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Refinancing your mortgage can help you improve your monthly payment and repayment terms. You can also tap your home equity to accomplish some of your financial goals with a cash-out refinance.

While mortgage interest rates are no longer near record lows, using one of the best mortgage refinance lenders of 2024 may help you qualify for today’s best rates and avoid unnecessary lender fees.

Best mortgage refinancing lenders

Compare the best mortgage refinance lenders

Bank of America
Below national average
Does not disclose
4 to 6 weeks
Below national average
32 days
Below national average
Does not disclose
Does not disclose
Below national average
A few weeks
Below national average
A few weeks
Navy Federal Credit Union
Below national average
Does not disclose
30 to 45 days
Rocket Mortgage
Below national average
Does not disclose
30 to 50 days


Our expert writers and editors have reviewed and researched multiple lenders to help you find the best for a mortgage refinance. Out of all the lenders considered, the seven that made our list excelled in areas across the following categories (with weightings): loan cost (30%), eligibility and accessibility (20%), customer service (20%) and ease of application (30%).

Within each major category, we considered several characteristics, including minimum APR, maximum allowed debt-to-income (DTI) ratio, minimum credit score requirements and applicable fees. We also evaluated each provider’s customer support options, borrower perks and features that simplify the borrowing process — like time to close and preapproval time.

Why some lenders didn’t make the cut

Of the mortgage lenders that we reviewed, only a fraction made the cut. The lenders that didn’t have high enough scores to be included received lower ratings mostly due to having a lack of transparency around credit score, debt-to-income requirements, and preapproval and closing timelines. Some of the excluded lenders also had limited customer service options and bad customer reviews.

How to qualify for a mortgage refinance

The qualification requirements for a mortgage refinance are similar to a home purchase loan, and you should gather the same documents. Your potential lender may disclose other details, such as a minimum credit score, maximum DTI and minimum equity, and the lender may request your last two years of work history.

As a basic guideline, lenders typically require a minimum 580 credit score for FHA and VA refinances and at least 620 for conventional mortgage refinances.

If you have a complex situation, such as being self-employed or having imperfect credit, you should also seek out a lender specializing in your circumstances. A loan officer can navigate you through the application process to choose the best mortgage refinance option and avoid underwriting delays.

When to refinance your home loan

Refinancing your mortgage is worth it when you need a smaller monthly payment or you can qualify for a better interest rate. However, you must decide if the refinancing costs are worth the potential benefits.

Some homeowners also pursue cash-out refinancing to use their home equity to cover expenses such as home improvements and consolidating high-interest debt. This option assigns a new interest rate and repayment schedule for your existing balance and any equity that you withdraw.

To minimize your fees and to preserve your existing mortgage rate, which can be lower than today’s refinance rates, you may consider applying for a home equity loan instead. 

Frequently asked questions (FAQs)

Online lenders tend to offer lower mortgage refinance rates than brick-and-mortar banks. However, homeowners should be aware of a couple of potential drawbacks.

First, online direct lenders and online retailers may not offer the same level of customer satisfaction as local lenders to minimize operating costs, according to mortgage expert Cindi Conley, creator and publisher at “Mortgage and Money Talk.”

Second, Conley reports from her experience that online lenders may take longer to complete a refinance. If the lender is busy and the time to close is longer than usual, borrowers may need to pay extra for rate locks which helps offset some of the initially lower rate.

Comparing current closing speeds and rate lock fees is an essential part of the lender comparison process that’s easy for borrowers to overlook.

You should consider refinancing with your current lender if you had a positive experience with them when getting your current mortgage and they offer a competitive rate.

“Lenders don’t factor loyalty for existing customers into the underwriting review,” Conley says. “However, your current lender might offer a small discount on the new interest rate for current borrowers … so you’d want to ask your current lender if they’re offering anything to existing customers who choose to refinance their mortgage.”

Editor’s note: This article contains updated information from previously published stories:

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Josh Patoka


Josh became a full-time personal finance writer in 2015 after serving as a transportation operations supervisor for seven years. He draws from his own money management experience of saving for long-term goals, paying off debt, and career changes. His writing has been regularly featured in Forbes Advisor, Fox Business, and several award-winning personal finance websites.

Jamie Young


Jamie Young is Lead Editor of loans and mortgages at 91Ӱ Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.