Find the Best Mortgage Refinance Companies

Below, we go over our top picks for refinancing your mortgage in 2021. Plus, we review what to know about how to find the best mortgage refinance lender for you. Read our methodology to understand how we selected companies for our top picks.

• Our pick for easy process: Rocket Mortgage
• Our pick for online lending: Better Mortgage
• Our pick for fast and accurate quotes: AmeriSave Mortgage
• Our pick for competitive rates: First Internet Bank
• Our pick for low fees: Network Capital Funding
• Our pick for the mobile app: Mr. Cooper
• Our pick for VA streamline: Veterans United
• Our pick for quick pre-qualifications: ClearPath Lending
• Our pick for customer service: North American Savings Bank

Rocket Mortgage offers refinancing for conventional loans as well as government mortgages, including FHA and VA mortgage loans.

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.

Better Mortgage offers mortgage loans and refinancing loans. It has several refinancing products, including conventional loans with a 3% down payment and a jumbo mortgage loan program with a 10% down payment and no mortgage insurance.

Recent reviews report that the Better process is simple and smooth. “I went with Better Mortgage because of their ability to pay down points. I liked the programs that they had matched to what I was looking for,” a recent reviewer in Maryland said.

Better also helps connect homeowners with insurance companies for title insurance and homeowners insurance policies. The mortgage lender is available in 46 states and Washington, D.C.

AmeriSave had more than 1,000 verified reviews on our site in the last year, and about half mention refinancing in some way. As of publishing, the majority of reviews about refinancing have 5 stars.

Positive AmeriSave reviews about refinancing frequently highlight the company’s easy online application process and low interest rates. You can refinance Fannie Mae, FHA, VA and USDA loans.

First Internet Bank is a fully online bank that offers several banking products, including home refinancing loans.

At First Internet Bank, you can get conventional, jumbo, FHA and VA loans. Both fixed- and variable-rate options are available. Regardless of the loan you choose, you can get either a cash-out or rate-and-term refinance through First Internet Bank.

With Network Capital Funding, you can refinance conventional loans, FHA loans and VA loans. The mortgage company lets you lock in your interest rate, and it doesn’t charge lender fees.

Some of the happiest Network Capital Funding reviewers praise the whole loan refinancing process. Homeowners seem pleased with their new mortgage 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.

Mr. Cooper is an online home lender that offers a variety of refinancing products. You can get fixed or variable interest rates for conventional loans, and VA, FHA and jumbo loans are also available.

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 others, representatives are professional and the company is easy to work with. “The process went incredibly smooth like a well oiled machine,” according to a reviewer in Washington.

Veterans United is a home lender specializing in VA mortgages and refinancing loans for veterans and their families. Eligible borrowers can get a cash-out or rate-and-term refinancing loan with term lengths of 15 or 30 years and either fixed rates or 5/1 variable rates.

Positive Veterans United reviews praise the company for its competitive loan 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.

ClearPath Lending is a California-based home lending company that offers a wide variety of refinancing loans for VA, FHA and conventional mortgages.

You can get a fixed- or adjustable-rate mortgage refinance loan with ClearPath Lending. Additionally, you can select between 10-year, 15-year and 30-year term lengths for your new loan.

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.

Headquartered in Kansas City, Missouri, North American Savings Bank offers a full suite of banking and lending products, including mortgage refinancing loans.

The bank is also a VA-approved lender, meaning it can refinance VA loans. You can complete your application online, and someone at North American Savings Bank will contact you.

Positive NASB refinancing reviews consistently mention helpful loan officers who 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 situations with professionalism.

There are two main types of refinancing: rate-and-term refinancing and cash-out refinancing.

Generally, it’s good if you can lower your current rate by 1% or 2%.

Rate-and-term refinancing involves replacing your existing mortgage with a new one that has a lower rate, a different term or both. Some reasons to get a rate-and-term refinancing loan include:

• Reducing your interest rate
• Lowering your monthly payment
• Changing the term length
• Switching from an adjustable rate to a fixed rate

Cash-out refinancing involves replacing your existing mortgage with a new mortgage that has a higher principal balance and taking the difference in cash. You pay off your old mortgage with the new loan, and any excess is yours to use for any purpose. People obtain cash-out refinances to perform home improvements, consolidate debt, pay for school and carry out investment goals.

Cash-out refinancing loans may or may not come with a lower interest rate, but this is secondary to the main benefit of converting some of your equity into cash.

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 homeowners insurance information and your HOA representative’s name and contact information (if applicable). Streamlined refinancing programs, which require less documentation, are available for FHA, VA and USDA loans.

Depending on your financial goals, the biggest advantages to refinancing your mortgage are either cutting 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 downsides of refinancing are that you have to pay closing costs and reduce your home equity (in a cash-out refinance). If you are refinancing to a shorter term, your monthly payment will likely be higher.

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. Let your financial goal 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.

Here are some tips for choosing the right refinance lender:

1. Shop around and compare: 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% 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.
2. Look beyond rates: Of course you want a low rate, but that’s not the only thing to consider. Don’t forget about customer service and closing costs. Often, it’s to your advantage to accept a slightly higher rate if you can save on closing costs. For more, read about how refinancing a mortgage works.
3. Negotiate lender fees: Know when to lock a rate in. You can pit lenders against each other, stirring up some healthy competition that will likely work to your advantage.
4. Read 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.

There are different ways to refinance a mortgage. 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.

Before you take out a new home loan, make sure to consider your personal circumstances and weigh the advantages and disadvantages of refinancing. Shop around at various lenders to find the company that offers the best combination of favorable terms and customer service.

We started with a list of 30 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 our top picks, the ConsumerAffairs Research Team then analyzed recent verified review data published on our site over the last 12 months (June 12, 2020, through June 12, 2021). We required all of our picks to have a minimum 2:1 ratio of 5-star reviews to 1-star reviews over this time period.

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