12 Best Mortgage Refinance Lenders of July 2020

If you're interested in refinancing to a lower rate or lower monthly payment, we'll help you choose the best mortgage refinance lender for you. Check out our list of some of the best mortgage refinance lenders.

NOTE: Due to the coronavirus outbreak, refinancing may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

The best thing about refinancing your mortgage is that you’ve been through the home loan process before — but a lot may have changed since then. And there are more refinance companies and loan options now than ever.

Some refinance lenders offer the latest in online capabilities, others specialize in Federal Housing Administration or Veterans Affairs loans, and others will still discuss your loan options with you face to face.

» MORE: Get notified when refinancing will save you money

NerdWallet has picked some of the best mortgage refinance lenders in a variety of categories so you can quickly determine which one is right for you.

» MORE: Tips for finding the best refinance lenders

» MORE: Get notified when refinancing will save you money

NerdWallet has picked some of the best mortgage refinance lenders in a variety of categories so you can quickly determine which one is right for you.

» MORE: Tips for finding the best refinance lenders

Summary of Best Mortgage Refinance Lenders of July 2020

Lender	NerdWallet Rating	Minimum Credit Score	Minimum Down Payment	Learn More
Better.com: NMLS#330511 Learn more at Better.com	4.5 /5 Best for refinancing overall	620	3%	Learn more at Better.com
loanDepot: NMLS#174457 Learn more at LoanDepot	4.0 /5 Best for non-bank lender	620	3.5%	Learn more at LoanDepot
Veterans United: NMLS#1907 Learn more at Veterans United	4.5 /5 Best for government loans	660	0%	Learn more at Veterans United
Reali Loans: NMLS#991397 Learn more at Reali Loans	4.0 /5 Best for online experience	620	5%	Learn more at Reali Loans
Rocket Mortgage: NMLS#3030 Learn more at Rocket Mortgage	4.5 /5 Best for online experience	620	3%	Learn more at Rocket Mortgage
Chase: NMLS#399798 Read review	3.5 /5 Best for traditional lender	620	3%	Read review
LenderFi: NMLS#133056 Read review	3.5 /5 Best for refinancing overall	620	3%	Read review
Navy Federal: NMLS#399807 Read review	4.5 /5 Best for government loans	N/A	0%	Read review
SunTrust: NMLS#2915 Read review	4.0 /5 Best for customer service	620	3%	Read review
Guaranteed Rate: NMLS#2611 Read review	4.5 /5 Best for customer service	620	3%	Read review
Bank of America: NMLS#399802 Read review	5.0 /5 Best for traditional lender	620	3%	Read review
Alliant: NMLS#197185 Read review	4.0 /5 Best for credit union lender	NA	0%	Read review

Learn more

at Better.com

Better.com: NMLS#330511

Great for digital convenience

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Better.com

Why we like it

Ideal for tech-savvy borrowers who prefer an online experience. Better.com provides an easy-to-navigate digital application process and charges no origination fee.

Pros

Claims a three-minute application process for initial preapproval.
An online process with human help as needed.
Loan officers aren't paid commissions, they are strictly available for "support, not sales."
For higher-value homes, offers 10% down with no mortgage insurance on jumbo loans.
Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.

Cons

Doesn't offer home equity loans or HELOCs.
Doesn't do VA or USDA loans.
Not available in all 50 states.

Read Full Review

Learn more

at LoanDepot

loanDepot: NMLS#174457

4.0

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at LoanDepot

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.

Read Full Review

Learn more

at Veterans United

Veterans United: NMLS#1907

4.5

NerdWallet rating

Min. Credit Score

660

National / Regional

National

Learn more

at Veterans United

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.

Read Full Review

Learn more

at Reali Loans

Reali Loans: NMLS#991397

4.0

NerdWallet rating

Min. Credit Score

620

National / Regional

Regional

Learn more

at Reali Loans

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.

Read Full Review

Learn more

at Rocket Mortgage

Rocket Mortgage: NMLS#3030

4.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at Rocket Mortgage

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.

Read Full Review

Read review

Chase: NMLS#399798

3.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Read review

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.

Read Full Review

Read review

LenderFi: NMLS#133056

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

Why we like it

Ideal for time-pressed borrowers who want a fast loan decision with minimal paperwork.

Pros

Online loan application with quick loan decision.
Does not charge origination fees for most loans.
Many combinations of interest rates and discount points to choose from.
Loan officers are available by phone and text.

Cons

Loans unavailable in Hawaii, Missouri, Nevada, New York and Utah.
Home equity lines of credit and traditional home equity loans are unavailable.

Read Full Review

Read review

Navy Federal: NMLS#399807

4.5

NerdWallet rating

National / Regional

National

Min. Down Payment

Read review

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.
Online application for preapproval with quick decision.

Cons

Website does not provide customized mortgage rates based on credit score or other factors before you apply.

Read Full Review

Read review

SunTrust: NMLS#2915

4.0

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Read review

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.

Cons

Customized rates not available on website without starting an application.
Branches limited mostly to the Southeast.

Read Full Review

Read review

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Read review

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.

Read Full Review

Read review

Bank of America: NMLS#399802

5.0

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Read review

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.
Allows borrowers to apply entirely online.
May give existing customers a discount on mortgage lender origination fees.

Cons

Does not offer renovation loans.

Read Full Review

Read review

Alliant: NMLS#197185

4.0

NerdWallet rating

Min. Credit Score

National / Regional

National

Read review

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.

Read Full Review

Mortgage Refinance FAQs

What is a mortgage refinance?

When you refinance, you get a new mortgage to replace your current home loan. Just as when you bought the home, you will most likely undergo a credit check and pay closing costs. Some lenders offer a "no closing cost" refinance, in which you pay a higher interest rate in exchange for paying little or nothing at closing.

» MORE: How and why to refinance your mortgage

Why refinance your mortgage?

There are multiple reasons to refinance your mortgage. People usually refinance to save money, either in the short run or the long run, and sometimes to borrow against their equity. Here are some of the main reasons to refinance:

To get a lower mortgage rate. If mortgage interest rates fall after you get the loan, you may be able to refinance to a lower rate. This can result in smaller monthly payments.

To shorten the term. Refinancing from a 30-year mortgage to a shorter-term loan (15 or 20 years, most commonly) might increase your monthly payment (even with a lower interest rate), but it decreases the overall interest you pay over the life of the loan.

To get rid of mortgage insurance. When you buy a home with a down payment of less than 20%, you have to pay for mortgage insurance. Refinancing is one way to stop paying private mortgage insurance, and it's the only way to get rid of FHA mortgage insurance.

To replace an adjustable-rate mortgage, or ARM, with a fixed-rate loan. Rather than enduring the uncertainty of annual interest-rate adjustments with an ARM, you might refinance to a fixed-rate loan so you don't have to worry that the rate will rise.

To get your hands on equity. With a cash-out refinance, you borrow more than your current loan balance and take out the difference in cash. A cash-out refinance is a popular way to pay for home improvements.

When can you refinance a mortgage?

You may refinance as often as it makes financial sense to do so. There is an exception: Some lenders require "seasoning" between refinances — in other words, they require you to have the loan for a specified number of months before refinancing again.

» MORE: How often can you refinance your mortgage?

How do you refinance your mortgage?

The first step in refinancing is determining your goal. Do you want to reduce your monthly payment? Shorten the term? Get rid of FHA mortgage insurance? Move from an ARM to a fixed rate? Borrow from equity?

After you have identified your goal, you’ll shop for a refinance lender, apply and close on your new mortgage, the same way you did when you bought the home.

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Mortgage Refinance Lenders of July 2020

Better.com: Best for refinancing overall

loanDepot: Best for non-bank lender

Veterans United: Best for government loans

Reali Loans: Best for online experience

Rocket Mortgage: Best for online experience

Chase: Best for traditional lender

LenderFi: Best for refinancing overall

Navy Federal: Best for government loans

SunTrust: Best for customer service

Guaranteed Rate: Best for customer service

Bank of America: Best for traditional lender

Alliant: Best for credit union lender