10 Best Mortgage Refinance Lenders of 2023

Taking out your first home loan is an odyssey—a treacherous journey that can last 30 years. 

When you just start out, you’re setting sail into the unknown, so you might end up unsatisfied with the rates you get. 

Once you’ve figured out you’re ready to change your mortgage rate or loan terms, refinance is just the next logical step.

The key to getting the most out of your refinance is to weigh up all of your options and compare all offers. That’s where we come in to speed up the process—

10 Best Lenders to Refinance Mortgage in 2023

Here are our top 10 mortgage refinance lenders this year:

• New American Funding—Best overall.
• PNC Bank—Best for borrowers with low-to-moderate income. 
• Bank of America—Best for member discounts and benefits.
• Better.com—Best for low-cost refinance.
• Chase Bank—Best for repayment plans.
• Navy Federal Credit Union—Best for veterans and their families.
• Northpointe Bank—Best for no down payment costs.
• Rocket Mortgage—Best for fast refinance. 
• Nationwide—Best for flexibility and loan options. 
• SoFi—Best for online application process.

Compare Refinance Mortgage Companies 

*Mortgage rates change daily and are case-specific. For each lender, we’ve used a 30-year fixed rate for a one-family household with a 740+ credit score and a $300,000 balance. The national average at the time of writing was 6.56%. This is just an example for comparison’s sake—find out your actual rates from your provider.

Mortgage Refinance Lenders: Our Reviews 

Best overall and our pick—New American Funding

New American Funding is a mortgage lender for the 21st century. Founded in 2003, it’s a true Gen Zer at heart—fresh, unconventional, and caring about social fairness. 

If you’re self-employed, you know showing proof of income can be a struggle. New American Funding won’t ask you to send pay stubs and W-2 forms. 

Refinance with a non-qualified mortgage loan and provide alternative credit and income qualifications.

Customizable I CAN loans allow you to go for an uncommon loan term between 8 and 30 years.

This lender is fast—it boasts same-day preapproval and only two weeks for closing your mortgage. 

The company has shown support for Black and Hispanic homeowners—it’s the number one mortgage and refi lender to Hispanic borrowers in the US.

Why we like it

• Broad selection of loans—refinance almost any type of home loan.
• Interest rates are much lower than national.
• Apply online, by phone, or in person. 
• Fast preapproval and closing time. 

Note that

• You can’t refinance in Hawaii.

Best for borrowers with low-to-moderate income—PNC Bank

Homeownership is the cornerstone of the American Dream, and refinance banks lend a helping hand to those in need.

PNC’s the best bank for mortgage refinance on our list.

Low- and moderate-income households can receive a $5,000 grant to cover closing costs or your down payment. 

United States Department of Agriculture (USDA) has a designated loan for underprivileged borrowers in rural areas. PNC’s one of the rare mortgage providers who offer this program (including as a refinance option).

Other affordable loans—VA, FHA, and PNC Community Loan—are also on the menu.

Why we like it

• Low interest rates.
• Offers multiple refinance products, including USDA loans. 
• Provides grants of up to $5,000 for low-income borrowers.
• High loan caps ($5 million for Jumbo loans, $1 million for medical professionals).

Note that

• Some states don’t have brick-and-mortar branches.

Best for member discounts and benefits—Bank of America

Bank of America’s the second largest bank in the country. It also offers the most lucrative benefits to its loyal customers. 

By maintaining a certain balance on your Bank of America checking account, you can qualify for—

• Origination fee discount ($200–$600).
• 0.25% interest rate reduction. 
• Up to 0.625% discount on HELOC.

To make the process smooth, there’s a first-rate banking app and an online mortgage service (Home Loan Navigator), where you can track your application and submit documents. 

If you seek a human touch, you can visit the bank in person or talk to one of over 2,100 mortgage loan officers.

Why we like it

• Preferred rewards program. 
• High-tech digital experience. 
• Lots of loans to choose from.

Note that

• You might wait 10 days for your preapproval letter.
• Physical locations are in 37 states.

Best for low-cost refinance—Better.com 

The best closing costs are no closing costs—Better.com gets the drill (even if it’s not quite there yet).

This mortgage refinance lender has some of the lowest refinance costs:

• No origination fees.
• No processing fees.
• No underwriting fees.
• No application fees.

Better.com saves its refinance customers $8,200 a year by cutting commissions and providing the best home refinance rates.

This lender also strives to one-up its competitors, offering a Better Price Guarantee program. It promises to match any valid offer from the competition—or send you $100 if it can’t.

Why we like it

• It doesn’t charge many common fees. 
• Rates are on the lower end. 
• Rate match guarantee. 

Note that

• There’re no in-person locations.

Best for repayment options—Chase Bank 

Another lender on our list is a true giant. It’s the largest bank in the US, so the expectations for Chase are high. 

And it delivers. 

Chase offers a 0.25% rate discount to customers who've been using Chase for a while (and made hefty deposits). 

It also helps home buyers in need with grants ($2,500 and $5,000) for the DreaMaker mortgage—you can spend the money to lower your interest rate and cover some of the fees.

You’ll also get an extra $500 for completing an education course. 

If you’re browsing mortgage rankings at work, you should know that Chase has the best employee benefits in the game. (Ask your employer to add them to your benefits package.)

Why we like it

• Discounts for Chase Bank customers.
• Grants up to $5,000.
• Low down payment loans available. 

Note that

• You can visit Chase in person in 32 states only.

Best for veterans and their families—Navy Federal Credit Union

The best veterans refinance companies focus on government-backed VA loans and help military members on the path to homeownership. 

Navy Federal Credit Union is the cream of the corps.

Besides VA and conventional loans, it has a couple more specialties: 

• Military Choice loan is for people who’ve already used up their VA benefit. 
• Interest Rate Reduction Refinance loan (IRRRL), also known as VA streamline, helps veterans refinance extra fast and with no additional costs.

The credit union has overseas branches in Korea, Japan, and other countries with US military bases.

Navy Federal Credit Union would easily win the title of the best refinance company if not for one detail—it’s members only. 

To join the credit union, you have to satisfy one of the three conditions:

1. You’re a veteran, retiree, or active duty member of the armed forces.
2. You’re the immediate family of the above. 
3. You work for the Department of Defense.

Why we like it

• The lowest refinance rates on the market.
• Rate match guarantee (or a $1,000).
• International branches and 24/7 customer service.

Note that

• You have to be a member of Navy Federal Credit Union.
• It doesn’t offer FHA or USDA loans.

Best for no down payment costs—Northpointe Bank 

Typical refinance down payment is between 3% and 5%—not bad, but we could go lower. 

Enter Northpointe to show other lenders how it’s done—

Not only does the bank supply several loans that don’t require a down payment (VA, USDA, and doctor loans), but it also has a designated program with 100% financing.

If you purchase a home with Northpointe until the end of 2023, you’ll be eligible for Rate Refresh Guarantee. (This feature resolves that icky situation when mortgage rates plummet after closing.) 

You can refinance with Northpointe in the next five years—it will cover the costs of one appraisal and other processing fees. 

You can also lock your rate for up to 90 days when the interest’s already hit the rock bottom.

Why we like it

• Unique types of mortgage, including renovation and professional loans. 
• $0 down payment in many cases.

Note that

• Mortgage rates are slightly higher than the national average.
• Loan terms are limited to 15 and 30 years.

Best for fast refinance—Rocket Mortgage 

Rocket Mortgage is the largest mortgage lender in America (it originated more home loans than any other provider in 2021–2022). 

They’re fast and flexible. 

YOURGage loans let you tailor them to your needs, giving you control over monthly payments and loan terms.

The application process is streamlined through eClosing—you can sign all your documents online. 

Preapproval with Rocket takes just eight minutes and the average closing times are astronomically quick at just three weeks. 

Why we like it

• Speedy preapproval and closing process.
• Flexible terms.

Note that

• Mortgage rates are close to the national average. 

Best for flexibility and loan options—Nationwide 

Nationwide is an insurance provider first—but it offers a few incredible refi products in partnership with Axos bank. 

You can get a $0 Lender Free promotion on loan amounts over $250,000 (or a $200 discount if your balance is lower).

Super Jumbo loans will refinance your property up to $30 million, while Portfolio loans will turn anyone into a designer—you’ll be able to customize loan terms and amounts any way you need.

With an Axos checking account, members qualify for a 3% annualized cash back credit. You can also get up to $100 monthly for paying off your mortgage.

Why we like it

• Competitive interest rates.
• Customizable loans.
• Below average credit score requirements.

Note that

• The first prize for the most misleading name goes to Nationwide—it’s only available in 13 states: Arizona, California, Colorado, Florida, Hawaii, Idaho, Michigan, Oregon, Tennessee, Texas, Utah, Washington, and Wyoming.

Best for online application process—SoFi 

Talking to people can be a chore. 

If you tend to beeline to self-checkout when shopping, you’ll enjoy SoFi, one of the best online refinance lenders. 

You can complete your online application and get preapproval in a matter of minutes. 

SoFi’s one of the leaders in other areas, ranking on top for student loan refinance, personal loans, and saving accounts. 

Members who already have one of those products can get a $500 discount on processing fees. 

Why we like it

• Member discounts.
• Some of the lowest mortgage rates.
• Best online experience. 

Note that

• SoFi doesn’t work with government-funded VA, FHA, or USDA loans.
• Refinance’s unavailable in Hawaii and Nebraska.

Our Methodology

To come up with our list of the best refinance lenders, we’ve analyzed more than twenty mortgage providers—online lenders, banks, and credit unions—who operate in the US. 

Our final scores relied on these six categories: 

1. Availability—the states the home refinance company operates in. 
2. Accessibility—how do interest rates compare with the national average?
3. Variety—what types of loans you can refinance.
4. Speed—the timeframes of preapproval and closing.
5. Benefits—does the lender offer any discounts?
6. Customer service—what are your options (online, by phone, or in person)? 

More About Refinancing Your Mortgage

What is mortgage refinancing?

When you refinance your mortgage, you replace your current loan with a new one. 

Ideally, you’ll get more favorable terms this time around.

(Don’t confuse this process with getting a second mortgage.) 

When you refinance, your provider pays off your existing mortgage in full first, while you get an entirely new loan. 

Example of how mortgage refi works

Let’s take a look at the hypothetical example of how different refinancing options work:

For simplicity, we assume you refinance almost right away. Your actual savings will also depend on how much of your loan you’ve already paid off. 

Top 7 reasons to refinance 

1. Lower your interest rate

The number one reason people turn to refinance is to get a better interest rate (even reducing it by 1% can save you thousands of dollars every year). Lowering your rate also leads to building equity faster. 

2. Bring down monthly payments

Getting a lower interest rate will naturally reduce your monthly payments (if you stick to the same term). 

You can also exchange your remaining twenty years for the brand-new thirty-year loan. This decision can ease the monthly financial burden on your family (even if you end up paying more interest at the end of the day).

3. Shorten your term

Thirty years seems like an eternity. If you’ve got some cash to spare right now, you could pay off your mortgage faster. 

When you refinance to a shorter-term mortgage, your monthly payments will go up, but you’ll pay a lot less interest (even three times less). 

Check out our Mortgage Payoff Calculator to save even more time and money.

4. Tap into equity

Even your “forever home” can generate money for you. When you’ve build some equity, you can always refinance and cash out. 

It’s also a key step in the BRRRR method of real estate. 

5. Exchange adjustable rate for a fixed rate 

Adjustable-rate mortgage sounds fun—but ultimately it’s a gamble. 

Instead of watching your interest rate skyrocket, you can lock in a fixed rate and revel in stability. 

6. Get rid of private insurance

With soaring house prices, saving for a 20% down payment is becoming increasingly hard. Most first-time home buyers can’t afford this, while mortgage lenders don’t like taking risks.

You’ll often have to pay private mortgage insurance (PMI) until you reach 20% in equity. 

By refinancing, you can eliminate this irritating expense at once. 

7. Remove your ex from the loan

Divorce is never easy—but a shared mortgage complicates things beyond belief. 

If you refinance the house in your name, you can buy out your partner’s share (see cash-out refinance below). 

It’s much easier to refinance before finalizing your divorce—you have bigger assets and can qualify for better terms. 

Types of mortgage refinancing explained

Rate-and-term refinance

This is your most straightforward refinance. 

You exchange your old loan for the new terms or interest rate, while its size remains the same. (This type is often triggered by mortgage rates dropping.) 

Cash-out refinance

Forget turning wine into water—turn your equity into liquid cash. 

You can take out a larger loan that will fully cover your current mortgage. You’ll get the difference between the two loans in cash (the amount comes from the equity you’ve already built up). 

Cash-in refinance

When you don’t have much equity yet, you could pay a big chunk of money toward your principal. This helps to reach your lender’s loan-to-value requirement and secure better rates.

No-closing cost refinance

Refinance mortgage companies with no closing costs are rare, but they do exist. 

Getting an option to pay no closing costs upfront usually results in a higher interest rate or principal (you’ll still have to pay them in a different form). 

Frequently Asked Questions

What is the best way to refinance your home?

The process is quite similar to getting your regular home loan:

1. Set your goal first—know if you want to lower your rate, change the term, and so on.
2. Check your credit score and current equity. 
3. Shop for lenders and compare interest rates. 
4. Apply for several mortgages (credit agencies will understand that you’re rate-shopping, so your score will get affected only once).
5. Choose the one.
6. Prepare your paperwork.
7. Lock in the interest rate.
8. Get ready for home appraisal.
9. Close on your loan.

Which bank is best for refinancing?

Our champion is PNC Bank. 

If you’re looking for other top-tier options, we can recommend refinancing with Flagstar, U.S. Bank, and NBKC (they are some of the runners-up on our list).

What do I need to refinance my mortgage? 

Here’s a list of documents to provide before closing:

• W-2 and 1099 forms for the past two years.
• Pay stubs that cover 30 days.
• Bank statements for the past two to three months (including investment and retirement accounts).
• Homeowners and title insurance.
• Statement of debts.
• Statement of assets.

Is it better to refinance with my current lender?

It’s definitely easier to refinance with the same lender. 

The application process might be faster and cheaper since they already have your information on file. 

Whether it’s better depends on what rates they’re eager to offer you—in many cases, you’ll save up more if you refinance with a different company. 

When should I refinance my mortgage?

Some mortgages require you to wait between six and twelve months before you can refinance.

You should refinance when you can save money on your original mortgage by engaging in it, for example: 

• When interest rates are low.
• When your credit score or financial situation has improved.
• When you can recoup your closing costs in two years or less.

How many times can you refinance?

Theoretically, there’s no limit—you can refinance again and again (until it’s refinance all the way down). 

However, refinancing isn’t free—so there should be a method to your madness. There’s only so low mortgage rates can fall.