debt-to-income ratio, and average loan-to-value ratio, regardless of the type of loan (LTV).

  • A Good FICO Credit Score: Most mortgage refinance lenders require a minimum credit score of 620, but a score of 740 or above will earn you the best prices.
  • Checklist for Refinancing a Mortgage

Lenders will want specific documentation when you apply for a mortgage refinance. To make sure you have everything you need, look over the list below:

  • a copy of your government-issued photo identification or Social Security card
  • a copy of your most recent credit report
  • W-2s from the previous two years
  • For at least the last 2-3 years, federal tax returns (personal and company)
  • Statements of all current expenses and outstanding debts
  • Address of refinanced property and purchase deal
  • Information about homeowners insurance, such as the agent’s name and contact information
  • Assets and liabilities statements
  • if applicable, bankruptcy/discharge papers

Mortgage Refinance Frequently Asked Questions

What is refinancing and how does it work?

In the best-case scenario, refinancing can help you save money on your mortgage payments by negotiating lower interest rates or shortening the term of your loan.

What is the maximum number of times you can refinance your home?

The number of times you can refinance your mortgage is unlimited. Refinancing, on the other hand, might be costly and have an impact on your long-term financial commitments. Just because you have the option of refinancing your house does not mean you should.

What is the cost of refinancing a mortgage?

Refinancing your mortgage might cost anywhere from 2% to 6% of the total loan amount. Depending on the type of mortgage, this may include costs for the loan application, loan origination, home appraisal, and more.

When should you refinance your mortgage?

When refinancing a mortgage, the optimal moment is when interest rates are lower than the ones you locked in when you closed your loan. Lower interest rates allow you to shorten your loan term and lower your monthly payments.

What are the current mortgage refinance interest rates?

Mortgage refinance rates remained around historic lows as of September 1. The average 30-year fixed refinance rate in the United States is 3.230 percent, while the average 15-year fixed refinance rate is 2.590 percent.

How Did We Pick the Best Mortgage Refinance Firms?

  • Size, reputation, and complaints of lenders. The Mortgage Bankers Association, J.D. Power’s U.S. Primary Mortgage Origination Satisfaction Study, and the NMLS (Nationwide Multistate Licensing System, or “Nationwide Mortgage Licensing System”) were all used as sources of information.

Leave a Reply

Your email address will not be published. Required fields are marked *