Best Mortgage Refinance Companies

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.

Rocket Mortgage offers refinancing for both conventional loans and government mortgages, including 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’s home loan experts seven days a week, the refinancing process is streamlined and user-friendly.

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 does not charge any application, origination or underwriting fees.

AmeriSave 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, USDA, FHA or VA loans. Once you’re pre-qualified, 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.

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 will need to go through the preapproval process to know what refinancing options are available for you.

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.

Network Capital Funding offers refinancing on conventional loans, FHA loans and VA loans without fees. You can lock in your rate without worrying about paying extra for processing and underwriting. It 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. And with the RefiNow option, homeowners can refinance with a loan-to-value (LTV) ratio of up to 97%.

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

Mr. Cooper also offers a wide availability of its services. Not only is it available in all 50 states; it’s also available in Guam, Puerto Rico and the U.S. Virgin Islands. You will 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.

Veterans United is a home lender specializing in VA mortgages and refinancing loans for veterans and their families. Eligible homeowners have two choices when it comes to refinancing through Veterans United:

• VA streamline (IRRRL) refinance: 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 as a VA home loan purchase. 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.

ClearPath Lending offers refinancing loans for VA, FHA and conventional mortgages. Additionally, ClearPath Lending has a best-price guarantee and will consider matching competitor rates. 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’ll need to contact the company directly to find out.

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 with a refinance.

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.

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:

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

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 homeowners insurance information and your homeowners association 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 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 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.

Here are some tips for choosing the right refinance lender:

1. 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.
2. 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. It might be 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: 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.
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.

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.

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 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 of products and overall online experience when selecting our top lenders.