13 Best Mortgage Refinance Lenders of 2022

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Homeowners still have time to refinance and reduce their monthly mortgage payments, while mortgage rates remain pretty low. For homeowners interested in saving money by locking in a lower rate, shortening their mortgage term, or accessing part of their home equity without selling, now is a perfect moment to analyze the numbers and determine whether refinancing makes sense.

Before refinancing your house, you should shop around for the best rate and repayment conditions. Simplemoneylyfe evaluated several of the top lenders to see which offer the most competitive rates and fees, which are critical refinancing factors.

Best Mortgage Refinance Lenders

  • RECOMMENDED
  • BEST FOR
  • MIN. CREDIT SCORE

Top Mortgage Refinance Lenders: Fees, Rates, & Terms

Best Overall Mortgage Refinance Lender
Better Mortgage Refinance Rates
APPLY NOW
On Better's Secure Website
Rates & Fees
Better Mortgage
  • NMLS#
    330511
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Better.com is deservingly the best in terms of fees, with a simple, three-minute pre-approval process and three-week closings. You will save money because there is no application, underwriting, or origination fees. Instant loan estimates and transparency are available, and online approval can take as little as three minutes. Additionally, Better.com provides homeowners and title insurance. 

>> More: Better Mortgage Review

Best Online Mortgage Refinance Lender
Rocket Mortgage Refinance Rates
APPLY NOW
On Rocket Mortgage's Secure Website
Rates & Fees
Rocket Mortgage
  • NMLS#
    3030
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Rocket Mortgage also provides refinancing for primary residences, second residences, investment properties, and condominiums. Ineligible are mobile and prefabricated residences. In some circumstances, you can refinance to lower your payment or interest rate, take cash out of your house, shorten your loan term, or a combination of any of these.

The company provides several refinance programs, such as FHA streamlines and VA Interest Rate Reduction Refinance Loans (IRRRLs). Rocket Mortgage does not provide home equity loans (HELOCs). The significant advantage of refinancing with Rocket Mortgage is that your closing expenses can be rolled into the loan balance, making your refinance much cheaper upfront.

>> More: Rocket Mortgage Review

Best Government Home Loan Refinance Lender
Veterans United Refinance Rates
APPLY NOW
On Veterans United's Secure Website
Rates & Fees
Veterans United
  • NMLS#
    1907
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Veterans United is the leading VA mortgage lender in the US. This lender offers online pre-approval and 24/7 phone client support while only having branches in 18 states. This is especially useful for military personnel stationed overseas. Veterans United offers VA, FHA, USDA, and conventional loans. Refinancing alternatives for VA borrowers include the VA IRRRL. Veterans United says it writes loans up to $2.5 million.

>> More: Veterans United Mortgage Review

Best Mortgage Refinance for Customer Service + Government Loans
AmeriSave Refinance Rates
APPLY NOW
On AmeriSave's Secure Website
Rates & Fees
AmeriSave
  • NMLS#
    1168
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

AmeriSave was founded in Atlanta and licensed in every state except New York. As with some of the other mortgages refinance lenders on this list, AmeriSave’s website features various calculators that can assist you in estimating the cost and rate of your loan. It guarantees that pre-approval will take an average of three minutes. On average, the company claims that approval for a mortgage refinancing loan takes less than 25 days.

>> More: AmeriSave Mortgage Review

Best for Online Mortgage Refinance
LoanDepot Refinance Mortgage
APPLY NOW
On LoanDepot's Secure Website
Rates & Fees
LoanDepot
  • NMLS#
    174457
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Stands out for its “Mello smart loan,” a full-service digital site that uses artificial intelligence to verify asset and employment information and can also conduct credit checks and initiate the appraisal process. With LoanDeport, you can also obtain information on mortgage refinance rates that are not readily available on the website by contacting one of its loan officials. 

>> More: LoanDepot Mortgage Review

Best Mortgage Refinance for Veterans + Active-Duty
NASB Refinance
APPLY NOW
On NASB Mortgage's Secure Website
Rates & Fees
NASB Refinance
  • NMLS#
    400039
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

North American Savings Bank (NASB), headquartered in Kansas City, Missouri, provides a wide range of mortgage products. You can select from conventional, FHA, and VA loans, as well as special programs such as bank statement loans, Flex loans, and Portfolio loans. NASB offers both purchases and refinances. Because this lender has no branches outside Kansas City, MO area, most transactions will be completed online or over the phone. 

>> More: NASB Mortgage Review

Best for Fast Mortgage Refinance
GuarnateedRate Mortgage Refinance Rates
APPLY NOW
On Guaranteed Rate's Secure Website
Rates & Fees
GuaranteedRate
  • NMLS#
    2611
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Mortgage fees are standard, and interest rates are competitive, just below the national average. Guaranteed rate waives all loan fees for VA borrowers (or those refinancing VA loans). Guaranteed Rate has over 300 offices nationally and is available online. The company provides both in-person and online mortgage application services.

>> More: GuaranteedRate Mortgage Review

Best Traditional Mortgage Refinance Lender
Chase Mortgage Refinance Rates
APPLY NOW
On Chase Bank's Secure Website
Rates & Fees
Chase Bank
  • NMLS#
    399798
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Chase Home Lending is a leading mortgage lender. Chase offers a comprehensive selection of mortgage solutions with lower rates and costs than many other lenders. After talking with a home loan expert, borrowers can complete their applications entirely online. Chase gives up to $2,500 in grants to first-time homebuyers who use Dreamaker, FHA, or VA loans. Refinancers may also be eligible for $2,500 grants. 

>> More: Chase Mortgage Review

Best Overall Mortgage Refinance Lender
Flagstar Mortgage Refinance
APPLY NOW
On Flagstar's Secure Website
Rates & Fees
Flagstar Bank
  • NMLS#
    417490
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Flagstar has a range of purchase and refinance mortgages. Although 2020 Home Mortgage Disclosure Act data shows origination fees are generally higher, consumers who refinance with this lender are likely to pay slightly lower fees.

Choosing “Apply Now” on Flagstar’s Home Loans page takes you to a contact request page. Enter essential facts like purchase/refinance, loan type, amount, down payment, and contact info, and a mortgage lending counselor will call you.

>> More: Flagstar Bank Home Loans Review

Best Overall Mortgage Refinance Lender + Customer Service
Guild Mortgage Refinance Rates
APPLY NOW
On Guild's Secure Website
Rates & Fees
Guild Mortgage
  • NMLS#
    3274
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Guild Mortgage, situated in San Diego, started by exclusively lending to homes developed by the American Housing Guild. Guild Mortgage, founded in 1960, quickly grew beyond a single builder and specialized on government-backed mortgages for first-time purchasers, such as FHA, VA, and USDA loans.

Guild Mortgage currently serves much of the country with a growing range of purchase and refinance mortgage choices, including manufactured home loans and remodeling loans. But no home equity loans are available. Guild Mortgage guarantees a 17-day closing for qualified applicants, paying $500 toward closing costs if the lender causes delays.

>> More: Guild Mortgage Review

Best Credit Union Mortgage Refinance
ACU Mortgage Refinance
APPLY NOW
On Alliant Credit Union's Secure Website
Rates & Fees
Alliant Credit Union
  • NMLS#
    197185
  • Min. Credit Score
    Varies
  • Learn More
  • Mortgage Details

In 1935 and based in Chicago, Alliant Credit Union claims to have more than 600,000 members nationally and more than $14 billion in assets, making it one of the largest credit unions in the country. When refinancing a mortgage with mortgage insurance into a cheaper rate and payment, Alliant can help you optimize your savings by waiving the insurance, making it our preferred credit union.

Alliant provides a variety of mortgage loan alternatives and personalized services from one of their mortgage specialists, including free tailored quotes and rate freezes for 90 days on refinancing. 

Best for Traditional Bank Mortgage Refinance
BoA Mortgage Refinance Rates
APPLY NOW
On Bank of America's Secure Website
Rates & Fees
Bank of America
  • NMLS#
    399802
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Bank of America is our best bank for refinancing since they offer online, phone, and branch services. Interest rates for refinancing are 3% for a 30-year fixed-rate loan and 2.500% for a 15-year fixed-rate loan. A 5/1 ARM has an interest rate of 2.625 percent.

Current BOA clients can save up to $600 on closing fees when refinancing. On the bank’s website or mobile app, you can apply for a mortgage, get pre-approved, and even lock in their rates. To refinance into a BOA loan, borrowers must have a credit score of 620 for a conventional loan, 640 for an FHA loan, and 660 for a VA loan.

>> More: Bank of America Mortgage Review

Best Mortgage Refinance for Veterans
NFCU Mortgage Refinance
APPLY NOW
On NFCU's Secure Website
Rates & Fees
NFCU Mortgage Refinance
  • NMLS#
    399807
  • Min. Credit Score
    660
  • Learn More
  • Mortgage Details

The credit union was established in 1933 to serve the military community. Navy Federal Credit Union (NFCU) can do more for veterans who want to refinance than only offering VA loans. Navy Federal is our best pick for veterans because of its Military Choice program that offers a rate match guarantee and rate lock. Their Military Choice program offers 4% interest rates, 4.276 APRs, and 16- to 30-year periods. This is an excellent choice if you have exhausted your VA loan options and need to refinance.

How to Compare the Best Mortgage Refinance Lenders 

If you’re considering refinancing your mortgage to lower your rate, you’ll reach out to several lenders and compare their offerings. Below is how to compare the best mortgage refinance lenders.

#1. Online Experience 

The coronavirus pandemic has created a whole new dimension of online mortgage lending. Thanks to this new phase, potential borrowers can now apply for a mortgage, get pre-approved, and track their loan application process online.

In our above list of best mortgage refinance lenders, all mortgage lenders offered an online lending process. When comparing mortgage refinance lenders, it is essential to consider the level of online experience offered by the lender.

#2. Customer Support 

When comparing mortgage refinance lenders, factoring in the quality of customer support the lender offers is vital. Find out if the lender offers 24/7 customer support, online support, and other forms of support. Remember that a mortgage refinance process can be a complex process, and you would need to be in constant communication with your lender.

#3. Mortgage Refinance Rates 

The interest rate you receive is significantly determined by the amount of equity in your property, your credit history, loan-to-value (LTV), debt-to-income ratio (DTI), and your income. However, finding the best rate might also be influenced by the mortgage lender. That is why receiving multiple quotations is beneficial to you. A 0.50 percent difference may not seem like much, but it might save you thousands of dollars over the life of the loan.

#4. Mortgage Refinance Fees 

When comparing lenders, obtaining the lowest interest rate on a cash-out refinance isn’t the only issue to consider. Two lenders can advertise the same interest rate while charging vastly different closing fees. A low rate combined with significant closing fees can chip away at the savings you expected from the low rate.

Looking at the loan’s APR is a sure-fire technique to evaluate the difference between offers. In addition to the interest rate, the APR considers many of the loan’s fees over the loan’s whole period.

#5. Time

When choosing a mortgage refinance lender to work with, you must consider the average loan closing timeline. While some mortgage refinance lenders offer 15 days mortgage approval, others may take up to 45 days to close on your mortgage refinance.

>> More: How to Refinance Your Mortgage

How Often Can You Refinance a Mortgage? 

Known as a “seasoning requirement,” lenders may ask borrowers to wait a certain amount of time before being accepted for refinancing. Generally, you must wait six to twelve months between getting a mortgage and refinancing.

If you are refinancing to avoid private mortgage insurance, you may be required to wait two years. Nonetheless, this need is lender-specific, and there may be exceptions. Cash-out refinancing, in particular, frequently requires borrowers to wait at least six months after their last refinance, even if they are working with a different lender.

Additionally, government-backed home loans typically have waiting periods. For an FHA Streamline refinance, for example, at least six full months must have gone since the mortgage’s first payment due date, and at least 210 days must have passed since the mortgage’s closing date.

How Do You Qualify for Mortgage Refinance? 

To qualify for a mortgage refinance, you must meet the following criteria:

  • Good Credit Score: A good credit score might help you get the best refinance rate. Standard refinance loans have higher credit score criteria. For an FHA cash-out refinance, the minimal score is 500. 620 for traditional refinancing. But lenders can establish higher minimums if they want.
  • Debt-to-income ratio: The percentage of monthly gross income used to pay off recurring debts. Many lenders want a DTI under 36%. Higher DTI mortgages can be refinanced but at a higher interest rate.
  • Home Equity: Home equity is the difference between the home’s value and the mortgage balance. The amount of equity required to refinance varies by lender and mortgage type, but 20% equity is usual.
  • Refinance Wait Period: While you can refinance as many times as you desire, some lenders impose a “seasoning” period. A cash-out refinance, for example, takes six months. Refinancing an FHA, VA, or USDA mortgage takes six to twelve months.

Is It Cheaper to Refinance with Your Current Lender? 

It’s advisable to refinance with your current mortgage lender if they can provide you with a better deal than the others you’ve compared. You won’t know for certain unless you compare rates from at least several other mortgage brokers or organizations.

If you like your existing lender and would like to continue working with them, see if you can leverage your rate quotes. You may be able to utilize a great offer from another lender to bargain with your present lender for a lower rate.

How Much Does It Cost to Refinance a Mortgage? 

Refinancing is costly — but in some cases, it may be worthwhile. You’ll be responsible for closing charges, which include recording, appraisal, and mortgage origination fees, among others. In general, you can anticipate paying between 2% and 5% of the whole loan amount. According to ClosingCorp, the average cost of refinancing a mortgage is $2,398.

Assume you refinance your mortgage at the cost of $100,000. Closing costs (including taxes) typically range between 2% and 5% of the loan principal, or $2,000 to $5,000 in this example.

When Is Refinancing a Mortgage a Good Financial Decision? 

Here are five situations when a refinance may be a good financial decision:

Mortgage rates have fallen

Mortgage rates for homeowners can fluctuate due to the US Federal Reserve’s monetary policy, market movements, inflation, the economy, and global events. You may be able to save by switching to a lower mortgage rate compared to your current rate.

So, how low must mortgage rates fall before refinancing becomes worthwhile? Refinance if your rate is 1% to 2% lower than your current rate. When considering refinancing, keep in mind your present loan term as well.

Your credit score has gone up

Your credit plays a significant role in how much you pay for your mortgage. If your credit is good, you will get a lower interest rate most of the time.

You desire a loan with a shorter term

If you’re in a hurry to pay off debt, you can consider refinancing your mortgage to a shorter loan term. You may be able to increase your savings if you get a lower interest rate and shorten the period of your loan. A shorter loan period results in lower overall interest payments.

However, one word of caution: you will almost certainly increase your monthly payment in exchange, so be sure it fits within your budget.

The value of your home has increased

If the value of your property has increased, you may also benefit from refinancing, particularly if you have additional high-interest debt or another financial goal to accomplish.

You wish to switch from a variable to a fixed rate

If mortgage rates continue to rise and you currently have an ARM or adjustable-rate mortgage, you may want to consider refinancing and convert to a fixed-rate mortgage.

When Is Refinancing Your Mortgage Not a Smart Financial Decision? 

Here are three situations where it might not be worth it for you to refinance your home.

You are subject to a prepayment penalty.

Consider whether you’ll save enough to make paying the penalty fee worthwhile if your current mortgage contains a prepayment penalty. Also, inquire with your lender about waiving the penalty if you renegotiate your mortgage with them.

You’re about to relocate.

Do you have your heart set on a new home? Calculate your break-even point to ensure you won’t lose money after refinancing charges are taken into account.

You already have a home equity loan.

You may need to contact your lender for permission to refinance a home equity loan or line of credit (also known as a HELOC) if you have one. If it doesn’t agree, you may need to pay off this account before refinancing.

Summary: Best Mortgage Refinance Lenders

Bottom Line: Best Mortgage Refinance Lenders

Whether you’re looking for a new mortgage or looking to refinance an existing one, you should shop around first. In terms of interest savings, this might save you thousands of dollars over the life of the loan.

Methodology

To select the best mortgage refinance lenders, we reviewed and analyzed 40+ lenders that operate online and offer in-person experience throughout the United States. Our evaluation includes reviewing rate transparency, refinancing fees and requirements, industry reputation, online experience, customer support, and security. We also utilized expert sources: J.D. Power’s Mortgage Origination Satisfaction Survey, Home Mortgage Disclosure Act, Consumer Financial Protection Bureau, Google Reviews, and the Nationwide Mortgage Licensing System (NMLS). Read our strict editorial guidelines and mortgage loan rating methodologies for more information.

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Elijah Bishop
Elijah Bishop

Elijah A. Bishop is a Senior Personal Finance Writer who has been writing about real estate and mortgages for years. He has a Bachelors of Arts Degree in Creative writing from Georgia State University and has also attended the Climer School of Real Estate. He also holds a realtor license and has been in and out of the US mortgage industry as a loan officer. Bringing over 15 years of experience, Elijah produces content that analyzes ethnicities, race, and financial well-being. His areas of expertise are mortgages, real estate, and personal loans.