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The Best Mortgage Refinance Companies

Where is the Best Place to Refinance Your Mortgage?

While it might be tempting to go with a local mortgage broker or even your community bank, you're not likely to get the lowest rates or ideal terms that way. Why? They usually work with their preferred partners instead of negotiating or "comparison shopping" to get you the best deal. You're paying for convenience and familiarity, but that's it. Fortunately, there are many reputable online lenders that make it quick and easy to get low rates and great terms, all from your laptop or even your mobile phone!

With interest rates at historic lows, it's worth your while to consider mortgage refinancing. Whether you want to shave years off your current mortgage and lower your interest rate or get cash out from your established equity, there's no better time than now. Using an online lender lets you compare rates, complete the application, and finish the entire process without ever leaving home: some services send a mobile notary to you for the final steps of signing the paperwork! Otherwise, you can often choose a local title company if you prefer to go the more traditional route.

Tuesday, March 21st

2023 Mortgage Refinance Company Reviews

Better Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating


5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

Better gives you everything you could want when choosing a lender for mortgage refinancing: total transparency, multiple options for rates and terms, a streamlined online process, and phenomenal customer service. Even though they're newer than some lenders, they've already established themselves as a top-rated company with the BBB, business experts like Inc. and Forbes, and with thousands of very happy clients. Better earns our highest ranking among services that offer mortgage refinancing.

Quicken Loans Review 4.5 Star Rating

Quicken Loans

4.5 Star Rating

Whether you want to do your mortgage refinancing 100% online, strictly with a loan officer, or a mixture of both, Quicken Loans has you covered. In business for over 35 years, this company makes it almost a pleasure to apply for your refi and get it closed in record time - and they also offer award-winning servicing after your mortgage is funded. Quicken Loans is one of our preferred lenders for mortgage refinancing.

loanDepot Review 4 Star Rating


4 Star Rating

loanDepot has only been on the market for 10 years, but they're already one of the biggest providers of mortgage refinancing available today. Their services include some unique perks, like waived fees on any future refis once you've completed your first with them, and they get extremely high marks from thousands of happy clients. This is a solid company to consider for a no-hassle, great-rate refinanced mortgage.

AmeriSave Review 3.5 Star Rating


3.5 Star Rating

AmeriSave is a middle-of-the-pack option for mortgage refinancing. On the plus side, they've been around for almost 20 years and have a good reputation at the BBB. But, with downsides like a non-refundable application fee of $500 and some less helpful aspects of their online portal, they don't quite compete with our higher-rated refi providers.

LendingTree Review 3 Star Rating


3 Star Rating

LendingTree helps you start your mortgage refinancing process by matching you with up to five vetted partner lenders in their network. In order to get your rate quotes, you'll have to provide your personal information - and that will likely result in plenty of semi-solicited emails, texts and phone calls. And, because LendingTree doesn't actually fund your mortgage, you'll still have to go through the application process with any of the lending partners you ultimately choose.

Freedom Mortgage Review 2 Star Rating

Freedom Mortgage

2 Star Rating

Freedom Mortgage is no newbie when it comes to mortgage refinancing, with over three decades in business and more than one million customers throughout the US and many of its territories. Their site has some tools you might find helpful, like calculators and checklists to guide you through the refi process. However, Freedom Mortgage won't give you any rate quotes or even rough estimates of their fees on their website: you'll have to speak with a representative first.

SoFi Review 2 Star Rating


2 Star Rating

SoFi starts out looking like a great choice for online mortgage refinancing, with a clean website and lots of helpful info. But, you'll get no information about rates unless you create an account and verify your identity, and you may have to complete an official application just to see what closing fees to expect. With more than 100 complaints registered with the BBB, SoFi has some room to grow to earn a higher ranking among lenders offering mortgage refinancing.

Figure Review 1.5 Star Rating


1.5 Star Rating

Figure is one of the newest ways to get a mortgage refinanced, but are they the best? Not yet. Mixed customer reviews and an "F" from the Better Business Bureau, plus more than a dozen states whose residents are ineligible for their loans are just a few of the reasons why Figure lands near the bottom of our list.

Refi Rate Guide Review 1 Star Rating

Refi Rate Guide

1 Star Rating

Refi Rate Guide is confusing, jumping right into asking for your information without telling you anything about their service. Even after you've answered all of the questions, you may never actually get to a page with rate quotes. Although the parent company of this site has an "A+" from the Better Business Bureau, that doesn't make up for the fact that you won't be able to refinance your mortgage when using their service. Any other mortgage refinancing service would be a better choice.

Compare the Best Reviews

Continued from above...

Not all online mortgage refinancing providers work the same. While some operate more like a regular bank, funding your loan themselves, others act as a referral service so that you can compare rates and offers from multiple lenders at once. Whichever site you choose, don't be afraid to take the quote you receive and ask other lenders to compete for your business! Some of the fees charged in the refi process are negotiable, so why not see who can give you the absolute best loan terms?

As you start the process of refinancing your mortgage, keep in mind the following criteria for each lender or service you're considering:

  • Reputation. What do other homeowners say about the company and the process of refinancing a mortgage? Is the service rated and accredited by the Better Business Bureau?
  • Ease of Use. Does the site make it easy to apply, to get information about refinancing in general, and ultimately to close on your refi? Will you get multiple quotes from different lenders that you'll have to vet on your own? Is it difficult to get help if you have a question?
  • Transparency. How much can you find out without having to give your personal information? Does the service give you ample details upfront about their rates, terms and fees?

TopConsumerReviews.com has reviewed and ranked the best services for mortgage refinancing available today. We hope this information saves you money by helping you find the best rates and terms when you refinance your mortgage!

The Best Mortgage Refinance Companies Compare Mortgage Refinance Companies Compare Mortgage Refinance Company Reviews What are the best Mortgage Refinance Companies Best Mortgage Refinance Company Reviews

Mortgage Refinance Company FAQ

When you refinance your mortgage, you essentially take out a new loan on your current home. Your new lender pays off your balance with your previous lender, and you start a new mortgage. It sounds complicated, but the average homeowner refinances their mortgage every four years!
A refinance could be a great opportunity under several conditions. These include a significant reduction in your interest rate, minimizing risk by changing from an adjustable rate mortgage (ARM) to a fixed rate loan, or reducing the length of your mortgage (e.g from a 30-year fixed to a 15-year fixed).
There are three situations where it probably doesn't make sense to refinance. If you've had your current mortgage for a long time, most of your payments are now going towards the principal instead of interest; a refinance will put you back to paying more towards interest and cost you more money. Or, if your current mortgage has a prepayment penalty and the lender isn't willing to waive it, you could spend more in fees than you'll save by refinancing. Finally, if you're planning to move in the near future, you might not recoup the closing costs you'll pay to refinance before it comes time to sell your home.
A cash-out refinance lets you borrow against the equity you have built up in your home. Some people do a cash-out refinance to consolidate debts at a lower interest rate, to pay for college, or to remodel their home.
Absolutely. There are some highly-rated lenders whose primary focus is online home loans, both first mortgages and refinancing. Because these lenders often have less overhead than a local mortgage broker or bank, you may get lower interest rates and be able to negotiate on some of the fees to get the best possible terms.
You'll want to run the numbers to see if it makes sense for you. Will you be in the home long enough to recoup what you've paid in points to spend less on interest? Will it make a big enough difference in your monthly payments? Do you have the cash on hand or will you have to roll the cost of the points into the mortgage itself? The decision is ultimately yours, but do the math to see if it's a good option first.
Remember all of the paperwork it took when you got your current mortgage? Expect a refinance to be very similar. You'll have to provide proof of income and homeowner's insurance coverage, bank statements, and so forth. Your home will probably need a new appraisal, and you might have to dig up your documents from the first closing, like the property survey. The process will involve a hard pull on your credit, so don't be alarmed if you see your score dip temporarily.
That depends on how quickly you provide the required documentation, how fast your lender processes it, and several other factors. You can expect an estimated time to close ranging from 30-60 days.
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