Numerous homeowners in the United States capitalized on the exceptionally low-interest rates that were available. However, considering that the rates are still at a low level, there is still an opportunity to secure a favorable mortgage refinance deal.
Refinancing can prove to be a wise financial choice, whether you aim to reduce interest payments, increase available funds, or utilize the equity in your home.
Here are several mortgage refinance companies that are highly recommended by Credible’s home loan experts, ensuring a delightful customer experience.
The best mortgage refinance lenders of 2021
When it comes to choosing the optimal mortgage lender, it is crucial to prioritize your preferences as a customer. If having numerous physical branch locations is of utmost importance to you, then considering a renowned national bank such as Wells Fargo or Bank of America would be advisable.
Below is an overview of each refinance lender, providing a clear breakdown of their strengths, available refinance options, and the credit score needed for a conventional loan. Keep an eye out for the asterisk, as it signifies a trusted partner lender verified by Credible.
- Best for in-house loan servicing*: Caliber Home Loans
- Best wholesale mortgage lender: JMAC Lending
- Best non-bank lender*: loanDepot
- Best high-volume lender*: QuickenLoans
- Best for refinancing remotely*: Stearns
- Best for quick closings: United Wholesale Mortgage
- Best loyalty perks: Bank of America
- Best for well-qualified borrowers: Chase
Caliber Home Loans
Best for in-house loan servicing
Caliber Home Loans provides a range of conventional and government-backed loans, such as VA streamline (IRRRL) and cash-out refinancing choices, catering to homeowners with ample equity. A distinguishing factor that sets Caliber apart as a top refinance lender is its commitment to servicing the majority of its own loans. This means that the likelihood of your loan being sold to an unfamiliar company is significantly reduced.
Pros
- Cash-out refinancing
- In-house servicing on a majority of loans
Cons
- Unless contact information is provided, no rate information will be made available.
Lender details
- Loan options: Conventional, FHA, VA, jumbo, cash-out
- Min. credit score (conventional): 620
JMAC Lending
Best wholesale mortgage lender
JMAC Lending operates as a wholesale mortgage lender, implying that it does not engage in direct transactions with the general public. Instead, it collaborates with mortgage brokers who have connections with multiple lenders, thereby providing their clients with a diverse selection of loan alternatives.
The advantage for the borrower lies in the ability to compare loans offered by various lenders and select the most suitable one that fulfills their requirements.
Pros
- – The company is praised by brokers for offering competitive rates and efficient closing times.
– Borrowers who do not meet the standard eligibility criteria for jumbo loans can opt for Jumbo Plus and Jumbo Plus+ loans.
Cons
- The broker you choose to work with will greatly influence your overall experience with JMAC.
Lender details
- Loan options: Conventional, FHA, VA, jumbo, cash-out
- Min. credit score (conventional): 620
Take a moment to compare the interest rates on mortgages and determine if you meet the requirements for a mortgage refinance at this very moment by utilizing zillow’s complimentary online resources.
loanDepot:
LoanDepot, the second-largest non-bank mortgage lender in America, offers a seamless online loan experience through its innovative software platform, Mello smart-loan. With Mello smart-loan, borrowers can conveniently navigate the entire loan process from start to finish without leaving the comfort of their homes.
After obtaining a loan from loanDepot, the company will waive any lender fees and also bear the expenses of the appraisal if you decide to refinance with them at a later date.
Pros
- Fully online mortgage experience available through its mellow smartloan platform
- Fee reimbursement
Cons
- The broker you choose to work with will greatly influence your overall experience with JMAC.
Lender details
- Loan options: Conventional, FHA, VA, cash-out
- Min. credit score (conventional): 620
Quicken Loans, the largest mortgage lender in the United States, closed $320 billion dollars in loans in 2020. With a presence in all 50 states, Quicken Loans offers refinance loans. The convenience of their Rocket Mortgage digital platform allows borrowers to complete the entire loan process online. Alternatively, borrowers can also choose to work with a mortgage representative through phone, email, or chat, available seven days a week.
For 11 consecutive years, Quicken has maintained its position as the top-ranked company in U.S. customer satisfaction for primary mortgage origination, according to J.D. Power. Additionally, Quicken has also achieved the highest ranking for primary mortgage servicing for seven consecutive years.
Pros
- High satisfaction ratings
- 99% of loan servicing is done in-house
Cons
- Lack of opportunity for in-person meetings with loan specialists Lender information
Lender details
- Loan options: Conventional, FHA, VA, jumbo, cash-out
- Minimum credit score (conventional): 620
Stearns
Stearns boasts a wealth of expertise spanning more than three decades in assisting clients with their home purchase and refinancing needs. The Stearns Digital platform efficiently simplifies the loan application and processing procedures.
Nevertheless, you have the option to personally interact with your loan originator through screen sharing, a unique feature provided by only one other refinance lender mentioned in this compilation.
Advantages
1. Video conferencing functionality
2. User-friendly digital platform
Disadvantages
1. The website’s organization based on “experience” can be confusing instead of a simple navigation menu.
United Wholesale Mortgage
United Wholesale Mortgage operates as a loan wholesaler, meaning that direct borrowing from the company is not possible. Nevertheless, if your mortgage broker is affiliated with UWM, their loan offerings could potentially serve as a viable option for you.
The average UWM loan is clear to close 14 days after the application is submitted, making it one of the faster turnaround times we’ve seen advertised among various lenders.
Advantages
1. Swift processing time for initiating new loan applications.
2. Comprehensive resources to enhance brokers’ productivity within UWM’s digital platform.
Disadvantages
1. The credit and milestone tracking program may lead to unsolicited communication from brokers.
Bank of America
Bank of America, one of the leading “Big Four” banks in the country alongside Chase, Wells Fargo, and Citi, provides a robust range of refinance loans along with exclusive advantages not available through non-bank lenders.
Bank of America’s Preferred Rewards program presents a notable advantage in the form of a reduced origination fee, provided that you fulfill the minimum balance criteria across all your Bank of America accounts. Additionally, you might qualify for a reduced interest rate on home equity loans.
Advantages:
1. Customers with balances of $20,000 or more can enjoy exclusive benefits through the Preferred Rewards program.
2. The convenience of digital application, loan processing, and loan management.
Disadvantage:
1. Unfortunately, there is no weekend customer service available for mortgage and refinance loans.
Chase
Chase and Bank of America share similarities in terms of the range of products and services they offer. However, the Chase website lacks detailed information about loans, so it is advisable to reach out to a loan specialist for more specific loan details.
Chase and Bank of America share similarities in terms of the range of products and services they offer. However, the Chase website lacks detailed information about loans, so it is advisable to reach out to a loan specialist for more specific loan details.
Pros
- A renowned and widely recognized financial institution with an extensive range of diverse financial offerings.
- It has a widespread presence with branches and ATMs located across numerous states.
Cons
- Rigorous credit criteria for mortgage loans.