ADVERTISEMENT: PRODUCTS FROM OUR PARTNERS

Standout Mortgage Refinance Lenders

If you're interested in refinancing to a lower rate or lower monthly payment, we'll help you choose a mortgage refinance lender right for you. Check out the offers, from our partners, and start saving today.

Standout Mortgage Refinance Lenders From Our Partners

Better
Learn more

at Better

Better: NMLS#330511

4.5

NerdWallet rating 
Better

Min. credit score

620

National / regional

National
Learn more

at Better

Why we like it

Good for: borrowers who prefer an online experience, prize low rates and are primarily interested in conventional loans.

Pros

  • Offers a one-day mortgage that lets eligible borrowers apply, lock in a rate and get a loan commitment within 24 hours.

  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.

  • Offers a HELOC that can be used for a primary, second or investment home.

Cons

  • Doesn't offer harder-to-find loans, such as construction loans, renovation loans, or USDA mortgages.

  • Finding descriptions of all of the loan offerings on the website requires some digging, and the lender does not have a mobile app.

  • Average lender fees are on the high end compared with other lenders, according to the latest federal data.

Read Full Review
New American Funding
Learn more

at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating 
New American Funding

Min. credit score

580

National / regional

National
Learn more

at New American Funding

Why we like it

Good for: first-time home buyers, military members and self-employed or underrepresented borrowers.

Pros

  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.

  • Its home equity line of credit can be used for an owner-occupied or second home.

  • Has a program to enable buyers to make cash offers.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage origination fees tend to be on the high end.

  • Personalized mortgage rates are not available on the website without providing contact information.

Read Full Review
Rocket Mortgage, LLC
Learn more

at Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

5.0

NerdWallet rating 
Rocket Mortgage, LLC

Min. credit score

620

National / regional

National
Learn more

at Rocket Mortgage, LLC

Why we like it

Good for: borrowers who appreciate a fully digital home loan experience with mortgage rates lower than other lenders’.

Pros

  • Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.

  • Mortgage interest rates are on the low side compared to other lenders, according to the latest federal data.

  • Offers the option to work with loan officers by phone if desired.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.

  • Doesn't offer home equity lines of credit.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

Read Full Review
NBKC
Learn more

at NBKC

NBKC: NMLS#409631

5.0

NerdWallet rating 
NBKC

Min. credit score

620

National / regional

National
Learn more

at NBKC

Why we like it

Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis.

Pros

  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.

  • Offers low rates and fees compared with other lenders, according to the latest federal data.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

Read Full Review
Guaranteed Rate
Learn more

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Guaranteed Rate

Min. credit score

620

National / regional

National
Learn more

at Guaranteed Rate

Why we like it

Good for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.

Pros

  • Offers a one-day mortgage approval process.

  • Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo, and renovation loans.

  • Advertises a HELOC that can be funded in as few as five business days.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Origination fees are higher than average, according to the latest federal data.

  • HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.

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.

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.

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.

Last updated on February 13, 2020

To recap our selections...

NerdWallet's Standout Mortgage Refinance Lenders