BEST OF
5 Tips for Finding the Best Refinance Mortgage Lenders
Refinancing your home loan can save you money, but you have to choose the right refinance mortgage lender.
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.
When you decide it’s time to refinance your mortgage, either with a better rate, lower payment or a change in terms — or to get some cash — it’s natural to think, “I’ll just go to my current mortgage lender.”
And that’s fine, as long as you take these five steps to make sure you're getting the best refi deal. Read more about each tip below the list of lenders.
How to find the best refinance mortgage lender
Know your credit score. If your score increased since buying your home, you could get a better rate.
Shop multiple refi lenders. Get a quote from your current lender plus others to avoid missed savings.
Negotiate for lower refinance fees. Why pay higher origination fees than you have to?
Examine the payment rate and APR. The annual percentage rate best reflects your loan's total cost.
Match the refi lender to your situation. Make sure they have the refinance rates, products and services you want.
NerdWallet has researched some of the best available refinance lenders to help you quickly find the right one for your needs.
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.
When you decide it’s time to refinance your mortgage, either with a better rate, lower payment or a change in terms — or to get some cash — it’s natural to think, “I’ll just go to my current mortgage lender.”
And that’s fine, as long as you take these five steps to make sure you're getting the best refi deal. Read more about each tip below the list of lenders.
How to find the best refinance mortgage lender
Know your credit score. If your score increased since buying your home, you could get a better rate.
Shop multiple refi lenders. Get a quote from your current lender plus others to avoid missed savings.
Negotiate for lower refinance fees. Why pay higher origination fees than you have to?
Examine the payment rate and APR. The annual percentage rate best reflects your loan's total cost.
Match the refi lender to your situation. Make sure they have the refinance rates, products and services you want.
NerdWallet has researched some of the best available refinance lenders to help you quickly find the right one for your needs.
Summary of 5 Tips for Finding the Best Refinance Mortgage Lenders
Lender | NerdWallet Rating | Minimum Credit Score | National / Regional | Learn More |
---|---|---|---|---|
Best for refinance lenders for the online mortgage experience | 620 | National | at Rocket Mortgage by Quicken Loans | |
Best for refinance lenders for customer service | 620 | National | at Guaranteed Rate | |
Best for refinance lenders for the online mortgage experience | 620 | Regional | at Reali Loans | |
Best for refinance lenders for customer service | 620 | National | Read review | |
Best for credit union refinance lenders | 640 | National | Read review | |
Best for credit union refinance lenders | N/A | National | Read review |
at Rocket Mortgage by Quicken Loans
Rocket Mortgage by Quicken Loans: NMLS#3030
Min. Credit Score
National / Regional
at Rocket Mortgage by Quicken Loans
at Guaranteed Rate
Guaranteed Rate: NMLS#2611

Min. Credit Score
National / Regional
at Guaranteed Rate
at Reali Loans
Reali Loans: NMLS#991397
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Min. Credit Score
National / Regional
at Reali Loans
SunTrust (Truist): NMLS#2915

Min. Credit Score
National / Regional
Connexus: NMLS#649316

Min. Credit Score
Min. Down Payment
Alliant: NMLS#197185

Min. Credit Score
National / Regional
5 tips for finding the best refinance mortgage lenders
To find a refinance lender that meets your needs, use these five tips.
1. Check your credit score for free
For the most part, your credit score determines your interest rate. The higher your credit score, the lower your interest rate. Maybe your score has changed, for better or for worse, since closing your original home loan.
If you are refinancing with a spouse or partner, the lender will likely consider the lowest middle score between the two of you.
Knowing your score can help you see where the next price break might be. For example, look at this FICO mortgage rate chart, broken down by credit score ranges. According to this, if your credit score is in the 680 to 699 range, it might be worth the time and effort to pay off a few credit cards and get your score above 700. The interest rate improvement looks pretty appealing.
Of course, every lender has its own method of pricing loans, so that FICO chart is not the law of the land. But it will help you narrow down the lenders offering you something close to the interest rate you deserve, based on your credit score.
2. Shop around for the best refi
Even if you go back to your current mortgage lender for your refinance, shop at least a couple of other lenders to see how interest rates and terms compare.
You might believe that going to your existing lender will save you time and hassle. “They know us, they’ve already got all of our paperwork,” you may think. If only that were true. It’s a new loan for them, just like it’s a new loan for any lender. The paperwork will be the same.
When lenders know you’re shopping around, they are more likely to compete.
3. Negotiate for the lowest lender fees
Yes, you can negotiate. Just as you did when you bought your house, everything can be negotiated. Third-party fees, like appraisals and attorney’s fees, are harder to bargain for — but not impossible. Lender fees are fair game.
Ask each lender, “What are all of the ‘origination charges’ that I will find listed on the Loan Estimate, under Loan Costs, Item A if we proceed?" Use those exact words and get the answer in writing. Now you can compare lenders' fees.
4. Know the difference between your payment rate and APR
You’ve been through the mortgage process before, so you’ve got an idea how all of this works. Still, some mortgage lenders can toss out a bunch of terms and conditions that can muddle the process. Interest rates are sometimes the most confusing.
As you compare lender offers, look for your payment rate — the rate your monthly payment is based on — and the annual percentage rate. Naturally, you’ll be very interested in the payment rate; that’s what every lender is hawking. But the APR wraps your payment rate together with all the fees you’re charged. This is an important consideration when choosing who gets your business.
Try out the NerdWallet Mortgage APR Calculator to see the relationship between interest rates and APR.
5. Consider how well lenders match your situation
You might like the “we’re your neighbors” vibe of a credit union or the ’round-the-clock convenience of an online lender. Lenders have specific personalities and capabilities. Some are well-versed in government loan refinancing; others are noted for outstanding customer service. You’re the customer, you decide what you need and what's most important.
We’ve assembled some of the leading refi lenders for different situations below. And for more options, see our complete list of the best refinance lenders.
More from NerdWallet
Last updated on July 2, 2019
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's 5 Tips for Finding the Best Refinance Mortgage Lenders
- Rocket Mortgage by Quicken Loans: Best for refinance lenders for the online mortgage experience
- Guaranteed Rate: Best for refinance lenders for customer service
- Reali Loans: Best for refinance lenders for the online mortgage experience
- SunTrust (Truist): Best for refinance lenders for customer service
- Connexus: Best for credit union refinance lenders
- Alliant: Best for credit union refinance lenders