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A mortgage refinance allows you to change the terms of your mortgage, with a new interest rate and potentially lower monthly payments. You could also shorten your term length so you pay off your home loan faster.
You might have different priorities when choosing a refinance lender compared to when you first got your mortgage. For example, a fast closing probably won't matter to you as much as getting the lowest rate possible.
As you compare mortgage refinance lenders, be sure to consider your overall costs, including closing costs, in addition to your rate.
The Best Mortgage Refinance Lenders
- Rocket Mortgage: Best overall
- Veterans United: Best for veterans
- Fairway Independent Mortgage Corporation: Best for digital closing
- Guild Mortgage: Best online
- U.S. Bank: Best for existing customers
- Carrington Mortgage Services : Best for low credit scores
- New American Funding: Best for customizable terms
- NBKC Bank: Best for a simple application process
- Navy Federal Credit Union: Best credit union
- Chase: Best rate customization tools
- Network Capital Funding: Best for no lender fees
- Northpointe Bank: Best for financing a renovation
You'll find our top picks for mortgage refinance lenders across more than 10 categories.
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Rocket Mortgage -
AmeriSave Mortgage Corporation Mortgages
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New American Funding
Compare the Best Mortgage Refinance Lenders
Best Mortgage Refinance Lenders Frequently Asked Questions
The best bank for refinancing depends on what you're looking for. If a good customer service experience is important to you, a lender like Rocket Mortgage might be a good pick. If you have a lower credit score, you might like Carrington Mortgage Services.
If you value convenience, you might prefer using your current lender to refinance. But shopping around gives you a chance to see what types of deals are available to you.
The answer could change by the day. Take a look at Insider's daily mortgage and mortgage refinance rate updates to see the average rates for various term lengths.
It depends on your needs. If you prefer a quick application process that you can complete from the comfort of your home, you might like an online lender. But working with a bank that has physical branches can have benefits too, particularly if you want to sit down face-to-face to discuss your options.
You'll need at least a 620 credit score to refinance into a conventional loan, and a 580 score to refinance into an FHA loan. But many borrowers choose to refinance so they can save money with a lower rate, and to get the lowest rate possible, you should try to boost your score as much as you can before applying to refinance.
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Rocket Mortgage Refinance by Quicken Loans
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Veterans United Home Loans Refinance
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Fairway Independent Mortgage - Mortgage Refinance
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Guild Mortgage Refinance
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U.S. Bank Mortgage Refinance
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Carrington Mortgage Services Refinance
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New American Funding Mortgage Refinance
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NBKC Bank Mortgage Refinance
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Navy Federal Credit Union Mortgage Refinance
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Chase Mortgage Refinance
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Network Capital Funding Mortgage Refinance
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Northpointe Bank Mortgage Refinance
Mortgage Refinance Lender Reviews
Best Overall
Rocket Mortgage
Rocket Mortgage is our top choice thanks to its easy-to-use online application and its strong track record in providing great customer service. It's ranked as the top lender for customer satisfaction from J.D. Power in 2022. It provides a quick, easy online experience and offers mortgages with terms as short as eight years.
What to look out for: Its loan options are relatively limited, and it doesn't have any in-person branches.
Best for Veterans
Veterans United
Veterans United is one the best VA loan lenders, and it's a great choice if you're refinancing a VA loan. It could also be a good fit if you have a poor or no credit score.
As a top VA loan lender, Veterans United is notable for its exceptional customer service, earning a high score in J.D. Power's 2022 Primary Mortgage Origination Satisfaction Study. However, it doesn't qualify to rank in the study because it doesn't meet certain criteria.
What to look out for: Veterans United shows some sample mortgage rates that can be customized by credit score, but to see a more personalized rate quote, you'll need to provide contact information.
Best for Digital Closing
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a good refinance lender overall, and offers hybrid and remote closing options for a more streamlined closing experience.
Fairway Independent lets borrowers have a hybrid or fully remote closing. With a hybrid closing, you can sign most of your documents digitally, and have a quicker in-person closing appointment. In some states, the entire process can be completed digitally.
What to look out for: Fairway Independent doesn't show any rates online, not even sample rates. To see what rate you might pay with this lender, you'll need to talk to a loan officer or apply for preapproval.
Best Online Lender
Guild Mortgage
We love that Guild Mortgage offers such a wide variety of mortgages to choose from. It's a strong choice for refinancing because it has multiple refinance loans for borrowers in different situations. It also accepts non-traditional credit if you have no score.
Guild Mortgage offers a hybrid digital closing option that can help you have a faster closing experience.
What to look out for: Guild doesn't display any rates online, making it difficult to get an idea of exactly how affordable this lender it.
Best for Existing Customers
U.S. Bank
U.S. Bank is a good choice for those who already have mortgages or accounts with this bank. Its existing customer discount on its mortgages is better than similar offers from other lenders. It also offers a no-closing-cost Smart Refinance.
If you already have a mortgage or account with US Bank, you may be able to get up to $1,000 off your closing costs if you refinance through this lender. If you're looking for a VA mortgage, US Bank lends these to borrowers with credit scores as low as 600, which is lower than what many other VA lenders require.
What to look out for: U.S. Bank ranked below average in J.D. Power's 2022 satisfaction study.
Best for Low Credit Scores
Carrington Mortgage Services
Carrington Mortgage Services is an affordable option for those with rocky credit histories and credit scores as low as 500.
Carrington offers several mortgages that have flexible credit guidelines, including its Carrington Flexible Advantage Refinance mortgage, which allows credit scores as low as 550 and recent negative credit events like bankruptcy.
What to look out for: Carrington doesn't lend in Massachusetts or North Dakota. It also doesn't show its rates online.
Carrington has an NR, or "no rating" from the BBB because the lender is in the process of responding to previously closed complaints. Additionally, in November 2022, the Consumer Financial Protection Bureau ordered Carrington to pay $5.25 million in fines for supposedly violating borrowers' CARES Act rights. The CFPB claims that the lender misled borrowers seeking CARES Act forbearance and denied them key protections provided by the pandemic-era law.
Best for Customizable Terms
New American Funding
New American Funding is a strong mortgage lender overall, especially if you need to apply with alternative forms of credit.
New American Funding's I CAN mortgage lets you choose any mortgage term length from eight to 30 years. This is especially useful for borrowers looking to refinance, because it allows you to pick up where you left off with your previous mortgage in terms of how many years you had left on it.
What to look out for: New American Funding doesn't originate mortgages in Hawaii or New York. It also doesn't offer a way to see personalized rates online, though it does display a few sample rates.
Best for a Simple Application Process
NBKC Bank
NBKC Bank is a worthwhile option if you have a good credit score and value online convenience. NBKC Bank's online chat feature makes it easy to connect with an expert and get your questions answered quickly.
What to look out for: Its mortgage offerings are fairly basic. This lender does offer HELOCs, but they're only available in the Kansas City metro area.
Best Credit Union
Navy Federal Credit Union
Navy Federal is a good option for people affiliated with the military overall, but especially if you're searching for a lender that's friendly to people who aren't in the best financial situation — namely, people with low credit scores.
Navy Federal earned a high score in J.D. Power's 2022 customer satisfaction study. However, because it doesn't meet certain criteria, it didn't receive a ranking.
What to look out for: The BBB gives Navy Federal an NR (No Rating) because it's currently responding to complaints that were previously closed. You can only become a member of Navy Federal Credit Union if you or your family is affiliated with the military, you are a Department of Defense civilian personnel or contractor, or you live with a Navy Federal member.
Best Rate Customization Tools
Chase
Chase is one of our favorite big bank mortgage lenders, and its a strong choice for refinancing.
Chase has a good number of mortgage refinance options to choose from. It also offers advanced tools to see customized rates and payments online, making it easy to compare multiple mortgage options and find the one that's right for you.
Chase ranked No. 2 in J.D. Power's 2022 customer satisfaction study.
What to look out for: Chase's mortgage offerings are relatively basic.
Best for No Lender Fees
Network Capital Funding
Network Capital Funding is an affordable lender for borrowers who have no credit score or those with unique financial situations, such as self-employed individuals.
Network Capital charges no lender fees, which can help keep your refinancing closing costs down. It also offers non-qualified mortgage options for borrowers who need to use alternative methods to qualify, such as using bank statements to show income rather than the typical tax documents.
What to look out for: Network Capital doesn't lend in Connecticut, Massachusetts, Nevada, New Hampshire, or Utah.
Best for Financing a Renovation
Northpointe Bank
Northpointe Bank is a strong lender thanks to its wide range of options for borrowers to choose from, including a renovation mortgage that can be used to pay for upgrades on your current home.
Northpointe Bank has flexible credit guidelines on several of its mortgages, making it a good option for borrowers with rocky credit histories or those with little equity in their homes.
What to look out for: You'll need to fill out a form with your contact info to get a personalized rate quote. Not all of its products are available in every state.
How to Choose a Mortgage Refinance Lender
The first step to finding the right mortgage refinance lender for you is to search for lenders that offer the type of mortgage you're looking for. If you want to refinance your FHA loan, for example, you'll want to work with a lender that offers FHA streamline refinances or other types of FHA refinances.
Then you should apply for preapproval with a few different lenders. Applying for preapproval enables you to get rate quotes based on your credit and financial situation, giving you an accurate picture of what you'd pay with each lender. Compare quotes from the lenders you applied with to see who can offer you the best overall deal — remember to consider both the rate you're offered as well as any lender fees or discount points you'd pay.
Mortgage Refinance Lenders That Didn't Make the Cut and Why
We looked at over two dozen mortgage lenders that refinance loans. In picking the best of the best, we looked for lenders that satisfied our methodology criteria and had offerings to meet the needs of a wide variety of borrowers.
Here are the ones we didn't choose as our favorites:
- USAA Mortgage: This is a good option for refinancing VA loans, but it won't work for any other types of mortgages.
- Truist Mortgage: You might like refinancing with Truist, but it only ranks average in customer service according to J.D. Power.
- Regions: You might like using Regions, but the bank only has branches in certain parts of the US.
- Citibank Mortgage: This bank received good customer satisfaction ratings from J.D. Power, but an F in trustworthiness from the BBB.
- Wells Fargo Mortgage: Due to some recent scandals, Wells Fargo has received an F rating from the BBB.
- Better Mortgage: A good option if you want a to refinance into a conventional or FHA loan with an easy-to-use online lender, but Better.com doesn't let you refinance into a USDA or VA loan.
- SoFi Mortgage: SoFi is another worthwhile choice for conventional mortgages, but its offerings are fairly basic.
- Freedom Mortgage: You can refinance into several types of mortgages with Freedom, but J.D. Power ranks it low for customer service.
- Guaranteed Rate Mortgage: You might like Guaranteed Rate, but it only has an A- rating in trustworthiness.
- Loan Depot Mortgage: Loan Depot isn't accredited by the BBB, and you can't refinance into a USDA loan.
- Caliber Home Loans: You can find lenders with better customer satisfaction ratings from J.D. Power.
- Paramount Bank: You might like Paramount as an online lender, but it doesn't offer as many mortgage refinance types as our top picks.
- Pennymac Mortgage: You can refinance into several types of loans with Pennymac, but the lender ranks low on J.D. Power's customer satisfaction survey.
- Flagstar Bank Mortgage: This bank has received an A+ from the BBB, but J.D. Power has ranked it pretty low on customer satisfaction.
- Alliant Credit Union Mortgage: This is a good online lender, but you can't refinance into FHA, VA, or USDA loans.
- Mr. Cooper Mortgage: This lender offers a few refinance options, but J.D. Power ranks below average for customer satisfaction.
- Bank of America Mortgage: Bank of America offers a discount on its mortgages for existing customers, but you need a relatively high account balance to qualify.
- PNC Bank Mortgage: PNC Bank is a solid lender for first-time homebuyers thanks to its homeownership grant, but its refinancing options and features aren't as strong as some of the other lenders we considered.
Why You Should Trust Us: Experts' Advice on Choosing a Mortgage Refinance Lender
To help you learn more about refinancing and lenders, four experts weighed in:
- Anthony Park, author of "How to Buy Your Perfect First Home"
- Lauryn Williams, certified financial planner, founder of Worth Winning Financial Planning
- Julie Aragon, mortgage broker, founder of Aragon Lending Team
- Molly Grace, mortgage reporter at Personal Finance Insider
We consulted mortgage and financial experts to inform these picks and provide their insights about mortgage refinance lenders. Here's what they had to say about mortgage refinancing. (Some text may be lightly edited for clarity.)
How can someone know whether it's a good time to refinance?
Julie Aragon, Aragon Lending Team:
"The monthly savings and the cost for the refinance. When you have those two things, you can determine the break-even point. Also, how long they intend to stay in the house. If they know they're going to sell next year, it probably doesn't make sense to refinance."
Lauryn Williams, CFP:
"A lot of times people don't realize refinancing comes with some additional costs. There's those closing costs, title costs, et cetera, that are tied into the overall fees. Simply getting a lower interest rate doesn't mean that you're saving money, is the biggest factor that a lot of people are not aware of."
What factors should someone take into consideration when choosing a mortgage refinance lender?
Anthony Park, author:
"I feel like with a refinance, you're going based on numbers a lot more than on your original mortgage. Probably because the mortgage feels like more of a weighty transaction, whereas with refinancing, you're kind of an old hand at it at this point. I think the numbers matter a lot more for a refinance."
Molly Grace, Personal Finance Insider
"You don't have the same time crunch during a refinance that you do when you're purchasing, so take your time to really evaluate the offers you're shown and don't rush into anything. Lenders are pros at making refinancing sound really attractive — even if it's not necessarily the best long-term financial move for you. Remember that their job is to sell you something, and your job is to make sure you're making the best decisions for your finances."
When is it a good idea to get a cash-out refinance?
Julie Aragon, Aragon Lending Team:
"Investing the money into the home I think is always a good idea, as long as the math makes sense. Also paying off high-interest credit card debt. We have some clients, when we look at all of their debts, some are at 19% or 20%. By paying off all this crap, they'll save $1,500 or $2,000 a month."
Lauryn Williams, CFP:
"I think it's a tough situation, because sometimes with cash-out refi is, you're thinking of things like credit card debt. This is the biggest one I hear from clients: I can get rid of this 23% interest that I have on my credit card debt, and I can put it in my 2% mortgage. Well, you just took something that was not tied to any collateral. They can't take your home away if you don't pay your credit card debt. So something that previously couldn't result in my home being in a way now can add to the stress of my home being taken away should I not be able to pay my mortgage."
Methodology: How Did We Choose the Best Mortgage Refinance Lenders?
To choose the top mortgage refinance lenders of September 2023, we looked at four main factors:
- Customer satisfaction. If the mortgage lender appeared in the J.D. Power 2022 Mortgage Origination Satisfaction Study, we looked at its ranking. If it wasn't in the survey, then we read online customer reviews.
- Ethics. Almost all of our top picks received an A+ from the Better Business Bureau, which measures companies' trustworthiness. We also researched and considered any scandals in the past three years.
- Loan types. Does a lender offer several types of loan refinances to suit customers' needs, including conventional loans, government-backed loans, and cash-out refinances?
- Affordability. We looked at lenders' minimum required credit scores. We also checked whether the lenders offer streamline refinances for borrowers refinancing from a government-backed mortgage into the same type of mortgage, which can be more affordable for borrowers with less-than-perfect financial profiles. Finally, we looked at whether they have any flexible credit guidelines. This could include allowing borrowers to have recent negative events on their credit reports, or accepting non-traditional credit, like utility bills and rent payments, in lieu of a traditional credit score.