Here is 4 Best Mortgage Refinance Companies of 2022

Best Mortgage Refinance Companies


* This article is not meant to constitute financial advice. Please seek a financial advisor if you need financial assistance.

(Ad) Whether you struggle to make your monthly mortgage payments or need some cash for a bathroom renovation, you may consider refinancing your home loan. Many Americans could benefit from refinancing their mortgages for lower payments, better interest rates and other benefits.

With so many refinance options available today, from banks to online lenders, it can be tough to choose the best option for you. Keep reading if you’re considering a refinance but don’t know which mortgage lender to use.

We reviewed the top mortgage refinance companies to bring you a list of the five best mortgage refinance lenders of 2022. We evaluated each refinance lender on a variety of factors including interest rates, company reputation, fees, application process, and user reviews.

Here are the 5 best home refinance lenders of 2022.

The 5 Best Mortgage Refinance Companies of 2022

  • Rocket Mortgage: Best mortgage refinance lender overall
  • Zillow Home Loans: Best for low fees
  • loanDepot: Best customer service
  • New American Funding: Best loan refi options
  • Amerisave: Best online application process

#1. Rocket Mortgage

Rocket Mortgage, formerly known as Quicken Loans, helps millions of people across the United States find mortgage loans. The company’s aim (and we believe it succeeds) is to provide a simple process for getting and refinancing mortgage loans.

When Quicken Loans became Rocket Mortgage in 2015, it provided the first online platform for mortgage loans and mortgage refinancing. It developed into the nation’s largest lender for residential mortgages within two years.

Rocket Mortgage made our list of top mortgage refinancers because it excels in customer satisfaction and support. In fact, J.D. Power named Rocket Mortgage among the top three in customer satisfaction in the U.S. for the past eight years. Rocket Mortgage services 99% of its mortgage loans, so you can rest assured that your loan will be serviced by the people you want, not random banks.

Rocket Mortgage can help you with your mortgage refinance, whether you want to shorten your loan term, reduce your monthly payment, or take cash out of your home equity to pay down debt or complete a remodeling project. Unlike using a bank or credit union, the Rocket Mortgage loan process happens online for a quick and painless refinance experience.

Refinance Loan Types Offered

Rocket Mortgage offers many refinance loan options, including:

  • Conventional loans
  • ARM loans
  • FHA loans
  • VA loans
  • Jumbo loans

Credit Score Requirements

The minimum credit score requirements are 620 for most mortgage loans and 580 for FHA loans.

* A note on credit scores. All credit score requirements listed in this article refer to general conditions. Some lenders may consider lower scores on a case-by-case basis.


  • Highest loan origination in the nation in 2021
  • Simple online application process
  • Fast, convenient online process for mortgage refinancing
  • In-house loan servicing for 99% of loans
  • Customer-selected closing times and locations
  • High customer satisfaction
  • Experts available seven days a week to offer support
  • Convenient mobile app


  • No in-person customer service
  • No USDA loan offerings
  • Ill-suited online process for self-employed individuals

Click Here to Check Rates or Learn More About Rocket Mortgage

#2. Zillow Home Loans

You’ve likely used Zillow to browse homes for sale in your area, but it’s more than just a home search platform. Zillow offers a vast mortgage loan marketplace that helps customers connect with lenders across the U.S. You’ll find mortgage refinance options from banks, brokers, credit unions, and its in-house lender, Zillow Home Loans.

Zillow makes the refinance process easy whether you already have a lender in mind or need to see options for a specific loan type. Refine your loan search by location, loan terms, cash-out amount, and more, or allow Zillow to match you with the best refinance lenders using your information.

Borrowers who use Zillow for mortgage refinancing enjoy fast service customized to their needs and excellent customer service. The company provides customers with well-rounded support via mail, phone, and email. Past customers report friendly, helpful, and timely customer support.

Zillow also provides customers with many helpful resources, including its mortgage calculator, refinance calculator, debt-to-income calculator, guides to home loans and home loan refinancing, and a comprehensive directory of lenders. These resources provide essential information if you’re unsure whether or not to refinance your mortgage.

Refinance Loan Types Offered

Offered refinance loan types include the following:

  • Conventional loans
  • Fixed interest rate loans
  • ARM loans
  • FHA loans
  • VA loans
  • Jumbo loans
  • USDA loans (in certain states)

Credit Score Requirements

Zillow requires a minimum credit score of 680 for a conventional loan, 640 for a USDA loan, 620 for a VA loan, and 580 for an FHA loan.


  • Fast mortgage refinancing
  • Easy online application process
  • Wide variety of refinance loan options
  • Vast network of refinance lenders
  • Customizable loan options to meet specific needs
  • Competitive interest rates
  • Customer-focused company values
  • Handy mobile app


  • Can’t provide loans to all 50 U.S. states
  • Higher minimum credit score requirements
  • Affiliate lender elevated over other lenders

Click Here to Check Rates or Learn More About Zillow Home Loans

#3. loanDepot

We included loanDepot on this top five list because its easy mortgage refinance process makes it a top mortgage refinance company. loanDepot has been an online lender for home loans since 2010, offering an easy digital mortgage platform and a variety of loan products. Since its founding, it has funded more than $275 billion in consumer loans.

The company operates under a commitment to ethical, transparent, and valuable service. It provides the guidance and tools to find the best refinance loan for your situation, whether you need an adjusted interest rate or a lower mortgage payment.

Mello, loanDepot’s proprietary software, provides straightforward loan transactions by streamlining information collection and verification. Friendly loan officers support the digital refinance process without influencing customers to choose one loan over another option. Agents don’t work on commission, so they are incentivized to help customers, not steer them.

Available tools include a refinance calculator to help you assess your financial situation and a refinancing guide to walk you through the process. The platform provides a simple, fast way to consolidate debt, lower your interest rate or monthly payment, change your loan term, or take cash out of your home equity.

Refinance Loan Types Offered

loanDepot offers various loan options for refinancing, including:

  • Conventional loans
  • Fixed-rate loans
  • ARM loans
  • VA loans
  • FHA loans
  • HARP loans

Credit Score Requirements

loanDepot requires a 620 minimum credit score for most loan products and a 580 minimum credit score for an FHA loan.


  • Fast online home loan refinancing
  • Simple online application process
  • Licensed to operate nationwide
  • More than 200 lending stores across 43 states
  • Lender fees waived for repeat customers
  • Loan agents available for phone support
  • Agents not driven by commission
  • $179 billion in mortgage refinance loans


  • No public loan rates
  • Rate quotes require personal information
  • No USDA loan offerings

Click Here to Check Rates or Learn More About loanDepot

#4. New American Funding

New American Funding is a privately-owned mortgage refinance lender founded almost two decades ago by a husband and wife team. Rick and Patty Arvielo, who specialize in technology and the mortgage industry, respectively, aimed to create a fast digital mortgage process that prioritized equality for borrowers and employees. The company’s commitment to inclusion for minority borrowers cemented its place among our top five mortgage refinance lenders.

Customers who have used New American Funding for home loans and mortgage refinancing report being supported by a helpful and knowledgeable team who always make themselves available to answer questions. The most frequently repeated phrases found in reviews include “friendly,” “kind,” “professional,” and “fast.”

Website resources include convenient calculator tools. The refinance calculator allows you to calculate what kind of monthly mortgage payment you can expect after refinancing, and the amortization calculator calculates how much you’ll pay before the end of the loan term. The website also includes helpful information to help customers understand the refinancing process and decide if they should refinance.

New American Funding provides many types of refinance loans, so you can find the best loan product to fit your situation. You’ll find support at every step from one dedicated loan agent.

Refinance Loan Types Offered

New American Funding provides many loan types, including:

  • Conventional loans
  • VA loans
  • FHA loans
  • ARM loans
  • Jumbo loans
  • USDA loans

Credit Score Requirements

A conventional loan requires a 620 minimum credit score, while a USDA, FHA, or VA loan requires a 580 credit score.


  • Fast and convenient refinancing options
  • Online and phone application processes
  • Professional and helpful loan officers
  • 167 locations across the nation
  • Spanish-speaking agents available
  • Customer-focused company
  • Quick responses to concerns and questions
  • Convenient mobile app


  • High mortgage origination fees
  • Does not service Hawaii
  • Rates unavailable without a quote

Click Here to Check Rates or Learn More About New American Funding

#5. AmeriSave

Founded in 2002, AmeriSave is an online lender that provides fast online refinancing for mortgage loans. It is one of the largest privately-owned mortgage loan companies in the U.S., having served more than $103 billion in loans in the past 20 years.

Founder Patrick Market believes in the power of innovation and working directly with his team to provide mortgage financing. The company’s proprietary platform streamlines the once paperwork-driven loan origination process and helps customers get better, faster financing.

AmeriSave reviewers report excellent communication, quick service, and an easy loan process. Customers can contact the company via email, mail, or phone if they have any questions or concerns during the mortgage refinance process.

The AmeriSave website includes several great resources, including guides and calculators for loan estimates. Use the refinance calculator to determine if refinancing can help you save money. Other calculators include a mortgage payoff calculator and a cash-out refinance calculator.

AmeriSave is one of the best mortgage lenders because it takes customers through the home loan refinance process entirely online for a convenient and fast experience. They can provide great options, whether you need to refinance for a better term or interest rate or you want to use your home equity for debt consolidation or home improvement funds.

Refinance Loan Types Offered

AmeriSave offers the following loan products for mortgage refinancing:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans

Credit Score Requirements

AmeriSave requires a minimum credit score of 620 for a conventional loan, 640 for a USDA loan, and 580 for a VA loan.


  • Fast online mortgage refinance loans
  • Easy online application
  • Recommended by 94% of customers
  • Chat and phone customer support
  • Zillow five-star lender
  • Licensed to serve in 49 states
  • Competitive interest rates
  • Flexible options for loan repayment


  • May have a high loan origination fee
  • $500 application fee
  • Not licensed in Hawaii

Click Here to Check Rates or Learn More About Amerisave

How We Ranked the Best Mortgage Refinance Lenders

We considered many factors in choosing our list of the five best mortgage refinance companies, prioritizing lenders with reasonable origination fees, competitive mortgage rates, and other favorable qualities. Let’s look at the ranking criterias we used, what they mean, and how they affected how we ranked our top companies.

Origination Fees

A lender charges a loan origination fee to the borrower as payment for executing a new loan. These fees can add a lot of financial burden to the refinance process, so we ranked companies with lower costs higher on our list during our review process.

Mortgage Rates

The mortgage refinancing companies listed above offer competitive mortgage rates, allowing customers to find loans with the best possible rates. Not every lender on our top five list provides rates without personal information, but they all offer great rates to qualified borrowers. Remember to get several quotes (at least three) when shopping for your refinance loan to find the best rates available.

Online Application Process

Before online loan platforms, borrowers were forced to juggle endless paperwork and visits to the bank to get a mortgage loan. These five companies provide user-friendly online platforms that offer simple, quick refinance processes. Many of them can handle a refinance loan completely online and in a matter of days.

Percentage of Business Dedicated to Refinance Lending

When looking for a home loan refinance company, you want a lender whose focus is on mortgage services. Refinance lending is a top priority for these five mortgage lenders, so you can rest assured they have the knowledge and expertise to help you find the best loan for you.

Customer Service

Good customer service proves essential when it comes to online services. Our five best mortgage refinance lenders all provide excellent customer service. Some even offer in-person service at brick-and-mortar locations around the country.

We scoured reviews to find the ones customers liked working with. Most customers of these mortgage refinance lenders report great communication, responsiveness, and professionalism.

Why Should You Refinance Your Home Loan?

Many reasons exist for refinancing a mortgage loan. Some homeowners seek to refinance to shorten or lengthen loan terms or get better rates. Others refinance using cash-out refinance loans that, similar to renovation loans, allow homeowners to use their accrued equity to pay off high-interest debts or fund home renovation projects.

Let’s look more closely at why you might consider refinancing your home loan.

Better Loan Term

Borrowers refinance to switch loan terms for various reasons. On the one hand, a borrower may refinance to get a longer term, lowering monthly mortgage payments. Another borrower may shorten a loan term to pay it off sooner and pay less interest overall.

Could you use a lower monthly payment to help you with your budgeting? Do you have some extra income that could be used to pay off your mortgage in half the time? Consider refinancing for a better loan term.

Better Mortgage Rate

Many borrowers refinance their mortgages to get better rates, such as lowering the interest rate or switching from an adjustable to a fixed-rate mortgage loan. Getting lower mortgage rates can help borrowers by reducing monthly payments, as can switching to fixed-rate loans.

Some borrowers switch from fixed interest rates to adjustable-rate mortgages. For example, if they intend to move after living in the home for just a few years, borrowers may change from a fixed-rate loan to an adjustable-rate mortgage (ARM) to take advantage of lower rates in the short term.

Refinancing does not guarantee a lower interest rate. Rates depend on several factors, including current market trends and the borrower’s credit score from the three primary credit bureaus or alternative credit data.

No More Private Mortgage Insurance (PMI)

Most home loans require private mortgage insurance (PMI) if the lender makes a down payment of less than 20%. VA loans are an exception to this rule as they often do not require mortgage insurance.

For borrowers who made a smaller down payment, refinancing may allow them to stop paying for PMI. If the remaining loan amount is less than 80% of the home’s value, the borrower no longer needs PMI. Eliminating PMI can significantly reduce monthly payments.

Using Home Equity

When a borrower uses a refinance loan to convert home equity into cash, it’s called a cash-out refinance. This type of refinancing allows the lender to use the equity they have accrued to fund other things.

A cash-out refinance can help consolidate high-interest debt from credit cards, medical bills, or a second mortgage. Borrowers also use this alternative to home equity loans to pay for home improvement projects, such as kitchen remodels and home additions.

A homeowner may use their home equity to make a down payment on an investment property they intend to rent out or flip for a profit or a down payment for another sizable purchase.

When Not To Refinance

Refinancing proves helpful for many homeowners, but not everyone will benefit from refinancing their mortgages. If you’re considering refinancing your home loan, consider the following circumstances not ideal for refinancing. Do any of these apply to you?

You want to sell your home soon. Refinancing a mortgage loan costs money, including lender fees and closing costs. If you plan to move out of your home within the next few years, refinancing may not be the best option for you because it may not be worth it. Make sure you have enough time to offset closing costs and other fees before you refinance your home loan.

Your existing mortgage is more than 10 years old. Once a mortgage loan reaches a certain point, the borrower’s monthly payments pay off more and more principal instead of just interest. This process starts over when you refinance, which means you’ll start paying down all of that interest again instead of continuing to build equity.

Prepaying your current mortgage will cost you. If your lender charges prepayment fees, which means you get charged for paying early on your mortgage loan, refinancing could cost you more than it saves. Some lenders waive prepayment fees for refinances, but not always. Check with your current lender if you’re not sure whether or not your mortgage includes prepayment costs.

You have a lower credit score. If your credit score is lower than it was when you applied for your existing mortgage, it may not be worth it to refinance. Interest rates depend partly on the borrower’s credit score, so you may not get a lower interest rate if your score has declined. Check your credit score using free bureau scores and alternative credit data.

Consider these factors before deciding on a mortgage refinance loan. Is refinancing worth it in your case?

Common Requirements for a Mortgage Refinance

Just as you had to qualify for your original home loan, you must meet specific requirements to refinance your mortgage. Consider the criteria described below to decide if refinancing may be an option in your case.

Credit Score

Most mortgage lenders enforce minimum credit score requirements for refinance loans based on industry or company standards. For example, Federal Housing Administration (FHA) loans require a minimum credit score of 580, while most conventional loans require scores of at least 620, and many jumbo mortgages require scores of 680.

Before granting you the preapproval, a lender will run your credit report and use your credit score to help determine whether or not you are eligible.

Debt to Income Ratio

Mortgage lenders use a borrower’s debt to income ratio (DTI) to help determine the risk of working with them. Calculating DTIs involves adding up all monthly debt payments, including your child support or alimony payments, and dividing that number by your gross monthly income. Multiply this number by 100 to convert it into a percentage. This is your DTI.

Most loans require DTI percentages lower than 43%, but this is not always the case. For example, FHA loans, which have less stringent requirements, may require a DTI of less than 57%, allowing more borrowers to get home refinance loans.

Home Equity: Loan to Value Ratio

Lenders also evaluate the risk of giving you a loan using the loan to value ratio (LTV) of your current mortgage. The LTV is calculated by dividing the outstanding mortgage balance by the current home value and multiplying by 100 to convert the answer into a percentage. Refinance lenders typically require LTV percentages below 80%, especially for cash-out refinance loans.

If you paid a down payment of at least 20%, you might already have the equity needed to refinance. The higher the down payment, the lower the LTV will be.

Paperwork Requirements

In addition to the requirements above, refinancing requires various paperwork. Gather the following documents before you refinance for a smooth process:

  • A copy of your ID (issued by the government) or Social Security card
  • Pay stubs for the past 30 days
  • W2s for the past two years
  • Tax returns for the past two or three years
  • Bank account statements
  • Investment account statements
  • Statements for other assets

Types of Mortgage Refinances

The type of mortgage refinance loan best for your situation will depend on why you want to refinance. Let’s look at the most commonly used types of mortgage refinance loans and the reasons homeowners choose them.

Rate and Term Refinance

When mortgage refinance rates reach industry lows, many people refinance their mortgages to take advantage of a lower interest rate. In these instances, the new loan covers the remaining loan balance on the current mortgage with different rates, usually resulting in lower payments.

A borrower might also switch between an adjustable and fixed-rate mortgage or change the loan term using this type of refinancing. For example, a borrower might replace a 15-year loan with a 30-year loan to reduce their monthly mortgage payment.

Cash-Out Refinance

Borrowers use cash-out refinancing options as alternatives to home equity loans and renovation loans. Cash-out refinancing raises the remaining loan balance to provide the homeowner with the cash they need for other projects and debts.

To qualify for a cash-out refinance loan, the borrower must have enough home equity for the loan amount they want. A refinance lender usually requires a certain LTV percentage for cash-out eligibility.

Cash-In Refinance

A cash-in refinance is essentially the opposite of the cash-out option. Instead of taking money out of the equity, the borrower puts money in, usually for lower interest rates and shorter loan terms. Borrowers opt for cash-in refinances when they want to save on interest over the duration of the loan.

Streamline Refinance

Some loan types offer streamlined processes for refinancing. If you have a VA, USDA, or FHA loan, you may be able to refinance without needing a new appraisal. There is also less paperwork involved with a streamline refinance.

Because each loan option includes different eligibility requirements, specific qualifications depend on what type of mortgage you have. The most common reasons borrowers use streamline refinancing are to lower interest rates and change loan terms.

No Closing Costs Refinance

Some refinance options don’t require paying closings costs, which saves borrowers money in the short term. However, they may pay more in the long-term due to higher mortgage rates for options with no closing costs.

Tips for Choosing the Best Mortgage Refinance Company

Choosing the best mortgage refinance company for you requires a bit more thought than picking randomly from a top-five list like this one. Consider the following tips for choosing the best mortgage lender for your situation and needs, whether you’re considering an online lender, a local credit union, or a national bank.

Know Your Credit Score

In today’s world, many options exist for learning and tracking your credit score. Besides using services like Credit Karma and Credit Sesame, you might be able to get your updated score from your bank, credit union, or credit card company. For example, Discover cardholders can check their FICO scores right from the app.

Try to find scores from several credit bureaus to get the best idea of what a lender will see when they pull your credit report. When you know where your credit currently sits, you’ll have a better idea of whether or not you meet minimum credit score requirements.

If you already track your credit score, seek alternative credit data from other resources to compare with what you already have and look for more opportunities to build your credit. Many credit resources provide tips and personalized suggestions to help users build higher credit scores.

Get More Than One Quote

Instead of accepting the first quote you get from a lender, shop around to find out if another company offers better mortgage rates or terms or less strict qualification requirements.

Seek other quotes even if you believe you’ll go with that first lender. If lenders know you’re shopping around, they may make more competitive offers.

Understand APR vs. Interest Rate

When looking at mortgage rates, most borrowers focus on the interest rate or assume the annual percentage rate (APR) is the same thing. Although APR does include the interest rate, these numbers are not the same.

An interest rate, also called the payment rate, determines how much interest you will pay to the lender based on how much you borrowed. The APR includes the interest rate and also any other fee charged by the lender. Borrowers must consider the APR of a loan to find the best option because this number provides a more inclusive picture of the loan offer.

When you’re comparing quotes from several lenders, be sure to look at the APR instead of just focusing on the interest rate.

Negotiate Lender Fees

Many borrowers don’t realize that lender fees are negotiable, such as the loan origination fee. Ask each lender precisely what they will charge you in origination fees, and compare them to the other lenders. If you find a great refinance loan option but the lender charges more in origination fees, try to negotiate the cost closer to what the other lenders are charging.

Consider Lender Specialties

Many lenders work within a niche, mainly providing one type of mortgage refinance loan. One lender might specialize in conventional loans, while another focuses on jumbo mortgages. Some lenders understand the ins and outs of government loans, such as USDA or FHA loans, while others specialize in VA loans.

If you can find a lender specializing in the type of loan that’s best for you, consider their services. Sometimes, processes become overly complicated or time-consuming simply because the lender has never worked with a particular loan type before or only does so on rare occasions. By choosing a specialist, you can avoid these types of issues.

What Costs Are Involved in Refinancing Your Mortgage?

Although there is no down payment when refinancing a mortgage, you will have to pay closing costs just like you did when you got your initial home loan. Be sure to read your Closing Disclosure carefully to understand all the costs involved and track payment deadlines.

Some examples of closing costs include the fee for a new appraisal if required, applicable attorney fees, title search fees, notary and recording fees, and other lender fees. During refinancing, borrowers also face other costs, including prorated property tax, insurance, and interest costs.

The good news is, you may be able to cover these costs by adding the amount to your new loan. For this option to work, you must have enough home equity.

Are Online Refinance Lenders Better Than Banks?

Online lenders offer several advantages when compared to traditional lenders. If you choose to refinance online, you may get lower interest rates and lender fees because an online lender’s overhead costs tend to be lower than those of a bank or credit union. You can also complete the process from the comfort of your own home, on your time and at your convenience.

Despite these benefits, the honest answer to this question is it depends. An online mortgage lender may provide a quicker, more convenient process, but a local credit union provides one-on-one in-person service, which some homeowners prefer when dealing with finances.

Every borrower is different and expects certain things from mortgage lenders. Consider what lender qualities are most important to you before deciding on which type to use for your mortgage refinancing.

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