Best Mortgage Refinance Lenders 2022

Trusted, reliable mortgage refinancing companies that will save you money

With interest rates on the run, this may be the “last call” for competitive rates. Choosing the correct lender is essential and can impact your wallet for years. We have done the research on the best home refinance options, and here are our recommendations:
Today's 30yr refinance rate: 6.74% APR 0.45% 30 day change 0.68% 90 day change
Today's 15yr refinance rate: 6.02% APR 0.42% 30 day change 0.74% 90 day change
Today's 30yr refinance rate: 6.74% APR 0.45% 30 day change 0.68% 90 day change
Today's 15yr refinance rate: 6.02% APR 0.42% 30 day change 0.74% 90 day change

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Credit Score
Loan Amount
Valid as of December 3, 2022
LOW RATES 2022
1
9.8 Our score
  • Customized rate quote in 3 mins, no impact to credit
  • Low Refinance and Cashout rates
  • Online application available 24x7
  • A+ BBB rating with fast turnaround times
2
9.6 Our score
  • Home Loan Experts available 7 days a week
  • Application easily syncs with your bank
  • Fast, efficient & professional support
  • Get approval for home purchasing or mortgage refinancing in minutes
3
9.3 Our score
  • Personalized refinance rate in only 5 minutes
  • Over 214k Positive Reviews, A+ Rating With BBB
  • Get Your Custom Quote Online
4
8.8 Our score
  • America's #1 largest mortgage lender
  • Flexible refinance terms
  • Refinance & cash-out up to $2 million
5
8.5 Our score
  • Access A Large Lump Sum Of Cash
  • Direct lender with a large variety of loan products
6
7.4 Our score
  • National mortgage marketplace with large lender network
  • Wide variety of loan types and terms available
7
7.1 Our score
  • Lender network for borrowers looking to refinance
  • Fixed-rate and adjustable rate mortgage options available
8
7.0 Our score
  • Lender network for veterans and military families
  • Wide range of VA loan options available

Editor's Choice

LOW RATES 2022
9.8 Our score
  • Customized rate quote in 3 mins, no impact to credit
  • Low Refinance and Cashout rates
  • Online application available 24x7
  • A+ BBB rating with fast turnaround times

What Is a Mortgage Refinance?

A mortgage refinance is taking out a new mortgage loan to replace your existing one. The new mortgage pays off the entirety of the first mortgage and then your new monthly payments will go towards paying off the new loan. Note that a refinanced mortgage is not the same thing as a second mortgage.

To refinance your mortgage, you’ll need to go through many of the same steps that are involved in getting a standard mortgage. In most cases, you can choose to get a refinance with your current lender or with a new one. The lenders involved will handle most of the work, so you won’t have to worry about transferring funds between them.

Once the process is complete, you’ll continue making monthly payments, but they will go towards the new mortgage. From your end, little about the process will change except the monthly payment. The rates and terms of the new mortgage will dictate whether the new payment is higher or lower and how many years it will take to pay off the new loan.

See Mortgage Refinance Offers on Rocket Mortgage

Why Refinance Your Mortgage?

The benefits of refinancing your mortgage include:

  • Saving you money in interest
  • Changing your monthly payment
  • Enabling you to take advantage of the equity in your home

The most common reason that people choose to refinance their mortgage is to lock in a lower interest rate. Over the course of a home loan, you’ll likely pay well into the six figures in interest. So if you can save even 1% on the interest rate, you’re looking at significant savings. You can take advantage of this when mortgage rates are down or after you’ve improved your credit.

In addition to looking for a better interest rate, you can also refinance your home to change the terms (i.e. the length of the loan). If you want a lower monthly payment, you can refinance with a longer-term loan. On the flip side, if you want to pay the loan off as quickly as possible, you can refinance with a shorter-term loan (note that this will likely raise the amount of your monthly payment).

Lastly, you might decide to refinance your home to take advantage of the equity you’ve built up using a cash-out refinance. This type of refinancing lets you take out a bigger loan than you owe so that you can effectively have the equity of your home in cash. This is great for home improvement projects, paying off debt, or using it for other investments.

See Mortgage Refinance Offers on AmeriSave

When Is the Right Time to Refinance Your Mortgage?

Since the decision on whether to refinance your mortgage will often come down to the three benefits mentioned above, it’s important to truly understand what you hope to achieve with a refinanced home loan. If you’re able to accomplish one or more of those three things, then it might be a great time to refinance your mortgage.

No matter what you’re hoping to gain from refinancing your mortgage, the best time to do it is when mortgage rates are lower than what they were when you got the original mortgage. Currently, mortgage rates are at historically low prices, which makes it a great time to refinance your home and save money.

In addition to paying attention to mortgage rates, you also might want to consider refinancing your home when your credit is in a much better place than it was when you got the original mortgage. If you’re able to get your credit score up to 740 or higher, then you should be able to lock in a much better rate with a mortgage refinance.

Compare Mortgage Refinance Loans on Quicken Loans

Different Types of Mortgage Refinancing

One of the most daunting parts of refinancing your mortgage can be choosing the type of refinancing option that works best for you. Working with a reputable lender, like Quicken Loans or Better, will make this part of the process much easier.

To give you an idea of what you may be looking at with these lenders, here are some of the most common types of mortgage refinancing available:

  • Rate-and-Term Refinance: This is the most common type of mortgage refinancing, where the goal is to lock in a new mortgage with lower interest rates and/or more favorable terms.
  • Cash-Out Refinance: With this type of refinancing, you lock in a new mortgage with (hopefully) better rates and terms, but you take out a loan that’s larger than the amount you owe on the house. Doing so lets you take cash out equal to the amount of built-in equity in your home.
  • Cash-In Refinance: To refinance a mortgage, lenders will typically require you to have 20% equity. If you don’t have 20% equity in your home, you might need to do a cash-in refinance where you pay a lump sum up front – like a down payment – and then refinance the remaining amount.
  • No-Closing-Cost Refinance: – just as the name implies, this type of mortgage refinancing allows you to refinance your home without paying a lump sum of closing costs at the end. Instead, these fees will typically be rolled into the loan amount or you’ll have to pay a higher rate to cover the closing costs.

See Mortgage Refinance Offers on Rocket Mortgage

How to Choose the Right Mortgage Refinance Lender for You?

Determining which mortgage refinance lender is best for you should come down to which lender has the most to offer you. Though this may sound cliche, everyone’s situation is different. So it’s important that you really understand what the lenders are offering and what you’re actually looking to gain from refinancing your mortgage.

For most people, the top priority when refinancing your mortgage will be getting better rates and terms on the loan. If you’re able to lock in a lower interest rate with a new lender, then over the course of the loan, you can end up saving tens of thousands of dollars or even more.

On that same token, some lenders might have better terms to offer you depending on what you’re looking to gain. If you want smaller monthly payments, then you should look for lenders that offer longer repayment periods. If you want the quickest payoff possible, you might want lenders that have shorter-term loans; these also typically have the lowest rates as well!

In addition to bettering the terms of your loan, it’s also important that you work with a lender with a good track record of customer service. Having someone on your side really helps any time you have questions or concerns. That’s why I recommend using a lender from the list above, all of whom have histories of great customer service! You can also compare offers from multiple lenders side-by-side on sites like Credible and Lending Tree.

FAQ

Should I refinance my mortgage?

You should consider refinancing your mortgage if you want to change the terms of your loan, lock in a lower interest rate, or need cash for a cash-out refinance. You can change to a longer- or shorter-term mortgage to lower your monthly payments or to lock in a lower rate. With a cash-out refinance, you can get cash out of the equity in your home.

How can I qualify for a mortgage refinance?

In order to qualify for mortgage refinancing, the two most important things to consider are your credit score and debt-to-income (DTI) ratio. Most lenders will require a credit score of at least 620 or higher and a DTI of around 43% or lower.

How much does mortgage refinancing cost?

You should expect to pay around 2% to 5% of your loan amount for the fees associated with a mortgage refinance. The most common fees include application fee, origination fee, credit report fee, appraisal and inspection fees, title fee, and recording fees.

How can I get a good rate on my new mortgage?

To get the best rates on your new mortgage, you should increase your credit to at least 740, pay down your debts or raise your income to bring your DTI to 43% or lower, apply with multiple lenders to create competition, and consider a shorter-term loan. Keep in mind that if you get shorter loan terms, your monthly payment will likely increase.

Is it better to refinance with my current lender?

Any time that you’re looking to refinance your mortgage, you should shop around for offers from at least three lenders. If you only try to refinance with your current lender, you could be missing out on lower rates and better terms with other lenders out there.

How often can you refinance your home?

There is no legal limit on the number of times you can refinance your home, but there are some things to keep in mind before you try doing it every year. You have to pay closing costs on each new loan, you may face prepayment penalties for paying the loan off early, you need to maintain a good financial standing, and there must be equity to do a cash-out refinance.