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Best Refinance Mortgage Lenders of September 2021
Lower your monthly mortgage payments
Refinancing your mortgage loan can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best refinance rates for you.
Best Refinance Mortgage Lenders of September 2021
Refinancing your mortgage loan can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best refinance rates for you.
Best Refinance Mortgage Lenders of September 2021
How We Score
We show product scores to help you choose the right mortgage for you. Here’s how they’re calculated
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
TrustPilot Score
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
User Engagement Score
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated based on the number of clicks a brand’s chart listing has received in the past 7 days. The greater the proportion of clicks a specific brand receives relative to the other brands listed on the chart, the higher their user engagement score.
The User Engagement score is calculated separately based on the user’s device (mobile engagement is scored independently of desktop engagement, for example), and also by the specific type of mortgage loan they are comparing.
The brand’s chart position is influenced by the compensation we receive from such brand. In some cases, this may also impact a brand’s User Engagement score.
Our Score
9.7
Outstanding
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 9,194 Reviews
4.3
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
8.5
Very Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 18,493 Reviews
4.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
7.5
Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 1,448 Reviews
4.7
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
7.2
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
7.4
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 3,505 Reviews
3.6
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
Type of lender
Direct
Direct
Direct
Direct
Direct
Bottom line
Digital lender with strong reputation
America's largest mortgage lender
Blockchain-powered refis
Clear, transparent mortgage process
Very fast closing times
Top feature
Variety of closing cost options
Custom loans to suit your goals
Apply in minutes and close in weeks
Process is handled by loan officer licensed in your area
Instantly uploads your financial information
Key figures
Repayment terms
10-30 years
8-30 years
30 years
15-30 years
10-30 years
ARM terms
5/1, 7/1, 10/1
5/1
N/A
N/A
3/1, 5/1, 7/1, 10/1
Credit Score
620+
620+
620+
620+
620+
Loan Types
Conforming
Jumbo
Loan that exceeds FHA’s conforming limits, usually more than $424,100.
Max $1.5m
Max $3m
Max $1.5m
FHA
Government-backed loan for borrowers with low credit, with 3.5-10% down payment
VA
Government-backed loan for military personnel and veterans
USDA
Loans backed by Department of Agriculture for rural and suburban homes
Operations
More Info
Bottom Line
Digital lender with strong reputation
America's largest mortgage lender
Blockchain-powered refis
Clear, transparent mortgage process
Very fast closing times
30 Year Fixed APR: 2.634%
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 9,194 Reviews
4.3
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
1
Low Rates
  • Get pre-qualified in 3 minutes
  • View rates without hard credit Pull
  • Digital lender with strong reputation
9.7
Outstanding
View Rates
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 18,493 Reviews
4.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
2
  • America’s largest mortgage lender
  • Real-time updates on loan progress
  • Custom loans to suit your goals
8.5
Very Good
View Rates
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 1,448 Reviews
4.7
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
3
  • Apply in minutes and close in weeks
  • No fees other than origination
7.5
Good
View Rates
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
4
  • User-friendly platform
  • Transparent loan options
  • Clear and friendly customer service
7.2
Fair
Visit Site
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 3,505 Reviews
3.6
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
5
  • Closure in as little as 8 days
  • Skips paperwork and appraisal
7.4
Fair
View Rates
Read Review
Our Best Overall
30 Year Fixed APR: 2.634%
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 9,194 Reviews
4.3
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
NaN
Best Overall
  • Get pre-qualified in 3 minutes
  • View rates without hard credit Pull
  • Digital lender with strong reputation
9.7
Outstanding
View Rates
Read Review
Introduction to Mortgage Refinancing
With interest rates near historic lows in 2021, now is the perfect time to consider refinancing your mortgage. A mortgage refinance involves paying off the old loan and replacing it with a new one from a lender of your choice. People refinance for a variety of reasons, including reducing their interest rate, shortening their repayment term, and tapping into home equity to access cash.
The most important thing to know about refinancing is that it involves closing costs, so it only makes sense to refinance if the new interest rate is substantially lower than the old one. In principle, the more time that has elapsed since your initial mortgage began, the wider the gap in interest rates needs to be for a refinance to be profitable. As a rule of thumb, in the early years of a mortgage a 0.75% lower interest rate should be enough to deliver savings, while in the mid-to-late years of the repayment term, a 1-2% lower interest rate is needed. Of course, always do your own calculations before refinancing.
Types of Mortgage Refinancing Products
Standard refinance
A standard refinance follows the same rules as a standard mortgage, with a choice of conventional loan or a government-backed loan such as an FHA loan or VA loan. Basically, you pick the mortgage product that suits you and use it to take out a new loan, replacing your old loan. The maximum loan-to-value (LTV) on a standard refinance ranges from 80-97%, depending on the lender and loan type.
Cash-Out Refinance
A cash-out refinance is when the new mortgage is greater in value than what you owe on the old loan, allowing you to cash out the difference. A cash-out refi can be used for any purpose such as paying off debt, paying tuition fees, making home improvements, or putting money away for a rainy day.
No-Cost Refinance
As mentioned in the intro, refinancing involves 2-6% closing costs, just like a regular mortgage. However, there is the option of not paying closing costs through what’s known as a no-cost refinance. The way it works is that the lender agrees to waive upfront closing costs in return for your commitment to spread the costs over the life of the loan. This is a great way to obtain the benefits of a refinance without having to pay anything now.
Streamline Refinance
A streamline refinance refers to the refinance of an existing FHA streamline loan (a type of FHA mortgage loan requiring limited borrower credit documentation). A streamline refinance reduces the time and costs to get a refinance. To qualify, your original mortgage must have been an FHA loan, the mortgage must be current (not delinquent), and the refinance must result in a benefit to you (by law, the lender cannot put you in a worse position in regards to the interest rate or repayment term).
Our Top Mortgage Lenders
#1
View Rates
Pros
  • Offers Fannie Mae 3% down conventional loans
  • Loan experts are on hand to assist at any time
  • Full suite of non-conventional loans
Cons
  • Rates not advertised publicly
  • No weekend phone hours
  • Not licensed in NY
AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since 2002, it has financed more than $220,000 homes to the tune of $52 billion in funding. It is known for its competitive rates and streamlined application, with approvals in as quickly as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance their mortgage.
#2
View Rates
Pros
  • 100% online application (in most cases)
  • Quick pre-approval and closing times
  • Flexible repayment terms (8-29 years)
Cons
  • No branches
  • Lack of support for self-employed borrowers
  • Your data may be shared across Quicken partners
If you’re looking for an easy and comfortable loan, QuickLoans can help. Not only do QuickenLoans help ensure you get a mortgage that’s right for you to save time, but the platform ensures you are aware of your loans status 24/7 so you can keep track of what is required of you and what has already been done to avoid repeating steps that have already been completed, saving you time and confusion.
#3
View Rates
Pros
  • Get approved in 5 minutes
  • Competitive rates
  • No need for extensive paperwork
Cons
  • Limited to 30 states
  • Only HELs, no first mortgages
  • Minimum credit score of 620+
Figure is a fintech company that uses blockchain, artificial intelligence, and advanced analytics to provide consumer credit products. Founded in 2018, it offers its own unique versions of home equity loans (HELs) and reverse mortgages. By leveraging blockchain, the same technology that powers cryptocurrencies like Bitcoin and Ethereum, Figure is able to approve HEL applications immediately – and to send the funds to the borrower within 5 days
Types of Rates
Fixed-Rate Mortgages
Fixed-rate mortgages are the most common type in mortgage refinancing, and guarantee you a fixed rate for the duration of the loan. When you refinance with a fixed-rate loan, you pay more in year one than you would with an adjustable-rate mortgage. However, you protect yourself from the risk of having to pay a higher rate and higher monthly installments later in life. Given that interest rates are close to all-time lows in 2021, the only direction that rates can realistically go from here is upward – which is why locking in a fixed-rate mortgage is currently a better option than betting on an adjustable rate.
Adjustable-Rate Mortgages
Adjustable-rate mortgages, also known as ARMs or variable-rate mortgages, carry higher risk and higher reward than fixed rates. An ARM is always cheaper than a fixed-rate mortgage in year one, but it carries the risk of higher interest rates in the long-term. ARMs have two components: the number of years the initial rate gets locked in for; and the intervals at which rates get updated. Most lenders offer ARMs of 3/1, 5/1, 7/1, or 10/1. A 3/1 ARM refers to an ARM with a fixed rate for the first three years and a rate update every year after that. The shorter your fixed period, the better your introductory rate (and the riskier the loan). Because of their unpredictable nature, ARMs are best for borrowers with high risk appetite or borrowers who plan on selling the home or paying off the mortgage early.
Average Mortgage Rates for Purchase Loans
Each lender sets its own mortgage refinance rates, with some updating rates on a daily basis. Of course, the market in which the lenders operate is the same for everyone, and all lenders are influenced by the Federal Reserve’s benchmark interest rate, so all lenders tend to fall within a certain range at any given time.
As of April 1 2021, the average mortgage refinance rates were:
  • 3.18% for a 30-year fixed-rate mortgage
  • 2.45% for a 15-year fixed rate mortgage
  • 2.84% for a 5/1 adjustable-rate mortgage
How to Apply for a Mortgage Refinance
Whenever a lender refinances a mortgage, they take on a certain amount of risk because there is never an iron-clad guarantee that the borrower will pay back the entire loan. The best protection for the lender is the property itself, which the lender can seize or foreclose if the borrower defaults on payments. The other way lenders protect themselves is by running a background check on the borrower – much the same as they do when approving a purchase loan.
When assessing your refinance application, the main things a lender will take into account are your credit score, loan-to-value (LTV, amount you owe as a percentage of the current appraised value of the home), and debt-to-income ratio (the monthly payment on your refinanced mortgage and other loans divided by your monthly household income). In order to assess your application, your lender will ask for various documents including social security number, pay stubs and tax returns, and recent bank statements.
What to Look for When Comparing Mortgage Refinance Options
LTV requirements
Loan-to-value (LTV) is as important a factor in refinancing as a down payment is when purchasing. The LTV ratio is a term used by lenders for the ratio of a loan to the value of an asset. If, for example, your home is worth $300,000 according to the current appraisal and you have $270,000 remaining on your old loan, then your LTV will be 90%. In this instance, a lender may offer up to 97% LTV on a cash-out refinance, allowing you to cash out the remaining $21,000. Maximum LTVs can range from 80-97%, so it’s worth comparing LTVs from different lenders.
APR
The monthly payments on a mortgage refi have two components: principal, as in the amount remaining on your loan, and interest, as in the money the lender collects for providing the loan. Your APR, or annual percentage rate, consists of the interest rate plus certain other lender fees. The lower the interest rate / APR, the lower your monthly payments to the lender.
Terms
When you refinance a mortgage, you can start your repayment term over again with a 30-year term or you can go for a shorter term if you prefer. If your financial position is better than when you took out your original loan, then one of the main benefits of refinancing is that it allows you to shorten your repayment term – putting you on track to owning 100% of your home sooner.
Closing costs
Like a purchase loan, closing costs for refinancing are the fees and charges owed to the lender when the loan begins and usually range from 2-6% of the loan value. Therefore, if you refinance for a loan amount of $300,000 and your closing costs are 3%, you’ll owe the lender $9,000 in upfront fees. Closing costs may include origination fees, property appraisal, title fees, taxes, and various other costs – some of which go directly to the lender and some which the lender collects on behalf of third parties. Closing costs vary from lender to lender, so knowing each lender’s approximate closing costs can assist you in doing a proper comparison.
Ease of application
Gone are the days when you had to walk into a physical branch to apply for a mortgage refinance. These days, the best mortgage lenders let you apply for a refinance online online, sometimes through a fully automated online mortgage platform and other times with phone assistance from a loan agent. If convenience is important to you, then keep an eye out for digital-friendly lenders.
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