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Find the Best Mortgage Refinance Companies

by Kathryn Parkman ConsumerAffairs Research Team

If you want to lower your mortgage rate, adjust the term of your mortgage or cash in on the equity you’ve built up over the years, you might consider refinancing your home loan. Our research team vetted 26 refinance lenders that are rated by more than 16,000 customers. Read our guide to choose the best refinancing companies by comparing refinancing programs, rates, availability and overall satisfaction ratings.

Our 7 top picks for mortgage refinance companies

When selecting our top picks, we wanted to find the top mortgage refinancers with the most competitive refinancing rates, the best customer service, an easy online process and wide availability.

We started out with a list of popular mortgage refinancing companies. To narrow it down, only those with at least 10 reviews on our site over the last year and an overall satisfaction rating of four stars or above were considered. We then analyzed each company’s ratio of 5-star reviews to 1-star reviews that mention refinancing a home loan.

  1. AmeriSave Mortgage: Our pick for refinancing overall
  2. Mr. Cooper: Our pick to lower interest rates
  3. Rocket Mortgage: Our pick for online process
  4. North American Savings Bank: Our pick for customer service
  5. Network Capital Funding: Our pick for fast refinancing
  6. ClearPath Lending: Our pick for simple application
  7. Veterans United: Our pick for VA loan refinancing
Our pick for refinancing overallAmeriSave MortgageAUTHORIZED PARTNER
  • Highly recommended by reviewers
  • Accurate quote tool
  • Fully online process
  • Available in most areas

AmeriSave is a major player in the mortgage industry. It offers cash-out and rate-and-term refinancing options in most states and Washington, D.C. The site offers free refinancing calculators and access to informational resources. Refinancing with AmeriSave could make sense if you want a company that’s relatively easy to work with and offers lots of options in many areas.

What we like: AmeriSave has more than 1,000 verified reviews on our site from over the last year, and about half mention refinancing in some way. At the time of publishing, the majority of reviews about refinancing are 5 stars. Positive AmeriSave reviews about refinancing highlight the company’s easy online application process and low interest rates.

What to consider: Although the company advertises a quick process, some reviews over the last year indicate that closing sometimes takes longer than expected. It’s unclear what percentage of the 2020 delays were related to COVID-19. Some AmeriSave complaints also include references to customer service. Also, the company does not offer home equity lines of credit or home equity loans.

Our pick for lower interest ratesMr. CooperAUTHORIZED PARTNER
  • Available nationwide
  • Transparent fees
  • Competitive rates
  • Easy to work with

Mr. Cooper can help homeowners refinance for a lower payment, shorter term or cash. The company is available in all 50 states and Washington, D.C., as well as Guam, Puerto Rico and the U.S. Virgin Islands. It makes it easy to learn about your home loan options. Mr. Cooper offers flexible FHA refinancing programs for applicants with less-than-excellent credit.

What we like: Many of the happiest reviewers who refinanced with Mr. Cooper over the last year mentioned getting a lower interest rate or lower monthly payments. According to positive reviews, representatives are professional and the company is easy to work with.

What to consider: Some of the most dissatisfied Mr. Cooper customer complaints appear to be about documentation and paperwork. If an error is made at some point during the loan application process, it can cause delays.

Our pick for online processRocket MortgageAUTHORIZED PARTNER
  • Low interest rates
  • Helpful loan agents
  • Online process
  • Available in most states

Rocket Mortgage by Quicken Loans offers a fully digital refinancing experience. You can find free calculator tools to compare different refinancing options for taking cash out, shortening your term and lowering your interest rate. A home equity tool makes it easy to estimate how much cash you could get out of your home.

What we like: Positive Rocket Mortgage reviews about refinancing consistently praise the easy online experience, from the application process to closing day. It appears that agents are prompt with communication and take the time to answer all their clients’ questions. Rocket Mortgage also has a high customer satisfaction score with J.D. Power.

What to consider: Though reviews about the loan process are overall positive, some complaints indicate that the closing can take longer than expected. It’s unclear whether the closing delays last year, particularly in the summer of 2020, were mostly due to COVID-19.

Our pick for customer serviceNorth American Savings Bank
  • Highly recommended
  • Helpful loan consultants
  • VA refinancing available
  • Limited physical locations

North American Savings Bank specializes in helping homeowners refinance for a better interest rate or an opportunity to consolidate debt. Online lending services are available in most areas, but in-person branches are only located in the Kansas City area.

What we like: Positive NASB refinancing reviews consistently mention helpful loan officers that facilitate a smooth process. Reps seem dedicated and easy to get hold of. Even the reviewers who encountered bumps along the way still recommend the company for handling their situation with professionalism.

What to consider: One dissatisfied homeowner in Arizona complained that it took longer to close on their refinancing loan than expected. According to the verified review, it took 107 days to close instead of the 90-day closing that was initially communicated.

Our pick for fast refinancingNetwork Capital Funding CorporationAUTHORIZED PARTNER
  • Full-service, direct lender
  • $0 lender fee programs
  • Competitively low rates
  • Not available in all states

Network Capital Funding provides a simple application process for homeowners to refinance. The lender offers free calculator tools to help homeowners explore different refinancing programs. Some applicants can close in as few as 15 business days.

What we like: Some of the happiest Network Capital Funding reviewers praise the whole loan refinancing process. Homeowners seem pleased with their new interest rates and appreciate that agents take the time to answer all their questions. Reviewers describe the process as quick and easy and say reps respond to inquiries in a timely manner.

What to consider: We like that refinancing reviews are overwhelmingly positive. However, at least one reviewer indicated they were “very dissatisfied” with the lending process. Additionally, Network Capital Funding is only available in about half the country.

Our pick for simple applicationClearPath LendingAUTHORIZED PARTNER
  • Competitive interest rates
  • Easy to work with
  • Serves most states
  • VA refinancing available

ClearPath Lending offers several refinancing products to homeowners across the country to help you switch rate types, lower your rate, shorten your term or get cash out of your equity. On its site, you can find free tools to calculate how much you could save by refinancing your mortgage based on your new loan amount, term and interest rate.

What we like: Most refinancing customers describe an overall good experience with ClearPath Lending. According to positive reviews, the application process is easy and loan agents are happy to answer all their clients’ questions. The whole process takes around a month.

What to consider: The majority of ClearPath Lending refinancing reviews are overwhelmingly positive. However, in one complaint, the reviewer was unhappy that their rate changed after they received a quote from a loan agent. There appears to have been some confusion over when a loan agent was supposed to pull the client’s credit report.

Our pick for simple applicationVeterans United
  • 24/7 customer service
  • Competitive, low rates
  • Flexible requirements in most states
  • Credit building programs available

Veterans United specializes in two programs to help veterans refinance their home loans: the VA streamline refinance, also called an interest rate reduction refinance loan (IRRRL), and cash-out refinancing.

What we like: Positive Veterans United reviews praise the company for its competitive rates and dedicated loan specialists. The loan team is available to help and answer questions every step of the way. According to one reviewer who refinanced a VA loan, the process is quick, easy and stress free.

What to consider: One reviewer stated that they refinanced their home for a second time through Veterans United last year. The review indicated that the process took longer the second time. It is unclear whether or not the COVID-19 pandemic is to blame for the delays.

Compare Top Refinance Lender Reviews


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    What to know about refinancing a mortgage

    Like any big financial decision, refinancing a mortgage can seem like a complicated process. These days, refinancing is easier than ever — you can practically do it all online if you want. Learn about what to expect from refinancing below. For more information, read about how refinancing a mortgage works.

    What does it mean to “refinance” a house?
    Refinancing is when you get a new loan to replace an existing mortgage. The new loan fulfills your financial commitment to your original mortgage lender. Then, you pay back the new balance according to the terms of your refinance lender’s contract.

    There are different ways to refinance a house. Most commonly, people refinance a home loan to get a better rate and term. You can also refinance a house to cash in on some of the equity you’ve built up over time.

    How much does it cost to refinance a mortgage?
    The cost to refinance a mortgage depends on several factors, including the size of the loan, your location, your financial history and your existing home equity. Generally, it costs between 2% and 6% of the total loan balance. For example, for a $150,000 mortgage refinance, expect to pay between $3,000 and $9,000 at closing. You can pay closing costs out of pocket or roll them into the loan.

    Many of the fees associated with refinancing will sound familiar from your first home loan, such as closing costs. The following fees are standard among most refinance lenders:

    • Application fee: Up to $500
    • Origination fee: Up to 1.5% of loan principal
    • Inspection fee: Up to $350
    • Property appraisal fee: Up to $700
    • Flood certification fee: Varies
    • Title search and insurance fee: Up to $1,000
    • Local recording fee: Up to $250
    • Reconveyance fee: Up to $65
    • Survey fee: Up to $400
    How long does it take to refinance a house?
    On average, it takes most people between 30 and 45 days to refinance a house. However, there can be unexpected delays related to inspections, appraisals and other parts of the process. It’s not uncommon for it to take up to two months or longer in some situations.

    You can help speed up the process by having all your documents in order and in one place. Many complaints against refinance lenders describe situations where paperwork was lost or information wasn’t where it was supposed to be.

    Should I refinance with my current mortgage company?
    You could refinance with your current mortgage lender, but you don’t have to. Your existing lender might reduce or waive some of the fees associated with refinancing. This is a common strategy to keep business. Still, it makes sense to shop around. According to the Federal Reserve Board, a difference of even half a percentage point in your interest rate can add up to thousands of dollars over the lifetime of a home loan.

    Refinancing with your first mortgage lender can sometimes be easier. For instance, the company already has much of your information on file. At the same time, switching your mortgage over to another financial institution could be worth the hassle if it saves you money in the long term.

    What is a good mortgage refinance rate?
    Rates change over time based on a number of factors. Generally, it’s good if you can lower your current rate by 1% or 2%. It all really comes down to what your “break-even” point is, or how long it takes to make up your refinancing costs before you start to benefit from the lower rate. As you compare different lenders, keep in mind that the following factors largely determine what interest rate you can get.
    • Credit scores
    • Home location
    • Home price
    • Loan amount
    • Loan term
    • Interest rate type
    • Whether you pay points
    Can I refinance my house with bad credit?
    Different loan types have different credit score requirements. To refinance a conventional mortgage, you typically need a credit score of at least 620 or higher. Some government programs are more lenient — you may be able to refinance an FHA or VA loan with a credit score below 600.

    If you worry about how your credit score negatively affects your financial opportunities, you might consider working with a credit repair company. For example, if you’ve been a victim of identity theft, a professional agency can help you dispute inaccurate marks that aren’t your fault.

    When should I refinance my mortgage?
    When you should refinance a mortgage depends on several factors. For example, how long are you going to be in the house? We don’t recommend refinancing if you plan to move within a couple of years.

    Refinancing makes the most sense when you want to pay your home loan off quicker, you have enough equity built up to refinance without mortgage insurance or you need access to funds. Some people refinance as part of a debt consolidation strategy. Others refinance when they have an opportunity for a better rate. Learn about how soon you can refinance a mortgage for more information.

    What is the downside of refinancing your mortgage?
    For most homeowners, the biggest downside of refinancing is that it costs a significant amount of money upfront (if you don’t roll these costs into the loan). For more, read about the pros and cons of refinancing your mortgage.

    How to choose a refinance lender

    You can get a refinance loan through banks, credit unions, online lenders, mortgage brokers, correspondent lenders, wholesale lenders and portfolio lenders. As you compare, look for ones with competitive rates, transparent fees and good customer service.

    Keep in mind that you will need specific documentation and paperwork. This could include W-2s, bank statements, tax returns and pay stubs. Having this information in order before you apply could make the process much easier.

    Below are several steps to consider taking before choosing a refinance lender.

    1. Consider your financial goals.

      Refinancing is popular because it’s so versatile. You can use it to get cash out, lower payments, consolidate debt, remove private mortgage insurance and more.

      Let your financial goal inform where you start looking for a lender. For instance, if you want to refinance a VA loan, look for lenders that specialize in that particular loan type.

    2. Shop around for the best rates.

      Even a small difference in interest rates can add up to a lot of money over time. Know when to lock a rate in. You can pit lenders against each other — stirring up some healthy competition will likely work to your advantage.

      According to Bankrate, the average 15-year fixed refinance rate is between 2% and 2.4%. There are a few things you can do to get a better rate. Improving your credit score and paying points to the lender are some of the most popular ways to get a better refinance rate.

    3. Look beyond APR.

      Everybody wants a low rate, but that’s not the only thing to consider. It’s important to understand the difference between interest rates and annual percentage rates. Put simply, the APR of a loan is the total annual cost of a loan, including interest and all other fees, expressed as a percentage.

    4. Compare reviews and complaints.

      Reading verified reviews and complaints is a good way to get a sense of homeowners’ experiences with a refinance lender. Keep an eye out for red flags — avoid companies if you notice a pattern of complaints about poor customer service or high-pressure tactics.

    5. Always read the fine print.

      Before you sign anything, it’s crucial that you thoroughly read your loan agreement, paying attention to the loan amount, loan term, interest rate, taxes, insurance and other costs and fees. Homeowners who are happiest with their refinance terms have a good understanding of what they are getting from their lender.

    Guide sources
    • Consumer Financial Protection Bureau. “Seven factors that determine your mortgage interest rate, Consumer Financial Protection Bureau,” Accessed February 16, 2021.
    • Bankrate. “Current Refinance Rates,” Accessed February 16, 2021.
    • Ice Mortgage Technology. “Origination Insight Report,” Accessed February 16, 2021.

    Compare Top Refinance Lender Reviews

    by Kathryn Parkman ConsumerAffairs Research Team

    As a member of the ConsumerAffairs Research Team, Kathryn Parkman believes everyone deserves easy access to accurate and comprehensive information on products and businesses before they make a purchase, which is why she spends hours researching companies and industries for ConsumerAffairs. She believes conscious consumption is everyone's responsibility and that all content deserves integrity.