Best Mortgage Refinance Lenders of September 2019

Why we like it

Ideal for refi borrowers with little time. Rocket Mortgage brings smartphone app convenience to the refinance process. And online income and asset verification speeds the process.

Pros

• Offers conventional and government-backed refinance mortgages.

• Customized loan recommendations based on refinance goals.

• Automatically fills in your application with public information.

• Helpful mortgage bankers are just a click away.

Cons

• Doesn’t consider alternative-credit info for refinances.

• No in-person customer service available.

• Must create an account to see personalized refinance rates.

Why we like it

Ideal for refinance customers in the states it serves. Reali Loans doesn’t charge upfront origination or broker fees on refinance loans, which close in around 36 days.

Pros

• No upfront origination or broker fees.

• A shorter, more transparent refinance process.

• Online platform lets you track your refinance every step of the way.

Cons

• No FHA, VA or USDA refinance products.

• Account required to see personalized refinance rates.

Why we like it

Ideal for military-connected customers looking to refinance. Veterans United's streamline VA refis require a lot less paperwork with lower closing costs.

Pros

• Offers VA IRRRL, or “Streamline,” and cash-out refinance loans.

• Online application and prequalification available.

• Offers 24/7 customer service.

Cons

• Doesn’t publish refinance rates on its website.

• Must provide some personal information for a customized refinance rate quote.

• Physical locations not available in all states.

Why we like it

Ideal for refinancing any way you want: in person, online or over the phone. With branch locations in 22 states, Chase has a strong face-to-face presence, but refinancers can apply through other channels, too.

Pros

• Fixed- and adjustable-rate refinance options.

• Aims to close all refinance transactions in 60 days or less.

• Customized rate quotes available online without providing personal info.

Cons

• Physical locations not available in all states.

• Charges an origination fee as well as other third-party fees for refinances.

• You must speak with a mortgage banker to be approved.

Why we like it

Ideal for military members and their families. Navy Federal Credit Union offers a wide range of mortgage products, an online application and considers alternative credit data for certain loan types.

Pros

• Wide range of affordable mortgage products designed for military members.

• Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.

• Lower minimum loan amounts than many other lenders.

• Online application for preapproval with quick decision.

• $1,000 mortgage rate match program.

• Operates nationwide.

Cons

• Charges application and underwriting fees.

• Origination charge on a typical conventional loan is 1% of the loan amount.

Why we like it

Ideal for the homeowner who wants to refinance, but needs help figuring out which type of mortgage to choose. SunTrust offers a broad range of loan types, including FHA, VA, USDA and conventional mortgages.

Pros

• Offers refinance loans with fixed and adjustable rates.

• Online portal provides info and tools for refinance customers.

• Spanish version of the website makes refinancing easier for Latino borrowers.

Cons

• Limited number of physical branch locations.

• Doesn’t consider alternative credit data.

• Must call, email or start an online application to see refinance rates.

Why we like it

Ideal for homeowners who are looking to refinance into conventional, FHA or VA mortgages. Guaranteed Rate works with almost anyone with a good credit score and stable income.

Pros

• Apply and be approved for a refinance entirely online.

• Suggests refinance loan products based on your financial goals.

• No personal information required for customized refinance rate quotes.

Cons

• Charges some fees, such as a lender fee which includes an application fee.

Why we like it

Ideal for borrowers who like options. Bank of America offers multiple refinance loans, including FHA, VA and cash-out.

Pros

• Offers refinance mortgages with fixed and adjustable rates.

• Apply for a refinance loan online, in-person or over the phone.

• Customized refinance rates available without providing personal info.

• Fee discounts for Preferred Rewards customers.

Cons

• Online complaints indicate inconsistent communication.

• Time to process and close a refinance may be slower than other lenders.

Why we like it

Ideal for anyone who wants online convenience with face-to-face options. Loan Depot has affiliated locations nationwide and is well-rated for low customer complaint volume.

Pros

• Offers conventional and government-backed refinance mortgages.

• Offers a “lifetime guarantee” on future refinances: no lender fees and reimbursal of appraisal cost.

• Advertises a "no steering" policy for refinance loans.

Cons

• Must provide personal information to get a customized refinance rate quote.

• Has fewer high-tech refinance tools than other lenders, such as no mobile app.

Why we like it

Ideal for borrowers who like to save money. Through Alliant's Advantage Mortgage (AAM) program, borrowers may be able to refinance and eliminate mortgage insurance with just 5% equity.

Pros

• Offers no-mortgage-insurance refinances to homeowners with as little as 5% equity.

• Online banking and mortgage management tools.

• Strong marks for customer service.

Cons

• No FHA, VA or USDA refinance loans.

• Only one physical location, in Chicago.