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Fortunly's Guide

Best Mortgage Refinance Companies for 2022

By
Julija A.

January 20,2022


Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

In the current economy, becoming a homeowner without taking out a mortgage is almost impossible, but if you manage to lock in low rates and reasonable monthly payments, it’s all worth it in the end. Unfortunately, many aren’t that lucky and end up struggling to keep their head above water while paying off their home.

That’s why we’d like to present you with a few life jackets: A list of mortgage refinance companies you should check out, because financial drowning is an experience we’d want you to avoid.

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Mortgage Refinance Lenders: Summary

Quicken Loans

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Quicken Loans Logo
OVERVIEW

Quicken Loans is the largest mortgage lender in the US. The Michigan-based company has been ranked highest by J.D. Power for Client Satisfaction in Mortgage Origination for 11 consecutive years, and today, it sealed the top spot on our list of the top-of-the-line refinance lenders. Read Review

  • Wide loan variety
  • Expert mortgage advisors
  • Award-winning company
Learn More
On Official Website
LOAN PRODUCTS:
Conventional, FHA, VA, and YOURgage
MAXIMUM DTI:
57%
MINIMUM CREDIT SCORE:
500
CLOSING COSTS:
3% to 6%
AVAILABLE IN:
50 states
BBB RATING:
A+

AmeriSave

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

AmeriSave Logo
OVERVIEW

AmeriSave is an excellent solution for mortgage loans as it offers very competitive rates and a fully remote application and approval process. Though the company mostly focuses on refinance loans, you'll also be able to take advantage of its excellent loan variety and find a loan that fits. Read Review

  • Excellent loan variety
  • Fully online application process
  • No hidden fees
Learn More
On Official Website
LOAN PRODUCTS:
Conventional, FHA, VA, USDA
MAXIMUM DTI:
45%
MINIMUM CREDIT SCORE:
620
CLOSING COSTS:
3% to 6%
AVAILABLE IN:
49 states
BBB RATING:
A+

Better.com

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Better.com Logo
OVERVIEW

Better.com truly is better than most when it comes to providing fast and convenient services. What it lacks in loan types, it makes up for in affordability, seeing as the company charges few fees and usually offers very competitive refinancing rates. Read Review

  • Fast pre-approval
  • 100% online application
  • No origination fee
Learn More
On Official Website
LOAN PRODUCTS:
Conventional
MAXIMUM DTI:
50%
MINIMUM CREDIT SCORE:
600
CLOSING COSTS:
2% to 5%
AVAILABLE IN:
47 states
BBB RATING:
B

Axos Bank

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Axos Bank Logo
OVERVIEW

Axos Bank is an online-only financial institution that provides an innovative approach to banking thanks to its mixture of advanced digital tools and human insight. Customers are often drawn to this mortgage lender because of its discount offers, and low mortgage refinance rates. Read Review

  • Annualized cashback credit
  • No lender fee
  • Super Jumbo loans
Learn More
On Official Website
LOAN PRODUCTS:
Conventional, VA, FHA
MAXIMUM DTI:
N/A
MINIMUM CREDIT SCORE:
620
CLOSING COSTS:
N/A
AVAILABLE IN:
50 states
BBB RATING:
A+

LendingTree

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

LendingTree Logo
OVERVIEW

Over the span of 25 years, LendingTree became one of the most popular online loan marketplaces. This platform is perfect for those who would like to avoid the hassle of visiting dozens of different websites to compare multiple mortgage refinance options. Read Review

  • Financial health mobile app
  • Free to use
  • 500+ lending partners
Learn More
On Official Website
LOAN PRODUCTS:
Conventional, FHA, VA, USDA
MAXIMUM DTI:
43%
MINIMUM CREDIT SCORE:
500
CLOSING COSTS:
2% to 6%
AVAILABLE IN:
50 states
BBB RATING:
A+
Evaluation Criteria

How We Evaluate Mortgage Refinance Companies - Review Methodology

The true extent of the damage caused to the global economy by the pandemic has yet to be fully comprehended, but, believe it or not, there is a silver lining: Due to the steps taken by the Federal Reserve, refinance mortgage rates are currently at an all-time low.

With many rushing to seize this opportunity, an important question arises: How do you pick the right lender? To assist you in making the right choice, we’ve written down the criteria we used while evaluating these companies.

Loan Types

Lenders often provide several loan types, which can be divided into those guaranteed or insured by government agencies (government-backed) and those that aren’t, called conventional loans. 

The three most common government-backed loan programs that you’ll find at home refinance companies are:

  • Federal Housing Administration (FHA) loans
  • The United States Department of Agriculture (USDA) loans
  • The U.S. Department of Veterans Affairs (VA) loans

As for the conventional loans, you’ll usually encounter the following:

  • Fixed-rate loans
  • Adjustable-rate loans
  • Jumbo loans
  • Portfolio loans
  • Subprime loans

It’s impossible for us to recommend one loan over another as there are far too many varying factors to consider, such as a person’s credit score, outstanding debt, DTI ratio, and the size of their current mortgage. That’s why we evaluated refinance companies based on the number of refinancing options they have and presented you with those that offer the best assortments.

Costs

For refinancing to make sense, the loan you take out has to be more affordable than what you already have. Keep in mind that, although it's highly relevant, looking at interest rates to determine when to refinance is more valuable than using them to compare lenders.

Mortgage rates change slightly during the five-day workweek, but they don’t differ much from lender to lender. Therefore, we focused more on evaluating the fees and penalties associated with your potential home mortgage refinance loan.

Quality of Service

Quality of service is nearly as important as pricing. Refinancing can get complicated, so you need a reliable and efficient company on your side. To find one, we examined three main factors:

Application process: It should be as straightforward as possible. Filling out frustratingly complicated or unclear forms is an avoidable hindrance.

Speed: Sometimes refinancing isn’t only a matter of saving a few dollars. To some, it’s a matter of necessity, meaning that they don’t have time to waste. Therefore, the speed at which a lender can approve and fund your loan can be vital for selecting the best refinance company.

Customer care: With all the paperwork refinancing entails, having access to a team of experts who can answer your questions quickly and accurately can be of great value.

Eligibility Requirements

Once you’ve located a company that fulfills the aforementioned criteria and a loan that works for you, it’s time to make sure you can qualify for it. We kept our eyes open for companies that don’t have unrealistic expectations about potential clients.

Quick Breakdown

Top 5 Mortgage Refinance Lenders for 2022:

  • Quicken Loans - Highly-customizable terms
  • AmeriSave - Great variety of loans
  • Better.com – Better price guarantee
  • Axos Bank - Annualized cashback credit
  • LendingTree - Lenient qualification criteria

Detailed Reviews of Mortgage Refinance Lenders

Quicken Loans Review

Quicken Loans Review Logo Get a Quote

On Official Website

LOAN PRODUCTS:
Conventional, FHA, VA, YOURgage
MAXIMUM DTI:
57%
MINIMUM CREDIT SCORE REQUIREMENT:
500
CLOSING COSTS:
3% to 6%
AVAILABLE IN:
50 states
BBB RATING:
A+
  • Wide variety of loan products
  • Expert mortgage advisors
  • Award-winning company

When talking about the leading mortgage refinance companies, one can’t help but mention Quicken Loans. 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 refinance 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 refinance mortgage 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 mortgage 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.

Reasons to Apply

  • Transparent pricing
  • Real-time application tracking
  • Highly customizable terms
+ Show more

AmeriSave Review

AmeriSave Review Logo Get a Quote

On Official Website

LOAN PRODUCTS:
Conventional, FHA, VA, USDA
MAXIMUM DTI:
45%
MINIMUM CREDIT SCORE REQUIREMENT:
620
CLOSING COSTS:
N/A
AVAILABLE IN:
49 states
BBB RATING:
A+
  • Excellent loan variety
  • Fully online application process
  • No hidden fees

Unlike its predecessor, AmeriSave has been on the market for quite a while, offering incredible home refinance rates. 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, so if you want to refinance within a month, AmeriSave is certainly one of the mortgage refinance companies to consider.

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 AmeriSave mortgage reviews from its customers for this review, 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

Just like some other mortgage refinance lenders on this list, 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. Like with many other solutions on this list, 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 the mortgage refinancing 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. After all, their customer representative team is praised for being top-rated among mortgage refinance companies.

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.

Reasons to Apply

  • Great online calculator
  • Fast approval times
  • World-class service
+ Show more

Better.com Review

Better.com Review Logo Get a Quote

On Official Website

LOAN PRODUCTS:
Conventional
MAXIMUM DTI:
50%
MINIMUM CREDIT SCORE REQUIREMENT:
600
CLOSING COSTS:
2% to 5%
AVAILABLE IN:
47 states
BBB RATING:
B
  • Fast pre-approval
  • 100% online application
  • No origination fee

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

Unlike the other top refinance lenders on our list, 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 refinance 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 specific company is that you can purchase points to reduce your refinancing mortgage 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.

Considering all that, it's a shame that such an outstanding loan refinance company doesn’t operate in all 50 states.

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.

Reasons to Apply

  • Better Price Guarantee
  • Mortgage rate reduction points
  • Fast pre-approvals and loan estimates
+ Show more

Axos Bank Review

Axos Bank Review Logo Get a Quote

On Official Website

LOAN PRODUCTS:
Conventional, VA, FHA
MAXIMUM DTI:
N/A
MINIMUM CREDIT SCORE REQUIREMENT:
620
CLOSING COSTS:
N/A
AVAILABLE IN:
50 states
BBB RATING:
A+
  • Annualized cashback credit
  • No lender fee
  • Super Jumbo loans

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 refinance 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 refinance 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

Like most other home loan refinance companies, 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.

Reasons to Apply

  • Variety of rate terms available
  • Faster-than-average approval
  • Consultant-assisted application
+ Show more
Read Full Review

LendingTree Review

LendingTree Review Logo Get a Quote

On Official Website

LOAN PRODUCTS:
Conventional, FHA, VA, USDA
MAXIMUM DTI:
43%
MINIMUM CREDIT SCORE REQUIREMENT:
500
CLOSING COSTS:
2% to 6%
AVAILABLE IN:
50 states
BBB RATING:
A+
  • Financial health mobile app
  • Free to use
  • 500+ lending partners

Since it was founded in 1996, LendingTree has developed a comprehensive network of lenders. Today, it’s one of the largest online 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, as this platform partners with the most prominent mortgage refinance companies. 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 home mortgage refinance 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%).

Reasons to Apply

  • USDA loans available
  • Extremely simple qualification process
  • Lenient qualification criteria
+ Show more

A Quick Guide to Mortgage Refinancing

Some of you may be wondering if refinancing a mortgage is actually worth the hassle, and the truth is that there’s no right answer: Everyone has to assess their own financial situation and decide. However, we can lend a helping hand. Read our guide to learn more about the whys and whens of refinancing.

How Does Refinancing Work?

Let’s start off by quickly clarifying what refinancing entails, since it may sound like a complicated financial maneuver, but it’s far from it. In fact, it’s almost exactly the same as getting your first mortgage. You browse through the available loan options, pick one, apply, and once the underwriting process is done, you go to closing.

The main challenge is doing all the calculations and figuring out what kind of refinance loan suits your needs. We suggest using a mortgage refinance calculator to make the entire process a lot faster. You’ll have to make a few educated guesses if you aren’t familiar with every interest rate and loan amount the companies you’re considering have.

Why Refinance?

There are several benefits to refinancing your home loan:

Better Interest Rate

This is one of the main reasons people choose to refinance. Paying a lower interest rate can significantly reduce your monthly costs.

Predictability

Switching from an adjustable-rate mortgage to a fixed-rate loan can provide you with some much-needed stability.

Shorter Term

Mortgage refinancing from a 30-year mortgage to a 15- or even 10-year loan can help you pay off your debt faster. Additionally, you can save money since interest rates on shorter loans tend to be notably lower.

Removing a Name from a Mortgage

The only way to get a person - for example, a co-signer or an ex-spouse - off a mortgage is by refinancing.

Consolidating Debt

You can either combine two mortgages into one and rid yourself of two monthly payments, or use a cash-out refinance to borrow more than what you owe for your home and use the rest of the money to pay off other debts.

Canceled Mortgage Insurance

Refinancing is also used for canceling private mortgage insurance on government-backed loans, thus eliminating the premium calculated into your interest rate.

When to Refinance a Mortgage?

Refinancing is not an endeavor you should take lightly, as there are plenty of accompanying costs. Usually, they amount to between 3% and 6% of your loan’s principal.

Take all the time you need to do your research, find the best refinance company, evaluate your creditworthiness, and, most importantly, assess your finances. You might conclude that the amount of money you can save is actually negligible. Homeowners who have already taken care of the majority of their principal shouldn’t complicate their lives by jumping into the process of taking out another mortgage.

That being said, refinancing can be a very clever move if you time it right. You should jump into action if you still have plenty of years left on your mortgage and you’ve seen refinance loan rates drop significantly in the past several months.

FAQ

Are mortgage refinance rates going down?

+

Experts believe that mortgage rates will rise in 2022. At the moment of writing, the average rate is 3.59% for 30-year fixed-rate loans.

Is it better to refinance with your current mortgage company?

+

Sticking with your current mortgage company might spare you the trouble of filling out new forms and sending in your documents all over again. However, your primary concern should be finding the best mortgage refinance rates and lowest fees, which your lender might not have.

Can I refinance my mortgage with no closing costs?

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Some lenders offer mortgages with no closing costs, but that doesn't mean closing costs disappear. Instead, you’ll be charged a higher interest rate during your loan’s tenor.

How do I choose a refinance lender?

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To choose a lender that meets all of your refinancing needs, you have to spend quite a bit of time evaluating companies. You should pay special attention to their pricing, loan types, qualification criteria, and overall service quality. Read our methodology for finding the best mortgage refinance lenders for more details.