The Best Mortgage Refinance Companies for 2023

June 9, 2022 - 13 min read

The best refinance companies for 2023

We ranked the best mortgage refinance companies for 2023 based on a variety of factors, including loan options, requirements, customer satisfaction, and average refinance rates and fees.

The best lender for you will depend on your current home loan and your refinance goals. So make sure you shop around for the lowest rate and best overall deal.

LenderThe Mortgage Reports Score1
Citizens Bank
NMLS #433960
5.0
Guaranteed Rate
NMLS #2611
4.5
Veterans United
NMLS #1907
4.5
Freedom Mortgage
NMLS #2767
4.5
Chase
NMLS #399798
4.5
Navy Federal Credit Union
NMLS #399807
4.5
Better
NMLS #330511
4.5
Home Point Financial
NMLS #7706
4.0
loanDepot
NMLS #174457
4.0
Wells Fargo
NMLS #399801
3.5

Editor’s note: The Mortgage Reports may be compensated by some of these lenders if you choose to work with them. However, that does not affect our rankings. See our full editorial disclosures here and our review methodology here.


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The 10 best mortgage refinance companies

Below are the ten best refinance companies for 2023 based on rates, fees, and customer satisfaction. Remember that rates vary from one borrower to the next and the right lender will be different for each homeowner. So pick a few lenders you like, apply with each one, and then compare the rates and fees you’re offered to find the right company for your unique situation.

Citizens Bank logo
NMLS #433960

Citizens Bank

5.0
Loan Types:
  • Conventional loans
  • FHA and VA loans
  • HELOCs
  • Construction loans
Best For:

Citizens Bank earns top satisfaction scores from customers and offers competitive interest rates on average.

Pros:
  • Excellent customer reviews
  • Competitive refinance rates on average
  • Shows current interest rates online
Cons:
  • Higher refinance loan costs on average
  • Branches in only 15 states
Guaranteed Rate logo
NMLS #2611

Guaranteed Rate

4.5
Loan Types:
  • Conventional loans
  • FHA, VA, and USDA loans
  • Jumbo loans
  • Interest-only loans
  • HELOCs
Best For:

Guaranteed Rate is known for its streamlined online experience and has a wide range of loan options to meet borrowers’ needs.

Pros:
  • Great online experience
  • Competitive interest rates and fees on average
  • Wide range of loan options
Cons:
  • HIgher credit score requirements for FHA loans
Veterans United logo
NMLS #1907

Veterans United

4.5
Request Rates
Loan Types:
  • Conventional loans
  • VA, FHA, and USDA loans
  • VA jumbo loans
Best For:

Veterans United earns top customer satisfaction scores and specializes in helping veterans and military members with VA loans.

Pros:
  • Excellent customer reviews
  • Very low interest rates and fees on average
  • VA home loan expert
Cons:
  • Doesn’t specialize in non-VA loans
  • Not geared toward non-military borrowers
Freedom Mortgage logo
NMLS #2767

Freedom Mortgage

4.5
Loan Types:
  • Conventional loans
  • FHA, VA, and USDA loans
  • Jumbo loans
Best For:

Freedom Mortgage specializes in government-backed FHA, VA, and USDA loans and offers below-market mortgage rates on average.

Pros:
  • Very competitive mortgage rates on average
  • Does not charge origination fees
  • Government-backed loan specialist
Cons:
  • Higher credit score requirements for FHA loans
  • No home equity loans or HELOCs
Chase logo
NMLS #399798

Chase

4.5
Loan Types:
  • Conventional loans
  • FHA and VA loans
  • Jumbo loans
  • DreaMaker Mortgage
Best For:

Chase Bank is a popular lender with competitive interest rates and fees and plenty of brick-and-mortar locations if you want to see a loan officer in person.

Pros:
  • Shows current interest rates online
  • Widespread branch network across the U.S.
  • Custom low-down-payment loan option
Cons:
  • No USDA loans
  • Slightly higher refi rates than some competitors on average
Navy Federal Credit Union logo
NMLS #399807

Navy Federal Credit Union

4.5
Loan Types:
  • Conventional loans
  • VA loans
  • Jumbo loans
  • Military Choice loan
  • Homebuyers Choice loan
Best For:

Navy Federal Credit Union is a VA loan expert with helpful online tools and special deals for qualifying veterans and military members.

Pros:
  • Does not charge origination fees
  • VA home loan expert
  • Shows current interest rates online
Cons:
  • No FHA or USDA loans
  • Must be eligible for Navy Federal Credit Union membership
Better logo
NMLS #330511

Better

4.5
Loan Types:
  • Conventional loans
  • FHA loans
  • Jumbo loans
Best For:

Better Mortgage is known for its streamlined online mortgage process and reduced upfront fees. It also offers very competitive interest rates on average.

Pros:
  • Low refinance rates on average
  • Does not charge origination fees
  • Shows current interest rates online
Cons:
  • No VA or USDA loans
  • Branches in only 8 states
Home Point Financial logo
NMLS #7706

Home Point Financial

4.0
Loan Types:
  • Conventional loans
  • FHA, VA, and USDA loans
  • RefiNow and Refi Possible
Best For:

Home Point Financial has high customer ratings and competitive interest rates on average, especially for government-backed mortgages.

Pros:
  • Low FHA interest rates on average
  • Low VA interest rates on average
  • Excellent customer reviews
Cons:
  • Higher total loan costs on average
  • Branches in only 7 states
loanDepot logo
NMLS #174457

loanDepot

4.0
Request Rates
Loan Types:
  • Conventional loans
  • FHA and VA loans
  • Jumbo loans
Best For:

loanDepot is known for its online mortgage technologies and aims to help borrowers close on their home loans faster than competitors.

Pros:
  • Streamlined online lending process
  • Widespread branch network across the U.S.
  • Good range of mortgage options
Cons:
  • Higher origination fees and loan costs on average than some competitors
Wells Fargo logo
NMLS #399801

Wells Fargo

3.5
Loan Types:
  • Conventional loans
  • FHA, VA, and USDA loans
  • Jumbo loans
  • Construction loans
  • HELOCs
Best For:

Wells Fargo is a major name in banking and mortgage lending with competitive interest rates on average.

Pros:
  • Wide variety of loan options
  • Widespread branch network across the U.S.
  • Shows current interest rates online
Cons:
  • Lower customer satisfaction scores on average
  • Higher total loan costs on average than some competitors

Refinance loan types

There’s a wide range of mortgage products for homeowners looking to refinance. The right one for you depends on your current loan and your refinance goals.

Refinance options include:

  • Rate-and-term refinance — For a lower interest rate and monthly payment
  • Cash-out refinance — Available with conventional, FHA, and VA loans
  • Streamlined Refinance — Available with FHA, VA, and USDA loans
  • Jumbo refinance loan —For high-value real estate and large loan amounts

Keep in mind that when you refinance, your new mortgage does not have to be the same type of loan as your old mortgage. In fact, there are often benefits to switching to a different loan type. For example, you might:

Refinance to remove mortgage insurance

FHA homeowners may be able to cancel mortgage insurance by refinancing.

If your current mortgage is FHA-backed, but you have at least a 620 credit score and 20% home equity, you may qualify for a conventional loan with no PMI. This could significantly reduce your monthly payments and total loan costs.

Refinance an ARM to an FRM

Some homeowners refinance to switch from an adjustable-rate mortgage to a fixed-rate mortgage.

If you have an ARM and the initial fixed-rate period is about to expire, you might want to lock in a new loan with a low fixed rate for the long term.

Refinance to a shorter loan term

Another good option is refinancing to a shorter-term loan.

If you want to pay off your mortgage early, refinancing from a 30-year loan to a 15-year loan, for example, could help you shave years off your loan term. This has multiple benefits, including:

  • Pay off the house early
  • Drop your interest rate further
  • Save money on total interest costs

On the flip side, shorter loan terms come with higher mortgage payments. So not everyone can afford this strategy.

The bottom line is that you should explore the different types of mortgages available to you. Your loan officer or mortgage broker can help you understand your options. You might be surprised at how different your savings look depending on the mortgage product you choose.

Refinance requirements

Mortgage refinancing involves a similar application process to when you bought your home.

In most cases, you’ll need to complete a full application with a mortgage lender and go through underwriting. That means the lender will check and verify your:

  • Credit score
  • Credit report
  • Debt-to-income ratio (DTI)
  • Current income and employment
  • Current home value (which requires a new appraisal)
  • Loan-to-value ratio (LTV)

Of course, how ‘easy’ it is to qualify for a refinance depends on the type of mortgage you choose.

For instance, credit score requirements for an FHA refinance start at just 580, while cash-out refinancing might require a credit score of at least 640. And a jumbo loan refinance might require a FICO score of 680-700 or higher.

Luckily, it’s easy to figure out if you’re refi eligible. You can get a pre-approval to verify your eligibility and refinancing options.

Many lenders offer digital applications and can pull your documents online during underwriting. Some will even do a full ‘online mortgage’ complete with digital signing on closing day.

In short, it takes much less time and effort to refinance a mortgage today than in the past.

How to find the lowest rates

The only way to find the best rate when you refinance is to shop around with different lenders.

And don’t just look at interest rates when you comparison shop. Also pay attention to:

  • Discount points — Does the quote include an extra fee up front in order to lower your rate?
  • Mortgage origination fees — These upfront charges vary a lot from lender to lender
  • Annual Percentage Rate (APR) — This rate includes your interest and loan fees, so it’s a good way to compare the total cost of two loans
  • Monthly payment — Compare total monthly mortgage payments, including loan principal and interest as well as property taxes and homeowners insurance

It’s also worth checking rates from more than one type of mortgage lender.

Try getting a quote from a big bank, online lender, and credit union — maybe even a mortgage broker. Each will be able to offer you a different rate and fee package depending on your unique circumstances.

Mortgage refinance FAQs

Should I refinance my mortgage? 

It’s often a good idea to refinance if you can lower your interest rate and monthly payment, and if you’ll save more in the long run than you’ll spend on closing costs. However, there are other good reasons to refinance, too — like switching from an adjustable-rate mortgage to a fixed-rate mortgage, shortening your loan term, or cashing out home equity. A loan officer can help run the numbers and determine if a refinance makes sense for your financial situation.

How does refinancing work?

Refinancing your home means you replace your existing mortgage with a new mortgage. The new mortgage typically has a lower interest rate, better terms, or some other benefit compared to the old one. When you refinance, you shop for a new loan just like you did when you bought your home. Once you’re approved and you’ve closed on the loan, your new lender will use the funds to pay off your current lender. This effectively replaces your current home loan with the new one.

Who has the best mortgage refinance rates right now? 

Mortgage refinance rates vary a lot from one lender to the next. They can also change on a daily basis depending on what’s happening with the broader economy and with individual lenders’ pipelines. That means the lender offering the best refinance rates can change from day to day. So your best bet is to apply with multiple lenders and compare their offers carefully to see which one has the best combo of interest rates and upfront fees for your situation.

How do I qualify for a refinance? 

Refinance requirements vary by lender and loan program. Depending on the type of loan you choose — conventional, FHA, VA, USDA, or jumbo — you’ll have to meet certain guidelines for credit score, home equity, debt-to-income ratio (DTI), employment, and potentially cash reserves. The best refinance rates typically go to borrowers with credit scores above 740 and at least 20 percent home equity (in other words, a loan-to-value ratio at or below 80 percent). Check with a lender to see whether you qualify for a mortgage refinance.

How much does refinancing cost?

For a mainstream refinance, expect to pay roughly two to five percent of your loan amount in closing costs. That’s $2,000 to $5,000 for every $100,000 borrowed on your refinance loan. Government-backed Streamline refinances tend to be a little bit cheaper because you eliminate certain closing costs, such as the home appraisal fee.

Should I refinance with my current lender? 

Your current mortgage company might offer you the best refinance deal. Indeed, some lenders reward homeowners’ loyalty with lower rates if they stick around to refinance. However, you shouldn’t go with your current lender until you’ve seen quotes from a few others. Many homeowners save thousands by shopping around and finding a refinance company that can offer them a lower rate.

How long does it take to refinance?

On average, it takes between 30 and 60 days to close on a refinance loan. But that varies a lot depending on how busy and efficient lenders are. How long it takes you to refinance will depend on many factors — including how quickly you turn in paperwork. In fact, late documents are one of the biggest refinance delays. So stay on top of requests from your loan officer.

How soon can you refinance your mortgage?

Often, you can begin a new refinance before the ink’s dry on your last one. Many of the best mortgage refinance companies (and other lenders) don’t set limits between refinances. However, you’ll likely have to wait six months before refinancing if you have a VA-, FHA-, or USDA-backed loan. Some lenders enforce this limit for non-government loans, too.

Does refinancing hurt your credit score?

Checking refinance rates will not hurt your credit score, as long as you get all rate quotes within two weeks to a month of each other. The only way your credit score could be hurt is if your mortgage is your only credit-based loan. That could impact your “average age of accounts” (AAoA). However, AAoA is only 15 percent of your credit score. And most people have other credit lines outside their mortgage. So it’s not worth losing sleep over.

How does a cash-out refinance work?

Cash-out refinancing means you take out a new loan worth more than what you currently owe on the home. First, this loan is used to pay off your existing mortgage. Then the leftover amount is returned to you as cash-back. The cash can be used for any purpose; popular uses include consolidating high-interest credit card debt and completing home improvements.

Can I refinance if I have a home equity loan?

It’s possible to refinance if you have a home equity loan or home equity line of credit (HELOC) in addition to your first mortgage. It will be more difficult to do a cash-out refinance, however, because your second mortgage reduces the equity available in your home. Some homeowners refinance to combine their first and second mortgage into a single loan.

How much home equity do I need to refinance?

Only three to five percent equity may be needed to refinance a conventional loan, and 3.5 percent is required to refinance an FHA loan. This means you may be able to refinance even if you bought the home recently and made a small down payment. Refinancing with at least 20 percent equity could help you cancel mortgage insurance.

What if my existing mortgage has a prepayment penalty?

It’s not likely, but it is possible your existing mortgage came with a penalty for early repayment— especially if you got the loan before 2014. If this is the case, you’ll need to balance the penalty into your cost analysis. If your savings from refinancing exceed your costs to borrow, you can still save with a new loan.

Best refinance lenders methodology

To find the best mortgage refinance companies, we started with a list of the 50 biggest refinance lenders in 2021 (the most recent data available at the time of writing). We compared refinance companies based on third-party data including average 30-year fixed refinance rates, median total refinance loan costs, and median origination costs as well as online customer ratings and a review of each lender’s mortgage offerings by our editorial team. Average interest rates and fees were sourced from loan-level data lenders are required to file each year under the Home Mortgage Disclosure Act. All mortgage lender reviews are carried out independently by The Mortgage Reports’ editorial team. You can read our full editorial disclosures here.

1The Mortgage Reports Score is based on an independent review by our editorial board of each mortgage lender's loan offerings, requirements, customer service reviews, and online accessibility

2Minimum credit score reflects the minimum score required by each lender for an FHA loan at the time of writing

3Average loan costs sourced from loan-level data lenders are required to file each year under the Home Mortgage Disclosure Act. Data shown here represents the most recent year available at the time of writing