Best Mortgage Refinance
Based on In-Depth Reviews

Best Online Lender

Quicken Loans is a Michigan-based company that offers online mortgage lending solutions. The company is accredited by the Better Business Bureau, where it holds an excellent A+ rating, with numerous consumer reviews praising the company’s products and services. Quicken Loans has been servicing consumers nationwide since 1985.

Quicken Loans is an excellent choice for those looking for an online lender that provides a wide range of refinancing options and excellent service. The company’s refinance loans include conventional 15-year and 30-year fixed rate mortgages, 5/1, 7/1 and 10/1 adjustable rate mortgages, as well as government-backed loans, like VA, FHA and FHA streamline. Multiple cash-out refinancing options are also available, plus jumbo loans for properties valued between $481,351 and $3,000,000.

The company’s website is easy to navigate and is full of resources, including a complete refinance guide, refinance calculator, and a learning center.

Screenshot quickenloans.com, May 2021.

Quicken Loans offers customer support via live chat, email and over the phone, while home loan officers are also available to answer any additional questions.

Customizable Refinance Options

YOURgage refinancing helps Quicken Loans stand out from other lenders in the industry. With YOURgage, consumers can choose the term of their mortgage loan with a fixed rate. Terms range between 8 and 29 years, with consumers able to refinance up to 97% of their primary residence’s value, for loan amounts up to $484,350.

Multiple Ways to Apply

Unlike other online lenders, Quicken Loans allows consumers to apply both online or over the phone. Consumers who choose to apply online can do so through the company’s streamlined application experience, Rocket Mortgage.

To start the application process, you’ll need to provide your contact details, the type of property you wish to refinance, its purchase year and estimated value, the type of rate you’re looking for (adjustable or fixed), and your mortgage balance, among other details. Once you enter this information, you’ll be redirected to a page that will tell you which refinance products you may be eligible for, with current rates and estimated monthly payments, so you know what to expect prior to refinancing.

Screenshot quickenloans.com, May 2021.

It should be noted that this step of the process doesn’t require any credit inquiries, just an estimated credit score. However, if after viewing this information you still want to proceed with the application, then the company will have to check your credit in order to move forward, and perform a hard pull. Additionally, at this point you’ll be able to decide whether you wish to continue your application online or if you would prefer to do so over the phone with assistance from a home loan officer.

Besides its streamlined online application through Rocket Mortgage, Quicken Loans has also developed a program called “eClosing,” which allows consumers to close their loans electronically. With eClosing, consumers can opt for an in-person/electronic hybrid closing, an in-person electronic notarization (IPEN), or a remote online notarization (RON), all of which reduce paper trail to the minimum, simplifying the entire refinance process. Customers in all 50 states can use eClosing, but only if they choose Amrock (QuickenL Loan's sister company) as their title provider. 

On March 30, 2020, the company addressed how the coronavirus pandemic might affect the mortgage process in some areas. It stated:

"Even though shelter-in-place orders are in effect in many areas of the country, the mortgage process can still continue. Appraisers, closing agents and other people who need to enter your home can still do so under the shelter-in-place order. In some cases, we even have alternative ways to complete these parts of the process that don’t require entering the home.

We’ve made a slight adjustment to our rate lock process to accommodate shelter-in-place orders. Under normal circumstances, you’d lock your rate before underwriting begins. In areas where shelter-in-place orders are in effect, we can’t offer long rate locks because everything is changing so rapidly. If you’re in one of these areas, you’ll simply lock your rate closer to closing day."

Reach out to Quicken Loans today to see if you qualify.

Best for Self-Employed Individuals

New American Funding is a family-owned independent mortgage lender. The company is headquartered in Orange County, California and is a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer.

You must be able to show proof of income to get approved for a mortgage refinance. Most consumers provide pay stubs or W-2s as evidence, but self-employed individuals who lack this type of documentation may find that getting approval is a considerable challenge.

New American Funding’s non-qualified mortgage refinance loan allows consumers to submit alternative paperwork for income verification. For this type of loan, the company accepts official copies of six to 12 months’ worth of bank statements, asset depletion income, and profit and loss statements, making it an ideal option for self-employed individuals.

Screenshot newamericanfunding.com, May 2021.

Over 10 Ways to Refinance

Aside from its non-qualified mortgage refinance loans, New American Funding also offers 15- and 30-year fixed rate loans, a variety of adjustable rate loans, jumbo loans, VA, FHA, and USDA loans. Conventional loans are also available with down payments as low as 3% for those who qualify. Additionally, the company offers customizable fixed rate mortgages through its I CAN Mortgage program.

Consumers can request a refinance quote online or over the phone. To request a quote online, consumers must provide a few property details, as well as their contact information and reason to refinance, and a loan officer will contact them to discuss the different refinancing options they may qualify for.

Screenshot newamericanfunding.com, May 2021

Top-rated Service

New American Funding has serviced over 120,000 loans nationwide during its 15-year history. The company has positive reviews across several consumer review websites, (Zillow, the Better Business Bureau,  with numerous entries praising the company’s staff and services. The company values reviews so much that they’ve implemented a unique system in which each incoming review automatically gets sent to loan officers’ social channels. The goal is to be proactive, and help the customer service department to quickly resolve any issues. New American Funding offers customer support via email, over the phone, or at one of its physical branches.

Best for Comparing Multiple Options

Founded in 1996, LendingTree is one of America’s largest online lending marketplaces. The company is headquartered in Charlotte, North Carolina, and its products and services include auto loans, small business loans, personal loans, credit cards, and a variety of home loans.

LendingTree is a good starting point for those who want to shop around and compare rates from multiple lenders, as well as explore the different refinancing options they might be eligible for, without commitment. LendingTree’s large network of partners include Ally Bank, BNC National Bank, HomePlus Mortgage, and ConsumerDirect Mortgage, all of which hold an excellent A+ rating on the Better Business Bureau’s website.

Screenshot lendingtree.com, May 2021.

To view and compare lenders, consumers must answer a short questionnaire with the type of property they want to refinance (single family home, townhome, condominium, etc.), property use (primary home, secondary home, or rental property), reason to refinance, estimated home value and remaining balance on the mortgage, approximate credit score, any history of late payments, foreclosures or bankruptcy, military status (if applicable), desired cash-out amount, and contact details.

It’s worth noting that the company will ask for the last four digits of your social security number in order to create an account and redirect you to multiple lender quotes. However, this won’t impact your credit score, since it’s only for identity verification purposes.

Plenty of Online Tools

When consumers visit LendingTree’s website, they can access a mortgage refinance calculator; a table displaying current rates based on your city, state, home value, mortgage balance, home type and credit score; a mortgage refinance document checklist; and articles about mortgage refinance.

Screenshot lendingtree.com, May 2021.

The website also offers a Mortgage Comparison Shopping Report designed to let consumers know how much they can save each week just by comparing mortgage rates side by side, a table detailing the average costs and fees of refinancing, and information about the pros and cons of each type of mortgage refinance loan.

Financial Help Available

One of the many perks of using LendingTree is that the company can connect you to debt relief and credit repair agencies to improve your financial health. The website also offers educational articles to understand bankruptcy and a free credit analyzer.

Best For Consumer Education and Guidance

loanDepot is a direct lender that offers consumers a wide range of home finance solutions, including first mortgages, refinancing, and new construction loans. Although loanDepot is not a mortgage marketplace, the company offers consumers a number of refinancing choices that rivals mortgage marketplaces. These include fixed- and variable-rate mortgages with multiple term options and cashout refinancing. Homebuyers and homeowners who qualify for government-backed loans may be able to borrow through loanDepot at lower rates and with credit qualifications that may not satisfy conventional mortgage lenders.

loanDepot also stands out from the crowd for the wealth of information it provides homeowners who are considering refinancing. While you may be directed on the loanDepot website to begin the process of applying for a new mortgage immediately, it pays to spend some time exploring the site. loanDepot offers some of the most comprehensive educational materials we've seen among mortgage refinancing companies. The company can help borrowers decide whether refinancing makes sense under their particular financial circumstances. loanDepot then provides a clear description of the refinancing process and can help borrowers zero in on the loan that best suits their goals and needs.

loanDepot publishes straightforward explanations of the different loan options the company makes available. Its online FAQ section is detailed and easy to understand. The company provides calculators that allow borrowers to explore multiple loan scenarios independently before engaging with a loan officer.

What's more, loanDepot has adopted a strict "no-steering" policy that ensures its loan officers are not incentivized to guide borrowers toward particular mortgage solutions. Instead they are pledged to look after borrowers' interests first and trained to find the most beneficial solution for every customer. Customers can complete the loan prequalification and applications entirely online if they choose or to walk through the process with a mortgage expert at one of 180 locations. 

Screenshot from loanDepot.com 05/04/2021

We give loanDepot top marks for transparency, objectivity, and consumer education resources. With its wide range of mortgage options, we also are impressed by the company's ability to offer borrowers the most advantageous mortgage solution for their needs and work with them in the way they're most comfortable.

Best for Affordable Refinancing

SoFi is a California-based online lender that offers private student loans, student loan refinancing, personal loans, and home loans, among other products and financial services. The company was founded in 2011 and currently services over 700,000 clients across the nation.

Screenshot sofi.com, May 2021.

SoFi’s innovative approach to lending makes it an excellent choice for consumers with a busy lifestyle that don’t have time for multiple visits to a local branch, and feel more comfortable with a full digital experience instead. With SoFi, consumers can apply for 15 and 30-year fixed rate loans, as well as for different adjustable rate loans and cash-out loans.

Applying for a loan through SoFi’s website is simple. You can see if you qualify for any of the company’s refinance products in less than two minutes by entering a few personal details, along with information about the property you wish to refinance. Since SoFi is an online lender, it can offer consumers lower rates than the average lender. It can also process the information faster, streamlining the refinance process. The company also allows consumers to refinance with a 90% loan-to-value ratio, which is 10% more than the industry standard.

Student Loan Cash-out Refinance

SoFi’s Student Loan Cash-out refinance offers consumers the possibility of accessing their equity to pay off their student loan debt. By choosing this option, the company will directly pay down your student loan balance by disbursing the funds to your servicer.

Screenshot sofi.com, May 2021.

Using this option to settle your student loan debt could be a smart choice, particularly if you have private student loans with high interest rates. Mortgage rates are historically low, which means that by choosing this type of refinancing you can potentially save thousands of dollars and pay off your student loans faster.

No Prepayment Penalties

Unlike other lenders that charge hefty penalties for paying off your loan faster, SoFi has no prepayment penalties or hidden fees. The company’s members also gain an additional 0.125% rate discount on their refinance loans and access to financial advisors.

Something that makes SoFi stand out from other lenders is the company’s outstanding borrower support. For example, if a member should lose their job while they’re still paying off the loan, the company will allow the borrower to stop payments temporarily and will provide them with career counseling to help them get back on their feet.

Variety of Loan Programs

Freedom is a financial services company that offers home lending, pre-settlement funding, structured settlements and annuity purchasing tailored to each customer's personal situation, capitalizing in offering low rates and a variety of home loans. Due to its multiple financial products, Freedom can be a great home lending alternative for customers who are interested in conducting business with a reliable lender but want flexibility.

They also offer a handy refinance calculator to help consumers figure out whether a refinance might lower their monthly payments.

Screenshot freedom.com, May 2021.

Application Process

After applicants request a quote, Freedom provides them personalized rate results through its online system. A representative will analyze these results and contact the applicants to discuss the products that best fit their needs. Freedom enables customers to connect online with its financial officials or over the phone. Its requirements are standard for the industry, including a minimum credit score and financial information.

Features

Whether you need to refinance your current mortgage, sign up for a prepaid card, or get a personal loan, Freedom can work with customers to find a possible way to assist them. It offers, in almost every case, eight types of mortgages, including adjustable- and fixed-rates, FFHA, HARP, Jumbo, USDA, and VA loans. Common loan terms are 15 and 30 year periods. It has an online mortgage calculator where customers can determine monthly payments using current rates prior to applying for a loan.

Freedom’s wide portfolio of financial products simplifies the mortgage application process by allowing customers to compare options that meet their needs.

Best for Flexible Refinancing

PennyMac Loan Services, LLC, simply known as “PennyMac”, is a top national mortgage lender based in Westlake Village, California. The company has been operating since 2008, and services over one million clients nationwide.

Screenshot pennymac.com, May 2021.

PennyMac has one of the widest selections of mortgage refinance loans in the market. The company offers conventional fixed- and adjustable-rate mortgages, jumbo refinance loans, VA, VA IRRRL, USDA, USDA streamline, FHA and FHA streamline loans, as well as a variety of cash-out refinance loans. PennyMac also offers refinance loans with flexible terms that allow consumers to choose their own pay-off date.

Consumers can apply for a mortgage refinance loan online through the company’s Mortgage Access Center or over the phone. PennyMac’s Mortgage Access Center is a platform that allows consumers to get their credit score, check their loan status, upload documents and import bank statements for a faster refinancing process.

Additionally, consumers can get a free quote online by entering their estimated home value, mortgage balance and credit score, the property’s zip code, reason for refinancing, and current type of mortgage.

Screenshot pennymac.com, May 2021.

Home Value Estimator

Knowing your home’s worth prior to refinancing is the key to knowing how much you’ll be able to borrow or how much equity you’ll have access to. PennyMac’s Home Value Estimator gives you an estimate of your property’s value by analyzing data found on Zillow’s home valuation tool, Zestimate.

To get an estimate, simply enter your street address on the Home Value Estimator. Once you submit this information, you’ll get a report that also includes the estimated price per square foot, sales history, and value history for other properties in your area.

Learning Center

PennyMac’s website features an online learning center where consumers can browse articles from PennyMac’s Mortgage Blog to get the latest mortgage news and refinance tips. The company also offers a complete guide on how refinancing works and its different benefits and risks.

• ​​​​​​Provides personalized service to its customers
• Financial experts with over 15 years of experience
• A+ rating with the Better Business Bureau
• Mortgages down to a 560 credit score with a 10% down payment
• Application process for the initial offer is free of cost
• Educational information about the types of loans available online
• Simplifies the process for mortgages