Best Mortgage Refinance Lenders of December 2025
Last updated on October 20, 2025
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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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Why trust NerdWallet
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
WHY OUR NERDS LOVE IT
Best Mortgage Refinance Lenders of December 2025
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Lender | NerdWallet Rating | Min. credit score | National / regional | Learn more |
|---|---|---|---|---|
620 | National | |||
620 | National | |||
620 | National | |||
620 | National | |||
N/A | National | |||
620 | National | |||
620 | National | |||
620 | National | |||
620 | National | |||
500 | National | |||
620 | National | |||
620 | National | |||
600 | Regional | |||
620 | National |
Rocket Mortgage, LLC: Best for cash-out refinancing
Min. credit score
620
National / regional
National
- Why we like itRocket Mortgage is the Goliath of home loans in the U.S. It's the largest mortgage lender by volume, and keeps expanding its reach. Refinancing rates are competitve, but fees may be on the higher side.Pros
- Major refinance lender, by loan volume.
- Offers low refinancing rates compared with other lenders.
- Borrowers can apply via mobile app.
ConsRead full review- Average refinancing fees are on the high side.
- Refinance loans make up a somewhat small share of Rocket's total home loans.
First Federal Bank: Best for variety of refinance loans
Min. credit score
620
National / regional
National
- Why we like itFirst Federal Bank stands out for its relatively low refinance rates and its emphasis on government loans. Most likely to appeal to borrowers shopping for competitive rates.Pros
- Big refinance lender, by loan volume.
- Offers a strong variety of refinancing loan types.
ConsRead full review- No mobile app.
- Refinance loans make up a relatively small share of First Federal's total home loans.
Rate: Best for borrowers with credit challenges
Min. credit score
620
National / regional
National
- Why we like itRate boasts a streamlined application process, with full underwriting in as little as one business day — though for all its online conveniences, you'll still work with a human.Pros
- Generous selection of refinancing loan types.
- Offers low refinancing rates compared with other lenders.
- Major refinance lender, by loan volume.
ConsRead full review- Details of less common loan types aren't available on the lender's website.
- Refinance loans make up a relatively small share of Rate's total home loans.
Pennymac: Best for refinancing overall
Min. credit score
620
National / regional
National
- Why we like itPennymac, known for government loans, also does big business in refinancing. Best for borrowers looking for low rates and an efficient digital experience, though fees may be on the high side.Pros
- Offers low refinancing rates compared with other lenders.
- Major refinance lender, by loan volume.
- Refinance loans make up a large share of Pennymac's total home loans.
ConsRead full review- Average refinancing fees are on the high side.
- Home equity loans, but no HELOCs.
Navy Federal: Best for cash-out refinancing
Min. credit score
N/A
National / regional
National
- Why we like itNavy Federal is known for VA lending, and it's a big refinance lender by volume You'll need a military connection to join the credit union.Pros
- Offers low refinancing rates compared with other lenders.
- 24/7 customer service supports borrowers stationed overseas.
ConsRead full review- Borrowers must join the credit union before applying for a mortgage, and all borrowers on the loan must be members for the loan to close.
- Refinance loans make up a relatively small share of Navy Federal's total home loans.
U.S. Bank: Best for in-person service
Min. credit score
620
National / regional
National
- Why we like itU.S. Bank offers a broad selection of mortgages, including some niche options. Refinancing rates and fees are middle of the road, per federal data. The bank offers helpful tech for rate shopping and live chat, though its online application could be smoother.Pros
- Major refinance lender, by loan volume.
- Wide variety of mortgages, including some harder-to-find types.
- Solid selection of refinancing loan types.
ConsRead full review- Rates shown online don’t reflect your credit score.
- Contact form interrupts online application before you can complete it.
- Refinance loans make up a somewhat small share of U.S. Bank's total home loans.
Wells Fargo: Best for those who bank with Wells Fargo
Min. credit score
620
National / regional
National
- Why we like itWells Fargo has significantly shrunk its mortgage business in the past two years. It was still a major refi lender by loan volume in 2024, and average refinancing rates are on the low side.Pros
- Borrowers can see customized mortgage rate estimates for conventional and VA loans.
- Major refinance lender, by loan volume.
- Offers low refinancing rates compared with other lenders.
ConsRead full review- Refinance loans make up a small share of SoFi's total home loans.
- Prospective borrowers may be put off by the lender’s past legal issues.
Andrews Federal Credit Union: Best for credit union experience
Min. credit score
620
National / regional
National
- Why we like itAndrews Federal Credit Union is on the smaller side, but offers big value through low refinancing rates and fast closings. Its online rate quote tool is exceptionally informative.Pros
- Low average refinance fees compared to other lenders.
- Offers free, one-time “float down” if mortgage rates drop while your loan is in progress.
- Online rate tool is exceptionally user-friendly and detailed.
ConsRead full review- Refinance loans make up a relatively small share of Andrews' total home loans.
- U.S. branches limited to Maryland, Virginia, Washington, D.C. and New Jersey.
Chase: Best for customer service
Min. credit score
620
National / regional
National
- Why we like itChase mortgage has an above-average reputation for consumer satisfaction and is a major refinance lender by volume.Pros
- Major refinance lender, by loan volume.
- Offers a strong variety of refinancing loan types.
- Receives above-average ratings for customer satisfaction, according to J.D. Power and Zillow.
ConsRead full review- Refinance loans make up a relatively small share of Chase's total home loans.
- Borrowers must create an account or speak with a home loan expert before completing an online application.
Freedom Mortgage: Best for low average mortgage rates
Min. credit score
500
National / regional
National
- Why we like itFreedom Mortgage does big business in refinancing, and it services most of the home loans it originates. But Freedom doesn't display mortgage rates online, and customer service options are limited.Pros
- Services most of the loans it originates, so your mortgage is less likely to be resold to another lender.
- Major refinance lender, by loan volume.
- Refinance loans make up a large share of Freedom's total home loans.
ConsRead full review- Repeatedly fined by the Consumer Financial Protection Bureau.
- No mortgage rates displayed online.
NBKC: Best for low average rates and fees
Min. credit score
620
National / regional
National
- Why we like itNBKC stands out for its attractive interest rates and fees, and is primarily an online lender — though its app does not have mortgage features and chat support is not geared toward mortgage borrowers.Pros
- Fast and efficient customer service.
- User-friendly website has interactive tool to customize a rate quote.
- Offers FHA and VA refinances.
ConsRead full review- Customer service is only accessible over the phone for many mortgage customers.
- Refinance loans make up a somewhat small share of NBKC's total home loans.
Northpointe: Best for fast closings
Min. credit score
620
National / regional
National
- Why we like itIn addition to conventional and government-backed loans, Northpointe Bank’s mortgage portfolio includes rarer offerings condo loans and investment property loans. Refinancing rates are competitive, but fees may be on the higher side.Pros
- Offers low refinancing rates compared with other lenders.
- Big refinance lender, by loan volume.
- Offers a strong variety of refinancing loan types.
ConsRead full review- Average refinancing fees are on the high side.
- Bank’s mobile app isn’t useful for mortgage borrowers.
SoFi: Best for customer perks and rewards
Min. credit score
600
National / regional
Regional
- Why we like itSoFi offers perks for existing customers, including a discount on closing costs and accessible customer support. The site primarily highlights conventional home loan offerings, so borrowers looking for other loan types may need to reach out directly for more details.Pros
- Offers low refinancing rates compared with other lenders.
- Conventional loan borrowers can choose between a 10-, 15-, 20- or 30-year term.
- Solid selection of refinancing loan types.
ConsRead full review- Sample mortgage interest rates are shown for conventional refinance loans, but not for other loan types.
- Refinance loans make up a somewhat small share of SoFi's total home loans.
- Online details on some loan products are scant.
Veterans United: Best for active military and veterans
Min. credit score
620
National / regional
National
- Why we like itVeterans United originates more VA mortgages than any other lender. Though average refnancing fees are on the higher side, rates are low, and it’s a solid pick for borrowers looking for a VA loan with ample support along the way.Pros
- Offers low refinancing rates compared with other lenders.
- Major refinance lender, by loan volume.
- 24/7 customer service line supports servicemembers stationed internationally.
ConsRead full review- Average refinancing fees are on the high side.
- Website doesn’t have online chat.
- Refinance loans make up a somewhat small share of Veterans United's total home loans.
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
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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.Nerdy Tip
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.
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Fact-checked as of Oct. 20, 2025
Last updated on October 20, 2025
Frequently asked questions
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
