You want a clear path to lower payments and smarter loan choices. This guide shows how to compare nationwide and specialty lenders so you can lower monthly costs and total interest. It highlights how rates, fees, and discount points change what you actually pay.
You’ll see which lender types match your goals, from conventional rate-and-term options to government-backed streamline plans. The guide also explains how credit rules, product availability, and home equity affect your approval odds and timeline.
Editorial note: Some offers on this page come from advertisers who pay us, but that does not influence our recommendations. The information hasn’t been reviewed by advertisers; check lender sites for current terms before you apply.
Key Takeaways
- Compare multiple quotes to find the lowest combined rates and fees.
- Understand how interest and discount points affect total loan cost.
- Match lender products to your goals—rate-and-term vs. government options.
- Check credit rules, equity, and timelines before you apply.
- Watch market shifts to time a lock when rates move in your favor.
- Know closing costs and alternatives if refinancing is not right now.
Why You’re Here: Your intent to compare mortgage refinance lenders and lower your monthly payment
You likely want clear comparisons so you can lower your payments without surprises. Comparing offers helps you see whether to aim for a lower interest rate, a shorter term, or cash to renovate or pay debt.
Refinancing can cut costs up front or over time, convert an adjustable rate to a fixed one, remove FHA insurance, or free equity for projects.
Shop at least three or four lenders quickly. That keeps credit impact small and improves pricing. Your credit, income, and equity will shape the quotes you get and the payments you can expect.
"The best offer blends a competitive rate with fair total fees, not just the lowest teaser number."
- Compare offers to target a lower monthly payment with no surprises.
- Decide if your priority is a lower rate, shorter term, or cash-out.
- Gather pay stubs, tax returns, and equity docs now to speed approvals.
Plan a lock strategy to protect your chosen offer while processing. When you leave this section, you’ll be ready to pick a lender based on cost, service, and the path to your target payment.
How we ranked lenders for this Product Roundup
This ranking blends public lending data, customer satisfaction research, and hands-on checks to help you compare options. We focus on clear signals that affect what you pay and how fast a loan closes.
Primary inputs: Yahoo Finance’s analysis of 2024 HMDA across nearly 5,000 lenders, J.D. Power satisfaction scores, and direct lender disclosures on sample rates, discount points, and credit assumptions.
What we measured
Key criteria include published rates and interest rates, total loan costs, transparency on discount points, product breadth (conventional, FHA, VA, USDA, jumbo), online tools, and state availability.
"We prioritized measurable rate and fee advantages in 2024 data while flagging sample-rate assumptions so you get apples-to-apples comparisons."
| Data Source | What we measured | Why it matters |
| HMDA (Yahoo Finance) | Issued rates, loan costs, product mix | Anchors pricing and affordability comparisons |
| J.D. Power | Origination and servicing satisfaction | Shows real service expectations |
| Lender sites | Rate transparency, calculators, disclosures | Helps you compare fees, closing costs, and sample assumptions |
| Editorial review | Independence, state availability, credit cutoffs | Keeps recommendations consumer-focused |
- You’ll see HMDA data anchor our pricing view.
- J.D. Power adds service context for origination and servicing.
- Rate transparency and product breadth help you match loans to your goals.
Our Picks: 5 Best Mortgage refinance Companies in the United States
You need a simple way to match lenders to your credit and property goals. This quick guide shows who serves nationwide markets, who handles jumbo loans, and who focuses on government-backed options.
Who these lenders fit: Conventional, jumbo, and government-backed refis
Rocket Mortgage — Nationwide coverage in all 50 states; expect a ~620 minimum credit score for conventional and ~580 for FHA/VA. Above-average J.D. Power results, frequent use of discount points, and higher-than-median 2024 fees.
Bank of America — All states, higher median refi amounts (around $815k). Customer discounts often available; FHA/VA refinances usually limited to existing BofA clients.
Truist — Available in 17 states plus D.C.; 620 minimum score typical. Cash-out options on conforming, jumbo, FHA, and VA loans, but partial-state restrictions apply and origination satisfaction trails peers.
Citibank — Nationwide with lower-than-median 2024 loan costs and strong J.D. Power marks. Sample rates often assume excellent credit and may include discount points.
Pennymac — All states, solid FHA/VA/USDA focus and flexible-term refi options. Lower sample rates but higher total loan costs in 2024.
Veterans United — VA specialist in all states; 24/7 support and no ARMs. Strong service for military borrowers; sample rates may include discount points.
Quick snapshot: Availability, credit score, and standout features
- Match each pick to goals: low typical loan costs, VA specialization, jumbo flexibility, or nationwide access.
- Check state availability and minimum credit score early to narrow your shortlist.
- Ask which lenders show sample rates with discount points so you compare true costs and equity impact.
- Factor J.D. Power satisfaction when service and speed matter for your timeline.
Rocket Mortgage: Best for nationwide access and customer satisfaction leadership
Rocket Mortgage gives you nationwide reach with a digital process that speeds quotes and closes. You can apply in all 50 states and D.C., and the platform supports conventional, FHA, VA, and jumbo options.
Why it stands out
It leads retail volume and scores above average on J.D. Power for customer satisfaction. The online tools include a refinance calculator and a three-minute mortgage review to estimate payments fast.
Know before you apply
Sample rates frequently include about 1.5–2.0 discount points, which lowers advertised rates but raises upfront closing costs. In 2024, Rocket charged higher-than-median loan fees, so factor points and fees into your breakeven math.
Loan choices and credit targets
Available products: rate-and-term, adjustable-rate, cash-out, FHA/VA streamline, and jumbo loans. Typical minimum credit score guidance is 620 for conventional loans and 580 for FHA/VA paths.
"Compare Rocket's total offer — rates plus fees and points — with at least two other lenders before you lock."
- Nationwide access and digital tools for quick quotes.
- Watch discount points and closing costs when comparing offers.
- Ask about underwriting timelines and expected days to close in your area.
Bank of America: Best for high-value homes and relationship discounts
If you own a higher-value home, Bank of America often surfaces as a lender that matches larger balances with relationship perks.
Bank of America serves all 50 states and D.C. It offers conventional, FHA, VA, and jumbo loans, plus rate-and-term, adjustable-rate, and cash-out options.
Why it stands out: The bank’s 2024 median refinance amount was about $815,000, so it often fits owners of higher-value homes. Existing customers may qualify for lower interest rates or origination fee discounts.
Considerations before you apply
Sample rates commonly assume a FICO score of 740 or higher. FHA and VA options are available, but usually only for current Bank of America mortgage borrowers.
Use the Real Estate Center tools to check home value and estimate loan-to-value. Compare total closing charges and confirm whether quoted rates include discount points.
"If you hold deposit or investment ties, add Bank of America to your quote set to see if account discounts change your breakeven."
| Feature | What to check | Why it matters |
| Median refi amount | ~$815,000 (2024) | Indicates strength for higher-balance loans |
| Relationship discounts | Interest rate or origination fee credits | Can lower your total cost if you bank with BofA |
| Sample rate assumptions | FICO 740+ and possible discount points | May make advertised rates look lower than your offer |
| Product limits | FHA/VA refi usually for existing BofA mortgage clients | May restrict access if you bank elsewhere |
- Weigh J.D. Power service ratings alongside fees and rates.
- Confirm whether rates include points and calculate breakeven.
- Add BofA to your quote set if you have qualifying accounts for discounts.
Truist: Best for flexible cash-out options across popular loan types
Truist is a solid choice if you want to pull equity from your home using a cash-out refinance, but you must check state rules first.
You’ll find cash-out paths for conventional, FHA, VA and jumbo loans. Availability is limited to about 17 states plus D.C., so eligibility depends on where your property sits.
Typical minimum credit score guidance is around 620. Sample rates on Truist’s site often show one or zero discount points, which makes quick comparisons easier.
Trade-offs to weigh
- State limits: cash-out not offered everywhere—verify before you apply.
- Service: origination satisfaction trails peers in J.D. Power data.
- Online tools: limited ability to tweak rate assumptions for personal credit or loan details.
- Fees: compare total costs, and confirm jumbo cash-out rules for property type and occupancy.
Get at least one competing cash-out quote from another lender so you can benchmark total costs and days to close.
"Confirm state availability and total fees before you lock to avoid surprises."
Citibank: Best for lower-than-median loan costs and competitive rates
Consider Citibank if you want lower-than-median loan costs and solid service. Citi operates in all 50 states and D.C. and offers conventional, FHA, VA, and jumbo options for rate-and-term, adjustable, or cash-out paths.
Perks include a top-five J.D. Power ranking and a $500 closing costs discount (code 10818) plus relationship benefits for account holders.
What to check before you apply
- Confirm whether advertised rates assume excellent credit and include up to one discount point.
- Compare Citi’s total offer — advertised rates plus fees and closing costs — with your best quote.
- Ask about rate lock policies, float-down options, and any lender credits shown on the Loan Estimate.
- Validate documentation and appraisal rules so your home file isn’t delayed.
Overall, Citi is worth a quote when you value lower loan costs and higher customer satisfaction. Make sure your credit and credit score match sample assumptions so the posted rates and interest rates reflect your offer.
Pennymac: Best for FHA/VA/USDA refinance specialization
Pennymac focuses on streamlined FHA and VA programs that can speed closing and cut paperwork for qualifying borrowers.
Why you might choose it: Pennymac offers FHA Streamline and VA IRRRL options that often skip full documentation and, in some cases, appraisal requirements. You can also pick flexible-term loans to match a shorter payoff or lower monthly cost.
Quick checklist before you apply
- Availability: all 50 states and D.C.; conventional, FHA, VA, USDA, and jumbo loans offered.
- Minimum scores: about 620 for conventional; down to 580 for FHA, VA, and USDA programs.
- Rate display: Pennymac shows custom rates after you enter property value, balance, zip, and credit band.
- Service note: J.D. Power places Pennymac below average for satisfaction—factor service expectations into your choice.
| Feature | What to expect | Why it matters | Tip |
| Streamline options | FHA Streamline, VA IRRRL | Fewer docs, faster processing | Compare net savings vs. full refi |
| Rates vs. costs | Lower-than-median rates in 2024 | Advertised rates may look competitive | Check total fees and closing costs |
| Loan costs | Higher-than-average total loan costs (2024) | Can reduce or negate rate savings | Request a full Loan Estimate |
| Cash-out and equity access | Available, with program limits | Pricing may vary vs. competitors | Get competing cash-out quotes |
"Confirm total closing costs and lender-only fees so you know if the streamline delivers real savings."
In short, use Pennymac when you value streamlined FHA or VA paths and flexible terms. But always weigh lower posted rates against higher 2024 loan costs and service expectations before you lock.
Veterans United: Best for VA refinance options and 24/7 service
Military borrowers often pick Veterans United for its deep VA experience and around-the-clock support.
What it offers: Available in all 50 states and D.C., the lender handles VA and conventional paths including rate-and-term, VA cash-out, VA IRRRL, and jumbo VA loans.
Why military borrowers choose it
You’ll find dedicated 24/7 service that fits deployments and time zones. Veterans United is the nation’s highest-volume VA originator and scores top marks in J.D. Power satisfaction.
Practical benefits include streamlined VA cash-out options and the IRRRL that can cut documentation and speed closing.
Limitations and what to check
The lender does not offer ARMs. Sample rates may include up to 1.625 discount points, which raises upfront closing costs even if posted rates look low.
| Feature | What to verify | Why it matters |
| Product mix | VA IRRRL, VA cash-out, jumbo VA, conventional | Matches military needs and larger-balance homes |
| Service | 24/7 support and VA expertise | Helps with relocations and tight timelines |
| Rate assumptions | Sample rates may include 1.625 points | Impacts breakeven and closing costs |
| Credit threshold | Typical minimum: 620 | Affects your quoted rates and approval timing |
"Compare a second VA quote to benchmark pricing and confirm lock terms before you commit."
- Weigh IRRRL simplicity against rate-and-term moves for payment savings.
- Ask about jumbo VA eligibility if your home balance is large.
- Factor total closing charges, not just the posted interest rate, before you lock.
Side-by-side lens: Rates, fees, and transparency that impact your bottom line
A close look at headline rates, point credits, and lender fees reveals who really saves you money over time. Read the fine print so you know the upfront cost and the long-term payback.
Interest rates vs. discount points: What you’re really paying
Discount points lower the displayed interest rate but add upfront expense. For example, Rocket often shows sample pricing with about 1.5–2.0 points, Veterans United may include up to 1.625, and Citi sometimes shows one point.
Truist commonly presents zero or one point scenarios. Ask each lender for a "with points" and "no points" quote to calculate your breakeven time.
Total loan costs and closing fees: Reading the fine print
Don’t compare rates alone. Use 2024 HMDA and lender disclosures to check total loan costs. Citi showed lower-than-median loan costs last year; some others reported higher fees.
Review the Loan Estimate for lender fees, third-party charges, and any credits that reduce closing costs.
Rate transparency online: Sample assumptions and calculators
Verify online calculators for property type, LTV, and fico band. Bank of America often displays sample rates assuming a 740+ score. Confirm the credit tier used so the rate you see maps to the rate you’ll get.
"Compare quotes on identical assumptions—points, credit band, LTV, and lock terms—so you measure true cost."
Timing your refi: Present market snapshot and what it means for you
A small drop in posted rates can matter more now that homeowners hold large amounts of tappable equity. As of June 30, homeowners held more than $11 trillion in tappable equity (ICE), and mortgage rates have fallen nearly a full percentage point from the 7.04% peak in January 2025.
Rates trending lower and growing tappable equity
More than three million homeowners could reduce their interest by at least 0.75 percentage points today. That creates room to lower monthly payments or pull cash while keeping a reasonable loan cost.
When a rate drop becomes meaningful savings
Decide whether a 0.75–1.00 point fall meets your savings threshold. Run a quick breakeven calculation that counts closing fees, points, and the time you plan to keep the mortgage.
- Align your application with easing rates to capture monthly savings.
- Consider whether cash-out or a HELOC better uses your home equity.
- Plan for a typical 4–6 week process from application to closing in most markets.
- Track daily rate moves and set a target lock rate; evaluate float-down options.
Qualifying basics: Credit score, DTI, home equity, and seasoning rules
Before you shop offers, understand the baseline rules lenders use to set pricing and approve loans. These benchmarks shape the interest rate you’ll see and how long approval will take.
Credit targets and how they influence your interest rate
Your credit profile matters. Higher credit score tiers usually earn better pricing and fewer fees. Government-backed FHA or VA paths often accept lower minimum scores than conventional loans, so they can help if you’re rebuilding.
Debt-to-income, equity thresholds, and lender overlays
Many lenders prefer a DTI under 36%. If your DTI is higher, expect higher rates or additional documentation. Lenders also look for roughly 20% equity for the best pricing, though program rules vary.
Watch for lender overlays—these are stricter rules that go beyond agency minimums and can affect approval and costs.
Waiting periods: Conventional, FHA, VA, USDA
Seasoning rules matter. Conventional cash-out typically needs six months seasoning; FHA, VA, and USDA usually require six to twelve months before you can apply. That waiting time can influence whether you choose a different product.
"Match your documentation and, if needed, consider a rapid rescore or targeted debt paydown to improve offers."
- Align pay stubs, bank records, and tax docs to speed approval.
- Check mortgage insurance implications if equity is below 20%.
- Pick lenders known to work with your score and DTI band.
Choosing the right refinance type for your goal
Match the loan structure to your goal: save interest, pull cash for home improvements, or shorten your payoff. Choosing the right path helps you meet short- and long-term plans without surprises.
Common paths and when to use them
- Rate-and-term: Pick this to lower interest or change your loan length and reduce monthly payment.
- Cash-out refinance: Replace your balance with a larger new one when you need funds for home improvements or debt consolidation.
- Streamline options (FHA, VA, USDA): Use these to cut paperwork and sometimes skip appraisal, saving time and closing costs.
- Renovation refi (e.g., FHA 203(k)): Finance repairs or upgrades into the loan so the project and loan close together.
- Cash-in: Pay down principal at closing to lower LTV and secure better pricing.
No-closing-cost structures
No-closing-cost offers roll fees into the rate or balance. They reduce upfront costs but raise long-term expenses. Calculate a breakeven for points, credits, and fees before you commit.
"Ensure the new one fits your time-in-home horizon and budget; avoid cash-out if it pushes LTV into pricing penalties."
Costs to expect: Closing costs, lender fees, and break-even math
Know the cash you'll need at closing and how rolling costs into the loan affects savings. Typical refinance closing costs run about 2%–6% of the loan amount. That range covers lender fees, title, appraisal, escrow setup, and prepaids.
Typical range and how "no closing cost" gets priced in
No-closing-cost offers do not erase expenses. Lenders either raise your rate or add fees into the loan balance to cover the closing costs. Both choices increase long-term interest and monthly payment.
Calculate break-even before you lock
Compute breakeven by dividing total out-of-pocket costs by expected monthly savings. That result tells you how many months until the new loan pays back the upfront charges.
"Total cost matters more than the advertised rate when you measure real savings."
- Budget 2%–6% for typical closing costs.
- Separate lender fees from third-party charges like title and appraisal.
- Compare Loan Estimates to spot credits, points, and hidden fees.
| Item | Typical amount | Why it matters |
| Closing costs | 2%–6% of loan | Determines cash to close and breakeven |
| Lender fees | $500–$2,000 (varies) | Affects Loan Estimate totals and rate offers |
| No-closing-cost option | Higher rate or added balance | Raises interest paid over time |
| Breakeven formula | Total costs ÷ monthly savings | Months to recoup closing costs |
Alternatives to refinancing if you only need cash or flexibility
When cash or short-term funding is your goal, other options can be faster and less disruptive than a full refinance.
HELOCs give revolving access to your home equity. During the draw period you may make interest-only payments. That keeps monthly outflow low while you use funds as needed.
Home equity loans are fixed second loans with steady payments. Use one when you want a predictable term and a locked rate.
Equity sharing and personal loans
Equity sharing agreements provide cash now without monthly payments in exchange for a share of future value. They suit owners who want funds but prefer no new payment each month.
Personal loans fund smaller needs quickly. They avoid liens on your real estate and can close faster than a mortgage product.
| Option | Typical payment | Speed | Key trade-off |
| HELOC | Interest-only during draw | Weeks | Revolving, variable interest rate |
| Home equity loan | Fixed monthly payment | 2–4 weeks | Second lien increases fees and costs |
| Equity sharing | No monthly payments | Depends on agreement | Share of future equity appreciation |
| Personal loan | Fixed payment | Days to weeks | No lien, higher rates for unsecured |
- Compare total costs, prepayment rules, and lien position with your servicer.
- Avoid disturbing a low-rate first mortgage unless savings exceed the break-even time.
- Estimate tax implications with an advisor before you commit.
How to compare offers and lock your best refinance rate
Begin with a tight comparison set so you can judge advertised rates against real Loan Estimates. Request written quotes from multiple sources to see how fees and credits change the net cost.
Shop three to four lenders or use a broker
Get quotes from three to four direct lenders or add a mortgage lender via a broker to widen options. Ask each for identical loan details—amount, term, and LTV—so Loan Estimates are comparable.
Lock strategy and float-downs to watch
Confirm lock length, extension fees, and whether a float-down is offered if rates fall after you lock. Many lenders take 30–45 days to close; choose a lock window that covers expected days to close.
"Compare no-points and with-points quotes and factor lender credits into your break-even math."
| What to request | Why it matters | Action for you |
| Identical Loan Estimates | Shows true differences in rates and fees | Submit same scenario to each lender |
| No-points vs with-points | Changes upfront cash and long-term payment | Calculate breakeven months |
| Lock terms & float-down | Affects price protection if market moves | Confirm terms and costs in writing |
| Appraisal & timing | Drives speed and closing days | Ask about waivers or third-party delays |
- Time applications in a short window to limit multiple credit pulls.
- Watch daily rate sheets and re-confirm pricing the day you lock.
- Prioritize the lender that balances a competitive rate, low fees, and strong service ratings.
- Track how each offer changes your monthly payment before you commit.
Final step: Pick the offer that gives the best total savings and the most realistic timeline for your closing time. Then lock and keep communication tight with your lender to avoid surprises.
Step-by-step: Your refinance timeline from application to close
A predictable process helps you move from rate quote to closing with fewer surprises. Expect roughly 4–6 weeks from application to signing for a standard mortgage loan, though simpler streamlines can finish sooner.
Preapproval, appraisal, underwriting, and closing day
You’ll start with preapproval. Provide income, assets, and property details so lenders can give accurate pricing.
Next comes appraisal unless your program allows a waiver. Appraisal scheduling often adds days, so book it quickly.
Underwriting follows; respond to conditions fast to avoid extra review time. Review your Closing Disclosure at least three business days before closing.
Typical duration and how to speed it up
Plan for about 4–6 weeks total, depending on complexity and state rules. Keep credit and bank activity stable to protect your score and approval.
- Verify wire instructions and final costs to prevent last-minute delays.
- Use e-closing or hybrid options to save time and reduce in-person steps.
- Confirm your first payment date and set up autopay after funding.
| Step | Typical days | What you can do |
| Preapproval | 1–7 days | Submit pay stubs, tax returns, and bank statements early |
| Appraisal | 7–14 days | Schedule promptly; ask about appraisal waivers |
| Underwriting | 7–21 days | Answer conditions quickly and keep accounts unchanged |
| Closing | 1–3 days | Review Closing Disclosure and confirm wiring details |
"Organizing documents early and staying responsive shortens the days to closing."
Conclusion
Finish with a practical check: will the new mortgage refinance lower your monthly payment once you count fees and points? Run a breakeven, confirm any discount point assumptions, and make sure your math includes total costs and the expected time to keep the loan.
Refinance can be a wealth-building move when falling rates meet strong equity and reasonable closing charges. Shop multiple lenders to compare transparent quotes and pick the product that matches your goal.
Prepare documents early, track market moves, and use float-down options if offered. When the numbers show net savings, lock your rate and move forward with confidence.
