The Best Place to Refinance a Mortgage: Our Top 5 Mortgage Refinancing Companies

On Feb 19, 2021

If you have a house, then it’s likely you’re receiving mortgage refinance offers in your mailbox at least weekly.

There are a lot of lenders competing for your business and many different benefits to compare between these lenders. That includes: refinance rates, lower interest rates, and cash-out refinance payments.

We profile the best mortgage refinance lenders below and include all of the information you need to make a confident decision. We read through legitimate customer experience reviews pulled from trusted sources to ensure your refinancing process will be hassle-free.

4 Best Mortgage Refinance Lenders: Our Top Picks

Best Overall Service – Quicken Loans
Lowest APRs – Better.com
Best Banking Benefits – CIT Bank
Most Refinancing Options – BBVA Bank

Whether you are trying to get a lower monthly mortgage payment or trying to get some cash back out of your home equity, these top four lenders will have great offers for you.

Read on to see what we discovered about each of these lenders.

1. Quicken Loans – Best Mortgage Refinance Company Overall

Pros

Customizable fixed-rate mortgage terms
Offers FHA and VA-guaranteed mortgages
90-day rate lock
Can work with high DTI (debt-to-income ratio)

Cons

Non-competitive APRs
No physical branches

Rocket Mortgage by Quicken Loans is now one of the biggest mortgage lenders in America. They got there by offering excellent customer service combined with a streamlined, online refinancing process.

Quicken has always been popular for online financial planning services. They pretty much pioneered online mortgage applications as well. Only the actual signing at the end needs to be done in person, but Quicken Loans makes it easy to schedule this at your convenience.

Quicken can work with a high DTI and help applicants with a minimum credit score of 620.

One of the best attributes of a Rocket Mortgage loan is that Quicken holds on to 99% of the loans that they originate. Most other mortgage originators will help you through the application process, only to turn around and sell your loan to another servicer. With Quicken, there’s a good chance that you can continue working with the same people and systems that got you started.

Four of the top services offered by Rocket Mortgage include:

FHA and VA Financing

If you qualify for an FHA or VA loan, Quicken can help you get that mortgage with a min down payment, or even no down payment, and no mortgage insurance. If you are refinancing your home to get some cash out of your equity, it’s certainly beneficial to avoid a big down payment.

90-Day Rate Lock with “Float Down” Guarantee

Rocket Mortgage’s quick and efficient approval process locks in your mortgage rates for 90 days with a “float down” feature. This guarantees you the lowest available rate during your refinancing process by allowing your rate to go down potentially but never go up.

Customizable Loan Terms

If you’re only 12 years away from retirement and are trying to pay off your house in that time frame, don’t worry—Quicken has you covered. Rocket Mortgages can be customized for any term length to ensure your professional and financial goals are in sync with each other.

What People Say

While Quicken doesn’t have an outstanding composite score from the Better Business Bureau reviews, most of the reviews acknowledge how quick and easy their refinancing process was. Even the negative reviews that seem to pull down their score seem to have been addressed by the Quicken Customer Service team, who respond quickly to complaints.

2. Better.com – Lowest APRs of Any Mortgage Refinance Lender