Best Mortgage Refinance Lenders of October 2025

Last updated on October 20, 2025

Written by

Lead Writer/Spokesperson

Reviewed by

Senior Writer/Spokesperson

Edited by

Head of Content, Home Loans

Fact Checked

Co-written by

Lead Writer & Content Strategist

Written by

Lead Writer/Spokesperson

Co-written by

Lead Writer & Content Strategist

Reviewed by

Senior Writer/Spokesperson

Edited by

Head of Content, Home Loans

Fact Checked

Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

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

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NerdWallet's mortgage content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in home lending. Their work has appeared in The Associated Press, USA Today, The Washington Post, MarketWatch, Newsweek and many other national, regional and local publications. They have been cited in publications including The Wall Street Journal, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Why trust NerdWallet

50+ mortgage lenders reviewed and rated by our team of experts.
40+ years of combined experience covering mortgages and financial topics.
Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
Governed by NerdWallet's strict guidelines for editorial integrity.

Our 2025 Best-Of Award Winner

Best Mortgage Lender Cash-Out Refinancing

Rocket Mortgage, LLC

NMLS#3030

Rocket Mortgage, LLC

NMLS#3030

5.0

NerdWallet rating

Cash-out refinancing

GET MY RATE

WHY OUR NERDS LOVE IT

Rocket Mortgage does a significant volume of cash-out refinancing, with competitive average rates and a convenient online experience.

Read our methodology See all winners

Best Mortgage Refinance Lenders of October 2025

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Best Mortgage Refinance Lenders of October 2025
What’s a good reason to refinance?
Is it hard to get approved for a refinance?
What are the most common types of mortgage refinance loans?
Methodology
FAQ
About the authors

Lender	NerdWallet Rating	Min. credit score	National / regional	Learn more
Rocket Mortgage, LLC: NMLS#3030 Top 3 most visited 🏆 GET MY RATE	4.5 /5 Refinancing cash-out refinancing	580	National	Top 3 most visited 🏆 GET MY RATE
First Federal Bank: NMLS#408902 GET MY RATE	4.5 /5 Refinancing variety of refinance loans	620	National	GET MY RATE
Rate: NMLS#2611 Top 3 most visited 🏆 GET MY RATE	4.5 /5 Refinancing borrowers with credit challenges	580	National	Top 3 most visited 🏆 GET MY RATE
Pennymac: NMLS#35953 GET MY RATE	5.0 /5 Refinancing refinancing overall	620	National	GET MY RATE
Navy Federal: NMLS#399807 GET MY RATE	4.5 /5 Refinancing cash-out refinancing	N/A	National	GET MY RATE
U.S. Bank: NMLS#402761 GET MY RATE	4.5 /5 Refinancing in-person service	620	National	GET MY RATE
Wells Fargo: NMLS#399801 GET MY RATE	5.0 /5 Refinancing those who bank with Wells Fargo	620	National	GET MY RATE
Andrews Federal Credit Union: NMLS#410421 GET MY RATE	4.0 /5 Refinancing credit union experience	null	National	GET MY RATE
Chase: NMLS#399798 GET MY RATE	4.0 /5 Refinancing customer service	620	National	GET MY RATE
Freedom Mortgage: NMLS#2767 GET MY RATE	3.5 /5 Refinancing low average mortgage rates	620	National	GET MY RATE
NBKC: NMLS#409631 Top 3 most visited 🏆 GET MY RATE	4.5 /5 Refinancing low average rates and fees	620	National	Top 3 most visited 🏆 GET MY RATE
Northpointe: NMLS#447490 GET MY RATE	4.0 /5 Refinancing fast closings	620	National	GET MY RATE
SoFi: NMLS#696891 GET MY RATE	4.5 /5 Refinancing customer perks and rewards	600	Regional	GET MY RATE
Veterans United: NMLS#1907 GET MY RATE	4.0 /5 Refinancing active military and veterans	620	National	GET MY RATE

What’s a good reason to refinance?

Refinancing your mortgage can help you save money, either right away or over time. But there are other good motives, too. Here are some common reasons people choose to refinance.

Get a lower interest rate. If mortgage rates have dropped since you got your original mortgage, you might be able to refinance at a lower rate. This could reduce your monthly payments.

Pay off your loan faster. You can refinance from a 30-year mortgage to a shorter term, like 15 or 20 years. Your monthly payment may go up, even if you get a lower rate. But you'll pay less interest over time and own your home sooner.

Get rid of private mortgage insurance. If you bought a home with a conventional loan and put down less than 20%, you probably have to pay private mortgage insurance (PMI). PMI is a temporary surcharge you pay until your mortgage balance reaches 80% of the appraised value. You could hit that milestone sooner if you make extra payments or the value of your home has grown. However, you’ll need a new home appraisal to prove its value.

Get rid of FHA mortgage insurance. If you have an FHA loan backed by the Federal Housing Administration, refinancing is the only way to get rid of FHA mortgage insurance.

Change your loan type. If you have an adjustable-rate mortgage and don’t want to worry about rising interest rates, you can refinance to a fixed-rate loan. If you first bought your home with an FHA loan but now qualify for a conventional loan, you might be able to switch.

Borrow money from your home’s value. Home equity is the market value of your home, minus what you owe. With a cash-out refinance, you borrow more than your current loan balance. The difference is paid to you in cash. A cash-out refinance is a popular way to pay for major home improvements.

Add or remove a borrower. Let’s say you’re getting a divorce, and you want to remove your ex-spouse’s name from the mortgage. You need to refinance to do that, since your mortgage is an agreement with the lender saying who is responsible for repaying the loan. Similarly, after getting married, you might want to refinance to add your spouse’s name to the loan.

Lower your monthly payment. Refinancing to a 30-year mortgage can make your payments lower, since you stretch them out over a longer time period. But there’s a catch: A longer loan also means paying more interest over time, so you’ll lose money in the long run. If you're struggling to make payments, other options like forbearance or loan modification might be a better fit.

» MORE: Compare today's refinance rates

🤓

Nerdy Tip

It might be easy to refinance with your current lender, but they might not offer you the best deal. To get the best rate, get at least three different quotes — or ask a mortgage broker to shop around on your behalf. See our guide on how to choose a mortgage lender for more shopping advice.

Is it hard to get approved for a refinance?

Each lender sets their own requirements to qualify for a mortgage refinance. Here’s a general idea of what to expect.

Credit score. In general, you’ll need at least fair or average credit to refinance. A higher credit score can help you get a lower interest rate. Government-backed loans usually allow lower credit scores than conventional refinance loans, but each lender sets its own minimums. Bottom line: If your credit could use some polishing, you may want to work on it before applying for a refinance.

Debt-to-income ratio. Your debt-to-income ratio (DTI) shows how much of your money goes to paying bills compared to how much you earn. DTI includes your mortgage payment. Many lenders require a DTI below 36%. You can refinance a mortgage with a higher DTI, but you may pay a higher interest rate.

Home equity. It’s common for lenders to require you to have 20% equity before you can refinance. However, that amount can vary by lender and type of loan.

Refinance wait period. While you can refinance as often as you want, some lenders require a waiting, or “seasoning,” period between loans. With a conventional cash-out refinance, for instance, you will have to wait six months. If you are refinancing an FHA, VA or USDA mortgage, the waiting time varies between six and 12 months.

MORE NERDY PERSPECTIVE 🤓

How much does it cost to refinance? It's not as pricey as when you bought your home, but refinancing isn't cheap — you'll generally pay refinance closing costs of 2% to 6% of the total loan amount. On a $300,000 refinance, that'd be $6,000 to $18,000. You might see lenders offering no-closing-cost refinances. These are the "free lunch" of the mortgage world — but as the saying goes, there is no such thing as a free lunch. While you won't pay upfront fees with a no-closing-cost refi, those costs will be built into the loan, often in the form of a higher interest rate. - Kate Wood, Lead Writer/Spokesperson, Mortgages

What are the most common types of mortgage refinance loans?

Whether you’re looking to refinance a conventional or government-backed mortgage, there are generally four types of refinances:

Rate-and-term refinance. A rate-and-term refinance is exactly what it sounds like: you refinance your mortgage to reduce the interest rate, alter the length of the loan, or both.

Cash-out refinance. A cash-out refinance is when you replace your mortgage with a new one for more than your current loan balance. You receive the difference as cash. You can use the money for home improvements or other financial responsibilities. There are conventional, FHA and VA cash-out refinancing options.

Streamlined refinance. The FHA, VA and USDA offer streamlined refinancing options. These allow you to skip steps, like the appraisal and/or credit check, saving you time and money. To qualify, the FHA streamline and VA IRRRL both require that you'll get a financial benefit from the new loan: Either a lower monthly payment or lower interest rate.

Renovation refinance. A renovation refinance loan works somewhat like a cash-out refinance: You take out a larger loan than what you previously owed. The extra money goes toward fixing up your home. With an FHA 203(k) loan, the lender directly pays your contractor.

More from NerdWallet

Fact-checked as of Oct. 20, 2025

Last updated on October 20, 2025

Frequently asked questions

Should I refinance my mortgage?
There are multiple reasons to refinance your mortgage. Saving money is a big one: Getting a lower rate brings down your monthly payments, while shortening the term means you'll pay less total interest. A mortgage refinance calculator can help you see how much you could save and when you'll break even.
Is it cheaper to refinance with your current lender?
Not necessarily. Even though it might be easy to refinance with your current mortgage lender, that lender may not offer you the best deal. Shop at least three mortgage refinance lenders and compare the interest rate and terms each lender offers.
Who has the best refinance rates right now?
Refinance rates are in constant flux and vary based on economic trends, like job growth and inflation. But the rate you're offered will also depend on your individual financial situation, and factors like your credit score and the loan-to-value ratio of your refinance. Get quotes from multiple lenders to find the best refinance rates.
How do you qualify for a refinance?
In order to qualify for a mortgage refinance, you will need to meet the criteria set by your lender and loan program. These can include income requirements, a minimum credit score, a maximum debt-to-income ratio and sufficient home equity.
How do you refinance your mortgage?
The first step in refinancing is determining your goal. That will help you decide whether you need a rate-and-term refinance, a cash-out refinance or another type of mortgage refinance. Once you know what you're looking for, you’ll shop for a refinance lender, apply and close on your new mortgage, the same way you did when you bought the home.
How often can you refinance a mortgage?
You can generally 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.

Methodology

The star ratings on this page reflect each lender's performance in NerdWallet’s refinance category. We scored the category and chose lenders for this page using the following methodology:

NerdWallet reviewed more than 40 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

All reviewed mortgage lenders that offer more than one refinance product were evaluated based on (1) the portion of their business dedicated to refinance lending, (2) their refinance origination fees, (3) their rate transparency and (4) the ease of their online application. The highest scoring lenders appear on this page.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized the latest data from the Home Mortgage Disclosure Act (HMDA) for origination volume, origination fee, rate spread and share-of-product data.

About the authors

Kate Wood

Lead Writer/Spokesperson

Kate Wood joined NerdWallet in 2019 as a writer on the homes and mortgages team. Her work on homebuying, renovation and FHA loans has been featured by USA Today, Yahoo, MSN and The Associated Press, among others. Kate previously wrote about home remodeling, decor and maintenance for This Old House magazine. With degrees in sociology from Vassar College and the University of California, San Diego, Kate is passionate about issues like housing inequality. Email: <a href="mailto:[email protected]">[email protected]</a>

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Abby Badach Doyle

Lead Writer & Content Strategist

Abby Badach Doyle is a home and mortgages writer for NerdWallet. Her work has been featured in outlets such as The Associated Press and The Washington Post. She is passionate about making homebuying less stressful — especially for first-time buyers. Abby is based in Pittsburgh, a city known for its neighborly spirit.

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About the editor

Jeanette Margle

Head of Content, Home Loans

Jeanette Margle leads the Home content team at NerdWallet. Previously, she was an editor on NerdWallet's Travel Rewards team, and spent three years as an editor at Upgraded Points while self-employed as an editor and writing coach. Her writing has appeared on HuffPost. A lifelong Texan, Jeanette earned bachelor's degrees in journalism and Plan II Honors from the University of Texas at Austin, and has a Master of Education from the University of Houston.

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