Best Mortgage Refinance Lenders for 2024

The company has been in business for over three decades, and never stopped improving throughout that time.

Loan Types

Quicken Loans offers an abundance of loan options, with either adjustable or fixed rates.

You can use Quicken’s adjustable-rate loans to take some pressure off yourself during the next five, seven, or 10 years. Throughout that period, your rate will be lower than those of other loan types. Afterward, your refinance rate won’t increase more than 5% from the original rate.

If you’d like to lock in your rate while you pay off your loan in 15 or 30 years, consider Quicken’s fixed-rate loans. These will let you refinance your home for up to 97% of its value. For larger amounts up to $2,000,000, check out Quicken’s jumbo offer.

Before moving on, we should also mention the Quicken Loans unique YOURgage product that lets you customize your loan term - simply calculate how much you can afford to pay monthly and select any number of years from eight to 29, which still exists even after the rebranding.

Costs

Some of the fees you'll encounter as a Quicken client are origination, credit report, title search, home appraisal, and flood certification fees. They range from $25 to $900, which is a bit higher than average. To sum it all up, you should expect the cost of refinancing with Quicken to approximately equal 2% – 3% of your borrowed amount.

Quality of Service

The very first thing we noticed when we visited the Quicken website was that every piece of information was readily available and easy to understand, which is why we weren’t even slightly surprised when the same turned out to be true for the application procedure.

This lender is known for its exceptional customer service, so you might want to take advantage of that and get some advice from one of its knowledgeable bankers. Alternatively, you can just go straight to filling out the simple online form.

Getting your new mortgage approved can take from 30 to 60 days. While you wait, you can follow the progress of your application by logging into your account. Receiving your funds once you're approved shouldn't take longer than two hours.

Eligibility Requirements

To obtain a refinance home loan from Quicken, you’ll need a credit score of at least 580 to qualify for an FHA loan and 620 or more for all other loans as well as a debt-to-income ratio that doesn’t exceed 57%.

If you want to both refinance and take cash out, you should leave at least 15% – 20% of your equity in your home. On the other hand, if you aim to lower your rate or change your term, only 3% or 3.5% of your equity will be enough.

With an A+ BBB rating and a stellar consumer reputation, New American Funding is a lender you can put your trust in.

The company was established back in 2003 in Orange County, California, and has since grown to become one of the biggest lenders in the US. 

Today, it has over 167 locations across the US and is licensed to lend in 49 states. The lender maintains a servicing portfolio of over 229,000+ loans for $60.7 billion and offers a wide range of loan products to meet the needs of all types of borrowers. 

Loan Types

New American Funding review offers government loans insured or guaranteed by the federal government. If you experience financial hardship and can't make your mortgage payments, the government will help pay them for you.

There are a variety of government loan programs available, including FHA, VA, and USDA loans. New American Funding is a good choice because it offers First-time Home Buyer programs with competitive rates.

It also provides borrowers with home equity lines of credit (HELOC), home improvement loans, and even guesthouse mortgages (for buying a vacation home).

Other than that, you can choose from a range of conventional and non-conventional loans, such as the jumbo loan, fixed-rate loans, adjustable-rate mortgages (ARM), and reverse mortgages.

Costs

With so many loan types available, it can be tricky to compare the costs associated with each one. However, there is a comprehensive calculator tool that can come in handy when trying to estimate the costs of your potential loan. In general, government-backed loans tend to have lower interest rates and down payment requirements than conventional loans. 

New American Funding offers some of the best rates with minimum down payments, usually around 3% to 5%, although some loans don't require any (VA, USDA). The closing costs vary from 3% to 6%, which is the industry standard. 

No prepayment penalties are needed on any of the loans, and it's possible to lock in an interest rate for free for up to 60 days. However, there may be a charge if you need to extend the rate lock.

Quality of Service

When you're anxious to buy a home, the last thing you want is a lengthy and complicated mortgage process is the last thing you want. Fortunately, New American Funding makes the application and approval process as streamlined as possible. You can apply for a loan online, over the phone, or in-person at one of their 167 locations. 

New American Funding streamlines the entire process. If you’re organized and have all the necessary documentation, it can all be done in a fortnight; the company boasts a 14 Business Days Close Guarantee program, which gives it an edge over the competitors.

You can apply for pre-qualification online and determine your home shopping price range. If you encounter any issues along the way, the company has a team of knowledgeable and experienced loan officers to guide you through the process and answer any questions you may have in English and Spanish.

You can reach out to customer support via phone from 8 a.m. to 9 p.m. CET on weekdays and 10 a.m. to 2 p.m. on Saturdays.

Qualification Requirements

To get approved for a loan with New American Funding, as with most mortgage lenders, you'll have to meet specific eligibility requirements. The minimum credit score requirement is 580 for USDA and FHA loans and 620 for conventional loans. You'll also need to have a DTI of around 36.

Founded in 2002, the company has almost twenty years of experience under its belt. It has already provided more than $103 billion in loans.

Loan Types

Even though most of its business revolves around home refinancing, AmeriSave has a decent list of loan options for you to choose from. It offers excellent rates for its conventional loans and has FHA, USDA, and VA loans. These come with low or no down payment and flexible credit guidelines.

Probably the most convenient aspect of going with AmeriSave loans is that you can get custom quotes and pre-approved in no time with their effective online calculator. Its website promises a loan within 25 days.

Costs

The AmeriSave website is very vague about its rates and fees. This is due mainly to the fact that these vary depending on your credit score, the loan you are applying for, and other aspects. As we mentioned before, with the effective quote calculator on the site, you can get familiar with all the rates and costs applicable to the type of loan you’re looking to get.

However, you should calculate one significant fee up-front: The $500 origination fee, which isn’t disclosed on the site. However, we’ve checked reviews from its customers, and they say that, while it is a significant upfront investment, AmeriSave will refund it once you close with this lender.

Even if you don’t decide to close with it, you should still prequalify. Prequalifying with this lender won’t be a stressful moment, as it doesn’t require a hard pull on your credit score. If you would like to compare fees and costs with other lenders, make sure to complete the process to get accurate quotes.

Quality of Service

AmeriSave has numerous calculators on its website to help you estimate the cost and rates for your loan. It promises that it takes, on average, three minutes to get you pre-approved.

All you have to do is press a couple of buttons. Once you fill in the required fields, you’ll have all the information you need to proceed with your refinancing efforts.

You can complete almost the entire process through the website or over the phone. On average, the company says that it takes less than 25 days to get you approved for a loan. The only part of the process you have to participate in in-person is the closure of your loan. Still, AmeriSave promises to arrange a time and place that is convenient for you.

Luckily, the company operates in 49 states, with NY being the sole exception. However, not all states have the same type of loans. You should fill in the forms for pre-qualification to discover which loan you could get.

Or, you can send the lender an email or give them a phone call to inquire about your options.

Qualification Requirements

AmeriSave’s requirements are very reasonable. With this lender, you can apply with a FICO credit score of 620 and a DTI of 45%, lower than other lenders on this list. Regrettably, similar to the costs and fees information, its website is not very straightforward when it comes to actual numbers.

We couldn't find any info on the LTV ratio required for taking out a loan with AmeriSave.

Better.com was launched in 2014, making it the youngest company on our list. But despite its brief history, it’s quickly becoming a recognizable brand among those on the lookout for budget-friendly mortgages.

Loan Types

Better.com doesn’t currently offer government-backed loans. It used to provide FHA loans, but it was temporarily prevented from doing so because of the coronavirus pandemic. 

You will, however, have the opportunity to take out a conventional loan with a 3% down payment or a jumbo loan with a 10% down payment and choose between 15, 20, and 30-year fixed-rate terms and five, seven, and 10-year adjustable-rate terms.

Costs

Costs are where Better.com truly shines. It doesn’t charge any lender fees, which include application, underwriting, and origination fees. But what truly sets it apart from the competition is its Better Price Guarantee.

Although Better.com already offers some of the lowest rates on the market, it ensures its spot as the most affordable lender by encouraging potential customers to send in loan estimates from other companies. If it can’t beat the competitor’s price by at least $100, Better.com will send you the $100 instead.

Better.com often issues discounts to people that apply for one of its loans through the websites of its partners. Another perk of obtaining a mortgage from this company is that you can purchase points to reduce your refinancing rates.

Quality of Service

It’ll take you around three minutes to complete the pre-approval process. Once you’re pre-approved, you’ll be presented with loan options that you’re eligible for, along with an approximation of your monthly payments and APR.

If you decide to go forward with the procedure, you’ll be connected to a loan consultant, who can help you select one of the offers. After that, your loan estimate will be sent to you within three days. However, the lightning-fast service doesn’t end there, seeing as Better.com closes on mortgages in just three to six weeks.

Qualification Requirements

Better.com accepts borrowers with a credit score of 620, a DTI of up to 50%, and an LTV as high as 97%. For a more detailed explanation of the lender’s criteria, you can visit its website or contact one of its customer support agents.

If you’re worried about being overwhelmed with the refinancing fee, you should consider Axos Bank. Launched in 2000, this company is one of the first online-only banks in the world.

Loan Types

Axos offers conforming (up to $510,400) and non-conforming (exceeding $510,400) loans, which include interest-only mortgages as well as jumbo and super jumbo loan amounts. Portfolio loans are also available, but it's doubtful that you'll use them for refinancing, as they tend to include high monthly payments and interest rates.

Although Axos may not have a completely customizable loan package as Quicken does, it still provides a wide selection of fixed-rate and adjustable-rate terms. Borrowers can have their refinance interest rates remain the same for 10, 15, 20, or 30 years.

Those who prefer to have the rate change during the loan's tenure can choose to set their rate for the first three, five, seven, or 10 years.

Axos also extends an interest-only loan that allows you to only pay the interest on the loan during its initial period, which in this case can be either five or 10 years. However, unless you’re a property investor looking to take advantage of tax benefits, you won’t find this option particularly useful.

What sets Axos apart from other lenders are its super jumbo loans that can amount to more than $25 million.

Costs

Axos charges a lender fee of $995 that can be avoided or reduced if you have an existing Axos Bank checking account or open one during your application process. Your loan amount will have to be $250,000 or more for the fee to be waived, and it’ll be reduced by $200 if it’s less than that.

By making payments through the bank’s Total Loan Rewards checking account, you’ll get the opportunity to earn 3% annualized cashback, which is calculated using your principal and interest payments.

Quality of Service

Customers can check their rates in just a few minutes, and if they like what they see, they can choose to have a mortgage consultant walk them through the application process. However, the company's customer support options are limited.

Axos does its best to close its mortgages within 30 days but, in certain situations, it may take a few days longer. Keep in mind that non-traditional mortgages, such as super jumbo loans, are evaluated on a case-by-case basis. Therefore, there are no guarantees regarding the speed of approval.

Eligibility Requirements

Axos has a minimum credit score requirement of 580 for FHA loans and 620 for other mortgage products. Regrettably, Axos isn’t very forthcoming when it comes to its DTI and LTV criteria.

Since it was founded in 1996, LendingTree has developed a comprehensive network of lenders. Today, it’s one of the largest lending marketplaces in the US.

Loan Types

Aside from conventional fixed and adjustable-rate loans, LendingTree can also assist you in locating government-backed VA, FHA, and USDA loans. You’ll be able to find fixed 10, 15, 20, and 30-year refinance rates and adjustable five, seven, and 10-year refinance rates.

One of the main benefits of LendingTree is that you aren't limited to just one lender and can browse through numerous loan options. The streamlined-assist refinance loan, which is a USDA-type loan, is designed for low- to moderate-income borrowers who live in rural areas.

Costs

LendingTree doesn’t charge you for using its services. Any fees that you may be required to pay will be determined by the lender you choose. The estimated cost to refinance a mortgage is around 2% to 6% of the loan amount.

You’ll probably be able to unearth a pretty good deal since competition drives down prices, and with more than 500 lending partners, it’s safe to say that LendingTree has plenty of it.

It’s important to note that LendingTree doesn’t associate with any lenders that ask for upfront fees in exchange for securing a loan.

Quality of Service

With so many lenders available through LendingTree, you might have some concerns about their reliability. But there is no need to worry. Every lender is meticulously vetted to ensure your safety and that of your money.

LendingTree’s application process couldn’t be any easier since it essentially comes down to pressing buttons. First, you’ll be asked to select the type of property you’re planning on refinancing and if the property will be used as a primary, secondary, or rental home. The next step is to indicate your refinancing goal and enter your zip code.

Then, you’ll need to estimate the value of your home, specify the remaining balance on your first mortgage, answer a few questions that are used to determine your creditworthiness, and you’re done.

The speed of approval and funding depends solely on your chosen lender, so make sure to review those details before you settle on a company.

Additionally, since a number of lenders will then get your contact information, brace yourself for a barrage of emails and phone calls from multiple loan officers.

Qualification Requirements

Through LendingTree, you can obtain an FHA loan with a credit score of just 500, but your maximum DTI ratio can’t be more than 43%, and your maximum LTV ratio should be around 97.75%.

For a conventional rate-and-term refinance loan, you’ll need a score of at least 620, with a maximum LTV ratio of 97% and a DTI ratio that’s no higher than 50% (in some cases 45%).