3 Best Mortgage Refinance Companies

Credible takeaways

A mortgage refinance pays off your existing loan and replaces it with a new one.
You can use a mortgage refinance to get a different term, interest rate, and loan type.
Shopping around can help you find a mortgage refinance option that works best for you.

You don’t have to refinance with your existing mortgage lender. In fact, switching could actually save you money — that’s why it’s important to shop around and compare rates, fees, and service.

1. Rocket Mortgage

Advertiser Disclosure

Rocket Mortgage: Best for: Applying digitally

4.4

Credible Rating

Check Rates

on Credible’s website

Min. Credit Score

580

Days to Close

Pros and cons

Great customer service reputation

Available nationwide

No branches for in-person service

USDA loans are not available

Charges origination fees

More details

Overview

Rocket Mortgage is a leader in customer service, regularly ranking No. 1 in surveys for mortgage lending and servicing. The company offers support through live chat, phone call and its mobile app, and you can submit an application and close on your loan fully online. It's also licensed nationwide and offers an array of home loan products: conventional, jumbo, FHA and VA loans. It also originates and services its mortgages, so if you prefer to have one company answering your questions and handling your payments for the life of your loan, Rocket Mortgage might be worth considering.

Who it's best for: Homebuyers looking for loans with low credit qualifications

Shows rates

Yes

Origination fee

Yes

Availability

All 50 states

Customer service

Live chat, email, phone

Mobile app

Yes

Online review score

4.7/5 Trustpilot score

Online prequalification

Yes

Min. down payment

Loan Type

Conventional

Yes

FHA

Yes

USDA

Jumbo

Yes

ARM

For a painless application process, Rocket Mortgage is your best bet. The lender’s digital-first approach lets you view refinance options via a handy mobile app. When you’re ready to move forward, you can get pre-approved, apply for your loan, and lock in your rate from the app as well.

Pros

Digital-first approach
Transparent about rates
Highly rated for customer service

Cons

Digital application process may not be ideal if you have a non-traditional income
No ARMs (adjustable-rate mortgages)

Read Credible’s full review of Rocket Mortgage for more details.

2. Newrez

Best for: Loan variety

If you’re not sure which loan product is best just yet, Newrez can help. The lender, formerly known as Caliber Home Loans, offers a wide and varied range of home loan products, including jumbo, VA, FHA, and conventional mortgages.

Newrez even has renovation-specific loans like Fannie Mae’s HomeStyle Renovation or the FHA 203(k), which can help you refinance and fund your home improvements all in one transaction.

Pros

Wide variety of loan options
Many brick-and-mortar branches available across the country
Helpful educational resources available on the website

Cons

Must contact lender for a rate quote
No HELOCs offered

Read Credible’s full review of Caliber Home Loans for more details.

3. LoanDepot

Best for: VA borrowers

If you’re planning to refinance your VA loan, then online lender loanDepot might be a great choice. The company was one of the top 10 VA lenders in the country last year and even has dedicated VA specialists on staff.

Pros

Experienced VA lender
VA specialists on staff
Loyalty perks available for future refinances

Cons

Must contact the lender for rates and terms
No HELOCs, home equity loans, or USDA loans

Read Credible’s full review of LoanDepot for more details.

Keep reading: 7-1 ARM: Your Guide to 7-Year Adjustable-Rate Mortgages

Other mortgage refinance companies to consider

While we certainly recommend the above refinance lenders, they’re not your only options. Here are some additional lenders to consider:

Lender	Details
United Wholesale	Loan types: Conventional, FHA, VA, USDA, jumbo Credit score: 580 (FHA), 620 (conventional) Down payment: Contact lender
Bank of America	Loan types: Conventional, FHA, VA, jumbo Credit score: Contact lender Down payment: 3% (conventional), 3.5% (FHA), 0% (VA), contact lender for jumbo requirements
Chase	Loan types: Conventional, FHA, VA, jumbo, Chase DreaMaker Credit score: Contact lender Down payment: 3% to 20% (conventional), 3.5% (FHA), 20% (jumbo), 0% (VA), 3% (Chase DreaMaker)
Wells Fargo	Loan types: Conventional, FHA, VA, USDA, jumbo Credit score: Contact lender Down payment: 3% (conventional), 3.5% (FHA), 0% (USDA, VA)
PNC	Loan types: Conventional, FHA, VA, jumbo, USDA Credit score: Contact lender Down payment: 3% (conventional), FHA (3.5%), 0% (USDA, VA)
Veterans United	Loan types: VA, VA jumbo loans Credit score: 620 Down payment: 0%
Navy Federal	Loan types: Conventional, VA Credit score: N/A Down payment: 5% (conventional), 0% (VA), 0 to 10% (ARMs)
SoFi	Loan types: Conventional, VA, FHA, jumbo Credit score: Contact lender Down payment: 3% (conventional), 0% (VA), 3.5% (FHA), 10% (jumbo)

What is a mortgage refinance?

A mortgage refinance is a type of home loan product that you can use to pay off your current mortgage. This can be a useful tool for a variety of reasons, including:

Lower interest rate: Your interest rate impacts how much it costs to borrow money, so refinancing might be a good idea if you can find a lower rate. Since you have to pay a variety of fees to refinance, experts advise refinancing when the new rate is at least a percentage point lower.
Change payoff term: If you want to swap your loan term for a longer or shorter timeline, refinancing can be an option. For example, if you have a 15-year mortgage and want to extend your payoff timeline to lower your monthly payments, you might consider refinancing into a 20- or 30-year loan.
Switch loan type: Some borrowers refinance to replace an adjustable-rate mortgage with a fixed-rate loan, which can give you more predictable payments.
Eliminate mortgage insurance: FHA loans require a monthly mortgage insurance premium, often for the entire loan term. Refinancing is one way to lower your monthly payment and remove mortgage insurance.

Before you decide to refinance, make sure you’ll be in the home long enough to enjoy the benefits. There will be expenses when you refinance, such as origination fees or other closing costs, which can equal up to 5% of the loan amount. To determine whether refinancing is a good choice, you can calculate your break-even point (the place where the amount of monthly savings total more than the amount you spent).

FAQ

Is it better to refinance with the same lender?

Open

Refinancing with the same lender can be more convenient since it already has your information, which may simplify the process. However, it's essential to compare rates and terms from multiple lenders before deciding, as another lender might offer better interest rates, lower fees, or more favorable loan terms. Sticking with the same lender can be easier, but it may not always result in the best deal.

What is the best time to refinance?

Open

The best time to refinance is when interest rates are lower than your current mortgage rate, or when your credit score has improved significantly since you first took out the loan. It's also beneficial to refinance if you want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or shorten your loan term to pay off the mortgage sooner.

What credit score do I need for a refinance?

Open

Most lenders require a credit score of at least 620 for conventional refinance loans. However, for FHA refinance loans, the minimum score could be as low as 580, and for certain VA loan refinances, lenders may be more flexible. The higher your credit score, the more likely you are to qualify for lower interest rates and better loan terms.

Is it easier to get a home loan or refinance?

Open

Whether it’s easier to get a home loan or refinance depends on your financial situation. In general, refinancing can be easier because you already have a history of mortgage payments, which demonstrates your ability to repay the loan. However, lenders will still assess your credit score, income, and debt-to-income ratio (DTI), so challenges may arise if your financial situation has worsened since you took out the original loan.

How do I choose a refinance option?

Open

fChoosing a refinance option involves evaluating your financial goals. If you want lower monthly payments, you might opt for a rate-and-term refinance to get a better interest rate or longer loan term. If you need cash for large expenses, a cash-out refinance allows you to borrow against your home equity. Consider factors like interest rates, fees, and the total cost of the loan over time when choosing your refinance option.

Meet the expert:

Aly J. Yale

Twitter

Aly J. Yale is a personal finance journalist with more than 12 years of experience. Her work has been featured by Forbes, Fox Business, The Motley Fool, Bankrate, and The Balance.