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Best Cash-Out Refinance Lenders of 2022

To find the best mortgage lenders in the U.S., we interviewed more than a dozen experts in the mortgage industry and weighed over 16,000 data points, including the number of originations by state, types of loans offered, customer satisfaction ratings, and average credit rating and mortgage balance by state and region.

Last Updated: December, 2022
Money's Partners
Money's Recommendation
  • Highest in customer satisfaction in the U.S.
  • Award-winning client service & A+ rating with the BBB
  • eClosing allows customers to close electronically to save time
  • Multiple loan & refinance options to fit your needs
  • Fortune 100 Best Companies to Work For 2017
  • Proud supporter of college athletics
  • Prequalify online in minutes
  • Compare multiple offers and rates
  • "Accurate quotes, not estimates"
  • Fixed- and variable-rate conventional, FHA, VA, USDA and jumbo loans available
  • Rated #1 for customer satisfaction by LendingTree 
  • No SSN required to prequalify and view customized rates
  • Fast and Easy Online Refi Calculator and Rate Quotes
  • A+ Rating from Better Business Bureau
  • Historically Low Interest Rates
  • Talk to a Licensed Loan Officer If You Prefer Phone
  • Cash-out & Debt Consolidation Options
  • Convenient in-home document signing & No Closing Cost Options Available!

Money's Top Picks

  • The reason we chose Quicken as our best overall mortgage lender is simple: their nationwide reach combined with excellent customer service. In 2019, the Mortgage Bankers Association and the Veterans Administration reported that the company originated the highest percentage of loans in almost every category, from conventional to VA loans.

    That being said, we all know size doesn't necessarily equal quality. Quicken, though, has significant strength in customer service and a surprisingly low level of complaints for an institution of its size. Quicken is rated "Among the Best" according to JD Power's Primary Mortgage Origination Satisfaction Study, which takes into account each company's application and approval process, communication, loan closing, and loan offerings. In fact, Quicken has consistently ranked highest in customer satisfaction for loan originations with JD Power for 10 consecutive years.

    Quicken's ​YOURgage​ program is another thing that sets it apart from the pack. YOURgage allows borrowers to choose the term of their fixed-rate mortgage and get a loan of up to $510,400. First-time homebuyers can pay as little as 3% down. This is especially helpful for first-time homebuyers who may not have 20% saved for a down payment.

    Finally, as Quicken has completed 96% of all electronic mortgage closings in the country, the company has a wealth of experience completing the process online, which is highly convenient for most applicants these days.

    Size, reach, and options are important, but only if the company has the customer service chops to back it up. We chose Quicken as the "best overall" mortgage lender because it is most likely to be available to you and offers solid service at the same time. However, if you're looking for something more focused on your area or needs, read on.

    LATEST NEWS AS OF JANUARY 2021

    Quicken and Covid-19

    For clients who have been impacted by COVID-19, Quicken Loans is offering an initial forbearance, which temporarily stops mortgage payments. Clients can fill out an application for assistance by visiting RocketMortgage.com. Once the crisis is over, Quicken Loans will work with clients to determine the best course of action when they are ready to resume payments. Clients won't experience an impact to their credit as a result of the forbearance.

    As for closings and appraisals, Quicken is taking precautionary measures to ensure that their signing agents and appraisers do not have COVID-19. According to their statement, in some cases, they are not required to enter your home for the time being.

  • loanDepot is one of the top five direct mortgage lenders in the US. It does a significant amount of business through its 150 branches and was among the first lenders to begin offering an online mortgage experience. We were surprised, therefore, that the company doesn’t provide some of the online mortgage application features that many of its competitors offer in order to make the online experience more convenient.

    Like many online lenders, loanDepot asks borrowers to begin their loan shopping experience by completing a brief questionnaire. The questionnaire isn’t intrusive: it requires that you only enter a few details about the property you’re considering purchasing (or refinancing) and your contact information to get started.

    But the online portion of the company’s mortgage application stalls there. Once you complete the questionnaire, you’re told that a loan expert will get in touch with you. While customers are asked to provide an email address in order to proceed, judging by our experience, contact is not immediate. We waited a couple of hours for an email response, but did not receive one. Nor did the company return any recommended loan type or estimated loan rates immediately on their website. For borrowers interested in quick answers, loanDepot might not be the best choice.

    That being said, the company does offer a wide range of mortgage and refinancing options, including fixed- and variable-rate loans, FHA and VA loans, and more. According to loanDepot, the mortgage application process can be completed online—but you’ll have to make a stop along the way. That’s not a deal breaker, particularly because loanDepot is an experienced lender that enjoys a very positive reputation among consumers. If you have a little extra time, because of its variety of loan options and excellent reputation, loanDepot might be a great choice for you.

To Summarize: Best Cash-Out Refinance Lenders of 2022

In the end, the best mortgage lender in 2021 is the one that can offer you the best terms and interest rates, plus the lowest fees.

Still, our list of top picks can serve as a starting point to simplify your journey and point you in the right direction, when looking for the right financing option to purchase the home of your dreams.

Money's Partners
Money's Recommendation
  • Highest in customer satisfaction in the U.S.
  • Award-winning client service & A+ rating with the BBB
  • eClosing allows customers to close electronically to save time
  • Multiple loan & refinance options to fit your needs
  • Fortune 100 Best Companies to Work For 2017
  • Proud supporter of college athletics
  • Prequalify online in minutes
  • Compare multiple offers and rates
  • "Accurate quotes, not estimates"
  • Fixed- and variable-rate conventional, FHA, VA, USDA and jumbo loans available
  • Rated #1 for customer satisfaction by LendingTree 
  • No SSN required to prequalify and view customized rates
  • Fast and Easy Online Refi Calculator and Rate Quotes
  • A+ Rating from Better Business Bureau
  • Historically Low Interest Rates
  • Talk to a Licensed Loan Officer If You Prefer Phone
  • Cash-out & Debt Consolidation Options
  • Convenient in-home document signing & No Closing Cost Options Available!