The best refinance companies offer a variety of loan options to choose from. To make your mortgage refinance process easier, you should checkout online mortgage refinance calculator that can help you estimate how much you could save.
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Our Top Picks for the Best Mortgage Refinance Lenders
- Rocket Mortgage – Best Overall
- Zillow – Best Marketplace
- Better – Best for Fast Closing Time
- loanDepot – Best for Online Mortgage Refinancing
- Navy Federal Credit Union – Best Credit Union
- Ally Financial – Best for Jumbo Loans
Best Rifinance Lender Overall: Rocket Mortgage
Why we chose it: We chose Rocket Mortgage (formerly Quicken Loans) as the best overall mortgage refinance company for its excellent track record in customer satisfaction, in-depth digital software, and web-based customer support. In 2021, Rocket was also the top mortgage originator in the United States.
- Rated best mortgage servicer by JD Power
- Largest mortgage originator in 2021
- Streamlined online application process with eClosing
- Features a mortgage refinance rates calculator
- No in-person service, but you may reach out to an affiliated broker
Rocket Mortgage has consistently ranked in the top 3 in the J.D. Power U.S Primary Mortgage Origination Satisfaction Study, outperforming most lenders for the eighth consecutive year. Although the company is deeply rooted in online technology, it also has over 3,000 home loan experts available seven days a week to help you complete your application over the phone.
Best Marketplace: Zillow
Why we chose it: We chose Zillow as the best mortgage refinancing marketplace for its ability to connect you with a wide variety of licensed lenders located across all 50 states and the District of Columbia, plus its array of tools that help the homeowner determine the best refinancing option.
- User-friendly mobile app
- Wide range of online resources, including a mortgage calculator
- Easy access to competitive rates, updated daily
- Most of the application process is performed online
- Not licensed to operate in all 50 states
- No program to help homebuyers with bad credit
Zillow is better known as a real estate listing site but also offers access to thousands of lenders across the country, from mortgage bankers and brokers to credit unions and community banks. (It’s also possible you’ll be referred to Zillow Home Loans, the company’s mortgage arm.)
Zillow’s Lender Directory allows you to search for a mortgage provider by city, state/territory or zip code. You can also search for a specific bank or loan officer if you have a recommendation from a friend or family member. You’ll be able to read customer reviews before deciding on which lenders you want to apply with. You can also submit your information directly on Zillow’s website and be paired with both local and national lenders, who will contact you directly.
Another neat Zillow feature is its mortgage rate comparison tool, which is updated daily. Here, you can compare average interest rates for different types of loans (conforming, government backed and jumbo loans) as well as different term lengths. This will give you an idea of what interest rate you can expect when you apply for a refinance and allow you to compare the market average with the rate you’re offered.
As with any marketplace, once you contact a lender you’ll be dealing with that company directly and Zillow will no longer be involved in the process.
Best For Fast Closing Time: Better
Why we chose it: We chose Better as the best mortgage refinance company for fast closing times because consumers can obtain a rate quote and a letter of preapproval in just a few minutes. Better Mortgage also offers a price-match guaranteed rate.
- Fast online process, with competitor price-match program
- No origination, application or underwriting fees
- Smart tech automatically looks for and applies eligible discounts
- Online-only, no brick and mortar branches
- Not available in Hawaii, Massachusetts, Nevada or New Hampshire
- Limited refinance loan type options
Better Mortgage is an online lender with an easy mortgage refinance process that’s fast and straightforward. This lender offers low-interest rates and some of the lowest closing costs in the industry.
Better can afford to forego some of the fees charged by traditional brick-and-mortar lenders — such as application, underwriting and origination fees — because they operate fully online. Additionally, it offers a price guarantee if another lender has a more competitive price on their refinance products.
Better customers can upload and sign all their documents through the lender’s secure website. They also have direct access to one of the company’s dedicated loan officers.
Best For Online Mortgage Refinancing: LoanDepot
Why we chose it: We chose loanDepot as the best mortgage refinance company for online mortgage refinancing due to its remarkable platform and wide availability across the US.
- Licensed in all 50 states with over 200 locations in 43 states
- Streamlined digital platform
- Loan rates are not available online
LoanDepot stands out for its “mello smartloan,” an end-to-end digital portal that employs artificial intelligence to verify asset and employment details and can also perform credit checks and begin the appraisal process.
loanDepot also has licensed loan consultants available to help consumers select the best mortgage product for their particular financial situation. By calling its lending officers, you can also request information on mortgage rates not readily available on the website.
Choosing loanDepot for a mortgage refinance is rewarded with a lifetime guarantee. The company offers to waive lender fees and reimburse appraisal fees on future refinances after you’ve refinanced with them at least once.
Best Credit Union: Navy Federal Credit Union
Why we chose it: We chose Navy Federal as the best mortgage refinance credit union because of its fast online preapproval process, choice of loan terms and benefits for borrowers who are also selling.
- Online pre-approval application
- Doesn’t require private mortgage insurance (PMI)
- Membership is limited to veterans, active-duty military, and their families
- No FHA, USDA loans, construction loans, or reverse mortgages
It has mortgage refinancing options ranging from 10- to 30-year loan terms for their VA Streamline (IRRL) and Homebuyers Choice. The lender also offers the Military Choice loan for those who have exhausted their VA loan option. However, they don’t offer FHA, USDA loans, construction loans or reverse mortgages.
Realty Plus and Navy Federal Title Services are tools that facilitate the mortgage refinance process for homebuyers looking to refinance or sell and buy new property. Realty Plus connects you with a real estate agent and an agent coordinator to assist with your mortgage application. Further, if you close your mortgage with Navy Federal using Realty Plus, you can get between $400 and $8,000 cashback.
Navy Federal also offers Homesquad, a new option for potential buyers to get a faster preapproval for a mortgage loan. It allows borrowers to track their loan status 24/7 online or through their mobile device, upload documents easily, set up autopay, access payment history and other account activities, and request forbearance assistance.
Best For Jumbo Loans: Ally Financial
Why we chose it: We chose Ally Financial as the best mortgage refinance company for jumbo loans due to its higher-than-average lending cap and lack of lender fees.
- Online application, document uploads, and electronic signature options
- No lender fees
- Quotes don’t impact your credit score
- No PMI with a down payment of 20%
- Mortgage applications can only be completed with an in-person visit
- You may be required to pay PMI if your down payment is less than 20%
Ally Financial stands out for its jumbo loans offerings of up to $4 million. For this type of loan, Ally offers a higher lending amount than other lenders, which usually cap at $2 million. Borrowers must pay a down payment of at least 20% for jumbo loans, and provide evidence that they can cover expenses for a certain amount of months. However, unlike other lenders, Ally accepts restricted stock units to count as reserve capital.
Potential borrowers can apply, submit documents and sign paperwork online, but can only complete and close down the loan application by visiting one of their branches. On their website, borrowers can find rates and a refinance mortgage calculator, among other information regarding refinancing and jumbo loans.