12 Best Mortgage Refinance Companies

Despite the common misconception, you don’t have to refinance with your current mortgage lender. In fact, it might actually cost you to do that.

The truth is that mortgage lenders vary widely on terms, interest rates, fees and even eligibility requirements. So shopping around is actually crucial to getting a good deal (not to mention finding a loan that fits your individual needs).

Are you planning to refinance this year? Start your search with our best picks for mortgage refinance lenders below.

Our Top Picks for the Best Mortgage Refinance Lenders

• Best Overall: Rocket Mortgage
• Best Marketplace: Zillow
• Best Online Refinance: Better
• Best Credit Union: PenFed
• Best Loan Options: Guild Mortgage
• Best for Jumbo Loans: PNC Bank
• Best for Customer Discounts: Bank of America
• Best for Benefits: Intelliloan
• Best Customer Service: New American Funding
• Best for Discounts: Chase
• Best Flexible Loan Terms: Citizens bank
• Best for Military Members and Veterans: Navy Federal Credit Union 

Best Mortgage Refinance Reviews

Rocket Mortgage, previously known as Quicken Loans, takes our top spot for its digital mortgage application process, its variety of loan refi options and its strong record of customer service.

Under its previous name, Rocket Mortgage has consistently ranked near the top of J.D. Power’s customer satisfaction surveys (one for servicing and one for origination) for the last eight years, and it’s no wonder why. The lender not only has a handy, all-digital application and closing process, but if you need help along the way, its more-than-3,000-home loan experts are there seven days a week — sometimes even up to midnight — to provide it.

Rocket Mortgage also offers a variety of refinance options, including FHA Streamlines, VA Interest Rate Reduction Refinance Loans and refinances for both conventional and jumbo loans.

Zillow’s marketplace makes it easy to view refinance rates, terms and loan options from a variety of lenders nationwide.

Zillow’s easy-to-use platform isn’t just great for home shopping; it can also help you find the right loan, too. Its customizable filters make searching for lenders and refinance rates easy: Adjust the term (30-year mortgage, 15-year mortgage, etc.), points, loan types, cash-out amount and more, and you’ll see a detailed list of lender offers that fit the bill. You’ll also get stats on customer reviews, average fees, APRs and other important details.

Once you choose a lender, you can request customized rate quotes and even start the application process right on the site.

Better’s all-online mortgage process and handy user dashboard make finding, applying and closing on a refinance both convenient and easy. You can even get a preapproval in just three minutes.

Better is known for its tech-driven approach and all-online mortgage process, which saves you time and allows for faster closings. Users can get pre-approved for their loan in minutes, and according to the company, it closes refinance loans about 10 days faster than industry averages.

Better also charges no origination fees, and there’s a price-matching guarantee too: If you find a lender offering more competitive rates, Better will match it — plus give you an extra $100.

With top-notch customer service and ample member benefits, PenFed is our top pick for credit union lenders.

Credit unions often offer a more hands-on approach and lower fees than your typical mortgage lender, and members can get special perks too. If that’s something you’re looking for with your refinance, PenFed may be a good fit. The credit union offers a wide variety of loan options, including cash-out refinances and VA IRRRLs, and its member benefits include cash credits (up to $2,500, depending on your loan amount) and discounted home insurance. And for VA borrowers, PenFed will even cover the closing costs, including transfer taxes, recording fees, appraisal fees and more.

PenFed is also known for its happy customers. While it isn’t included in JD Power surveys of customer satisfaction, the credit union has 4.5 stars out of 5 on Trustpilot, with nearly nine in 10 customers characterizing their experience with PenFed either “great” or “excellent.”

Guild Mortgage boasts a wide range of loan options, including refinances on conventional loans and the government-backed FHA, VA and USDA loans. It also has loans for lower-credit borrowers.

The loan options from California-based Guild Mortgage run the gamut. The company offers conventional, FHA, VA, USDA and jumbo loans, as well as loan types for home energy improvements and medical professionals specifically. The company also took home J.D. Power’s top award for customer satisfaction this year and has more than 200 locations nationwide.

For borrowers with low credit scores, Guild may be a good option too. The lender’s minimum credit score on FHA loans is just 540 — well below most other lenders, and its streamlined refinancing programs might even help you avoid a credit check. The company also took our top spot for first-time homebuyers this year.

PNC Bank offers a variety of jumbo loan options, and loan amounts go up to $5 million. It also boasts above-average ratings for customer satisfaction.

If you’re in need of a higher loan amount to refinance (above $647,200 in most markets), PNC Bank is a good place to start. The bank’s jumbo loans come in fixed- and adjustable-rate options, and there are several loan terms to choose from. Loan amounts go up to $5 million and can be used on both primary and second homes.

PNC offers mortgages in all 50 states, and it boasts above-average customer satisfaction, according to J.D. Power. There are both online and in-person application options.

Bank of America customers enjoy reduced fees when buying a home or refinancing through the bank. It also boasts thousands of branches nationwide.

Bank of America’s Preferred Rewards program gives existing customers an edge when buying a house or refinancing. Currently, fees are reduced by $200 to $600, depending on what rewards tier you fall into, and if you’re ever in need of a home equity loan, you’ll get a 0.125% lower interest rate too.

Best of all, Bank of America is highly accessible (over 4,000 branches nationwide), and it’s ranked in J.D. Power’s top 10 for customer satisfaction consistently.

Intelliloan has been in business for 30 years and offers its customers a variety of benefits that include customized consultation. The company can help you refinance to lower your monthly payments, pay off your mortgage faster, consolidate your debt or get cash.

Intelliloan offers a variety of loan options, including 15-year and 30-year fixed-rate loans, FHA, VA and ARMs. The company offers the Borrow Smart program, where customers receive a personalized consultation with certified specialists. Your specialist will review your financial history, goals and current situation to find your best options.

The company also offers a three-year rate drop protection for conventional loans, where they’ll roll your rate down for up to three years if markets improve. Lastly, their Best Price Promise guarantees that, if they don’t offer you the lowest rate, they’ll give you $500. Intelliloan has a strong customer satisfaction record and holds an A+ rating with the Better Business Bureau. 

New American Funding is one of our top picks for offering customer service that is knowledgeable, accessible and friendly. It offers cash out, rate and term, cash in and HELOC refinance options.

This year, New American Funding was awarded the top spot in JD Power’s U.S. Mortgage Servicer Satisfaction Study. And for good reason. The company stands out for its “I CAN Mortgage” loan, which allows you to pick flexible loan terms between eight to 30 years. 

New American Funding offers a refinance calculator on their website to help you determine if refinancing is right for you. It evaluates the details of your current loan, and potential new loan. to calculate the difference in your monthly payments.

New American Funding is also committed to diversity, equity and inclusion through initiatives such as Latino Focus and New American Dream, which aim to give greater loan access to Latino and Black homebuyers. The company also won the 2022 Mortgage Bankers Association’s Diversity, Equity, and Inclusion (DEI) Residential Leadership Award. 

There’s a wide variety of loan options available, including conventional loans, VA, FHA, USDA and jumbo loans, and their interest rates are clearly listed on their website. They’re accredited with the BBB and hold an A+ rating with the institution. 

Chase Bank is one of the largest lenders in the U.S. and one of our top picks for loan refinance lenders. Chase’s services are offered in most states across the U.S. and current Chase customers can receive a discount to lower fees and rates. 

Chase offers a Relationship Pricing Program for a discount of up to .5% off your interest rate. Customers can earn a discount of 0.125% or 0.25% if they have certain amounts of money in existing eligible deposit or wealth management accounts. An additional discount is available when you deposit or transfer money from other sources. 

Chase currently ranks second on JD Power’s 2022 Mortgage Origination Satisfaction Study and fifth on JD Power’s 2022 Mortgage Servicer Satisfaction Study. With over 5,300 branches in the US, Chase offers its customers the flexibility and convenience they want. 

There is a mortgage calculator on Chase’s website to help determine the right option for you. The lender also lists its current interest rates.

Citizens Bank is our top choice for its flexible loan terms and easy, online refinancing application process.

 

Citizens Bank is a good option if you’re looking for flexible loan terms between 10 and 30 years for a fixed-rate mortgage. They also offer FHA, VA and ARM loan options. 

If you’re a member for more than six months, you can access their portfolio products which include the option for jumbo loans. Unfortunately, portfolio products are only available for people in states with brick-and-mortar branches. 

Citizens Bank has a streamlined, online application process. Additionally, they are a direct mortgage lender and won’t sell your mortgage to other loan servicers. They offer discounts for autopay and paperless billing, and members with investment accounts receive a discount of 0.125%.

Navy Federal Credit Union is our top choice for military members and their families, veterans and Department of Defense employees. You can refinance with Navy Federal to get a better loan, take cash out or convert to a fixed rate.

Navy Federal Credit Union offers conventional fixed-rate 10-30 year loans, ARM, VA, and VA streamline (IRRRL) refinance loans. In order to refinance with Navy Federal Credit Union, you must become a member. You can only join if you or one of your family or household members is an active or retired servicemember. Department of Defense members are also eligible.

They also offer many discounts and benefits, including a rate match guarantee and Realty Plus, a program to help you find a real estate agent. If you choose to sell your home or buy a new one and close with a Realty Plus agent, you’ll get a $400 to $9,000 cashback incentive depending on the price of the home.

Other companies we considered

We considered many other mortgage lenders in our rankings. These included LoanDepot, Ally, Chase Bank, SunTrust, Caliber Home Loans, Guaranteed Rate, Alliant Credit Union, U.S. Bank, AmeriSave, Reali, Navy Federal and more. Though all had their own advantages, they did not make our list of best mortgage refinance companies for 2022.

Mortgage Refinance Guide

Mortgage refinancing can often feel confusing and overwhelming. Use this guide to learn more about your options and how the process works.

How to refinance a mortgage?

The first step to refinancing a mortgage is to check your eligibility. Eligibility requirements are based on individual lenders and mortgage loan products, but generally, you can expect to need:

• A debt-to-income ratio (DTI) of 43% or less (some loan programs allow a DTI up to 50%). Use our DTI ratio calculator for guidance
• At least a 620 credit score, in most cases
• A loan-to-value ratio (LTV) of at least 80% (some lenders may allow for lower LTVs)

During the underwriting process, you will also need to submit a variety of documents, including a copy of your government-issued ID or Social Security card; pay stubs; your last two W-2s, 1099s and tax returns; and statements for your bank accounts, investment accounts and other assets.

Your lender may also require an appraisal to confirm the current market value of your home (a real estate agent can help you gauge what this number might be), and you will often need to agree to a credit check. Lenders typically base eligibility and rates, at least partially, on your credit score

Why refinance a mortgage?

The answer depends on your goals, your current loan balance, your current interest rate and the rate you’d get on your new loan.

Generally speaking, you would want to refinance in order to change the terms of your current loan. It may be worth your while to refinance if your new loan agreement significantly reduces your interest rate, lowers your monthly mortgage payment or speeds up your repayment timeline. You might also consider refinancing if you want to switch from an adjustable-rate mortgage to a fixed-rate one, you want to get rid of PMI or you need extra cash.

When to refinance a mortgage?

The best time to refinance a mortgage depends on many factors, and you should consider whether you’ll stay in your house long enough to reap the benefits of a refinance and improve your financial situation. Typically, you should wait to refinance until:

Mortgage interest rates drop: It may be a good time to consider refinancing options if interest rates drop 1% from your current rate.

Your credit score improves: Lenders use credit scores to assess loan eligibility. If your scores are higher, then you may be able to get a lower interest rate, a lower monthly payment and better loan terms.

You have equity built up: If you have over 20% equity in your home, you can avoid paying mortgage insurance. Refinancing and getting rid of mortgage insurance may save you money.

Your home value increased: If the market value of your home has significantly increased, you could refinance to get cash to reach your financial goals.

When is refinancing your mortgage a bad idea?

Refinancing can have its benefits, but it’s not the right move for every homeowner.

Refinancing may not be the wise if:

You can’t reduce your interest rate much (0.50 percentage points or more is ideal)

You won’t be in the home long enough to break even on your closing costs

Your credit score has declined and won’t qualify you for low rates. (If you’re in this boat, see our guide on how to refinance your mortgage.)

Your new mortgage payment would stretch your budget

You would use up your emergency fund to pay for it

If any of the above applies to you, it’s best to talk to a mortgage broker or loan officer before moving forward. They can help you understand the financial implications of refinancing in your specific situation. You can also use a mortgage refinance calculator to aid in your decision, and once you’re ready to get started, follow our guide for the seven steps to refinance your mortgage.

Latest News on Mortgage Refinance

Mortgage rates have increased in 2022, and many experts predict they will continue rising if the Federal Reserve continues tightening its monetary policy. If higher rates are in the cards, it would reduce the number of homeowners who can benefit from a rate-and-term refinance, as well as shrink the savings this type of loan refinance can offer.

Want to make sure you’re making a smart decision? Catch up on the market’s current mortgage rates before making any moves.

How We Chose the Best Mortgage Refinance Companies

We evaluated our best mortgage refinance lenders based on:

• Loan offerings
• Convenience and application ease
• Physical accessibility
• Customer satisfaction
• Use of digital tools
• Lender fees
• NMLS regulatory actions

We also consulted the Mortgage Bankers Association, J.D. Power’s U.S. Primary Mortgage Origination Satisfaction Study, Trustpilot and the NMLS (Nationwide Mortgage Licensing System).

Summary of the Best Mortgage Refinance Companies

• Best Overall: Rocket Mortgage
• Best Marketplace: Zillow
• Best Online Refinance: Better
• Best Credit Union: PenFed
• Best Loan Options: Guild Mortgage
• Best for Jumbo Loans: PNC Bank
• Best for Customer Discounts: Bank of America
• Best for Benefits: Intelliloan
• Best Customer Service: New American Funding
• Best for Discounts: Chase
• Best Flexible Loan Terms: Citizens bank
• Best for Military Members and Veterans: Navy Federal Credit Union