You don’t have to refinance with your existing mortgage lender. In fact, switching could actually save you money — that’s why it’s important to shop around and compare things like rates, fees, and service.
1. Rocket Mortgage
Best for: Applying digitally
For a painless application process, Rocket Mortgage is your best bet. The lender’s digital-first approach lets you view refinance options via a handy mobile app. When you’re ready to move forward, you can get pre-approved, apply for your loan, and lock in your rate from the app as well.
Rocket’s parent company — Quicken Loans — was actually named the top servicer for customer satisfaction last year, so you know you’re in good hands, too.
Pros
- Digital-first approach
- Transparent about rates
- Highly rated for customer service
Cons
- Digital application process may not be ideal if you have a non-traditional income
- No ARMs (adjustable-rate mortgages)
Read Credible’s full review of Rocket Mortgage for more details.
2. Caliber Home Loans
Best for: Loan variety
If you’re not sure which loan product is best just yet, Caliber Home Loans can help. The lender offers a wide and varied range of home loan products, including jumbo, VA, and conventional mortgages.
Caliber even has renovation-specific loans like Fannie Mae’s HomeStyle Renovation or the FHA 203(k) which can help you refinance and fund your home improvements all in one transaction.
Pros
- Wide variety of loan options
- Many brick-and-mortar branches available across the country
- Helpful educational resources available on the website
Cons
- Must contact lender for a rate quote
- No HELOCs or home equity loans
Read Credible’s full review of Caliber Home Loans for more details.
3. LoanDepot
Best for: VA borrowers
If you’re planning to refinance your VA loan, then online lender LoanDepot might be a great choice. The company was one of the top 10 VA lenders in the country last year and even has dedicated VA specialists on staff.
Pros
- Experienced VA lender
- VA specialists on staff
- Loyalty perks available for future refinances
Cons
- Must contact the lender for rates and terms
- No HELOCs, home equity loans, or USDA loans
Read Credible’s full review of LoanDepot for more details.
Keep reading: 7-1 ARM: Your Guide to 7-Year Adjustable-Rate Mortgages
Other mortgage refinance companies to consider
While we certainly recommend the above refinance lenders, they’re not your only options. For additional lenders to consider, see below.
Please note that because the following are not Credible partner lenders, you will not be able to compare personalized rates and apply for a loan from them through our platform.
Credit score: 620 (FHA, conventional), 680 (jumbo) Down payment: 3% (conventional), 3.5% (FHA), 10% (jumbo) | |
Credit score: 620 Down payment: Contact lender | |
Credit score: Contact lender Down payment: 3% (conventional), 3.5% (FHA), 0% (VA), contact lender for jumbo requirements | |
Credit score: Contact lender Down payment: 5% to 20% (conventional), 3.5% (FHA), 20% (jumbo), 0% (VA), 3% (Chase DreaMaker) | |
Credit score: Contact lender Down payment: 3% (conventional), 3.5% (FHA), 0% (USDA, VA) | |
Credit score: Contact lender Down payment: 3% (conventional), FHA (3.5%), 0% (USDA, VA) | |
Credit score: 640 Down payment: 0% | |
Credit score: N/A Down payment: 5% (conventional), 0% (VA), 0 to 10% (ARMs) | |
Credit score: Contact lender Down payment: 5% | |
Credit score: Contact lender Down payment: 3% |
Frequently Asked Questions
Is it better to refinance with the same lender?
Refinancing with the same lender can be more convenient since they already have your information, which may simplify the process. However, it's essential to compare rates and terms from multiple lenders before deciding, as another lender might offer better interest rates, lower fees, or more favorable loan terms. Sticking with the same lender can be easier, but it may not always result in the best deal.
What is the best time to refinance?
The best time to refinance is when interest rates are lower than your current mortgage rate, or when your credit score has improved significantly since you first took out the loan. It's also beneficial to refinance if you want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or shorten your loan term to pay off the mortgage sooner.
What credit score do I need for a refinance?
Most lenders require a credit score of at least 620 for conventional refinance loans. However, for FHA refinance loans, the minimum score could be as low as 580, and for certain VA loan refinances, lenders may be more flexible. The higher your credit score, the more likely you are to qualify for lower interest rates and better loan terms.
Is it easier to get a home loan or refinance?
Whether it’s easier to get a home loan or refinance depends on your financial situation. In general, refinancing can be easier because you already have a history of mortgage payments, which demonstrates your ability to repay the loan. However, lenders will still assess your credit score, income, and debt-to-income ratio (DTI), so challenges may arise if your financial situation has worsened since you took out the original loan.
How do I choose a refinance option?
Choosing a refinance option involves evaluating your financial goals. If you want lower monthly payments, you might opt for a rate-and-term refinance to get a better interest rate or longer loan term. If you need cash for large expenses, a cash-out refinance allows you to borrow against your home equity. Consider factors like interest rates, fees, and the total cost of the loan over time when choosing your refinance option.
