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Best Mortgage Refinance Lenders Of July 2022

Best Mortgage Refinance Lenders Of July 2022

Mortgage borrowers may have a chance to lower the cost of their monthly mortgage payments by refinancing their mortgage.

Through refinancing, homeowners can save money by locking in a lower rate (if their existing mortgage has a higher rate than current market rates), or reducing the length of their mortgage so their home is paid off faster. Refinancing your mortgage is also a good way to tap your home equity without selling your home.

The main key to any of these strategies is to first shop around for lenders who offer the best deals (low rates and low fees). Forbes Advisor compared dozens of lenders to come up with this comprehensive list of the best lenders for borrowers looking to refinance.

We looked at four main categories: the borrower’s ability to get a loan, affordability, loan options and funding speed. Our goal is to make comparison shopping easier for you by selecting lenders that stand out in these areas.

Show Summary

    Best Mortgage Refinance Lenders 2022


    BEST FOR FIRST RESPONDERS, ACTIVE MILITARY AND VETERAN DISCOUNTS

    Flagstar Bank

    5.0

    Minimum credit score

    680

    Mortgage rates

    Lower than the national average

    Days to close

    21- to 30-day average

    Flagstar Bank
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR MEDICAL PROFESSIONALS

    PNC Bank

    5.0

    Minimum credit score

    620; No minimum for VA loans

    Mortgage rates

    Lower than the national average

    Days to close

    30-45 days

    PNC Bank
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR RELATIONSHIP DISCOUNTS

    Chase

    5.0

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    3 weeks

    Chase
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR FAST PREAPPROVAL

    Ally

    4.5

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    36-day average

    Ally
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR ONLINE MORTGAGES

    Better.com

    4.5

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    32 days

    Better.com
    View Rates

    View rates at Better. NMLS #330511.
    Why We Picked It
    Pros & Cons

    BEST FOR ALTERNATIVE CREDIT DATA ELIGIBILITY

    Guaranteed Rate

    4.5

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    21 to 30 days

    Guaranteed Rate
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR SAVING MONEY ON FEES

    PenFed Credit Union

    4.5

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    30 to 40 days for purchase closings, although the lender can accommodate shorter timeframes if needed.

    PenFed Credit Union
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR DISCOUNTS FOR EXISTING CUSTOMERS

    Bank of America

    4.5

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    30 to 45 days

    Bank of America
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR A RATE-MATCH GUARANTEE PROGRAM

    Navy Federal Credit Union

    4.5

    Minimum credit score

    N/A

    Mortgage rates

    Lower than the national average

    Days to close

    30 days

    Navy Federal Credit Union
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR LOW MINIMUM CREDIT SCORES

    New American Funding

    4.5

    Minimum credit score

    580

    Mortgage rates

    Lower than the national average

    Days to close

    30-35 days

    New American Funding
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR NO DOWN PAYMENT

    Northpointe Bank

    4.5

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    30 days

    Northpointe Bank
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR FLEXIBLE MORTGAGE TERMS

    Rocket Mortgage

    4.5

    Minimum credit score

    580

    Mortgage rates

    Same as national average

    Days to close

    Average closing time is 36 days for a conventional mortgage; 21 days for a refinance

    Rocket Mortgage
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR APPLYING ONLINE

    SoFi

    4.5

    Minimum credit score

    660

    Mortgage rates

    Lower than the national average

    Days to close

    30 days

    SoFi
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR FINANCIAL COACHING ACCESS

    Truist

    4.5

    Minimum credit score

    620

    Mortgage rates

    Lower than the national average

    Days to close

    30-45 days

    Truist
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    BEST FOR 24-HOUR SERVICE

    LowRates.com

    4.0

    Minimum Credit Score

    620

    Mortgage Rates

    Lower than the national average

    Days to Close

    20 days

    LowRates.com
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com
    Why We Picked It
    Pros & Cons

    Summary: Best Mortgage Refinance Lenders of 2022

    COMPANYFORBES ADVISOR RATINGMINIMUM CREDIT SCOREMORTGAGE RATESDAYS TO CLOSELEARN MORE
    Flagstar Bank5.0
    5-removebg-preview 
    620Lower than the national average21- to 30-day averageCompare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    PNC Bank5.0
    5-removebg-preview 
    620;
    No minimum for VA loans
    Lower than the national average30-45 days

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Chase5.0
    5-removebg-preview 
    620Lower than the national average3 weeks

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Ally4.5
    4.5-removebg-preview 
    620Lower than the national average36-day average

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Better.com4.5
    4.5-removebg-preview 
    620Lower than the national average32 daysView Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Guaranteed Rate4.5
    4.5-removebg-preview 
    620Lower than the national average21 to 30 daysCompare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    PenFed Credit Union4.5
    4.5-removebg-preview 
    620Lower than the national average30 to 40 days for purchase closings,
    although the lender can accommodate shorter timeframes if needed.
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Bank of America4.5
    4.5-removebg-preview 
    620Lower than the national average30 to 45 days

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Navy Federal Credit Union4.5
    4.5-removebg-preview 
    N/ALower than the national average30 daysCompare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    New American Funding4.5
    4.5-removebg-preview 
    580Lower than national average30-35 days

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Northpointe Bank4.5
    4.5-removebg-preview 
    620Lower than the national average30 days

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Quicken Loans4.5
    4.5-removebg-preview 
    580Same as national averageAverage closing time is 36 days for a conventional mortgage;
    21 days for a refinance
    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    SoFi4.5
    4.5-removebg-preview 
    660Lower than the national average30 daysCompare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    Truist4.5
    4.5-removebg-preview 
    620Lower than national average30-45 days

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com

    LowRates.com4.0
    4_stars-removebg-preview 
    620Lower than the national average20 days

    Compare Rates

    Compare rates from participating lenders in your area via Bankrate.com


    Tips for Comparing Best Mortgage Lenders for Refinancing

    If you’re considering refinancing to lower your mortgage rate, then you’ll want to compare interest rates and fees by lender. Many lenders don’t disclose fees or even rates online, so you might have to contact them and ask for these items directly.

    To get an even more accurate description of how much the loan will cost you, you can apply for multiple loans and receive loan estimates based on your credit score, loan-to-value (LTV), DTI ratio and other financial details.

    It’s always a good idea to get multiple loan estimates when you’re trying to capture the lowest rate available. You can use the best estimate to negotiate with other lenders, which might result in getting a lower rate or reducing certain administrative fees.

    When you’re shopping around, be sure to ask about any discounts—including appraisal waivers—that might be available to you. Some financial institutions offer discounts to existing customers; you might also find military discounts.


    Methodology

    We reviewed more than 50 mortgage lenders that do business both online and in-person throughout the U.S. The lenders we reviewed represent some of the largest mortgage lenders by volume, which include banks, credit unions and online lenders. Lenders that do not display their interest rates online are not eligible for review.

    Forbes Advisor scores lenders based on criteria that have a meaningful impact on the cost of the mortgage, including borrower eligibility requirements; the variety of loan options; and loan features that can impact the homebuying process.

    The best lenders scored the highest based on the weighting in the following categories:

    • Interest rate: 20%
    • Down payment requirements: 20%
    • Credit score minimum requirements: 20%
    • Alternative credit data considered: 10%
    • Preapproval time: 10%
    • Closing timelines: 10%
    • Loan types: 10%
    • Lender discounts offered: 5 bonus points

    Our focus on affordability, accessibility and key features that impact the homebuying process (like preapproval time and closing time) is what we consider reflective of today’s consumer’s top priorities when comparison shopping for mortgage lenders.

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