Best Refinance Lenders of 2024

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7 Best Refinance Lenders of 2024

Best for Online Applications

Rocket Mortgage

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Vault Verified

Minimum Credit Score

580 for FHA and VA refinances, 620 for conventional refinances

Days to Close

30–45 days

Why We Chose It

As one of the largest lenders operating in all 50 states and Washington, D.C., Rocket Mortgage is a solid option for borrowers across the country. And because the company allows you to apply for a refi online, you can relatively easily figure out what they’re willing to offer you. Rocket Mortgage advertises that the initial application should take you somewhere around seven minutes. That easy process kick-off, paired with multiple loan options and transparent rates, helps them secure their spot on our list of best refinance lenders. Read our Rocket Mortgage review.

Pros

• Clearly advertised rates for refinancing
• Wide range of loan options, including government-backed FHA and VA refinances
• Relatively easy online application that should take just a handful of minutes

Cons

• No transparency around refi closing costs
• No in-person offices that are open to the public
• Inclusion of points in advertised rates can mislead consumers

Additional Information

Loan Types Offered:

• Conventional rate-and-term refinance
• Cash-out refinance
• VA and FHA refinance

Mortgage Rates:

• 6.801% APR 30-year fixed (with 1.875 points)
• 6.53% APR 20-year fixed (with 2 points)
• 7.915% APR FHA 30-year fixed (with 2 points)
• 7.795% APR VA 30-year fixed (with 2 points)

Best for Talking to a Human

NBKC

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Vault Verified

Minimum Credit Score

620

Days to Close

Undisclosed

Why We Chose It

If you want to talk through your refinance options with a live person, you can call NBKC’s mortgage team at (800) 375-8096. They’re available Monday through Friday from 8 a.m. to 7 p.m. Central Time. And with a fairly impressive 4.71 out of 5 stars and A+ rating from the Better Business Bureau (BBB), you can rest assured that you’re in capable hands with NBKC. That said, with no publicly available rates, you’ll definitely want to gather information from the person with whom you speak to compare against what’s on offer from other lenders.

Pros

• Ability to talk to a human relatively easily
• Positive customer reviews
• Backed by a well-supported team (NBKC has been named one of the best places to work by Glassdoor and the Kansas City Business Journal)

Cons

• Rates aren’t available without providing personal contact information
• No VA or USDA refinancing
• Branch locations are only available in and around Kansas City

Additional Information

Loan Types Offered:

• Conventional rate-and-term refinance
• Cash-out refinance
• FHA refinance

Mortgage Rates:

• Undisclosed

Best for Fee-Free Future Refinances

New American Funding

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Vault Verified

Minimum Credit Score

620

Days to Close

45–60 days

Why We Chose It

New American Funding (NAF) currently offers a 5-Year Rate Protection Pledge. If rates drop within the next five years and you meet the qualification criteria, you can go through another refinance with NAF. But this time, you won’t have to pay any fees—an exciting proposition for any borrower who wants to lock in the lowest possible rate. Read our New American Funding review.

Pros

• 5-Year Rate Protection Pledge
• Wide variety of loans types available to refinance into
• Minimal paperwork (proof of income, copy of homeowners insurance and asset verification) required to refinance

Cons

• Minimal transparency on closing costs
• Relatively lengthy time to close
• Inclusion of points in advertised rates can mislead consumers

Additional Information

Loan Types Offered:

• Conventional rate-and-term refinance
• Cash-out refinance
• VA, USDA and FHA refinance

Mortgage Rates:

• 6.563% APR 30-year fixed (with 3 points)
• 6.262% APR 15-year fixed (with 3 points)
• 6.960% APR FHA 30-year fixed (with 3 points)
• 6.402% APR VA 30-year fixed (with 3 points)

Best for Fast Refis

Better

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Vault Verified

Minimum Credit Score

620

Days to Close

32 days, on average

Why We Chose It

If you’re looking to move into your new mortgage quickly, Better’s tech-enabled processes can help. Getting preapproved with the company can take just a few minutes, and Better reports that it closes refinances 10 days faster than industry average. Plus, because Better offers some borrowers the option to roll closing costs into the loan, you might not need to wait to save up for those upfront costs.

Pros

• Fast preapproval that takes just three minutes, on average
• High transparency about refinance requirements
• The option to include closing costs in the loan rather than paying them upfront

Cons

• No in-person offices that are open to the public
• Inclusion of points in advertised rates can mislead consumers

Additional Information

Loan Types Offered:

• Conventional rate-and-term refinance
• Cash-out refinance
• FHA refinance

Mortgage Rates:

• 7.599% APR 30-year fixed (with 2.17 points)
• 7.077% APR FHA 30-year fixed (with 2.02 points)
• 7.900% APR 20-year fixed (with 2.04 points)
• 8.034% APR 15-year fixed (with 2.45 points)

Best for Jumbo Loan Refinances

Guaranteed Rate

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Vault Verified

Minimum Credit Score

620

Days to Close

Up to 60 days

Why We Chose It

If you’re trying to refinance a jumbo loan—one that exceeds the conforming loan limit for your area—you might have a hard time finding lenders willing to work with you. But if you’re in decent financial shape, Guaranteed Rate is an option. This lender likes to see a credit score of around 760 or above and a loan-to-value ratio of 70% for its jumbo refinances. If you can satisfy those criteria, they offer you a path forward with your refi.

Pros

• Offers jumbo loan refinancing
• Better-than-most transparency around closing costs
• Branch locations serving all 50 states

Cons

• High credit score requirements for jumbo loan refinances
• Inclusion of points in advertised rates can mislead consumers

Additional Information

Loan Types Offered:

• Conventional rate-and-term refinance
• Cash-out refinance
• FHA and VA refinance
• Jumbo loan refinance

Mortgage Rates:

• 6.456% APR 30-year fixed (with 1.194 points)
• 5.932% APR 15-year fixed (with 1.246 points)
• 6.391% APR FHA 30-year fixed (with 0.838 points)
• 6.233% APR VA 30-year fixed (with 0.915 points)
• 6.362% APR jumbo 30-year fixed (with 0.43 points)

Best for Rate Protection

Optimum First Mortgage

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Vault Verified

Minimum Credit Score

620

Days to Close

30–45 days

Why We Chose It

Optimum First Mortgage offers a rate protection guarantee to qualifying borrowers, similar to the rate protection pledge from New American Funding. With one of Optimum First’s digital Rate Protection Guarantee certificates in hand, if rates drop, you can refinance to the new, lower rate without any deposit.

Pros

• Rate protection guarantee available to qualified borrowers
• Rate quotes available in two minutes
• Offers alternative income-based loans

Cons

• No rates published on the lender’s website
• Credit score requirement of 700+ for rate protection guarantee
• Getting a personalized rate quote requires providing personal contact information

Additional Information

Loan Types Offered:

• Conventional rate-and-term refinance
• Cash-out refinance

Mortgage Rates:

• Undisclosed

Best for VA Loans

Veterans United

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Vault Verified

Minimum Credit Score

620

Days to Close

45–60 days

Why We Chose It

For veterans and active-duty military members and their families, loans backed by the Department of Veterans Affairs (VA) offer some significant benefits, from low down payment requirements to advantageous interest rates. Refinancing into a new VA loan keeps those benefits in place, and Veterans United makes it easy because they specialize in this type of financing. With a focus solely on these loan products, they’re one of the best lenders to refinance VA loans.

Pros

• VA cash-out and interest rate reduction refinance loans (IRRRLs) available
• Team expertise in VA loan refinancing
• 4.82 out of 5 stars and an A+ rating with the BBB

Cons

• Only available to people who have VA loans
• Branch locations only available in 17 states
• No non-VA loan availability

Additional Information

Loan Types Offered:

• VA streamline (Interest Rate Reduction Refinance [IRRRL]) refinance
• VA cash-out refinance
• VA jumbo loan refinance

Mortgage Rates:

• 6.179% APR VA 30-year fixed (with 1.5630 points)
• 6.302% APR VA 30-year IRRRL (with 1.8750 points)

Reliable Rates From Vault

Please note that the annual percentage rates (APRs) listed are accurate as of the date of publication. As financial rates can fluctuate, the current APRs may differ. We strive to update our data regularly to reflect these changes. For our complete methodology, please refer to the “Our Methodology” dropdown above.

What Is a Refinance Lender?

A refinance lender isn’t very different from a mortgage lender. When you refinance, you’re not adjusting your current mortgage. Instead, you’re taking out a new home loan. You use that mortgage’s proceeds to pay off your old mortgage in full, and you then move forward with your new refinanced loan.

Not all lenders offer refis. Because you’ve already paid off part of your home loan, financial institutions usually stand to earn less from a refinanced mortgage than one initiated to coincide with a home purchase.

How Do Refinance Lenders Work?

Some refi lenders have a narrow area of focus. Veterans United, for example, only offers VA loans and refis.

Some lenders, on the other hand, cast a wide net, usually backed by a large team. Some of the biggest banks, for example, don’t just offer mortgage refinancing but are also some of the best lenders to refinance student loans.

While all of the best refinance lenders have their own unique requirements and underwriting constraints, you can still prepare yourself for the process. To refinance, you need to move through the following steps:

• Get a personalized quote. Lenders tailor the rate they offer to you based on your borrower profile, the size of the new mortgage you want to refinance into, the house you’ll use to secure the loan and more. Get quotes from at least three lenders. Then, compare annual percentage rates (APRs), which represent what you’ll pay each year in interest plus fees.
• Apply. Once you know which lender offers you the best rate and terms, you move the process forward by completing a refinance application. Many lenders have made this a fully online process. As part of your application, you’ll generally need to provide some form of income verification (like pay stubs or tax returns), plus information about your house.
• Go through underwriting. Underwriting means the lender takes a closer look at the information you submit with your application, then verifies those details. On top of that, lenders use an appraisal process to confirm that your house is worth what you think it is. All of the best refinance lenders have their own proprietary processes here, but it’s common for underwriting to take at least a few weeks.
• Close your new loan. Once the lender has all the information, you head to the closing table. Here, you sign the necessary paperwork to close your new mortgage and pay any closing costs you owe to the lender.
• Pay off your old mortgage. You use the money from your new, refinanced mortgage to pay off your old mortgage in full. In some refis, you borrow just enough to pay off that old loan and move forward with the rate and term of your new mortgage. In a cash-out refinance, you borrow more than you need to repay your old mortgage, and you pocket the difference.

Reasons To Refinance Your Mortgage

There are multiple reasons why homeowners want to refinance their mortgages. Here’s a look at some of the most common reasons to refinance a house.

You Want a Lower Interest Rate

If you’ve paid down a significant portion of your mortgage, your lower loan balance may qualify you for a lower interest rate than your current one. VA borrowers should know: The best lenders to refinance VA loans offer a specialized type of refi called an interest rate reduction refinance loan (IRRRL), also called a streamlined refinance.

You Want To Cash Out Some of Your Home Equity

As you pay off your mortgage, the piece of your home that you own outright—your home equity—grows. You can turn some of that into money in your pocket with a cash-out refinance. Most of the best refinance lenders offer cash-out refis.

You Want More Stability in Your Monthly Payment

If you currently have an adjustable-rate mortgage, refinancing into a fixed-rate loan eliminates surprises in your monthly payment.

You Want To Change Your Loan Term

If you’re making more money now, you might opt for a new mortgage with a shorter loan term. Shorter-term loans generally have lower interest rates than longer ones. Alternatively, if your budget is tight, resetting your loan to a new 30-year term can lower your monthly payment amounts.

How To Choose the Best Refinance Lender for You

Finding the right mortgage refinance lender may mean narrowing your focus. If you have a loan backed by the Department of Veterans Affairs, for example, you probably want to exclusively look at the best lenders to refinance VA loans.

Even if you look at a selective pool, you should evaluate any lender you’re considering in the following ways.

Compare Interest Rates

This should be your primary concern in refinancing. Even a small movement in your interest rate can either save or cost you thousands through the years you’ll be paying off this loan. Generally, it’s best to move forward with a refi only if it will save you 1% or more in interest.

When you’re looking at lenders’ advertised rates, be mindful of points. These are optional fees you pay upfront to lower your interest rate. A lot of the best refinance lenders include points in the rates they publish online. The rate you get will be higher if you don’t buy those points, so it’s important to evaluate point-free rates when comparing lenders.

Compare Fees

The interest rate isn’t the only thing you may pay to your new lender. Look for any fees they charge.

Look for Perks

Some lenders offer benefits if you choose to refinance with them, like the rate protection measures from New American Funding or Optimum First Mortgage. If perks are paired with a better interest rate and low fees, it may more than make up for the closing costs you’ll pay to refinance.

Evaluate Closing Costs

Ask about which closing costs the lender charges. In many cases, you’ll need to hand over cash to cover everything from the title search to the home appraisal, along with lender-specific fees like origination costs. In most cases, you’ll end up paying around 2% to 6% of the loan total.

Refinance Lenders vs. Other House-Secured Financing

If you’re looking to tap the equity you’ve built in your home, refinancing isn’t your only option. You can also explore home equity loans and home equity lines of credit (HELOCs).

Refinance Lenders vs. Home Equity Loan Lenders

Many of the best refinance lenders also offer home equity loans. With these loan products, you get a lump sum of money and your house serves as collateral. You repay what you borrowed over the loan’s term (usually up to 30 years), usually with a fixed interest rate.

The home equity loan is a second mortgage, and your original mortgage remains unchanged.

Refinance Lenders vs. HELOC Lenders

A HELOC is another form of second mortgage and also uses your home as collateral, but it functions more like a credit card. The HELOC lender approves you for a line of credit up to a certain amount, and you can draw from it, repay it, then borrow again throughout the HELOC’s draw period. Once that period ends, you repay your outstanding HELOC balance plus interest over the repayment period term.