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Refinancing your mortgage can be a great way to secure a better interest rate, lower your monthly payments, get rid of mortgage insurance on an FHA mortgage, or tap into your home’s equity.
We’ve chosen lenders that offer a variety of mortgages you can refinance into, and most have received an A+ rating from the Better Business Bureau. Many of our top picks also thrive in customer satisfaction and accept alternative forms of credit if you don’t have a credit score, making it easier to qualify.
Rocket Mortgage
Veterans United
Fairway Independent Mortgage Corporation
Guild Mortgage
US Bank
Carrington Mortgage Services
New American Funding
PNC Bank
NBKC Bank
Navy Federal Credit Union
Chase
Bank of America
Comparing the best mortgage refinance lenders
Rocket Mortgage (jump to Rocket Mortgage details»)
The bottom line: Rocket Mortgage is a great option if you’re comfortable applying online and have a good credit score.
Rocket Mortgage ranked as the top lender for customer satisfaction from J.D. Power for 11 consecutive years, and ranked No. 2 in 2021. It provides a quick, easy online experience and offers mortgages with terms as short as eight years.
Rocket Mortgage currently has an A+ rating from the BBB.
Veterans United (jump to Veterans United details»)
The bottom line: Veterans United is a good option for refinancing conventional or VA mortgages. It could also be a good fit if you have a poor or no credit score.
Veterans United is notable for its exceptional customer service, earning a high score in J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study. However, it doesn’t qualify to rank in the study because it doesn’t meet certain criteria.
Veterans United has an A+ rating from the BBB.
Fairway Independent Mortgage Corporation (jump to Fairway Independent Mortgage Corporation details»)
The bottom line: Fairway Independent Mortgage is a good refinance lender overall, especially if you have a low or no credit score and need to apply with alternative data.
Fairway Independent offers a streamlined, digital closing option that can help you have a faster closing experience. It also lets you apply with alternative credit data if you have no credit or poor credit.
This lender has an A+ rating from the BBB.
Guild Mortgage (jump to Guild Mortgage details»)
The bottom line: Guild Mortgage is a good option for many types of people, because it has multiple refinance loans for borrowers in different situations.
Guild Mortgage offers a hybrid digital closing option that can help you have a faster closing experience. It currently has an A- rating from the BBB. In 2021, Guild earned the No. 1 spot on J.D. Power’s customer satisfaction study.
US Bank (jump to US Bank details»)
The bottom line: US Bank is a good refinance lender if you have a decent credit score.
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.
This lender has an A+ rating from the BBB. It ranks below average on J.D. Power’s customer satisfaction study.
Carrington Mortgage Services (jump to Carrington Mortgage Services details»)
The bottom line: Carrington is a worthwhile option, particularly if you have a low or no credit score and need to apply with alternative data.
Borrowers can get a Carrington Flexible Advantage Refinance mortgage with credit scores as low as 550 or negative credit events like bankruptcy on their credit reports. It also accepts alternative forms of credit on some of its loans.
Carrington has an A+ rating from the BBB.
New American Funding (jump to New American Funding details»)
The bottom line: 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.
New American Funding has an A+ rating from the BBB.
PNC Bank (jump to PNC Bank details»)
The bottom line: PNC Bank is a good refinance lender if you have a strong credit score.
PNC Bank offers a wide variety of mortgages for borrowers looking to refinance. Additionally, Executive Costco members can get discounts on lender fees and interest rates
This lender has an A+ rating from the BBB. It ranks at the industry average in customer satisfaction, according to J.D. Power’s 2021 study.
NBKC Bank (jump to NBKC Bank details»)
The bottom line: 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 talk to an expert and get your questions answered in just a few minutes. It currently has an A+ rating from the BBB.
Navy Federal Credit Union (jump to Navy Federal Credit Union details»)
The bottom line: 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 2021 customer satisfaction study. However, because it doesn’t meet certain criteria, it didn’t receive a ranking. You can apply using alternative credit data with this lender.
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. The BBB gives Navy Federal an NR rating.
Chase (jump to Chase details»)
The bottom line: Chase is a strong mortgage refinance lender overall, but you’ll need a decent credit score to qualify.
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 has a A- rating in trustworthiness from the BBB. It ranked below average in J.D. Power’s 2021 customer satisfaction study.
Bank of America (jump to Bank of America details»)
The bottom line: Bank of America is a good mortgage lender overall, but you’ll need a decent credit score to refinance.
Bank of America may be a good option if you’re already a Bank of America customer, since existing customers can get a discount on their origination fees.
Bank of America has an A+ rating from the BBB. It ranked above average in J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study.
Mortgage refinance lenders that didn’t make the cut and why:
We looked at over two dozen mortgage lenders that refinance loans. Here are the ones we didn’t choose as our favorites:
USAA: This is a good option for refinancing VA loans, but it won’t work for any other types of mortgages.Truist: You might like refinancing with Truist, but ranks low 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: This bank received good customer satisfaction ratings from J.D. Power, but an F in trustworthiness from the BBB.Wells Fargo: Due to some recent scandals, Wells Fargo has received an F rating from the BBB.Better.com: 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: SoFi is another worthwhile choice for conventional mortgages, but you can’t refinance into an FHA, USDA, or VA loan.Freedom Mortgage: You can refinance into several types of mortgages with Freedom, but J.D. Power ranks it low for customer service.Guaranteed Rate: You might like Guaranteed Rate, but it only has an A- rating in trustworthiness.Loan Depot: 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: You can refinance into several types of loans with Penny Mac, but the lender ranks low on J.D. Power’s customer satisfaction survey.Flagstar Bank: This bank has received an A+ from the BBB, but J.D. Power ranks it pretty low on customer satisfaction.Alliant Credit Union: This is a good online lender, but you can’t refinance into FHA, VA, or USDA loans.Mr. Cooper: This lender offers a few refinance options, but J.D. Power ranks below average for customer satisfaction.
Are these mortgage refinance lenders trustworthy?
The Better Business Bureau grades companies from F to A+. Grades are based on responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB grades for our top mortgage refinance companies:
LenderBBB gradeRocket MortgageA+Veterans UnitedA+Fairway Independent Mortgage Co.A+Guild MortgageA-New American FundingA+PNC BankA+NBKC BankA+Navy Federal Credit UnionNRChaseA-Carrington Mortgage ServicesA+Bank of AmericaA+US BankA+
Almost all of our top picks have an A+ from the BBB. The exceptions are Guild Mortgage, Chase, and Navy Federal. The BBB says that it gave Guild Mortgage and Chase an A- rating rating due to government actions taken against the businesses. Meanwhile, Navy Federal has an NR (“No Rating”) because it is responding to customer complaints.
Several of these lenders do have recent public controversies, though, even the ones with great BBB grades.
The US Justice Department required Rocket Mortgage’s parent company Quicken Loans to pay $32.5 million for alleged mortgage fraud in 2019. The Justice Department claimed Quicken Loans approved mortgage applications it shouldn’t have. The company never admitted to mortgage fraud, although it did pay the settlement.
A Navy Federal employee has claimed the lender pressured mortgage underwriters to approve loans even if they didn’t have sufficient reason to believe applicants could repay the loans. Then she filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020.
Guild Mortgage paid the United States $24.9 million in 2020 when it was accused of approving FHA mortgages for people who weren’t eligible, resulting in loan defaults.
In 2020, the Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. In 2019, the Department of Labor required Bank of America to pay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.
In 2019, PNC Bank was accused of aiding a man in carrying out a fake debt relief project, which cost customers a total of $85 million. PNC had suspected the man of running a scheme and closed his bank accounts in 2014. But nine months later, the bank let him open more accounts.
The Department of Justice required JPMorgan & Chase to pay $920 million for wrongful trading in 2020. The company paid the Securities and Exchange Commission $135 million in 2018 for mishandling American Depositary Receipts, certificates that let Americans invest in foreign stocks.
If any of these recent issues worry you, you may decide to go with one of the other refinance lenders on our list.
Methodology: How we chose the best mortgage refinance lenders for 2022
To choose the top mortgage refinance lenders of August 2022, we looked at four main factors:
Customer satisfaction. If the mortgage lender appeared in the J.D. Power 2021 Primary Mortgage Origination Satisfaction Survey, 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 a lender lets you streamline from a government-backed loan into the same type of loan, which can be more affordable for borrowers with less-than-perfect financial profiles. Finally, we looked at whether it considers alternative forms of credit, like utility bills and rent payments, for you to qualify.
Frequently asked questions
What questions should I ask myself?
Before you begin the refinancing process, here are some questions you should be asking yourself:
Should I refinance my mortgage?Will my rate go up if I refinance?What are current mortgage refinance rates?How much equity do I have in my home?Is a cash-out refinance worth it?
Think about what you hope to achieve with your refinance. If it’s a lower rate, take a look at current rates and find out if they’re lower than what you’re currently paying. If you want to take cash out of your home, you’ll need to make sure you have enough equity built up, and that doing so would be financially beneficial to you.
Refinancing costs money, so you want to make sure it’s in your best interest before going forward with it.
What questions should I ask my lender?
Some things you’ll want to discuss with your lender include:
What will my new monthly payment be?How much will it cost to refinance my mortgage?How much equity do I need for a refinance?How much can I cash out?
Your lender should be able to explain how a mortgage refinance benefits you; if they can’t, it might not be the right time to refinance your mortgage. Even if you can get a lower rate or are able to take cash out, consider the overall picture, including how much you’ll pay in closing costs and whether you’ll be taking on a higher monthly payment or extending your loan term.
What makes a mortgage refinance lender good?
A mortgage lender should offer the kind of mortgage refinance that best suits your needs. For example, if you already have an FHA loan, you might want to refinance into another FHA loan.
A lender should be relatively affordable. You shouldn’t need a super-high credit score to get a loan. It should also offer good rates and charge reasonable fees.
You want a lender that’s known for high customer satisfaction, and one that’s trustworthy. That’s why we’ve looked at ratings from J.D. Power and the Better Business Bureau for each lender on our list.
Is it better to refinance with my current lender or with a new one?
It depends. If you value convenience, then you might prefer using your current lender. You’ll already know how the company works and be familiar with its customer service operations.
However, just because a lender offered the best rate or lowest fees when you got your initial mortgage doesn’t necessarily mean it will offer the best deal when you refinance. Your financial situation also may have changed since you got your first mortgage. For example, if your credit score has dropped, then you may need to find a lender that has a lower minimum credit score.
Which lenders offer the best mortgage refinance rates?
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. If you have a good financial profile but a lender is charging you a higher rate than today’s national average, you may want to look elsewhere.
But a low interest rate isn’t the only expense that matters. Ask lenders for an itemized list of fees. Comparing closing fees among lenders is another way to see which is offering the best deal.
How can I get a good rate on my new mortgage?
To secure a low rate, focus on three main factors: credit score, debt-to-income ratio, and home equity.
You’ll need a 620 credit score to get a conventional loan with most lenders, although some require higher. But the higher your score, the better rate you should get. To improve your credit score, focus on making payments on time, paying down debts, and letting your credit age if you aren’t in a rush to refinance.
Your debt-to-income ratio is the amount you pay toward debts each month, divided by your gross monthly income. Lenders typically want to see a debt-to-income ratio of 36% or less. To get a lower ratio, you either need to pay down debts or earn more.
The more equity you’ve built in your home, the lower your rate should be. Calculate your loan-to-value ratio, or how much you still owe versus how much your home is worth. Many lenders want you to have at least 20% equity, but you may be able to refinance with a lower percentage if you have a great credit score and low debt-to-income ratio.
Experts’ advice on choosing the best mortgage lender
Insider
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 PlanningJulie Aragon, mortgage broker, founder of Aragon Lending TeamLaura Grace Tarpley, certified educator in personal finance, editor of banking and mortgage 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.”
Laura Grace Tarpley, Personal Finance Insider:
“Compare lenders’ interest rates and fees. Lenders charge different amounts for each type of fee, and not all even charge the same fees. For example, not every lender charges an origination fee. So closing costs could affect your decision as much as the interest rate does.”
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.”
Mortgage and refinance rates by state
Check the latest rates in your state at the links below.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
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Louisiana
Maine
Maryland
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Michigan
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Vermont
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