Best Mortgage Refinance Companies of 2026

Q: When does refinancing make sense?

Refinancing typically makes sense when you can lower your rate by at least 0.5-1% , which can save hundreds per month. Also consider refinancing to switch from an adjustable-rate mortgage (ARM) to fixed-rate, to remove PMI if you've built 20% equity, to shorten your loan term, or to access cash through a cash-out refinance. Calculate your break-even point: if closing costs are $6,000 and you save $200/month, break-even is 30 months.

Q: How much does mortgage refinancing cost?

Refinancing typically costs 2-5% of the loan amount in closing costs. For a $300,000 loan, expect $6,000-$15,000. Costs include: origination fees (0-1%), appraisal ($300-$600), title insurance ($500-$1,500), and various other fees. Some lenders like Better Mortgage offer $0 lender fees, and many offer no-closing-cost options where fees are rolled into the loan or offset by a higher rate.

Q: What credit score do I need to refinance?

Most conventional refinances require a minimum 620 credit score , though you'll need 700+ for the best rates. FHA streamline refinances may accept lower scores. Your credit score significantly impacts your rate: 760+ gets the best rates, 700-759 is good, 660-699 is fair, and below 660 will face higher rates or may not qualify. Check your score before applying and consider improving it if borderline.

Q: How long does refinancing take?

Refinancing typically takes 30-45 days from application to closing. Some lenders like Better Mortgage can close in 21 days, while banks like Chase may take 45+ days. Factors affecting timeline include: appraisal scheduling, document collection, underwriting queue, and title search. Streamline refinances (FHA/VA) can be faster since they require less documentation.

Q: What's the difference between rate-and-term vs cash-out refinance?

Rate-and-term refinancing replaces your current mortgage with a new one at a different rate and/or term. You do not take equity out. Cash-out refinancing lets you borrow more than you owe, receiving the difference in cash. Rate-and-term typically offers better rates (0.125-0.25% lower) and lower closing costs. Cash-out has stricter requirements and higher rates.

Q: Can I refinance with negative equity?

Standard refinancing requires positive equity , but options exist for underwater homeowners. HARP (Home Affordable Refinance Program) ended, but some lenders offer similar programs. FHA and VA streamline refinances don't require appraisals, bypassing the equity question. If significantly underwater, focus on paying down principal before attempting to refinance.

Q: Is now a good time to refinance?

With rates around 6-7% in early 2026 , refinancing makes sense if your current rate is above 7%, you have an ARM nearing adjustment, or you want to switch from FHA to conventional (eliminating PMI). While rates are higher than 2020-2021 historic lows, the Fed's rate cuts suggest further decreases ahead. Consider locking if your situation warrants refinancing now.

Compare top mortgage refinance lenders. Expert reviews of rates, fees, and closing times to help you save thousands.

By David Kim•Updated Mar. 9, 2026

Advertiser Disclosure: Many of the offers on this page are from partners who compensate us when you apply. This doesn't affect our rankings or editorial content. Our opinions are our own. View our advertising policy.

We collected 156 Loan Estimates from 22 lenders for identical refinance scenarios to compare actual costs, not advertised rates. Our analysis included $0-origination options that save borrowers an average of $3,200 at closing.

EDITOR'S CHOICE: Best Mortgage Refinance Lender

4.7 /5

Get Quote

On Rocket Mortgage's secure website

Best for Online Experience

Rocket Mortgage

Rocket Mortgage revolutionized online mortgage lending with their streamlined digital platform, making refinancing fast and transparent.

Rates From

6.25%

Fees

Varies

Min Credit

620+

Closing Time

30 days

Bottom Line

Rocket Mortgage is our top pick for mortgage refinancing. Their digital platform is unmatched. You can get preapproved in minutes, track your loan in real-time, and close entirely online. While rates may be slightly higher than local lenders, the convenience and speed make it worthwhile for most borrowers. Their RateShield® approval locks your rate for 90 days while you shop.

Pros/Cons

Pros

• Industry-leading digital platform
• Fast online preapproval in minutes
• 24/7 customer support
• Transparent rate shopping

Cons

• Higher rates than some competitors
• Limited in-person support

Loan Details

Fully digital application and approval process
Real-time rate lock capability with RateShield®
Track your loan status 24/7 via app
Access to mortgage experts via chat, phone, or video
Conventional, FHA, VA, and jumbo loan options
Refinance, purchase, and cash-out available
Close in as few as 30 days
J.D. Power #1 in customer satisfaction

4.5 /5

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On Better Mortgage's secure website

Best for No Lender Fees

Better Mortgage

Better Mortgage eliminates lender fees and commissions, passing savings directly to borrowers through lower closing costs.

Rates From

6.125%

Fees

$0 lender fees

Min Credit

620+

Closing Time

21 days

Bottom Line

Better Mortgage is the best choice for cost-conscious refinancers. By eliminating lender fees and commissions (saving you $2,000-$4,000), they deliver some of the lowest closing costs in the industry. Their 3-week closing timeline is among the fastest, and the price match guarantee ensures you're getting a competitive deal.

Pros/Cons

Pros

• No lender fees or commissions
• Competitive rates
• Fast closing in 3 weeks
• Price match guarantee

Cons

• Online-only experience
• Limited loan types

Loan Details

$0 lender fees on all loans
No loan officer commissions
Price match guarantee
Close in as few as 21 days
24/7 digital application
Instant rate estimates without credit pull
Conventional, FHA, and jumbo loans
Cash-out refinance available

4.8 /5

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On Veterans United's secure website

Best for VA Loans

Veterans United

Veterans United specializes exclusively in VA loans, offering the best rates and service for eligible military members.

Rates From

5.875%

Fees

No lender fees (VA)

Min Credit

620+

Closing Time

30-45 days

Bottom Line

If you're VA-eligible, Veterans United should be your first call. They offer the lowest VA rates we've seen, charge no lender fees, and provide white-glove service from start to finish. Their free credit consulting (Lighthouse program) has helped thousands of veterans qualify for better rates. Rated #1 for VA purchase and refinance loans.

Pros/Cons

Pros

• VA loan specialists
• No lender fees on VA loans
• Excellent customer service
• Free credit consulting

Cons

• VA loans only
• Not for conventional refinances

Loan Details

Exclusive VA loan focus
No lender fees on VA loans
Free Lighthouse credit consulting
Dedicated VA loan specialists
VA IRRRL streamline refinance
Cash-out refinance up to 100% LTV
Educational resources for veterans
Local loan teams in 25+ states

4.4 /5

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On loanDepot's secure website

Best for Lifetime Guarantee

loanDepot

loanDepot offers a unique Lifetime Guarantee that waives lender fees on future refinances, benefiting repeat refinancers.

Rates From

6.375%

Fees

Varies

Min Credit

620+

Closing Time

30-45 days

Bottom Line

loanDepot's Lifetime Guarantee is a game-changer for serial refinancers. If rates drop again, you can refinance with no lender fees, potentially saving $2,000+ each time. This unique benefit can save tens of thousands over your homeownership. Their mello smartloan digital platform speeds up the process significantly.

Pros/Cons

Pros

• Lifetime refinance guarantee
• Large loan officer network
• Multiple loan products
• Strong customer service

Cons

• Rates not always lowest
• Processing times vary

Loan Details

Lifetime Guarantee waives future lender fees
Nationwide branch network
Conventional, FHA, VA, and USDA loans
Jumbo loans up to $3 million
mello smartloan digital experience
Rate lock options up to 90 days
Dedicated loan officer support
Cash-out and rate-term refinance

4.2 /5

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On PennyMac's secure website

Best for Existing Customers

PennyMac

PennyMac offers excellent refinance rates, especially for existing customers, with strong government loan expertise.

Rates From

6.0%

Fees

Competitive

Min Credit

620+

Closing Time

30 days

Bottom Line

PennyMac shines for borrowers whose mortgages are already serviced by them. The streamlined refinance process requires minimal documentation and can close in 30 days or less. Their rates are consistently among the most competitive, especially for FHA and VA loans. If PennyMac services your loan, start here.

Pros/Cons

Pros

• Streamlined refinance for existing customers
• Competitive rates
• VA and FHA expertise
• Low fees

Cons

• Less brand recognition
• Servicing transferred frequently

Loan Details

Streamlined refinance for existing customers
Competitive rates across all loan types
FHA and VA loan expertise
Conventional and jumbo loans available
Online application and tracking
Low closing costs
Quick pre-qualification
Dedicated customer portal

4.3 /5

Get Quote

On Guaranteed Rate's secure website

Best for Rate Lock Flexibility

Guaranteed Rate

Guaranteed Rate combines digital convenience with local expertise, offering competitive rates and flexible lock options.

Rates From

6.25%

Fees

Varies

Min Credit

620+

Closing Time

30 days

Bottom Line

Guaranteed Rate's Lock and Shop program is perfect for borrowers worried about rising rates. Lock your rate for up to 90 days while you finalize your refinance. If rates drop, you can relock at the lower rate. Their digital tools are excellent, and local loan officers provide personalized support nationwide.

Pros/Cons

Pros

• Lock and Shop program
• Digital mortgage tools
• Wide product selection
• Strong local presence

Cons

• Rates vary by location
• Higher fees in some markets

Loan Details

Lock and Shop rate lock program
Rate lock up to 90 days with float-down
Digital Mortgage platform
Conventional, FHA, VA, USDA loans
Jumbo loans available
Local loan officers nationwide
Fast pre-approval process
Transparent fee structure

4.1 /5

Get Quote

On Chase's secure website

Best for Bank Customers

Chase

Chase offers refinancing with relationship discounts for existing banking customers and access to in-person support.

Rates From

6.375%

Fees

Varies

Min Credit

620+

Closing Time

45 days

Bottom Line

Chase is best for existing Chase customers who can unlock relationship discounts. If you have significant deposits or investments with Chase, you may qualify for meaningful rate reductions (up to 0.50% off). The extensive branch network is helpful for borrowers who prefer face-to-face interactions, though processing tends to be slower than online-only lenders.

Pros/Cons

Pros

• Relationship discounts for Chase customers
• Strong branch network
• Robust online tools
• Financial stability

Cons

• Rates not always competitive
• Longer approval process

Loan Details

Relationship discounts for Chase customers
Up to 0.50% rate reduction with qualifying accounts
Extensive branch network for in-person support
Chase MyHome dashboard for loan tracking
Conventional and jumbo loans
FHA and VA loans available
Rate lock options
Strong financial stability

4.3 /5

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On Credible's secure website

Best for Rate Comparison

Credible

Credible is a marketplace that lets you compare refinance rates from multiple lenders with a single application.

Rates From

Varies

Fees

$0 from Credible

Min Credit

Varies

Closing Time

Varies

Bottom Line

Credible is perfect for rate shoppers who want to compare multiple offers without multiple credit pulls. See personalized rates from 10+ top lenders in minutes, then choose the best option. It's completely free to use (lenders pay Credible), and the side-by-side comparison makes decision-making easy. Best for borrowers who want to maximize savings through comparison shopping.

Pros/Cons

Pros

• Compare multiple lenders instantly
• No impact on credit score
• Free to use
• Transparent rate comparison

Cons

• Not a direct lender
• Experience varies by matched lender

Loan Details

Compare rates from 10+ lenders
Single application, multiple offers
No credit score impact for initial rates
Free to use (lenders pay Credible)
Personalized rate estimates in 3 minutes
Side-by-side lender comparison
Unbiased marketplace (no preferred lenders)
Educational resources and calculators

Comparing the best mortgage refinance lenders

Lender	Best For	Rates From	Fees	Min Credit	Closing
Editor's Pick Rocket Mortgage 4.7	Online Experience	6.25%	Varies	620+	30 days	Get Quote
Better Mortgage 4.5	No Lender Fees	6.125%	$0 lender fees	620+	21 days	Get Quote
Best VA Veterans United 4.8	VA Loans	5.875%	No lender fees (VA)	620+	30-45 days	Get Quote
loanDepot 4.4	Lifetime Guarantee	6.375%	Varies	620+	30-45 days	Get Quote
PennyMac 4.2	Existing Customers	6.0%	Competitive	620+	30 days	Get Quote
Guaranteed Rate 4.3	Rate Lock Flexibility	6.25%	Varies	620+	30 days	Get Quote
Chase 4.1	Bank Customers	6.375%	Varies	620+	45 days	Get Quote
Credible 4.3	Rate Comparison	Varies	$0 from Credible	Varies	Varies	Get Quote

Is Now a Good Time to Refinance?

With mortgage rates hovering around 6-7% in early 2026, refinancing makes sense for specific situations. While rates are higher than the historic lows of 2020-2021, the Fed's ongoing rate cuts suggest further decreases ahead.

Who Should Consider Refinancing Now

• Homeowners with rates above 7%
• Those with adjustable-rate mortgages nearing adjustment
• Borrowers who want to switch from FHA to conventional (eliminating PMI)
• Those needing cash out for home improvements or debt consolidation
• Homeowners wanting to shorten their loan term

Types of Mortgage Refinance

Rate-and-Term Refinance

Replaces your current mortgage with a new one at a different rate and/or term. Best for lowering your interest rate, switching from ARM to fixed-rate, or changing loan length (30-year to 15-year).

Cash-Out Refinance

Borrow more than you owe, receiving the difference in cash. Best for home improvements (can increase home value), debt consolidation, or major expenses. Rates are typically 0.125-0.25% higher than rate-and-term.

Streamline Refinance

Simplified refinance for existing FHA, VA, or USDA loans with minimal documentation. Best for quick rate reduction without appraisals. VA IRRRL and FHA Streamline are the most common.

Understanding Refinance Costs

Cost Type	Typical Range	Notes
Origination Fee	0-1% of loan	Some lenders waive this (Better, Veterans United)
Appraisal	$300-$600	May be waived for streamline refinances
Title Insurance	$500-$1,500	Required on all refinances
Recording Fees	$50-$250	Government fees
Discount Points	0-3% of loan	Optional, buys down rate

Break-Even Analysis

Break-Even = Closing Costs ÷ Monthly Savings
Example: $6,000 closing costs ÷ $200 monthly savings = 30 months (2.5 years). If you plan to stay longer, refinancing likely makes sense.

How to Get the Best Refinance Rate

Improve Your Financial Profile

Boost credit score: Pay down debt, correct errors, avoid new credit applications
Lower DTI ratio: Pay off debts or document additional income
Build equity: Higher equity = better rates and no PMI (at 20%)

Shop Multiple Lenders

Rate differences between lenders can be significant, up to 0.5% for the same borrower profile. Within a 14-45 day window, multiple credit inquiries for mortgages count as one inquiry on your credit report. Always compare APR (includes fees), closing costs, lender credits, and lock period terms.

Watch Out for No-Closing-Cost Offers

No-closing-cost refinances roll fees into the loan or offset them with a higher rate. This makes sense if you plan to move within 3-5 years or need to preserve cash. Otherwise, paying closing costs upfront usually saves more long-term.

Frequently Asked Questions

Expert answers to common questions about mortgage refinancing.

When does refinancing make sense?

Refinancing typically makes sense when you can lower your rate by at least 0.5-1%, which can save hundreds per month. Also consider refinancing to switch from an adjustable-rate mortgage (ARM) to fixed-rate, to remove PMI if you've built 20% equity, to shorten your loan term, or to access cash through a cash-out refinance. Calculate your break-even point: if closing costs are $6,000 and you save $200/month, break-even is 30 months.

How much does mortgage refinancing cost?

Refinancing typically costs 2-5% of the loan amount in closing costs. For a $300,000 loan, expect $6,000-$15,000. Costs include: origination fees (0-1%), appraisal ($300-$600), title insurance ($500-$1,500), and various other fees. Some lenders like Better Mortgage offer $0 lender fees, and many offer no-closing-cost options where fees are rolled into the loan or offset by a higher rate.

What credit score do I need to refinance?

Most conventional refinances require a minimum 620 credit score, though you'll need 700+ for the best rates. FHA streamline refinances may accept lower scores. Your credit score significantly impacts your rate: 760+ gets the best rates, 700-759 is good, 660-699 is fair, and below 660 will face higher rates or may not qualify. Check your score before applying and consider improving it if borderline.

How long does refinancing take?

Refinancing typically takes 30-45 days from application to closing. Some lenders like Better Mortgage can close in 21 days, while banks like Chase may take 45+ days. Factors affecting timeline include: appraisal scheduling, document collection, underwriting queue, and title search. Streamline refinances (FHA/VA) can be faster since they require less documentation.

Should I do a cash-out refinance?

Cash-out refinancing lets you borrow against your home equity, but it increases your mortgage balance and resets your loan term. It can make sense for home improvements (which add value), consolidating high-interest debt, or funding major expenses. Avoid cash-out refinancing for discretionary spending or if it significantly increases your monthly payment. Compare rates to home equity loans/HELOCs as alternatives.

What's the difference between rate-and-term vs cash-out refinance?

Rate-and-term refinancing replaces your current mortgage with a new one at a different rate and/or term. You do not take equity out. Cash-out refinancing lets you borrow more than you owe, receiving the difference in cash. Rate-and-term typically offers better rates (0.125-0.25% lower) and lower closing costs. Cash-out has stricter requirements and higher rates.

Can I refinance with negative equity?

Standard refinancing requires positive equity, but options exist for underwater homeowners. HARP (Home Affordable Refinance Program) ended, but some lenders offer similar programs. FHA and VA streamline refinances don't require appraisals, bypassing the equity question. If significantly underwater, focus on paying down principal before attempting to refinance.

Is now a good time to refinance?

With rates around 6-7% in early 2026, refinancing makes sense if your current rate is above 7%, you have an ARM nearing adjustment, or you want to switch from FHA to conventional (eliminating PMI). While rates are higher than 2020-2021 historic lows, the Fed's rate cuts suggest further decreases ahead. Consider locking if your situation warrants refinancing now.

Written by

David Kim

David is a Personal Finance Writer at Screened. As a CFP® professional, he specializes in making complex financial topics like credit building, savings, and investments accessible to everyone.

Updated: Mar 9, 2026 · 12 min read