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Best Refinance Mortgage Lenders of July 2021
Lower your monthly mortgage payments
Refinancing your mortgage loan can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best refinance rates for you.
Best Refinance Mortgage Lenders of July 2021
Refinancing your mortgage loan can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best refinance rates for you.
Best Refinance Mortgage Lenders of July 2021
Last Updated July 2021
Selected mortgage lenders for you
9.8
1
Digital lender with great rates
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9.4
2
No fees & commissions
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9.1
3
Nation’s largest mortgage lender
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Loan Purpose
Refinance
Credit Score
Good (690-719)
+ Filters
Filters
Loan Purpose
Purchase Refinance Home Equity
Credit Score
Excellent (720-850) Good (690-719) Fair (630-689) Poor (350-629)
How We Score
We show product scores to help you choose the right mortgage for you. Here’s how they’re calculated
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
TrustPilot Score
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
User Engagement Score
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated based on the number of clicks a brand’s chart listing has received in the past 7 days. The greater the proportion of clicks a specific brand receives relative to the other brands listed on the chart, the higher their user engagement score.
The User Engagement score is calculated separately based on the user’s device (mobile engagement is scored independently of desktop engagement, for example), and also by the specific type of mortgage loan they are comparing.
The brand’s chart position is influenced by the compensation we receive from such brand. In some cases, this may also impact a brand’s User Engagement score.
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Our Score
9.2
Excellent
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 8,448 Reviews
4.2
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
8.5
Very Good
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 610 Reviews
4.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
8.3
Very Good
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 18,178 Reviews
4.4
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
7.1
Fair
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 3,391 Reviews
3.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
8.2
Very Good
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 37 Reviews
4.6
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
Type of lender
Direct
Direct
Direct
Direct
Direct
Bottom line
Digital lender with strong reputation
Fintech mortgage lender
America's largest mortgage lender
Very fast closing times
Fast-growing independent mortgage lender
Top feature
Variety of closing cost options
No fees & commissions
Custom loans to suit your goals
Instantly uploads your financial information
Customizable interest rate and terms
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Key figures
Repayment terms
10-30 years
15-30 years
8-30 years
10-30 years
8-30 years
ARM terms
5/1, 7/1, 10/1
5/1, 7/1, 10/1
5/1
3/1, 5/1, 7/1, 10/1
5/1, 7/1, 10/1
Credit Score
620+
620+
620+
620+
620+
Loan Types
Conforming
Jumbo
Loan that exceeds FHA’s conforming limits, usually more than $424,100.
Max $1.5m
Max $3m
Max $3m
FHA
Government-backed loan for borrowers with low credit, with 3.5-10% down payment
VA
Government-backed loan for military personnel and veterans
USDA
Loans backed by Department of Agriculture for rural and suburban homes
Operations
More Info
Bottom Line
Digital lender with strong reputation
Fintech mortgage lender
America's largest mortgage lender
Very fast closing times
Fast-growing independent mortgage lender
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30 Year Fixed APR: 2.471%
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 8,448 Reviews
4.2
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
1
Low Rates
  • Get pre-qualified in 3 minutes
  • View rates without hard credit Pull
  • Digital lender with strong reputation
9.2
Excellent
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866-814-0321
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Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 610 Reviews
4.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
2
  • Free rate-lock feature
  • Instant loan estimates
  • Top-rated lender with no fees or commissions
8.5
Very Good
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Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 18,178 Reviews
4.4
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
3
  • America’s largest mortgage lender
  • Real-time updates on loan progress
  • Custom loans to suit your goals
8.3
Very Good
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888-900-4093
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Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 3,391 Reviews
3.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
4
  • Closure in as little as 8 days
  • Skips paperwork and appraisal
7.1
Fair
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Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 37 Reviews
4.6
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
5
  • Independent mortgage lender
  • Customizable loan options
  • Flexible repayment terms
8.2
Very Good
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Our Best Overall
30 Year Fixed APR: 2.471%
Our brand scores, which are rated on a scale up to 10, are a sum of the TrustPilot and User Engagement scores
Based on 8,448 Reviews
4.2
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
NaN
Best Overall
  • Get pre-qualified in 3 minutes
  • View rates without hard credit Pull
  • Digital lender with strong reputation
9.2
Excellent
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866-814-0321
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Introduction to Mortgage Refinancing
With interest rates near historic lows in 2021, now is the perfect time to consider refinancing your mortgage. A mortgage refinance involves paying off the old loan and replacing it with a new one from a lender of your choice. People refinance for a variety of reasons, including reducing their interest rate, shortening their repayment term, and tapping into home equity to access cash.
The most important thing to know about refinancing is that it involves closing costs, so it only makes sense to refinance if the new interest rate is substantially lower than the old one. In principle, the more time that has elapsed since your initial mortgage began, the wider the gap in interest rates needs to be for a refinance to be profitable. As a rule of thumb, in the early years of a mortgage a 0.75% lower interest rate should be enough to deliver savings, while in the mid-to-late years of the repayment term, a 1-2% lower interest rate is needed. Of course, always do your own calculations before refinancing.
Types of Mortgage Refinancing Products
Standard refinance
A standard refinance follows the same rules as a standard mortgage, with a choice of conventional loan or a government-backed loan such as an FHA loan or VA loan. Basically, you pick the mortgage product that suits you and use it to take out a new loan, replacing your old loan. The maximum loan-to-value (LTV) on a standard refinance ranges from 80-97%, depending on the lender and loan type.
Cash-Out Refinance
A cash-out refinance is when the new mortgage is greater in value than what you owe on the old loan, allowing you to cash out the difference. A cash-out refi can be used for any purpose such as paying off debt, paying tuition fees, making home improvements, or putting money away for a rainy day.
No-Cost Refinance
As mentioned in the intro, refinancing involves 2-6% closing costs, just like a regular mortgage. However, there is the option of not paying closing costs through what’s known as a no-cost refinance. The way it works is that the lender agrees to waive upfront closing costs in return for your commitment to spread the costs over the life of the loan. This is a great way to obtain the benefits of a refinance without having to pay anything now.
Streamline Refinance
A streamline refinance refers to the refinance of an existing FHA streamline loan (a type of FHA mortgage loan requiring limited borrower credit documentation). A streamline refinance reduces the time and costs to get a refinance. To qualify, your original mortgage must have been an FHA loan, the mortgage must be current (not delinquent), and the refinance must result in a benefit to you (by law, the lender cannot put you in a worse position in regards to the interest rate or repayment term).
Our Top Mortgage Lenders
#1
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Pros
  • Offers Fannie Mae 3% down conventional loans
  • Loan experts are on hand to assist at any time
  • Full suite of non-conventional loans
Cons
  • Rates not advertised publicly
  • No weekend phone hours
  • Not licensed in NY
AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since 2002, it has financed more than $220,000 homes to the tune of $52 billion in funding. It is known for its competitive rates and streamlined application, with approvals in as quickly as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance their mortgage.
#2
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Pros
  • Pre-approval letter in as little as 3 minutes
    • Rate lock in as little as 30 minutes
    • 3-6 weeks to close – faster than industry average
Cons
  • No FHA or VA loans
  • Not available in HI, MA, MN, NV, NH, VT (as of March 2021)
Better.com is a direct lender with a simple online application that can be completed any time, any day of the week. Better.com aims to revolutionize the way Americans get a mortgage – after completing an application, you can access personalized rates, talk to a dedicated non-commissioned Mortgage Expert, generate custom loan estimates, and search for mortgage discounts in your area Better has automated much of the mortgage process. This drastically reduces the cost to originate and allows Better to pass as much of those savings as possible onto the customer and invest in customer satisfaction. Better.com was recently named Best Mortgage Lender for Customer Service by Nerdwallet. Last but not least, rates at Better.com are backed by the Better Price Guarantee, which promises that Better won’t just match a competing price, but beat it by $1,000.
#3
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Pros
  • 100% online application (in most cases)
  • Quick pre-approval and closing times
  • Flexible repayment terms (8-29 years)
Cons
  • No branches
  • Lack of support for self-employed borrowers
  • Your data may be shared across Quicken partners
If you’re looking for an easy and comfortable loan, QuickLoans can help. Not only do QuickenLoans help ensure you get a mortgage that’s right for you to save time, but the platform ensures you are aware of your loans status 24/7 so you can keep track of what is required of you and what has already been done to avoid repeating steps that have already been completed, saving you time and confusion.
Types of Rates
Fixed-Rate Mortgages
Fixed-rate mortgages are the most common type in mortgage refinancing, and guarantee you a fixed rate for the duration of the loan. When you refinance with a fixed-rate loan, you pay more in year one than you would with an adjustable-rate mortgage. However, you protect yourself from the risk of having to pay a higher rate and higher monthly installments later in life. Given that interest rates are close to all-time lows in 2021, the only direction that rates can realistically go from here is upward – which is why locking in a fixed-rate mortgage is currently a better option than betting on an adjustable rate.
Adjustable-Rate Mortgages
Adjustable-rate mortgages, also known as ARMs or variable-rate mortgages, carry higher risk and higher reward than fixed rates. An ARM is always cheaper than a fixed-rate mortgage in year one, but it carries the risk of higher interest rates in the long-term. ARMs have two components: the number of years the initial rate gets locked in for; and the intervals at which rates get updated. Most lenders offer ARMs of 3/1, 5/1, 7/1, or 10/1. A 3/1 ARM refers to an ARM with a fixed rate for the first three years and a rate update every year after that. The shorter your fixed period, the better your introductory rate (and the riskier the loan). Because of their unpredictable nature, ARMs are best for borrowers with high risk appetite or borrowers who plan on selling the home or paying off the mortgage early.
Average Mortgage Rates for Purchase Loans
Each lender sets its own mortgage refinance rates, with some updating rates on a daily basis. Of course, the market in which the lenders operate is the same for everyone, and all lenders are influenced by the Federal Reserve’s benchmark interest rate, so all lenders tend to fall within a certain range at any given time.
As of April 1 2021, the average mortgage refinance rates were:
  • 3.18% for a 30-year fixed-rate mortgage
  • 2.45% for a 15-year fixed rate mortgage
  • 2.84% for a 5/1 adjustable-rate mortgage
How to Apply for a Mortgage Refinance
Whenever a lender refinances a mortgage, they take on a certain amount of risk because there is never an iron-clad guarantee that the borrower will pay back the entire loan. The best protection for the lender is the property itself, which the lender can seize or foreclose if the borrower defaults on payments. The other way lenders protect themselves is by running a background check on the borrower – much the same as they do when approving a purchase loan.
When assessing your refinance application, the main things a lender will take into account are your credit score, loan-to-value (LTV, amount you owe as a percentage of the current appraised value of the home), and debt-to-income ratio (the monthly payment on your refinanced mortgage and other loans divided by your monthly household income). In order to assess your application, your lender will ask for various documents including social security number, pay stubs and tax returns, and recent bank statements.
What to Look for When Comparing Mortgage Refinance Options
LTV requirements
Loan-to-value (LTV) is as important a factor in refinancing as a down payment is when purchasing. The LTV ratio is a term used by lenders for the ratio of a loan to the value of an asset. If, for example, your home is worth $300,000 according to the current appraisal and you have $270,000 remaining on your old loan, then your LTV will be 90%. In this instance, a lender may offer up to 97% LTV on a cash-out refinance, allowing you to cash out the remaining $21,000. Maximum LTVs can range from 80-97%, so it’s worth comparing LTVs from different lenders.
APR
The monthly payments on a mortgage refi have two components: principal, as in the amount remaining on your loan, and interest, as in the money the lender collects for providing the loan. Your APR, or annual percentage rate, consists of the interest rate plus certain other lender fees. The lower the interest rate / APR, the lower your monthly payments to the lender.
Terms
When you refinance a mortgage, you can start your repayment term over again with a 30-year term or you can go for a shorter term if you prefer. If your financial position is better than when you took out your original loan, then one of the main benefits of refinancing is that it allows you to shorten your repayment term – putting you on track to owning 100% of your home sooner.
Closing costs
Like a purchase loan, closing costs for refinancing are the fees and charges owed to the lender when the loan begins and usually range from 2-6% of the loan value. Therefore, if you refinance for a loan amount of $300,000 and your closing costs are 3%, you’ll owe the lender $9,000 in upfront fees. Closing costs may include origination fees, property appraisal, title fees, taxes, and various other costs – some of which go directly to the lender and some which the lender collects on behalf of third parties. Closing costs vary from lender to lender, so knowing each lender’s approximate closing costs can assist you in doing a proper comparison.
Ease of application
Gone are the days when you had to walk into a physical branch to apply for a mortgage refinance. These days, the best mortgage lenders let you apply for a refinance online online, sometimes through a fully automated online mortgage platform and other times with phone assistance from a loan agent. If convenience is important to you, then keep an eye out for digital-friendly lenders.
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The Best Home Equity Lenders in 2021
Own your own home? In need of cash to pay for a renovation, medical expenses, college tuition, or some other major expense? You may be able to use a home equity loan or home equity line of credit (HELOC) to tap into your equity to access funds.
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The Best Lenders for First-Time Buyers in 2021
Being a first-time home buyer is about more than just becoming a home owner for the first time. Qualified first-time buyers may be eligible for conventional low down payment loans such as the Fannie Mae HomeReady and Freddie Mac Home Possible loan programs, government-backed low down payment loans such as the FHA loan, and zero down payment loans such as the VA loan for veterans and service people.
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The Best VA Mortgage Lenders in 2021
More than 25 million VA loans have been issued since the program was established in 1944, including more than one million in 2020. If you’re a service member, veteran, or surviving spouse who meets the VA’s eligibility rules, then the VA loan program could be the mortgage for you. A VA loan requires no down payment and no private mortgage insurance, giving it a clear advantage over alternatives like conventional loans and FHA loans.
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Guide to Zero and Low Down Payment Mortgages
They say a house is the biggest purchase you’ll ever make, but the truth is you don’t actually need much money to buy one. That’s all thanks to low down payment mortgages, which allow most people to qualify for a mortgage with as little as 3% down payment (and zero down payment in some cases).
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Refinance Rates and Costs: Everything You Need to Know
For many homeowners, a major incentive of refinancing is the potential to lower the interest rate and monthly payments on their mortgage.
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Comparing 15-Year Mortgages vs. 30-Year Mortgages
When applying for a mortgage, there are few more important decisions you’ll need to make than your repayment term. A repayment term, also known as loan term or loan duration, determines how long you have to pay off the loan. Mortgage repayment terms generally range from 10-30 years, and the most common are 15-year mortgages and 30-year mortgages.
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No Closing Cost Mortgages Explained
While searching for mortgage lenders, you may have come across the intriguing term “no closing cost mortgage”, also known as a “zero closing cost mortgage”. In this article, we’ll explain the meaning of a no closing cost mortgage and give you the tools to decide if it’s right for you. But before explaining the meaning of a no closing cost mortgage, we first have to understand the concept of closing costs.
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Complete Guide to Home Equity Loans and HELOCs in 2021
Owning your own home has many advantages, one of which is the leverage it gives you when you need to finance a major expense like a home improvement or debt consolidation. While non-homeowners are restricted to paying 10-20% interest for a personal loan, homeowners have the option of borrowing at 3-7% with a home equity loan in 2021.
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10 Factors To Consider When Comparing Mortgage Lenders in 2021
This is undoubtedly the year of the borrower. Interest rates are still at record lows across all types of loans in 2021 following the Federal Reserve’s emergency COVID-19 rate cuts last year. The mortgage lending market remains as competitive as ever, with more than 5,500 banks, credit unions, and other lenders fighting for borrowers’ attention.
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Credit Score: Key to Getting the Best Mortgage Interest Rates in 2021
Lenders take numerous factors into account when assessing mortgage applications, but the most important factor of all is personal credit scores. Your credit score is an indicator of your ability to pay back your loan, hence why lenders look at it closely before deciding whether to approve or reject you and whether to offer you a low or high-interest rate.
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How to Decide if Now is the Right Time to Refinance Your Mortgage
With interest rates near record lows, now must be a good time to refinance your mortgage, right? For many people, this is a great time to refinance, but in some circumstances, it might not be a good idea. There are many factors to consider when thinking about refinancing, so keep reading for the full breakdown.
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Complete Guide to Mortgage Loan Products in 2021
Searching for a mortgage is like searching for a home – they come in all shapes and sizes. When buying a home, people usually think about which area they want to buy and how much they’re willing to spend before approaching real estate agents. The same goes for mortgages: first, you need to know which type of mortgage you prefer before going shopping for a mortgage lender.
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The 7-Step Checklist for First-Time Home Buyers
Buying your first home can be an exciting but daunting process. After years of renting or living in the family home, you’re finally ready to become a homeowner. But where do you start? Read on for our checklist of the seven key steps to buying and financing your first home purchase.
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How Long Can Mortgage Rates Stay Near Historical Lows?
It may be hard to believe, but mortgages are almost the cheapest they have been at any time in American history. The average 30-year fixed-rate mortgage stood at 3.13% at the start of April 2021, and while this is a slight increase from the low of 2.65% recorded on January 6, it is actually lower than at any other time in history before the coronavirus hit in early 2020. In fact, mortgage rates never went below 5% until the global financial crisis in 2007-09 and double-digit rates were fairly common in the 1970s, ‘80s and early ‘90s.
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bestonlinemortgageloan.com is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.
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