5 best mortgage refinancing companies in the USA

Refinancing your mortgage is a great way to improve your financial situation. For it to make the most financial sense, however, it is crucial that you find the right lender. The best mortgage refinancing companies will offer favorable interest rates, a streamlined application process, and numerous home loan options for you to choose from.

But what are the best mortgage refinancing companies in the USA? And what, specifically, makes them stand out?

In this article, we will answer these questions and more. Here is everything you need to know about the best mortgage refinancing companies.

What are the best mortgage refinancing companies?

Mortgage refinancing is one way to improve your financial situation. For the move to make sense, however, it is important to find the right lender. The best mortgage refinancing companies have a few things in common. They offer competitive interest rates, a seamless application process, and numerous loan options.

Let’s take a quick look at some of the best mortgage refinancing companies in the USA:

• Rocket Mortgage
• loanDepot
• Zillow Home Loans
• Better Mortgage
• Navy Federal Credit Union

Now, let’s look more closely at each to see how these lenders excel as mortgage refinancing companies.

Best mortgage refinancing companies: Rocket Mortgage

Rocket Mortgage, formerly called Quicken Loans, has a solid track record in customer satisfaction as well as web-based customer support. Rocket Mortgage also originated more home loans in 2022 than any other company in the USA, according to recent data.

For the last nine years running, Rocket Mortgage has finished in the Top 3 in the J.D. Power US Primary Mortgage Origination Satisfaction study. And with the help of one of their home loan experts, you can complete your application by phone or online. Otherwise, you can usually get in-person assistance from an independent mortgage broker affiliated with Rocket Mortgage.

Fannie Mae’s RefiNow and Freddie Mac’s RefiPossible are some of Rocket Mortgage’s offerings. These refinance options are for homeowners that have a debit-to-income (DTI) ratio of up to 65% who have a home loan with one of the government-sponsored enterprises.

If you qualify for these programs, you will see a reduction of at least 0.50 percentage points off of your interest rate.

You can also apply for a grant of up to $500 for the appraisal costs. However, to qualify, you must have a strong payment history, a FICO credit score of 620 or higher, and at least 3% equity in a one-unit primary residence.

Other refinancing options through Rocket Mortgage allow you to shorten your loan term or access your home equity with a cash-out refinance.

Best mortgage refinancing companies: loanDepot

loanDepot is a premier online mortgage refinancing company in part because it is available across the USA. It is licensed in all 50 states and offers a streamlined digital platform.

loanDepot offers a digital portal called mello smartloan. It uses artificial intelligence to verify employment and asset details, start the home appraisal process, and perform credit checks. Thanks to these features, the online application process can be finished within a few minutes.

Another perk loanDepot offers is its Lifetime Guarantee, which allows you to waive your lender fees on future refinances if you have refinanced with the company before.

And if you refinance an existing loanDeport home equity line of credit (HELOC) into a new one, you can qualify for a half-point fee waiver on closing costs. For more on home equity line of credit, read our article about how it works, along with its pros and cons.

loanDepot also services its home loans. That means you will deal with the same company for as long as you have the mortgage.

Educational resources on the refinancing process are available through loanDepot’s website. If you decide to refinance, loanDepot has a calculator that will provide you with an estimate of your new mortgage payment.

In addition to its streamlined digital application process, loanDepot has more than 200 locations nationwide, if you are a borrower who prefers more personal attention.

Best mortgage refinancing companies: Zillow Home Loans

Zillow Home Loan’s ability to connect homeowners with a wide variety of licensed lenders throughout the USA makes it a premier mortgage refinancing marketplace. Zillow also offers an array of tools that will help guide you throughout the entire process.

Zillow Home Loans is the affiliate company of Zillow Inc., the real estate listing website. It also offers access to thousands of mortgage lenders across the USA. These include mortgage brokers and mortgage bankers, community banks, and credit unions.

Zillow Inc.’s lender directory gives you the ability to search for mortgage providers by zip code, city, or state/territory. If you have a recommendation from a family member or a friend, you can also search for a specific loan officer or bank.

Before deciding which lenders to apply with, you will be able to read customer reviews. Then, you can submit your information directly on Zillow’s site to be connected to national and local leaders, who will contact you directly.

Finally, Zillow offers a mortgage refinance rate comparison tool. The tool enables you to compare term lengths and average interest rates for various types of home loans, such as government-backed loans and jumbo loans.

The tool, which is updated every day, can show you what mortgage interest rate you can expect to qualify for when you apply for a refinance. This allows you to then compare the rate you are offered with the market average.

Best mortgage refinancing companies: Better Mortgage

Better Mortgage is an online lender that offers some of the lowest closing costs in the mortgage industry. It also offers a refinance process that is straightforward—and fast. Since it operates solely online, Better Mortgage foregoes some of the fees charged by traditional brick-and-mortar lenders like underwriting, origination, and application fees.

Another perk offered by Better Mortgage is a price guarantee if another lender offers you a more competitive price on one of the refinance products.

Customers of Better Mortgage gain direct access to loan officers who help navigate the application process via phone. If preferable, you can upload and sign all documents through Better’s website instead.

The whole process—from application through to pre-approval—can be completed in a single day.

If you recently bought property with Better, you qualify for $3,500 in lender credits toward closing costs if you refinance within three years of your original loan.

You can also use Better Mortgage’s payment and amortization calculators to estimate your new monthly payments. You can use these online tools to see how much interest you can save over time with a refinance.

Best mortgage refinancing companies: Navy Federal Credit Union

Navy Federal is among the best mortgage refinancing companies due to its speedy online pre-approval process, choice of loan terms, and benefits for borrowers who are also selling.

Navy Federal Credit Union offers VA loan terms from 10 to 30 years and Homebuyers Choice from 16 to 30 years. Navy Federal also offers the Military Choice loan if you have exhausted your VA loan option. Additionally, Navy Federal can refinance conventional loans.

If you want to refinance or sell and purchase new property, Navy Federal Title Services and RealtyPlus are tools that facilitate the mortgage refinance process. In the RealtyPlus partnership, members can sign up with RealtyPlus to be connected with a real estate agent. Your qualified real estate agent will work in tandem with your home loan advisor at Navy Federal Credit Union to ensure a smooth mortgage and closing experience. RealtyPlus offers Navy Federal members cash back on each transaction, based on the sale and/or purchase price. More details can be found here.

Navy Federal Credit Union also offers HomeSquad. This is an option for potential borrowers to get faster pre-approval for a refinance or purchase loan.

After the application is submitted, HomeSquad allows you to track your loan status 24 hours a day, seven days per week. You can do this through a mobile app or online. You can also upload documents easily and request forbearance assistance, as well as other account activities.

Is it cheaper to refinance with current lender?

Short answer: it is not necessarily cheaper to refinance with your current lender. Shopping around is one of the best ways to ensure you are getting the best interest rate on your new home loan. If you stay with your current lender, who knows what your current rate is, you may get a lower rate. However, you may not get the best rate out there.

While changing lenders can provide you with savings, there are also disadvantages that you should consider. One advantage of refinancing with your current lenders is that they may offer incentives to stay. Depending on your lender and your financial situation, the incentives could be enough to make staying worthwhile. As you shop around, share the best offers you receive with your current lender. They may be willing to match the best offer or even beat it.

Best mortgage refinancing companies: stay or go?

Whether you want to refinance with your current lender or switch to a new lender will mostly depend on the numbers and your preferences. If your current lender is willing to offer you the best deal or match the best deal you find with another financial institution, the refinancing process may be easier. Plus, you will be unlikely to lose any money by staying. In the long run, it may make your life a little easier.

If you miss out on savings by staying with your current lender, it may not make financial sense, even if you have other financial accounts with the lender. Remember: a seemingly slight difference in your interest rate with another lender might end up saving you tens of thousands of dollars over the life of the loan.

How to get the best deal on a home refinance?

There are a number of steps that you can take to get the best deal on a home refinance. But what all the steps have in common is that they can steer you toward a refinance rate that lowers your monthly payments. Other factors that have a significant impact on your approval are your home, location, and current mortgage rate trends.

One key way to get the best deal on a home refinance is to compare refinance rates. In other words, compare as many mortgage offers as possible. You may be able to save thousands even with a fractional difference. When comparing interest rates, consider the annual percentage rate (APR) as well. This encompasses annual fees and can give you a better idea of what the true cost is.

You might find that the mortgage refinance lender with the lowest advertised rate has more costly fees and closing costs. This can make the home loan’s APR higher than those of other competitors.

Best mortgage refinancing companies: closing thoughts

If you want to refinance your mortgage, knowing the best mortgage refinancing companies is an important first step. Understanding if it is better to stay with your current lender or shop around, as well as how to get the best deal on home refinance, are also critical in securing you the best option.

Read more: Why would you refinance your house?

Remember: the more knowledge you have, the better off you will be.

For help in getting the best deal when refinancing your mortgage, get in touch with one of the mortgage professionals we highlight in our Best of Mortgage section. Here you will find the top performing mortgage professionals across the USA.

Did you find these tips useful? Do you have experience refinancing your mortgage? Let us know in the comment section below.