6 best mortgage refinance companies of 2024

Couple sits at a table with mortgage broker discussing refinancing.Image: Couple sits at a table with mortgage broker discussing refinancing.

In a Nutshell

Whether refinancing your mortgage is right for you depends on multiple factors, including the rate you may qualify for, your monthly payment and the amount of equity you've built up. We've rounded up our picks of the best mortgage refinance companies based on factors such as loan options, application process, closing timeline, rate matching, the ability to pre-qualify, fees and more.
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Refinancing your mortgage may help you save on interest, reduce your monthly payment or get cash to pay for expenses.

Since you’re replacing your current mortgage with a new one, you’ll need to pay closing costs again. And there’s no guarantee you’ll qualify for a lower rate, especially if rates have risen since you originally financed your home. You’ll want to weigh the pros and cons of refinancing before applying.

We’ve rounded up our list of the six best mortgage refinance companies to help you find the one that’s best for you. 

Best for multiple refinance loan options: CrossCountry Mortgage

Why CrossCountry Mortgage stands out: CrossCountry Mortgage offers a wide range of loan refinance options, including conventional, FHA cash out, FHA streamline, FHA 203(k), VA loans, VA streamline refinance, USDA streamline refinance and jumbo loan refinancing. The company offers fixed- and adjustable-rate mortgage options, and you can apply online.

CrossCountry Mortgage at a glance

Credit requirementsNot disclosed
Notable feature Fast close in as few as 21 days

Read our full review of CrossCountry Mortgage home loans.

Best for government-backed mortgage refinancing: Freedom Mortgage

Why Freedom Mortgage stands out: Freedom Mortgage offers a variety of refinancing options for government-backed loans, including FHA cash out, FHA streamline, VA cash out, VA streamline and USDA streamline.

The lender offers the ability to prequalify, so you can see your estimated rate and loan term with no impact to your credit scores. But keep in mind your rate or terms may change if you go through and apply. Freedom Mortgage’s Eagle Eye program will notify you when interest rates drop or the value of your home increases to help you decide if refinancing makes sense for you.

Freedom Mortgage at a glance

Credit requirementsUSDA: 640; FHA: 550; Conventional: 620
Notable feature Get help shopping for homeowners insurance

Read reviews about Freedom Mortgage home loans.

Best for servicemembers and veterans: Navy Federal

Why Navy Federal stands out: Navy Federal has been serving military members, veterans and their families since 1933. It offers refinancing options that include VA, VA streamline, military choice, conventional and homebuyers choice. 

Navy Federal’s Special Freedom Lock allows you to relock your interest rate at no additional cost if rates drop within 60 days of locking your initial rate (but before closing your loan). The credit union also provides 24/7 customer service to its members to better serve them no matter where they are.

Navy Federal at a glance

Credit requirementsNot disclosed
Notable feature Rate match guarantee if you meet qualifications – or Navy Federal will pay you $1,000

Read reviews about Navy Federal Credit Union mortgages.

Best for rate match: Better

Why Better stands out: Better promises to match any competitor’s offer, or give you $100 if it can’t. When you refinance with Better, you can roll your closing costs into the new mortgage, also known as a no-cost refinance. The loan application process is completely digital, and you can check your estimated rate and loan term without affecting your credit scores.

Better Mortgage at a glance

Credit requirementsFHA: 580; conventional refinance: 620; jumbo refinance: 700
Notable feature No lender commissions

Read reviews about Better mortgage.

Best for jumbo refinancing: New American Funding

Why New American Funding stands out: If you have a mortgage that exceeds the conforming loan limits, you may be able to refinance it with New American Funding. The lender allows potential customers to apply for prequalification, so you can check your estimated rate and loan term without affecting your credit scores. (Keep in mind that your rate and terms may change if you apply.)

New American Funding at a glance

Credit requirementsConventional: 620; FHA: 580; ICAN mortgage: 620; jumbo: 680; USDA: 580 
Notable feature Pay no repeat fees if you refinance within five years of closing your loan

Read more reviews about New American Funding mortgages.

Best for repeat refinancing: LoanDepot

Why LoanDepot stands out: LoanDepot offers a “lifetime guarantee” when you refinance your mortgage — it will waive lender fees for future refinances. LoanDepot offers conventional, VA cash out, VA streamline, FHA cash out and FHA streamline refinances. 

Closing may take 45 to 60 days, though LoanDepot says it can often close loans faster than the industry average.

LoanDepot at a glance

Credit requirementsNot disclosed
Notable feature You may be able to refinance if you owe more than the property is worth

Read more reviews about LoanDepot mortgages. 

How to refinance a mortgage

Refinancing a mortgage is similar to applying for a home loan the first time. Here are a few tips to get you started.

  1. Check your credit. When you refinance, you replace your existing loan with a new one. Lenders use your credit scores to help determine whether you qualify. Make sure yours are in good shape and your credit reports are accurate before applying.
  2. Prepare your paperwork. Your lender needs to verify your identity and ability to repay the loan. Documents you may need to provide include a copy of your driver’s license, tax returns, pay stubs and bank/investment statements.
  3. Closing costs. In general, when you refinance, you pay closing costs again. Closing costs for a mortgage refinance are typically 3% to 6% of your remaining loan balance.
  4. Prepare for closing. It often takes three to six weeks to close on a mortgage refinance, but the exact timeline varies by lender.

FAQs about refinancing a mortgage

If you’re thinking about refinancing your mortgage, here are a few things to consider.

How do I find the best refinance option?

It’s important to shop around to find the loan that’s best for you. Compare offers from multiple lenders to make sure you’re getting the best rate for which you qualify. Check out features such as prequalification options, closing timelines, closing costs, application process and perks the lender offers.

Is it cheaper to refinance with your current lender?

It depends. The only way to know for sure is to compare offers from multiple companies, including your current lender. Don’t just look at the interest rate to determine which offer is cheaper. Consider closing costs and other fees to determine the true cost to refinance.

Does refinancing hurt your credit?

When you apply to refinance your mortgage, the lender will typically do a hard credit inquiry, which may temporarily lower your credit scores. However, the impact is typically minimal. The slight dip in your scores may be worth refinancing to lower your interest rate, reduce your payment or get cash out.

Our methodology: How we picked these refinance loans

We reviewed more than a dozen lenders to come up with our top mortgage refinancing companies. We considered factors such as available loan options, application process, closing timeline, the ability to prequalify, rate matching and other features that may be helpful to homeowners looking to refinance.

About the author: Jennifer Brozic is a freelance financial services writer with a bachelor’s degree in journalism from the University of Maryland and a master’s degree in communication management from Towson University. She’s committed… Read more.