🏆 Our top pick for 2026: Truist
Truist was NerdWallet's pick for the best mortgage lender for refinancing in 2026. Truist also won best lender for home equity lines of credit and second home loans, as well as best mortgage lender overall. Here's more about how we made our decisions and why Truist came out on top.
👇 Behind our picks: Why each lender earned a spot on this list
Alliant: A speedy refi with rate details in plain sight
Alliant has a few things working in its favor for a refi: a speedy 25-day average closing time, FHA streamline refinances and top marks for showing rate information clearly. The one hole in the lineup? No energy-efficient mortgage refinances, which to be fair, is a pretty niche product.
NC SECU: Makes me wish I lived in the Southeast
Every time NC SECU shows up in our best lender lists — and it’s on a few! — it makes me a little envious of the borrowers who live in its small lending footprint (North Carolina, South Carolina, Virginia, Georgia and Tennessee). If you do, you get access to really competitive APRs and highly praised customer service. For cash-out refis, you can borrow up to 90% of your home’s value, higher than many lenders. Jumbo refis are available, too.
Truist: A well-stocked refinance toolkit
You don’t have just one option when you refinance, and Truist has plenty in its refinance toolkit: FHA and VA streamline loans, plus cash-out refinances for jumbo, FHA and VA borrowers. It also has better-than-average APRs. But you’ll need at least a 620 credit score for a refi, so it’s not the best choice for credit-challenged borrowers.
Flagstar: Fast closing with lots of refinance routes
Assuming you already bank with Flagstar — that’s where the lender focuses its mortgage business — the bank covers a lot of ground on the refi front: Fannie RefiNow and Freddie Refi Possible, government-backed streamline loans and jumbo refinances. It closes in 25 days, faster than average, and has competitive APRs. However, it does not offer energy-efficient mortgage refinances.
If you need to tap a large amount of home equity, Navy Federal shines, letting you borrow up to 95% of your home’s value. If you qualify for credit union membership, you’ll also enjoy competitive APRs. Rate info is easy to find online, and it also offers VA cash-out and streamline refis. Skip this pick if you need a jumbo refi or FHA streamline option.
Network Capital is the speedster of this bunch, with a 20-day average closing time. It may also open doors for borrowers with lower credit, with a stated 510 minimum for standard and cash-out refinances. Fannie RefiNow and Freddie Refi Possible are on the menu, too. The downside: No jumbo refinance loans.
PNC: A well-stocked menu and clear rate details
PNC’s refinance menu checks a lot of boxes: cash-out refis, Fannie RefiNow, Freddie Refi Possible and government-backed streamline options. It earns top marks for rate transparency and closes in about 30 days. APRs are competitive, too. One thing we noticed: PNC doesn’t offer energy-efficient mortgage refinances — but that’s not a big deal, since it’s a niche product.
First Federal checks a lot of boxes in the variety of refinance loans it offers: Fannie RefiNow, Freddie Refi Possible, FHA streamline, and VA IRRRL loans. It also pairs above-average APRs with a 27-day average closing time and a strong customer experience score. However, bad-credit borrowers should look elsewhere — First Federal’s minimum credit score for refinancing is 620.
Chase: Quick closing, clear rate information
Chase brings speed and clarity to refinancing: It closes in an average of 21 days and earns top marks for rate transparency. APRs are above average, and you’ll find FHA streamline and energy-efficient mortgage refinances. EEMs are a creative way to finance the upfront cost of energy-efficient upgrades, so you reap the energy cost savings right away. Just know that you’ll need a 620 credit score, and VA streamline refis aren’t available.
NBKC: An efficient pick for government-backed refis
NBKC offers several government-backed ways to refinance, including FHA streamline, VA cash-out and other streamline refis — aka, smart options to save on paperwork and closing time. It closes in about 25 days on average and earns high marks for clear rate information. Skip this pick if you have bad credit; its minimum required score for refis is 620.
Real Genius: Clear price details for lower-credit refinancers
I’ll sing the praises of Real Genius’s rate tool any time I get the chance. More than any other rate tool I’ve seen, Real Genius makes it easy to understand a realistic breakdown of your monthly mortgage payment. Bad-credit borrowers are welcome here, with a minimum score of 580 for standard and cash-out refis. It reports a 30-day average closing time.
Andrews Federal Credit Union keeps rate-shopping simple, earning top marks for rate transparency. It offers Fannie RefiNow and Freddie Refi Possible, plus cash-out refinances up to 85% of your home’s value. Its average closing time is 30 days. Like a handful of other lenders on our list, it doesn’t offer energy-efficient mortgage refinances — not a huge deal, but worth flagging if you’re shopping for something specific.
Wells Fargo earns high marks for affordable APRs and clear online rate information, which can make it easier to compare the cost of a refinance before you apply. It also serves a broad range of borrowers and has a pretty big share of the refi market, signaling experience with this type of loan. The trade-off is timing: Its average closing time is 38 days, longer than average.
🤓 How mortgage refinancing works
When you refinance, you get a new mortgage to replace your old one. The new mortgage pays off the balance of your old home loan. Often, people refinance when today’s refinance rates drop below their existing mortgage interest rate — but with today’s mortgage rates above 7%, that’s not often the case right now.
The steps to refinance are similar to when you got a mortgage to buy your house:
Get your finances in order.
Finalize (“close”) the loan and pay any refinance closing costs.
🤔 Should I refinance my mortgage?
If you time it right, a mortgage refinance can help you save money or build wealth faster. But that’s not always the case, especially when mortgage rates are above 7%. Sometimes, a mortgage refinance is necessary to support a different goal — financial or otherwise.
Here are some common reasons to refinance your mortgage:
Reducing your interest rate
Making smaller monthly payments
Borrowing against your home equity and getting the difference in cash Paying off your mortgage faster
Dropping FHA mortgage insurance
Switching loan types, such as from an adjustable-rate to a fixed-rate loan
Adding a borrower, such as a new spouse
Oh, and if you are waiting for lower rates to refinance … me, too. 🙋♀️ I locked in a 6.875% APR in 2024. While you’re waiting for rates to come down, it’s smart to research your options and understand how the process works.
What about "no closing cost" refinances?
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. ⚠️ Can I refinance a mortgage with a bad credit score?
If your credit is in rough shape, expect to pay higher interest rates and fees. Most lenders like to see a credit score of 620 or above for a mortgage refinance.
