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Although interest rates aren’t as favorable as they were in recent years, refinancing might make sense for homeowners who want to pull out cash to renovate their homes. We’ve made it easier for you to compare refinance offers by reviewing dozens of mortgage lenders in several key areas. Based on those benchmarks, here is our guide to the best mortgage refinance lenders in 2024.
Best mortgage refinance lenders
| Lender | Credit requirements | Bankrate Score |
|---|---|---|
| Better | 620 for conventional loans, 580 for FHA loans | 4.6 |
| Old National Bank | 620 for conventional loans, 640 for FHA loans, 680 for VA loans | 4.6 |
| U.S. Bank | 620 for conventional loans, 740 for jumbo loans | 4.8 |
| PenFed Credit Union | 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans | 4.7 |
| Rocket Mortgage | 620 for conventional loans, 680 for jumbo loans, 580 for FHA and VA loans | 4.6 |
| Citizens Bank | 620 for conventional loans | 4.5 |
| PNC Bank | 620 for conventional, jumbo and FHA loans, 640 for USDA loans | 4.5 |
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- Availability: All U.S. states
- Loans offered: Conventional, FHA, VA
- Credit requirements: 620 for conventional loans, 580 for FHA loans
- Where to find: Online
- Availability: All U.S. states
- Loans offered: Conventional, FHA, VA
- Credit requirements: 620 for conventional loans, 580 for FHA loans
- Where to find: Online
-
Pros
- Completely digital process, with daily online rates, three-minute preapprovals and hybrid closings; no fees; Price Guarantee matches or beats competitor offers
Cons
- No branch locations; no home equity loans or USDA loans
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 640 for FHA loans, 680 for VA loans
- Where to find: Branch locations and online
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 640 for FHA loans, 680 for VA loans
- Where to find: Branch locations and online
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Pros
- Branches plus online banking; special loan programs for first responders, professors and physicians
Cons
- Branch locations limited to five states
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 740 for jumbo loans
- Where to find: Branch locations and online
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 740 for jumbo loans
- Where to find: Branch locations and online
-
Pros
- Discounts for banking customers
Cons
- Requires a higher credit score to qualify; refinance timeline can be lengthy
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA
- Credit requirements: 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
- Where to find: Branch locations and online
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA
- Credit requirements: 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
- Where to find: Branch locations and online
-
Pros
- No lender fees; offers lender credits up to $2,500
Cons
- Higher minimum credit score requirements; no USDA loans
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA
- Credit requirements: 620 for conventional loans, 680 for jumbo loans, 580 for FHA and VA loans
- Where to find: Online
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA
- Credit requirements: 620 for conventional loans, 680 for jumbo loans, 580 for FHA and VA loans
- Where to find: Online
-
Pros
- Superior customer service, including chat and screen-sharing
Cons
- No branch locations; no USDA loans
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA
- Credit requirements: 620 for conventional loans
- Where to find: Branch locations and online
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA
- Credit requirements: 620 for conventional loans
- Where to find: Branch locations and online
-
Pros
- Rate discounts for banking customers
Cons
- Doesn’t list lender fees online; doesn’t offer USDA loans; slightly below average customer satisfaction scores for mortgage origination
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional, jumbo and FHA loans, 640 for USDA loans
- Where to find: Branch locations and online
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional, jumbo and FHA loans, 640 for USDA loans
- Where to find: Branch locations and online
-
Pros
- Online and in-person options to apply; application can be tracked online
Cons
- Limited mobile app functionality
How to choose the best refinance lender for you
To refinance your mortgage, you don’t need to go back to the bank or lender you initially worked with. It’s best to compare interest rates and closing costs from at least three refinance lenders, considering each lender’s credit score, equity and other requirements and how those might apply to your circumstances.
As you compare lenders, you might come across some that charge a flat fee for refinances. This could translate to more savings, depending on how much you’re borrowing and whether there are other fees.
Other lenders offer so-called “no closing cost” refinances that allow you to finance these fees with the new loan instead of paying them upfront. While this can be a nice perk if you don’t have the savings, you’ll pay a higher interest rate in exchange for it.
Steer clear of any lenders that push refinancing even if it isn’t financially advantageous for you. A reputable loan officer should help you do the math and decide whether refinancing makes sense for your situation.
Reasons to refinance your mortgage
It can be a good time to consider refinancing your mortgage when interest rates drop below the level they were when you got your current loan — ideally one-half to three-quarters of a percentage point lower.
It can also be smart to refinance if your credit has improved and you can now qualify for a new loan with a lower interest rate.
In addition, you might want to refinance if you can:
- Shorten your loan’s term so that you can pay it off sooner, and pay less interest overall, or lengthen your loan’s term in order to lower your monthly payments
- Replace an adjustable-rate mortgage with a fixed-rate mortgage
- Cash out your home’s equity to fund home improvements, consolidate debt, finance an education or pay any other expense
- Remove mortgage insurance
Because refinancing involves closing costs, you also have to consider your breakeven point: the time when you can expect to recoup these costs based on how much you’ll be saving on your monthly payment. If you don’t plan to stay in your home long enough to break even, refinancing might not be the best route if your goal is to save money.
Ultimately, the right time to refinance your mortgage is when it makes the most financial sense for you. This will depend on several factors, including:
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To determine the best mortgage refinance lenders, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best mortgage refinance lenders generally have a Bankrate Score of 4.5 stars or higher. Learn more about our methodology.
