Best Mortgage Refinance Companies of 2025

* Note: All sample rates provided are valid as of May 14 and are subject to change at any time.

Homeowners are sitting on near-record amounts of home equity thanks to the significant increase in home prices during the pandemic years. This equity translates into a reliable source of cash for homeowners who may need extra money to consolidate debt, pay off medical bills or give their home a new look.

Mortgage refinancing is one way you can access that cash. However, refinancing can also be beneficial if you wish to modify the rate and term of your current mortgage to enhance your financial situation. Whatever the reason you’re considering a mortgage refinance, finding the right lender is the first step.

We’ve done the research for you, and here are our top picks.

What to know about mortgage refinancing

• Refinancing your mortgage means taking out a new loan to replace your old one, typically with a more favorable interest rate or loan term. This process also allows you to transition to a loan type that better suits your current needs — like from an adjustable-rate to a fixed-rate mortgage.
• Refinancing only makes sense if it results in a tangible benefit, like a lower monthly payment or an opportunity to use your home equity to pay off higher-interest debt.
• The refinancing process is similar to that of applying for a purchase loan and typically has similar costs and requirements.

How we chose our top picks

Money reviewed over 35 of the largest mortgage refinance products and lenders. We used publicly available data and confirmed its accuracy through interviews with lender representatives. We then narrowed down our list of lenders using factors such as interest rates, fees and costs, term options, customer satisfaction rankings and credit score requirements, to score each lender on a scale of one to five. Our top picks received the highest combined score among all the lenders we considered.

Read the full methodology to learn more.

Our top picks for the best mortgage refinance lenders

• CrossCountry Mortgage: Best Overall
• Discover: Best for Low Fees
• Rate: Best for Fast Closing Times
• New American Funding: Best for Low Rates
• Navy Federal Credit Union: Best for Military Members
• Rocket Mortgage: Best for Customer Satisfaction

Best mortgage refinance companies reviews

Why we chose it: CrossCountry Mortgage achieved the highest rating in our analysis of refinance companies. The lender’s combination of low credit score requirements, widespread availability and variety of loan products placed it above many of its competitors. Add to that a fast funding process that allows you to close on a loan in as little as ten days, and you’ve got a winning combination.

Why we chose it: If you want to cut down on lender fees, you should consider Discover. The online lender pays all loan closing costs and doesn’t charge loan application or origination fees. Discover also offers competitive interest rates and flexible loan terms that range from 10 to 30 years, allowing you to choose the term length that works best for you.

Why we chose it: If you need to refinance your mortgage quickly, Rate is a lender you should consider. The lender says it takes 21 days on average to close on a loan, which is one of the fastest turnaround times offered by any of the lenders we considered (and well below the industry average time of 30 to 45 days). Rate also accepts borrowers with poor credit and offers competitive interest rates.

Why we chose it: New American Funding offered the lowest interest rates throughout our evaluation period, making it our pick for the best option to find a low rate (although you should still shop around). But the lender offers other perks, too. It provides flexible loan terms, including interest-only loans and 40-year terms. Rate also says it can close in as little as 14 days, which is much faster than most of the company’s competitors.

Why we chose it: Navy Federal has the experience to navigate the complexities of VA loan requirements. Additional perks include Special Freedom Lock, a feature that allows you to lock in your rate for 60 days and benefit from up to two rate float downs of up to 0.50 percentage points, all without paying a rate lock fee. The lender charges a 1% origination fee that can be waived in exchange for a 0.25% rate increase.

Why we chose it: Rocket Mortgage has regularly topped the list of J.D. Power’s Mortgage Servicer Satisfaction and Origination Surveys, and consistently receives five-star ratings on third-party customer ranking sites like Trustpilot. The lender offers a fully online application and funding process and a variety of additional perks, including closing cost discounts for customers who refinance within 18 months of signing their original Rocket Mortgage loan.

Other companies we considered

There were other lenders we reviewed that didn’t make our top picks, but they still offer products worth considering. Always take the time to evaluate different lenders to find the right option for you.

Pennymac

Pennymac offers a wide variety of refinance loans, requires a low minimum credit score of 620 and the only fees the company charges (lender fees) are lower than most competitors. You’ll pay either a flat fee of $500 or 0.95% of the loan amount, both below the industry average of 1% to 2% of the borrowed amount.

Why we didn’t choose it: Pennymac’s mortgage rates were typically higher than those of other lenders we analyzed, making it a good option but not a top pick.

Movement Mortgage

If you own a rental property and are considering a loan refinance to free up some cash, consider Movement Mortgage. The lender offers conventional and cash-out Debt-Service Coverage Ratio (DSCR) loans, which allow investors to use alternative income documentation, such as bank statements or profit and loss statements, to refinance their loans. To qualify for Movement’s DSCR loans, you must have a minimum 640 credit score, a maximum LTV of 80% and the property’s rental income must cover 75% or more of the mortgage payment.

Why we didn’t choose it: Movement’s website doesn’t provide information on closing costs, lender fees or sample rate information, and they did not respond to our request for additional details.

What to know about mortgage refinancing

Refinancing your home loan can be a valuable tool if you want to get better loan terms or take advantage of the increased value of your home, but as with any type of loan product, there are pros and cons. Here’s how to determine if refinancing is right for you or if you should consider other options.

When does mortgage refinancing make sense?

Just because you can refinance your loan doesn’t mean you should. As we mentioned before, the benefits need to outweigh the costs, or you'll end up in a worse financial position.

One of the most popular forms of refinancing is a rate and term refi, which involves replacing your existing mortgage with one that has a lower rate. This typically leads to reduced monthly payments. Most experts agree that a refi is worthwhile if you can lower your rate by 0.75% to 1% (for example, lowering a 6.75% rate to 6% or 5.75%). On a $450,000 loan, that would reduce your monthly payment by at least $200.

Refinancing can be beneficial for other reasons, too. If you have an adjustable-rate loan, for example, you may want to convert it to a fixed-rate mortgage to lock in a better rate. Or maybe you want to tap into your home equity to pay for a home renovation. We’ve outlined the loan types that make sense for these scenarios (and a few others) further down in this guide.

When does mortgage refinancing not make sense?

Refinancing might not be the best move if you plan to sell your home before you reach your break-even point — that is, before your savings outweigh the refinancing fees.

Refinancing also isn’t a good idea if you don’t qualify for a lower rate or better terms, and you end up paying more than you currently do. If the closing costs are more than you can afford, or if, by extending the loan term, you end up paying significantly more interest over time, a refi may not be your best choice, either.

Carefully weigh the benefits against the risks to determine if a refi makes financial sense. If you’re unsure, talk to an experienced mortgage lender who can evaluate your budget, walk you through your options and help you find the best solution.

Types of refinance loans

It doesn’t matter if you have a conventional loan, a government-backed loan such as an FHA or VA loan, or a jumbo loan — under the right conditions, refinancing is a possibility

There are four main options worth knowing about, each addressing a different goal.

• Rate and term refinance: Replaces your current mortgage with a new one that offers a lower interest rate and monthly payment, a different repayment schedule, or both.

• Cash-out refinance: Allows you to tap into your home equity to get cash. The new loan balance is higher than your existing loan, and the proceeds are used to pay the outstanding balance of your original one. You’ll receive the difference in a lump sum payment.

• Cash-in refinance: With this refinance option, you take out a new loan for a lower amount than your current one by making a lump sum payment, similar to a down payment, to reduce the amount borrowed. By borrowing less, you may qualify for a lower interest rate and save on the monthly payment.

• Streamline refinance: This option provides a faster application and approval process with fewer documentation requirements for borrowers refinancing FHA, VA and USDA loans.

• No-closing cost refinance: This type of loan rolls your refi closing costs into the new mortgage if you don’t have the cash to cover these expenses. However, by including closing costs in the loan, your loan amount and monthly payments increase.

• Reverse mortgage: Specifically designed for homeowners 62 or older, this loan allows you to take equity out of your home, pay off any outstanding mortgage balance and use the excess proceeds as you see fit. There are no required monthly payments, and repayment isn’t due until you permanently move out of the home or die. (In which case your heirs would be responsible for repaying the rest of the balance).

• Short refinance: If you default on your loan, a lender may offer to refinance your mortgage for a lower amount and forgive the difference between the new loan and the original amount owed. It can be a less expensive option than going through the foreclosure process.

The pros and cons of mortgage refinancing

How to choose a mortgage refinance company

Finding the best interest rate and lowest fees are the main factors to consider when shopping for a refinance company, since these directly affect the total cost of your loan. However, there are other factors you should consider, too. Those include:

Experience

A lender or loan officer with years of experience can be an asset during the loan process, since they’ll be familiar with your local real estate market and lending conditions. Their expertise allows them to ask targeted questions to help pinpoint your goals and recommend all the options that can help you achieve them.

Product knowledge

Look for lenders knowledgeable about different loan types. They’ll be better able to recommend the right product once they determine your goal and needs, compared to a lender who only offers one specific type of loan. Some lenders may be able to provide solutions for more complex financial situations, such as those posed by borrowers with alternative incomes or who are self-employed, if they are familiar with a variety of loan options.

Transparency

Paying for unnecessary fees can significantly increase your monthly payments and overall loan amount. Your lender must provide a detailed loan estimate upfront. This document should include details of the interest rate you may qualify for, lender’s fees, closing costs and the total loan cost. A good lender will explain each item in detail and answer all your questions so you can avoid unpleasant surprises when it’s time to close on the loan.

Communication

The mortgage process can be nerve-wracking. Having a lender that keeps you promptly informed of the progress of your application can help ease some of that anxiety. The last thing you need is to chase after a lender for a status update.

Alternatives to mortgage refinancing

Depending on your reasons for refinancing, there may be other options worth considering. If, for instance, you want to tap into the equity you’ve gained or are looking for cash to make home improvements, here are a few funding alternatives you may want to explore.

• Home equity loan: A home equity loan is a second mortgage on top of your existing loan. This loan might be a good option if you have a much lower interest rate on your primary mortgage and don’t want to refinance into a higher rate. However, you need to be financially able to carry two mortgage payments.

• Home equity line of credit (HELOC): A HELOC is a good alternative if you need access to money when a need arises or an emergency reserve. It works much like a credit card in that you can use the money, make interest-only payments during the draw period, and repay the amount you’ve withdrawn to replenish the line of credit.

• Home equity sharing agreements (HEAs): HEAs are relatively new products that allow homeowners to access their equity without taking out a loan or making extra monthly payments. In essence, an investment company buys a share of your home’s future value in exchange for a lump sum payment. At the end of the agreement, you will repay the original “loan” amount plus an agreed-upon percentage of your home’s appreciated value.

• Personal loan: For smaller sums, like a few thousand dollars, consider a personal loan. The interest rates are lower than a credit card, and the loan terms tend to be relatively short. They also take less time to apply for and obtain approval and funding than a mortgage refinance.

Latest news in mortgage refinancing

Homeowners are keeping an eagle eye on any downward changes to mortgage rates — and for good reason.

Current mortgage rates are hovering in the high 6% range, more than double the typical rate seen during the pandemic. For homeowners who bought at those low rates and were thinking of tapping into their home equity, refinancing into a much higher rate hasn’t made much financial sense.

But those who bought their homes when rates were above 7% have taken advantage of today’s comparatively lower rates to improve their financial position. According to the Mortgage Bankers Association, nearly 40% of all mortgage applications taken out this month have been refinance loans, a significant difference from last year when refi applications made up around 20% of all loans.

Methodology

We analyzed over 35 of the top mortgage refinance products and lenders in the country. We used publicly available data and confirmed its accuracy whenever possible through interviews with lender representatives. We looked at factors such as rates and terms, loan amounts and eligibility requirements. We then scored each lender on a one-to-five point scale based on the following: interest rates (30%), lender fees and closing costs (20%), loan variety (20%), customer satisfaction rankings (15%) and credit score requirements (15%).

• We gave higher scores to lenders that offered low starting rates, since this metric influences the overall cost of the loan.
• Lenders with lower fees and closing costs were prioritized over those with standard or higher-than-average costs.
• Lenders that offered more lending options also received higher scores, as they can offer products that can meet different refinancing needs.
• Higher scores were given to lenders that received high scores on third-party customer satisfaction surveys and ranking sites such as J.D. Power and Trustpilot.
• Lenders with lower credit score requirements received higher scores since they cater to a larger number of potential borrowers.

Summary of our top picks for best mortgage refinance companies

• CrossCountry Mortgage: Best Overall
• Discover: Best for Low Fees
• Rate: Best for Fast Closing Times
• New American Funding: Best for Low Rates
• Navy Federal Credit Union: Best for Military Members
• Rocket Mortgage: Best for Customer Satisfaction

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