Best Mortgage Refinance Lenders of 2022

Find out how to refinance your mortgage to lower your interest rate, tap equity or change your loan type.

Advertising Disclosure: Some of the loan offers on this site are from companies who are advertising clients of U.S. News. Advertising considerations may impact where offers appear on the site but do not affect our editorial independence.

Refinancing your mortgage can lower your monthly payment and save you money in the long term – especially if you can take advantage of low interest rates. Before you make a move, though, do your homework. Learn how mortgage refinancing works, how to choose the best mortgage refinancing company and how to decide whether a home refinance is right for you.

Axos Bank

5

Not disclosed Min. Down Payment
Not disclosed Min. Credit Score

PrimeLending

4.7

3% Min. Down Payment
600 Min. Credit Score

AmeriSave

4.5

3% Min. Down Payment
620 Min. Credit Score

Truist Bank

4.5

3% Min. Down Payment
Not disclosed Min. Credit Score

Caliber Home Loans

4.4

3% Min. Down Payment
620 Min. Credit Score

Carrington Mortgage Services

4.4

3% Min. Down Payment
620 Min. Credit Score

New American Funding

4.4

3% Min. Down Payment
620 Min. Credit Score

PNC Bank

4.3

3% Min. Down Payment
620 Min. Credit Score

Chase

4.3

5% Min. Down Payment
Not disclosed Min. Credit Score

Freedom Mortgage

4.3

3% Min. Down Payment
620 Min. Credit Score
Lender
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Not disclosed Min. Down Payment
Not disclosed Min. Credit Score
Lender
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3% Min. Down Payment
600 Min. Credit Score
Lender
Learn More
3% Min. Down Payment
620 Min. Credit Score
Lender
Learn More
3% Min. Down Payment
Not disclosed Min. Credit Score
Lender
Learn More
3% Min. Down Payment
620 Min. Credit Score
Lender
Learn More
3% Min. Down Payment
620 Min. Credit Score
Lender
Learn More
3% Min. Down Payment
620 Min. Credit Score
Lender
Learn More
3% Min. Down Payment
620 Min. Credit Score
Lender
Learn More
5% Min. Down Payment
Not disclosed Min. Credit Score
Lender
Learn More
3% Min. Down Payment
620 Min. Credit Score

Lender

Learn More

Min. Down Payment

Min. Credit Score

Not disclosedNot disclosed
3%600
3%620
3%Not disclosed
3%620
3%620
3%620
3%620
5%Not disclosed
3%620

U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.

To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.

The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.

To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.


Axos Bank

5

U.S. News Star Rating

Axos Bank, founded in 2000, is a digital financial services company based in San Diego. The full-service online bank offers everything from personal and business savings and checking accounts to auto and home loans. Borrowers with an Axos Bank checking account can reduce or eliminate the lender fee and earn cash back by using the account to make monthly mortgage payments.

PrimeLending

4.7

U.S. News Star Rating

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

AmeriSave

4.5

U.S. News Star Rating

AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite, digital mortgage experience for customers. The company says it has financed more than 390,000 homes since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.

Truist Bank

4.5

U.S. News Star Rating

Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.

Caliber Home Loans

4.4

U.S. News Star Rating

Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.

Carrington Mortgage Services

4.4

U.S. News Star Rating

Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.

New American Funding

4.4

U.S. News Star Rating

New American Funding is a mortgage lender offering a variety of loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $58 billion in mortgages to date.

PNC Bank

4.3

U.S. News Star Rating

PNC Bank is one of the largest banks in the United States, serving more than 12 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.

Chase

4.3

U.S. News Star Rating

Chase, one of the world's largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.

Freedom Mortgage

4.3

U.S. News Star Rating

Founded in 1990, Freedom Mortgage is one of the country’s largest loan originators and services, operating in all 50 states plus the District of Columbia, the U.S. Virgin Islands and Puerto Rico. Based in Mount Laurel, New Jersey, Freedom Mortgage was named No. 1 Veterans Affairs lender and No. 1 Federal Housing Administration lender by the industry publication Inside Mortgage Finance. Freedom Mortgage offers a range of mortgage loans, including conventional, adjustable-rate, refinance, FHA, VA and U.S. Department of Agriculture. But what Freedom Mortgage is known for is its mission to help American military personnel purchase a home.

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

U.S. News Survey

U.S. News Survey: Ultralow Mortgage Rates Fuel a Refinancing Frenzy in 2020

In 2020, homeowners rushed to refinance, hoping for lower interest rates, lower monthly payments or perhaps both, as mortgage rates hit historic lows.

With rates igniting a refinancing boom, U.S. News in fall 2020 surveyed homeowners who refinanced within the previous six months to find out their goals and results. The survey revealed that many people refinanced to lock in low interest rates, yet failed to properly shop around for the lowest rates.

Additional Survey Insights

Record-low interest rates drove more than 75% of respondents to refinance.

Reducing interest rates and monthly payments were the main reasons cited for refinancing.

Most respondents didn’t cash out equity.

Fewer than a quarter of respondents said they adequately shopped for the lowest interest rates.

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  • Record-low interest rates drove more than 75% of respondents to refinance.

  • Reducing interest rates and monthly payments were the main reasons cited for refinancing.

  • Most respondents didn’t cash out equity.

  • Fewer than a quarter of respondents said they adequately shopped for the lowest interest rates.

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U.S. News Survey Methodology

,
  • U.S. News ran a nationwide survey in September and October 2020.
  • The survey sample came from the general American population, and the survey was configured to be representative of this sample.
  • The survey was screened to include homeowners who refinanced their mortgages within the last six months.
  • The survey asked 10 questions related to refinancing a mortgage.
,

    Survey Results

    Mortgage rates continued to rise in early 2022 due to the prospect of tightening monetary policy resulting from inflation and uncertainty in labor and supply chains. The pace at which home prices are rising is likely to put a damper on the demand for houses in the near future, according to Freddie Mac.

    A mortgage refinance replaces your original mortgage with a new one, ideally with a lower interest rate. You’ll get a new interest rate and other loan terms, and you can make other changes to the loan, such as trading an adjustable-rate mortgage for a low fixed-rate mortgage.

    The lender pays off your old home loan, and you begin making payments on your new mortgage.

    Here are some common types of refinance loans for mortgages:

    • Rate-and-term refinance. This is the most common type of mortgage refinancing. You’ll take the balance of your original mortgage and borrow at a different rate and terms. You should get a lower interest rate, and you can switch from an adjustable-rate loan to a fixed-rate loan, or vice versa. For example, you could refinance a 30-year adjustable-rate mortgage to a 15-year fixed-rate loan.
    • Cash-out refinance. This alternative to a home equity loan can offer a change of interest rate and other terms, but you’ll increase your balance. It gives you cash at closing, which is added to your mortgage balance. For a cash-out refinance, keep in mind that you must have enough equity built up in your home to take cash out against it.
    • Cash-in refinance. This is less common than rate-and-term refinance or cash-out refinance. You’ll bring cash to the closing table to pay down your loan balance with this type of mortgage refinance. It’s an interest-saving option if you’ve got the cash to do it because this type of loan can offer a lower mortgage rate, shorter repayment term or both.
    • Streamline refinance. Qualified homeowners with an Federal Housing Administration, Department of Veterans Affairs or Department of Agriculture mortgage may be eligible for more affordable terms if they refinance through these government programs. Exact qualification requirements vary between the FHA, VA and USDA, but streamlined options usually involve less paperwork and may not require another appraisal.
    • No-closing-cost refinance. With this refinancing option, borrowers don't have to pay closing costs when taking out a new loan. Instead, the borrower is charged a higher interest rate, which allows the lender to apply the premium toward closing costs. Essentially, the borrower forgoes closing costs but will pay more interest over the life of the loan.

    Mortgage refinancing makes sense when you can use it to save on interest, access home equity or both. Consider some reasons people refinance a mortgage:

    • Interest savings. A lower mortgage refinance rate will reduce your monthly mortgage payment, as long as you do not borrow more money or shorten your loan term. In fact, a new loan with a lower rate might help you build equity in your home faster than you would with a higher interest rate. Shorter loan terms, such as switching from a 30-year to a 15-year fixed-rate mortgage, can also offer interest savings and allow you to pay off your mortgage sooner.
    • Longer terms and lower monthly payments. Longer loan terms, such as a 30-year fixed-rate mortgage, will lower your monthly payment. Usually, a mortgage with a longer term will have a lower monthly payment than a mortgage with a shorter term. But the longer you take to pay off your loan, the more interest you will pay overall.
    • Switching from an adjustable rate to a fixed rate. Converting from an adjustable-rate to a fixed-rate loan locks in your interest rate, preferably at a lower rate. You may want to do this if mortgage refinance rates are low and you plan to stay in your home for more than a few years.
    • Switching from a fixed rate to an adjustable rate. Some homeowners who plan to move within a few years choose to switch from fixed-rate to adjustable-rate mortgages. Compared with a fixed-rate mortgage, an ARM could provide a lower rate for the first few years. That means big interest savings if you won’t live in your house for long.
    • Converting home equity into cash. Cash-out refinancing converts your home equity into cash that you can use to pay for home improvements or to pay off debts, such as a second mortgage or a high-interest credit card balance. But exercise caution with your home equity; avoid using it to finance short-term expenses for what could amount to long-term debt.

    To refinance your home, you’ll need to prove your creditworthiness and income as you would with any other mortgage. But refinancing adds another layer: home equity.

    Before you apply for a refinance, put yourself in the best position to get a good interest rate and terms. Check your credit, and identify errors and areas for improvement. Pay down any balances, and correct mistakes on your credit report.

    Generally, home loan refinance lenders require a minimum credit score of 620 for conventional loans. But you could qualify for refinancing with special programs, such as government-backed loans, if you have a lower credit score.

    You’ll also need sufficient income to qualify for your refinance. If your income has stayed the same or increased while your home loan balance decreased, you should have no problem with approval. But if your pay has dropped, or you plan to add to your balance by taking a cash-out refinance or by combining a first and second mortgage, expect more scrutiny from your lender for approval.

    Most lenders won’t approve a loan with a monthly mortgage payment that’s more than 30% of your total gross monthly income. For example, if you earn $5,000 per month, your monthly mortgage payment shouldn’t be more than $1,500.

    Lenders assess your loan-to-value ratio to determine risk. LTV measures how much you owe on your home loan compared with your home’s market value. Typically, mortgage refinancing companies look for at least 20% home equity and an LTV ratio of up to 80%.

    You'll pay fees to refinance, just as you would for a brand-new mortgage. Expect to pay closing costs similar to your original mortgage, generally about 2% to 3% of the loan amount. This may include lender fees, such as the origination fee, and third-party fees for inspection and appraisal.

    Before you refinance, make sure you do the math: For a $300,000 home loan refinance, plan to spend $6,000 to $9,000 on closing costs.

    No-closing-cost refinancing may be available, but you can bank on paying a higher interest rate with this type of loan.

    Picking the right lender is key. You can narrow down lenders based on mortgage products offered, interest rates and customer service ratings.

    Choosing the best mortgage refinancing company starts with finding one that offers the refinancing product you want. Mortgage lenders offer a variety of refinancing loans, including:

    • 15-year fixed-rate mortgage refinance.
    • 30-year fixed-rate mortgage refinance.
    • FHA refinance.
    • VA loan refinance.
    • USDA loan refinance.
    • Adjustable-rate mortgage refinance.
    • Jumbo loan refinance.

    Once you find the right product, you can find the right price. Prequalify with a few mortgage refinance lenders to compare mortgage rates, and find out whether you meet minimum credit score requirements.

    Shopping around allows you to compare interest rates side by side. They may look similar, but even a fraction of a percentage point can lower your monthly mortgage payment and save you a lot of money over time, especially on a larger loan.

    As you compare rates, be sure to look at the APR. The APR reflects the interest rate and other costs, and it represents the true annual cost of a loan.

    Because mortgage refinancing is a long-term commitment, you should choose a refinance company that can offer good customer service. Read reviews, ratings and complaints to find out what other consumers have to say about a lender.

    Check the Better Business Bureau to find mortgage lender ratings, and visit the Consumer Financial Protection Bureau’s Consumer Complaint Database to learn about common grievances.

    You can refinance with your current mortgage company if you’re happy with its service and it offers competitive products. It’s still important to make sure you thoroughly understand the terms of your new mortgage before you sign, though; just because you’ve had a good experience with your first mortgage through a certain lender doesn’t mean you shouldn’t research other options.

    1. Gather information. Lenders need details about your original mortgage – like the interest rate and the balance on your current loan. Much of this information is on your mortgage statement.
    2. Prequalify or get preapproved. Prequalifying uses a soft credit inquiry, so your credit score won’t be affected. It allows you to see an estimated loan amount, interest rate and other terms you can expect if you apply. Preapproval is more involved. You'll need to provide more documentation, and the lender will perform a credit check. Because of this, preapproval allows you to see the actual loan amount and interest rate you can expect if you apply. Neither prequalification nor preapproval is a commitment to lend, and you should shop around to find which lender is right for you.
    3. Apply. Once you determine which refinance loan is best for you, fill out the application. You’ll need to include documentation such as proof of home insurance, your most recent pay stubs, and a driver’s license or other form of identification.
    4. Field follow-up questions from the lender. The lender may have other questions for you after reviewing your application, such as asking you to explain an employment gap.
    5. Order a home appraisal, if needed. Often, the lender will work with you to set up an appointment for an appraiser to take measurements and photos of your home. This is usually an upfront cost for you.
    6. Schedule closing. Your lender will take care of a few more underwriting and behind-the-scenes tasks. If your appraisal is satisfactory, you can schedule closing.
    7. Sign documents at closing. You should receive your closing disclosure prior to actually closing, and you should compare this with the estimate you received at the outset of the refinancing process. Just like when you initially bought your home, closing involves signing multiple documents.
    8. Get set up with your new lender. Your escrow company and your former mortgage company will be paid after you close on your new loan. As you’re between mortgage companies, you may have some time between closing and when your first payment on your new loan is due.

    A mortgage refinance is not the best decision for everyone. Here are some reasons you might want to stick with your current loan:

    • You’ve had your mortgage for a long time. If you’ve had your loan for a long time – generally, at least 10 years for a 30-year loan – you reach a point where you’ve paid most of the interest and are building equity. When you refinance a loan, you restart the loan amortization process and revert to paying more interest than principal.
    • Your current mortgage has a significant prepayment penalty. Some lenders charge a prepayment penalty, which is a fee for paying off your loan early, even to refinance. If you refinance with your current mortgage company, you can request that this fee be waived. If the fee can’t be waived, factor that into your break-even calculations. Find your break-even point – when your savings are equal to the costs of your new loan – by dividing your total closing costs by your monthly savings.
    • The fees outweigh the savings. If you want a lower interest rate to save money over time, you’ll only achieve your goal if you own the property long enough for the lower monthly payments to offset closing costs.
    • You plan to sell your home in the next few years. If you sell your home before you break even on the cost of a refinance, you could waste money by refinancing the loan.

    Technically, there’s no legal limit to the number of times you can refinance your mortgage. But lenders may have restrictions on how often you can refinance within a short period of time, and there are other factors to consider.

    Remember that there are certain costs associated with refinancing. You may need to pay closing costs, including inspection and appraisal fees, title insurance, and attorney review fees.

    Make sure you understand the terms and conditions of your home loan before applying for another one. Depending on the lender and the terms of your current loan, you may face a prepayment penalty if you pay it off early.

    There may also be a waiting period between loans you can take out. Some lenders may require you to wait six months before refinancing with that particular lender again, regardless of the loan type, while others may not require a waiting period for a rate-and-term refinance for a conventional loan. Most government-backed loans typically do have a time requirement.


    Homefinity

    4.2

    U.S. News Star Rating

    Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, mortgages for physicians, and mortgage refinancing.

    PennyMac

    4.2

    U.S. News Star Rating

    Founded in 2008, PennyMac is a national mortgage lender with more than $495 billion in loans serviced. PennyMac offers a range of home loans, from conventional to FHA, VA and investment property mortgages.

    CMG Financial

    4.2

    U.S. News Star Rating

    CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products including conventional, government and specialty mortgages, like jumbo loans.

    SoFi

    4.2

    U.S. News Star Rating

    SoFi is an online lender founded in 2011 that offers fixed-rate mortgages. Refinance loans are also available, including cash-out refinance and student loan cash-out refinance, a program that allows you to consolidate and refinance your student loans and your mortgage.

    loanDepot

    4.2

    U.S. News Star Rating

    LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.

    PenFed Credit Union

    4.1

    U.S. News Star Rating

    Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.

    Bank of America

    4.1

    U.S. News Star Rating

    Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans as well as home equity lines of credit and mortgage refinancing.

    Flagstar Bank

    4.1

    U.S. News Star Rating

    Flagstar offers banking and loan products to borrowers in all 50 states. Borrowers can obtain mortgage and home equity products including conventional loans, Federal Housing Administration loans, Veterans Affairs loans, U.S. Department of Agriculture loans, adjustable-rate mortgages, and home equity loans and lines of credit.

    Rocket Mortgage

    4.1

    U.S. News Star Rating

    Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985. The Detroit-based company is best known for its fully digital experience of buying or refinancing a home. Rocket Mortgage changed its name from Quicken Loans in the summer of 2021.

    Alliant Credit Union

    4.1

    U.S. News Star Rating

    Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity loans, but specific mortgage products may not be available in certain states.

    Advertising Disclosure: Some of the loan offers on this site are from companies who are advertising clients of U.S. News. Advertising considerations may impact where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how we evaluate them. This site does not include all loan companies or all loan offers available in the marketplace.