CrossCountry Mortgage ranks as the best overall refinance lender, according to Money's review of 35+ lenders. The company accepts a minimum credit score of 500 and closes loans in as little as 21 days. It offers rate-and-term, FHA, VA, USDA, cash-out, renovation, and HELOC refinances, with maximum jumbo loan amounts of $10 million. CrossCountry operates in all 50 states, Washington D.C., and Puerto Rico.
New American Funding offered the lowest rates during the evaluation period, with rates as low as 6.866% APR on a 30-year fixed conventional loan. The lender accepts credit scores of 500 or lower on some products and offers flexible terms including interest-only loans.
Navy Federal Credit Union specializes in VA loans for military members. As of October 30, the lender offered VA refinances up to 100% loan-to-value at 6.930% APR with a 60-day rate lock. Membership is required. The company charges a 1% origination fee but allows you to waive it for a 0.25% rate increase.
Rocket Mortgage receives consistently high customer satisfaction ratings on Trustpilot and J.D. Power surveys. The lender offers a fully online application and charges no lender fees. Sample rates start at 6.927% APR on a 30-year conventional loan with 1.875 points.
Refi.com charges no origination or lender fees, only title and escrow costs. The lender offers loan terms ranging from 10 to 30 years in five-year increments and is available in 44 states.
Refinance closing costs typically run 2% to 6% of the loan amount. A rate reduction of 0.75% to 1% generally justifies refinancing.