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Best Mortgage Refinance Companies

We compared 35 companies and chose the top lenders

  • Rocket Mortgage
  • Better Mortgage
  • AmeriSave Mortgage

Best Mortgage Refinance Companies

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By: Ashley Eneriz
+2 more
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Edited by: Jana Lynch
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Edited by: Amanda Futrell

Our 9 picks for the best mortgage refinance companies

  1. Our pick for easy process: Rocket Mortgage
  2. Our pick for online lending: Better Mortgage
  3. Our pick for fast and accurate quotes: AmeriSave Mortgage
  4. Our pick for competitive rates: First Internet Bank
  5. Our pick for low fees: Network Capital Funding
  6. Our pick for best mobile app: Mr. Cooper
  7. Our pick for VA streamlining: Veterans United
  8. Our pick for quick prequalifications: ClearPath Lending
  9. Our pick for customer service: North American Savings Bank

A mortgage refinance happens when a borrower replaces their existing mortgage with another one that has better terms. Some examples of a successful mortgage refinance include eliminating private mortgage insurance, taking advantage of a lower interest rate or getting a shorter payoff term. Borrowers need to go through an application process and must get approved for the refinance, but if they are, it can save them money in the long run.

There are several types of refinancing: cash-out refinancing, rate-and-term refinancing, consolidation refinancing and cash-in refinancing. The best mortgage refinance lenders have quick application and approval processes, work with borrowers with a range of credit scores and offer multiple refinancing options.

Our research team vetted 26 refinance lenders rated by more than 16,000 customers. Read our methodology to understand how we selected companies for our top picks. Note that our picks may be Authorized Partners who compensate us. This doesn’t affect our recommendations or evaluations, but it may impact the order in which companies appear.

All information accurate as of time of publication.

Top mortgage refinance companies compared

When picking a refinancing company, make sure you choose a company that offers competitive rates and terms, has helpful customer service and provides options that work for your needs and budget.

Easiest process

Rocket Mortgage

Rocket Mortgage
4.3
2,753 reviews
Refinancing options
Cash out, rate-and-term
Minimum credit score
580 for government-backed loans; 620 for conventional loans
Availability
Nationwide
View Rates Read Reviews

Rocket Mortgage offers refinancing for both conventional loans and government mortgages, including Federal Housing Administration (FHA) and VA mortgage loans. The application process is completely online, with the ability to upload your financial documents through the mobile app.

It takes only 10 minutes to see which refinance rate you qualify for. With 24-hour online access to your loan and the ability to connect with Rocket Mortgage’s home loan experts seven days a week, the refinancing process is streamlined and user-friendly.

  • 90-day rate lock
  • Nationwide availability
  • 100% online application
  • No in-person services
  • No construction loans or HELOCs
  • High origination fees

Many choose Rocket Mortgage because of the ease of the application process. Since customers can upload their documents via phone, the process goes much faster than with lenders that require hard copies. “Recently refinanced using Rocket Mortgage. Process was fast and pain-free and almost completely online. The portal was super useful, and the chat representatives were knowledge-full and efficient,” said one reviewer in New Jersey.

Though Rocket Mortgage is highly rated by ConsumerAffairs readers, some were dissatisfied with how long the refinance process took.

Best online lending

Better Mortgage

Better Mortgage
2.2
405 reviews
Refinancing options
Cash out, rate-and-term
Minimum credit score
620
Availability
Most states
Read Reviews

Better Mortgage is a top pick for online lending since customers can contact Better through live chat 24/7. In addition to quick closing times and competitive refinancing rates, it also offers a Better Price Guarantee — it will match a valid competitor's offer and credit you an extra $100. If it can’t match the rate, the $100 is yours to keep.

Better doesn’t charge any application, origination or underwriting fees.

  • No lender fees or commissions
  • 100% online application
  • Price matching with competitors
  • Some reports of communication delays
  • No construction loans

One customer in California was very happy with the speed and ease of a refinance: “Everything ended as it started with on the estimate. Everything was online, on my schedule until the final physical signing.”

Other reviewers agreed that the online interface was much easier than dealing with loan officers over the phone. However, some felt that relying solely on online interactions made the process feel overly automated. Several mentioned that although they were told they had a single agent, they suspected multiple people were responding under one name.

Fastest and most accurate quotes

AmeriSave Mortgage

AmeriSave Mortgage
4.7
6,154 reviews
Refinancing options
Cash out, rate-and-term
Minimum credit score
600-620
Availability
All states but NY
View Rates Read Reviews

AmeriSave Mortgage offers two types of refinancing: cash-out and rate-and-term. You can receive a customized refinance quote in just a few minutes after you share your income and asset information. You can also use its calculators to see your estimated new payments on your refinancing.

AmeriSave offers refinancing on Fannie Mae, U.S. Department of Agriculture (USDA), FHA or VA loans. Once you’re prequalified, your rate is locked in for 90 days. After the underwriting process is complete, an agent will schedule a closing time and place that fits your schedule.

Be aware that you may need to pay closing costs and appraisal fees.

  • No hidden fees
  • 90-day rate lock
  • Closings in as little as 25 days
  • Unavailable in New York
  • No HELOCs or home equity loans
  • No refinancing for mobile or manufactured homes

A few customers mentioned that they switched to AmeriSave after other lenders had given them quotes that were too low to be realistic or too high. “They offered me a competitive rate, and the process to go through the refi was very smooth. It was a fairly simple process to do,” said a reviewer in Georgia.

Competitive rates

First Internet Bank

First Internet Bank
2.6
426 reviews
Refinancing options
Cash-out, rate-and-term
Minimum credit score
Varies
Availability
Nationwide
Read Reviews

First Internet Bank offers a variety of refinance and home equity options for conventional, FHA and VA loans. While it offers competitive refinance rates, requirements are stricter than average, and the company is not transparent about what those requirements are. You’ll need to go through the preapproval process to know what refinancing options are available.

The company has assistance available via phone or live chat, and you can use one of its online calculators to figure out how much home you can afford, what your mortgage payment might look like and more. There are no refinancing calculators, however.

  • Online application process
  • Nationwide availability
  • HELOC and home equity loan options
  • 620 credit score requirement for FHA and VA loans
  • No in-person branches
  • No USDA loan refinancing

Many reviewers praised First Internet Bank for having the lowest rates for their needs and for making it simple to compare those rates with competitors. Positive reviews mentioned how easy the mortgage and refinance process was. “All phases of our mortgage refinance went smoothly. All our questions were answered promptly,” said one reviewer in Montana.

Lowest fees

Network Capital

Network Capital
4.5
1,169 reviews
Refinancing options
Cash out, rate-and-term
Minimum credit score
Low- to mid-600s
Availability
Most states
Read Reviews

Network Capital Funding offers refinancing without fees on conventional loans, FHA loans and VA loans. You can lock in your rate without worrying about paying extra for processing and underwriting.

The company offers a streamlined online application process and competitive rates. There are no fees of any kind to qualified borrowers, including application, organization, rate-lock, processing or underwriting fees. You may still need to pay closing costs.

Network Capital Funding says that it saved the average refinance customer $762 per month in the first part of 2022 through its Smart Refinance program. With the RefiNow option, homeowners can refinance with a loan-to-value ratio of up to 97%.

  • No lender fees
  • Relaxed credit score requirements
  • Locked-in rate
  • Limited availability by state
  • No mobile app
  • No USDA loan refinancing

Overall, customers were happy with the rates and low fees from Network Capital Funding, with one customer sharing that they didn’t have to pay lender fees for their second refinance with the company. Another customer from Colorado said, “They were able to save me quite a bit of money by eliminating some charges that I shouldn't have been paying for in the first place.”

Best mobile app

Mr. Cooper

Mr. Cooper
1.1
10,951 reviews
Refinancing options
Cash out, rate-and-term
Minimum credit score
580 - 620
Availability
Nationwide
Read Reviews

With Mr. Cooper, homeowners can refinance their conventional, jumbo, VA or FHA loans. The mobile app is highly rated in both the Apple and Google stores, with almost 30,000 reviews. Customers have the ability to manage their mortgage and monitor their FICO score anywhere, at any time through the app.

Mr. Cooper also offers a wide range of services. Not only is it available in all 50 states, but it’s also available in Guam, Puerto Rico and the U.S. Virgin Islands. You’ll need to contact the company directly to get details about your refinancing options, qualification requirements, fees and closing day.

Note that a refinance with Mr. Cooper does come with fees, such as title, application, origination and inspection fees.

  • Online loan tracking
  • 100% U.S.-based customer service
  • Cost and rate transparency
  • No in-person service
  • No USDA loan refinancing
  • Mortgage application and origination fees

Mr. Cooper customers felt well-informed throughout the entire refinancing process, noting that closing happened faster than expected. One customer from Iowa said, “They kept us informed at every step of the process. Answered every question we had quickly and made us feel like we were the only people they were working with. The entire process took only one month from start to closing.”

Best for VA refinancing

Veterans United Home Loans

Veterans United Home Loans
4.9
1,857 reviews
Refinancing options
IRRRL, cash-out
Minimum credit score
Varies
Availability
Nationwide
Read Reviews

Veterans United Home Loans specializes in VA mortgages and refinancing for veterans and their families. Eligible homeowners have two choices when it comes to refinancing through Veterans United:

  • VA streamline refinance (also known as an Interest Rate Reduction Refinance Loan, or IRRRL): This is a quick way to secure a lower rate while still keeping your VA loan. You must have a current VA loan to qualify.
  • Cash-out refinance: Access your home’s equity for debt consolidation, home improvement and more. You can do this with a VA or conventional loan.

Refinancing a VA loan has similar eligibility requirements to those for purchasing a home with a VA loan. You can qualify if you served on active duty for more than 90 consecutive days during wartime or more than 181 days of service during peacetime. National Guard and reservists qualify after six years of service. Select surviving military spouses are also eligible.

  • VA loan expertise
  • Nationwide availability
  • 24/7 customer service
  • Eligibility limited to veterans and select military-connected borrowers
  • No HELOCs
  • Limited in-person branch locations

Many customers were impressed with how well Veterans United explained the process, saying the company representatives were experts in complex VA matters and very veteran-friendly. One reviewer from Georgia said, “... I had a personal emergency in regards to my home, and I emailed very late on a Friday expecting a response on Monday. He returned my email before the next morning and delivered exactly what I needed. This shows that he really cares about his customers.”

Quickest pre-qualifications

ClearPath Lending

ClearPath Lending
4.5
1,701 reviews
Refinancing options
Cash out, rate-and-term
Minimum credit score
Varies
Availability
Some states
Read Reviews

ClearPath Lending offers refinancing loans for VA, FHA and conventional mortgages. The company has a best-price guarantee, which includes matching rates from select competitors. The company claims you can prequalify for a mortgage in as little as 15 minutes, but it’s unclear if that applies to refinancing.

You won’t be able to access more information about ClearPath’s refinancing rates or process until you submit an application online. Alternatively, you can also call its main office during regular business hours. Online calculators are available to help you determine how much you might save by refinancing.

  • Best price guarantee
  • Loan application tracking
  • Loyalty program
  • Application process not fully online
  • Not available in all states
  • Some complaints about loan processing time

Customers appreciated how easy the loan process was and how diligent ClearPath’s customer service was at answering questions and returning calls. “Everything that he said turned about and happened just as he said it would. I've refinanced a lot of loans and you'd be surprised at how much honesty there isn't out there,” said a reviewer in Idaho.

While many reviewers were surprised at how fast the refinance was, others felt the underwriting process was cumbersome and slowed things down.

Best customer service

North American Savings Bank

North American Savings Bank
3.8
195 reviews
Refinancing options
Cash-out, rate-and-term, IRRRL
Minimum credit score
Varies
Availability
Most states
Read Reviews

North American Savings Bank offers a variety of refinance options for borrowers, including cash-out, rate-and-term and VA refinancing. You can find recent refinance rates and fees published directly on its site so you can compare lenders before submitting your application.

While available nationwide, North American Savings Bank has a local feel and approach to customer service. Kansas City can benefit from the physical branch locations, but customers can get assistance nationwide via phone, email or online chat.

  • Nationwide service
  • Mortgage assistance programs
  • Nontraditional mortgage options
  • No branches outside Missouri
  • No USDA loans
  • Long refinancing process

Homeowners can expect great customer service from North American Savings Bank; many reviews praise loan officers for being friendly and efficient. One customer from Washington sums up how most reviewers feel about North American Savings Bank: “The experience was easy, and our loan consultant was very responsive. Although the process was a lengthy one due to demand, our loan consultant was good about providing status updates.”

However, many felt the refinance process took longer than expected. More than one reviewer said it took between three to four months to complete.

Mortgage Refinance Companies Buyers Guide

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What is mortgage refinancing?

Mortgage refinancing is what happens when a mortgage holder replaces their existing mortgage loan with one that has different terms. Some reasons to get a refinancing loan include:

Some people may also obtain a refinance to get cash out of their home equity for home improvements, debt consolidation, tuition or investment.

The application process for a mortgage refinance is similar to that of your original mortgage. You’ll need proof of income, employment and assets. Additionally, you’ll need to provide information about your homeowners insurance plus contact information for your homeowners association representative (if applicable). Streamlined refinancing programs, which require less documentation, are available for FHA, VA and USDA loans.

Pros and cons of refinancing

Depending on your financial goals, the biggest advantages to refinancing your mortgage are reducing your monthly payment or converting some of your equity into cash. The former saves you money, while the latter gives you access to funds you can spend or invest.

The main downside to refinancing is that you’ll have to pay closing costs and reduce your home equity (in a cash-out refinance). If you refinance to a shorter term, your monthly payment will likely be higher.

Pros

  • Lower interest rates
  • Reduced monthly payments
  • Fixed-rate stability
  • Access to home equity with cash-out refinancing

Cons

  • Higher closing costs
  • Reduced home equity from cash-out refinancing
  • Hard credit inquiry
  • Higher monthly payments with shorter loan terms

How to choose a refinance lender

Like any big financial decision, refinancing a mortgage can seem like a complicated process. 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.

Here are some tips for choosing the right refinance lender:

  • Compare lenders: Just like when you first bought your home, it’s smart to shop around for the best refinance rate. Generally, it’s good if you can lower your current rate by 1% to 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.
  • Look beyond rates: Ideally, you’ll get a lower rate, but that’s not the only thing to consider. Don’t forget about factors like customer service and closing costs. In some cases, accepting a slightly higher rate could save you money overall.
  • Negotiate lender fees: Know when to lock a rate in. You can pit lenders against each other, stirring up healthy competition that will likely work to your advantage.
  • Read reviews: Reading verified reviews 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 feedback regarding poor customer service or high-pressure tactics.
  • 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 refinancing terms usually walk away with a good understanding of what they are getting from their lender.

Let your financial goals inform where you start looking for a lender. Keep in mind, too, that a mortgage broker can help you compare lenders if you want to save time.

» LEARN: How to refinance a mortgage

FAQ

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 the process to take up to two months or longer in some situations.

When should I refinance my mortgage?

Refinancing makes the most sense when you have the opportunity to lower your rate or need access to funds from your home equity. Usually, it makes more sense to refinance when you plan to stay in the house for a while. You also have to take into account how long you've had your current loan; different types of mortgages have different rules about how soon you can refinance.

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.

What do I need to refinance my house?
Specific refinancing requirements vary depending on the loan type (conventional, VA, FHA, etc.) and the lender through which you obtain it. A few basic requirements include a certain amount of equity, a maximum loan-to-value ratio, a minimum credit score and a maximum debt-to-income ratio.
Should I refinance with my current mortgage company?
Refinancing with your first mortgage lender can sometimes be easier. The company already has much of your information on file, so you may not need to start over completely with your documentation. At the same time, switching your mortgage over to another financial institution can be worth the hassle if it saves you money in the long term.

Methodology

We started with a list of 26 mortgage lenders that specialize in refinancing. To narrow it down, we first eliminated companies with an overall satisfaction rating below 3.5 stars.

To select top picks, the ConsumerAffairs Research Team then analyzed recent verified review data published on our site over a 12-month period (June 12, 2020, through June 12, 2021). We required all of our picks to have a minimum 2-to-1 ratio of five-star reviews to one-star reviews over this time period.

We also considered the availability of products and overall online experience when selecting our top lenders.

Not sure how to choose?

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