10 Best Mortgage Refinance Lenders of May 2023


Refinancing your mortgage can be a smart financial move if you do it the right way. You can tap into your home equity, get a lower interest rate, or even shorten or lengthen the terms of your loan. All of these are great outcomes for you and your wallet.

But here’s something that’s not so great: Picking the wrong mortgage refinance lender.

This one major mistake can potentially cost you tons of money in closing costs, hidden fees, and high interest rates.

You can avoid that by learning just a bit about what to expect throughout the refinance process and how to find the right lender. We’ll walk you through everything you need to know and give you some suggestions for the big decision.

The 10 Best Mortgage Refinance Lenders of 2023

We’ve compiled a list of the best mortgage refinance companies with the most competitive mortgage rates. Read through our short reviews to understand what kind of mortgage products they offer and how their process works. It’s an excellent resource for narrowing down your list of refinance lenders to consider.


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Credible (NMLS #1681276) stands out as a mortgage broker that will connect you with potential refinance offers from up to six lenders.

Credible takes you through the application process from start to finish. In addition, their digitized platform makes it highly streamlined to answer questions that are only relevant to your situation.

Plus, you can get prequalified with custom mortgage rates before you submit a formal loan application. It only takes three minutes to get offers.

Credible doesn’t share your personal information with lenders until you decide to move forward with the loan process.

Available mortgage refinancing through Credible includes fixed-rate, adjustable-rate, and cash-out refinancing. Closing costs can range from 2% to 6% of the new loan amount, depending on the lender.

Another benefit of working with Credible? They have licensed mortgage loan officers on their team to help you through the entire refinance application process.

Read our full review of Credible


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loanDepot is a lender that values and earns customer loyalty. This is evident by their refinancing lifetime guarantee. Once you refinance with them the first time, they will waive their lender fees and reimburse your appraisal fee.

It’s also an excellent choice for people who like a person-to-person connection. You can call them at any time to talk directly to a loan officer.

This can be especially helpful for a refinance because there are many reasons for refinancing and many ways to refinance.

After defining your goals, they let you choose from both fixed-rate and adjustable-rate loans. There are other loan types available, such as jumbo and government, or even home equity loans. The minimum credit score is 620.

They are committed to customer satisfaction and back it up with extensive refinance products.

Terms and conditions apply.

Read our full review of loanDepot


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LendingTree offers a ton of benefits when it comes to refinancing. First, the online process is very easy and can even get you a mortgage rate quote in under three minutes.

LendingTree isn’t a direct lender and instead matches you up with multiple loan offers with mortgage lenders, so you can compare your options.

Here’s why that’s so helpful.

It makes LendingTree’s refinance options much more robust than many other online lenders. For example, you can convert an adjustable-rate mortgage into a fixed rate or refinance your FHA loan or even VA loan.

You can also cash out home equity as part of your refinance or choose from multiple loan terms.

If you’re still in the information-gathering stage of your refinance journey, LendingTree’s website has many valuable resources.

Play around with numbers to check out different scenarios using tools like their refinance calculator and cost estimator.

Read our full review of LendingTree

Rocket Mortgage

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Another driving force in the online refinance marketplace is Rocket Mortgage, which is part of Quicken Loans.

The application process is straightforward and can be completed entirely online. You can pick your goal for your refinance to help Rocket tailor your loan offers.

You can even link your financials and property information so that you don’t have to gather and upload all the documentation manually. In fact, 98% of financial institutions in the U.S. can be imported for both your bank statements and investment assets.

Rocket Mortgage also allows you not only to browse different options but also customize them. You can choose from a traditional mortgage product, FHA loans, VA loans, USDA loans as well as fixed or adjustable rates. The minimum credit score is 620.

For an exceptional customer service focused experience that’s entirely based online, Rocket Mortgage is certainly worth exploring.

Read our full review of Rocket Mortgage

New American Funding

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Another direct lender, New American Funding, is a mortgage company that simplifies the online mortgage process. Get started by selecting the type of real estate you want to refinance.

You can choose from:

  • Single family home
  • Condo
  • Townhouse
  • Multi-unit
  • Other

You’ll then answer a series of questions about your personal information, including the existing loan amount and your credit scores.

Afterward, you’ll get a quote estimate on the type of refinance loan you could potentially receive. You can also call the 800-number at any time to speak to one of New American Funding’s loan officers.

The average refinance saves their customers about $360 per month. So, they’re definitely worth checking out, especially if your goal is to lower your payment amount.

Read our full review of New American Funding


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SoFi started as a student loan refinance company and has recently branched out to mortgage refinancing as well. One of the key advantages here is that they go beyond the traditional credit score and base your qualification on high-tech algorithms using various criteria.

In addition to the typical refinance and cash-out refinance options, SoFi also offers a refinance product specific to paying off your student loan debt.

As a result, you could end up lowering your monthly mortgage payment on top of getting rid of your student loan payments.

SoFi lets you check your prequalification for a refinance in just two minutes without affecting your credit score. You can usually close on your new loan within 30 days, and you don’t have to pay any lender origination fees.

A final bonus? If you have an existing SoFi loan, you can qualify for an additional 0.125% rate discount on your refinance.

Read our full review of SoFi

Guaranteed Rate

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This major lender has offices in each state (plus the District of Columbia) but also lets you get started using its Digital Mortgage platform.

Guaranteed Rate requires a minimum credit score of 620 for mortgage approval. However, alternative credit data, such as utility and rent payments, are considered in some cases.

Guaranteed Rate is highly rated for customer service. They consistently receive stellar customer reviews with a satisfaction rate above 95%.

Whether you want a completely online refinance experience or a more personal one, they deliver.

Read our full review of Guaranteed Rate

Carrington Mortgage Services

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Carrington begins the process by asking you to select one of four goals:

  • Lowering your interest rate
  • Lowering your payments or consolidating debt
  • Remodeling your home
  • Getting cash out

Fill out a contact form to have them get in touch with you. Alternatively, you can call Carrington anytime between 7:00 a.m. and 6:00 p.m. PST, Monday through Friday.

If you like a lot of personal care and attention throughout the process, you’ll appreciate Carrington. Their mortgage professionals walk with you every step of the way to ensure you have a speedy and successful closing.

Read our full review of Carrington Mortgage Services

Bank of America

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One of the biggest banks out there, Bank of America puts its resources to good use by creating a comprehensive and easy online user experience.

You can zip through the application from start to finish by uploading all of your supporting documentation and e-signing with a touch of your finger.

Plus, Bank of America practically has a complete offering of refinancing products, including fixed-rate loans, ARMs, jumbo loans, FHA loans, and VA loans. B of A’s interactive website also makes it easy to get a rough estimate of current mortgage interest rates.

All you have to do is type in your zip code and desired loan amount, and you can see where refinance rates start for various mortgage types.

If you already bank with B of A and are a Preferred Rewards member, you may also be eligible for a reduction of your mortgage origination fee anywhere between $200 and $600.

Read our full review of Bank of America


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You don’t need to be a bank member to refinance with Chase. And if you prefer to work with a traditional bank over a strictly online lender or matching website, then Chase is a strong choice.

Start the process online by choosing one of two goals: lowering your monthly payment or cashing out your home equity.

From there, you can get started on the prequalification form. Be prepared to enter information on your current mortgage and your finances.

If you ever have a question before or during the application process, you can either call or connect with a home lending advisor in person in one of 28 states.

There are plenty of refinancing options available through Chase, including jumbo, FHA, VA, and HARP loans. As with most other lenders, the minimum credit score is also 620.

Read our full review of Chase

signing refinance documents

How to Choose a Lender to Refinance Your Mortgage

When you decide to refinance, picking the right lender is vital to your financial success.

Mortgage refinance lenders structure loans differently, depending on whether you want to minimize closing costs or lower monthly payments—or a combination of the two.

The first thing to look at is what kind of refinance loans the lender offers. For example, you can find FHA refinance loans with lower minimum credit score requirements than conventional loans if you’re looking for a government-backed refinance.

Loan Terms

Alternatively, you may want to refinance into a shorter term than the standard 30-year fixed mortgage. Look for mortgage refinance companies that offer multiple options, such as 10, 15, or 20-year mortgages. Then, you can compare refinance rates and payments and pick the best one.

As with any kind of loan, you also want to shop around for mortgage rates. Not every lender automatically offers the same interest rate or APR. You’ll also want to compare closing costs as part of the evaluation process. You need to know both your upfront costs and long-term costs in terms of interest.

Closing Costs

If you want to minimize the amount of cash you bring to the table, ask whether your closing costs can be rolled into the loan.

There are numerous ways you can tackle mortgage refinancing. That’s why picking the right refinance lender can make a huge difference. They can help you understand the pros and cons of different options, so you can make the right choice.

Don’t be afraid to ask questions. Ask for specific numbers, and talk to a few different lenders to get an idea of their recommendations and refinance process.

When to Refinance a Mortgage

Now that you’ve learned of the best refinance lenders out there, make sure you’re refinancing for the right reasons. Here are some of the most common reasons for refinancing a mortgage.

Lower Your Monthly Payments

It’s entirely possible to refinance to lower your payment amount. To save money over the life of your loan, you could refinance into a lower interest rate if mortgage rates have dropped since you got your loan. Or, if your credit score has improved, you might be able to qualify for a lower refinance rate as well.

If you’re having trouble making your payments, you could also consider refinancing into a longer loan term. This spreads out your existing mortgage amount over more years.

For example, if you’ve been paying your mortgage for 10 years on a 30-year loan, you could extend the existing 20 years over another 30 years. However, you should proceed with caution, depending on your financial situation and retirement plans.

Cash Out Your Home Equity

If you have equity in your home—at least 20%—you could potentially qualify for a cash-out refinance. This allows you to get a lump sum of money and then add that amount to your existing loan. Usually, you can borrow up to 80% of your equity.

Let’s take a look at an example.

Say your home is valued at $200,000, and your mortgage is down to $150,000. That leaves you with $50,000 in equity. The bank will let you borrow up to 80% of that, which is $40,000.

If you qualify for the mortgage, you could then refinance a total of $190,000. You can then use the cash for home renovations, college tuition, medical bills, high-interest debt, or anything else.

Change the Terms

Shorter loan terms typically come with lower mortgage rates since there’s less of a chance for you to default on the loan. Once you’ve paid off a portion of your current 30-year mortgage, you may be able to save on interest by switching to a 15-year mortgage.

If, for example, you’re 15 years into a 30-year fixed mortgage, you only have 15 years left to pay. So, you could potentially save thousands by getting a lower interest rate via an actual 15-year fixed mortgage.

Switch to a Fixed Rate Mortgage

If you initially took out an adjustable-rate mortgage (or ARM) and your fixed period is ending, you should consider refinancing your loan. There’s a cap on how high your adjustable mortgage can go. It could potentially be much higher than current fixed interest rates.

Talk to a lender to see the best option to avoid a significant jump in your monthly payment. And be sure to plan ahead since it can take time for the approval process to finish.

See also: How to Refinance Your Mortgage

How does refinancing a mortgage work?

Applying for a refinance is very similar to applying for a home loan. It’s also important to note that you don’t have to use your current lender or servicer. You can pick any mortgage lender that you’d like for your refinance.

After shopping around for lenders and comparing your loan options, you’ll have to complete a formal application. This involves submitting your income and financial statements. The loan officer and underwriter will review your materials to make sure you can afford the new terms.

Mortgage Refinance Requirements

Mortgage refinance lenders are primarily concerned with three things: credit score, debt-to-income ratio, and average loan-to-value ratio (LTV).

  • Credit score: The minimum credit score for most mortgage refinance companies is around 620.
  • Debt-to-income ratio: Your monthly debt should not exceed 43% of your monthly take-home pay, just like a regular mortgage. In addition to personal loans and credit card debt, they also include your new mortgage payment in that number.
  • Loan-to-value ratio (LTV): Lenders would like to see a low loan-to-value ratio (LTV). Typically, you should have at least a 20% equity in your home. In addition to personal loans and credit card debt, they also include your new mortgage payment in that number.

You’ll be required to get an appraisal of your home as part of the process. This makes sure the property lives up to its estimated value and helps determine your total equity in the home. You don’t need to do anything special before the appraiser arrives. However, it is wise to clean and tidy up to make a favorable impression.

Thereafter, you just have to wait for closing. Usually, your lender lets you pick the date, time, and location. Next, they’ll send a notary who will walk you through signing the closing documents. Then, you’ll start fresh with your new payment schedule. If you’ve cashed out some of your home equity, you can typically receive a check or have it deposited directly into your bank account.

When Not to Refinance

When shouldn’t you refinance? If your credit score has dropped significantly since you took out your original mortgage, you may be surprised by higher interest rates. Similarly, refinancing today may not save you money if you qualified for a rock-bottom rate during the recession.

Furthermore, consider that every mortgage refinance comes with closing costs, just like your initial home loan. Therefore, you need to make sure any financial benefits you expect to receive from your refinance outweigh the added closing costs.

All of these considerations can be discussed with a suitable lender, whether in person, on the phone, or online. Do the research it takes to make sure you’re making an intelligent decision on your next home refinance.

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