Best Mortgage Refinance Rates

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See which mortgage refinance lenders made it to the top for their competitive rates 

Are mortgage interest rates lower now than when you got your mortgage loan? If so, you can save thousands of dollars by refinancing your mortgage to a lower interest rate. I have been writing about real estate for over five years and used that expertise to find some of the most competitive rates. Let’s look at what you might expect to pay in interest if you refinance today. You can also look at Benzinga’s top picks for some of the best refinance mortgage companies. 

Quick Winners List

• Best for a Variety of Options: New American Funding
• Best for Self-Employed Borrowers: CrossCountry Mortgage
• Best for Flexible Mortgage Options: Angel Oak Mortgage Solutions
• Best for Online Mortgages: Rocket Mortgage (formerly Quicken Loans)
• Best for Quick Closings: PennyMac

Benzinga Partner

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Credit Score of 620+? Purchase with CrossCountry

Refinance with CrossCountry with average time to close of 21 days, which is faster than the industry standard. Minimum credit scores of 620 are required.

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Disclosure: Available in: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA, WA

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Best for a Variety of Options: New American Funding

Pros: 

• Offers several mortgage options
• Website and app to manage your mortgage
• Educational resources like calculators, blogs and home buyer guides

Cons:

• Not available in New York or Hawaii
• Can’t see personalized rates online

New American Funding also offers jumbo loans, with loan amounts of up to $3 million. New American allows jumbo mortgagees to use a co-signer — someone who won’t live in the home but can sign on the loan to help a buyer qualify. When dealing with larger and more expensive homes, this can be a key feature if your debt-to-income ratio is insufficient with other lenders.

The biggest advantage to New American today is its 5-Year Rate Protection Pledge. New American offers buyers the ability to refinance without lender and appraisal fees at any time in the next five years if their rates become more favorable, assuring their buyers get the best rate possible. If you’re concerned about locking into a high rate and want assurance that you will get the best deal in the future, check out New American’s loan offerings.

Best for Self-Employed Borrowers: CrossCountry Mortgage

Pros: 

• Provides loans across all 50 states, D.C. and Puerto Rico
• 120 mortgage purchase, refinance and home equity solutions
• Can work with credit scores as low as 500
• Tax returns aren’t required
• Ideal for first-time homebuyers

Cons:

• Doesn’t post rates online
• The underwriting process may take longer

Self-employed people or contractors typically experience more difficulty securing financing, especially for jumbo loans. Many mortgage providers require prospective buyers to provide a great deal of additional information and occasionally offer only higher rates or do not lend to self-employed people at all. CrossCountry Mortgage has special programs in place for people who might not traditionally qualify. 

CrossCountry has programs that allow for qualifications based on an investor’s potential cash flow, bank statements, 1099 documents or liquid assets. It also offers financing based on additional documentation and occasionally to foreign nationals.

Best for Flexible Mortgage Options: Angel Oak Mortgage Solutions

Pros: 

• Many loan options
• Non-QM loans are available
• You can get a mortgage even if you can’t get one with a traditional lender

Cons:

• Typically, higher rates and fees than the average lender
• Currently not available in Alaska, Massachusetts, New York and Vermont

Angel Oak Mortgage Solutions offers standard financing options but mostly markets its services for non-qualified mortgage (QM) loans such as portfolio lending, investment loans and jumbo mortgages. With offerings for very well-qualified buyers with favorable terms and a program for buyers with less-than-stellar credit, Angel Oak can provide a customized solution when buying a large or expensive home. 

All of Angel Oak’s jumbo loan programs can be used for primary residences, second homes or investment properties. Angel Oak’s Gold Prime Jumbo Loan offers the most qualified buyers up to a 50% debt-to-income ratio, a down payment as low as 10% and loan amounts of up to $3.5 million.

The Non-QM Platinum Jumbo loan allows buyers who have faced bankruptcy or foreclosure more than four years ago to obtain a jumbo loan and offers a one-year tax return program. With flexible options to meet your needs, Angel Oak can be a great option for jumbo mortgages.

Best for Online Mortgages: Rocket Mortgage® (formerly Quicken Loans)

Pros: 

• Quick online application process
• Flexible credit score requirements for some loans
• Access your loan online or through the app

Cons:

• No physical branches
• Typically, higher rates and fees than average
• No USDA loans

Rocket Mortgage® (formerly known as Quicken Loans) takes steps to facilitate refinance applications.

Rocket Mortgage® makes applying for a loan refinance easy with its easy mobile applications and comprehensive refinance calculator. Its online education center can answer nearly any question about refinancing, from expectations regarding your closing costs to whether it’s the right time to refinance.

Rocket Mortgage® offers nearly every type of loan you could need. Its team also provides FHA loans, jumbo loans and VA loans. Rocket Mortgage®’s interest rate might be a tad higher than other lenders, but it might be worth the additional cost if you’re looking for the simplest mortgage solution possible. 

Best for Quick Closings: PennyMac

Pros: 

• Fast closings on refinance loans
• Various loan options
• Flexible term lengths

Cons:

• Higher fees than average
• The bank doesn’t have many physical branches

Consider PennyMac if you need to have your loan serviced quickly. PennyMac offers some of the fastest closings on refinance loans — you can close your refinance in as little as 10 days when you take your loan through PennyMac. This can be especially beneficial if you’re taking a cash-out refinance and your debt accumulates interest daily.

PennyMac offers refinancing options for nearly any type of loan, including VA loans, FHA loans, conventional mortgages, USDA loans, jumbo loans and even investment properties.  

How Does a Refinance Work?

When they refinance their mortgages, homeowners have plenty of flexibility. Jhon Blando, owner of Bloom Homes, shares how these financial products can benefit homeowners.

"A refinance replaces your current mortgage with a new one. [The goal is] often to get a lower interest rate, change the loan terms, or pull out home equity. The biggest benefits include lowering your monthly payments, paying less interest over time, switching from an adjustable to a fixed rate, or using your home’s equity for things like renovations or paying off debt. Before refinancing, homeowners should look at current interest rates, their credit score, the time left on their mortgage, and whether they’ll stay in the home long enough to make up for the closing costs."

You can extend a mortgage through a refinance to secure lower monthly payments. Homeowners can also shorten their loans to become debt-free sooner. 

How to Refinance a Mortgage 

You must start by assessing your financial situation and checking your credit score. This information can help you narrow down which mortgage refinance lenders you approach and clarify your objective for the refinance.

After determining these details, submit applications to multiple lenders and compare offers as they arrive. Homeowners should consider each lender’s rate, terms and fees. They should also have critical documents like tax returns and bank statements ready. Each lender will specify what additional information they need to proceed with your application.

You will have to jump through a few hurdles on the way to your closing. For instance, the lender will require a home appraisal in most cases. Once you agree to an offer, you complete the refinance at closing. At that point, you will have a new loan. If you initiated a cash-out refinance, you can access the additional funds.

Refinance Eligibility

There is no legal limit to the number of times you can refinance your home loan. However, this doesn’t necessarily mean that you’ll easily be able to find a new mortgage loan whenever you need it. 

Most lenders won’t allow you to refinance 100% of your original mortgage loan. You must have some equity built in your property before you qualify to refinance. Most lenders only allow you to refinance between 80% and 90% of your original loan value. This means that you’ll usually need to make payments on your home loan for at least a few years before you qualify for a refinance. You may be thinking about taking a cash-out refinance, a refinance where you accept a higher mortgage loan balance and take the difference in cash. You may need an even higher percentage of equity to do that. 

You’ll still need to meet your lender’s standards before taking out a new loan. This means you’ll need to check your credit score and debt before you apply. Applying for a refinance is similar to applying for a mortgage loan. When you submit your application, your lender will usually ask you for your last two: 

• Bank statements
• W-2s
• Most recent pay stubs

If you’re self-employed, your lender may also ask to see more documentation. This could be your full tax return or a profit-and-loss statement from your business. 

Remember that refinances also require you to pay closing costs. Closing costs on a refinance are usually less expensive than closing costs on a mortgage. Expect to pay 2% to 3% of your loan value in closing costs. 

Benefits of Refinancing Your Mortgage

Refinancing your mortgage can help you change your financial situation, alter the loan, add borrowers, etc. Remember, though, that your situation is unique and you shouldn’t idly refinance just because your neighbor decided to do so. You must look at the benefits you get and whether they are worth it to you.

Generally, refinancing your mortgage allows you to:

• Reduce your monthly mortgage payment
• Reduce your interest rate
• Change the loan’s duration
• Take out cash as part of the refinanced principal
• Change to a new lender
• Add approved borrowers to the loan (or remove borrowers who may have passed on)

Taking advantage of a mortgage refinance loan is only helpful if you’re in the right situation, which you can learn more about below.

Drawbacks of Mortgage Refinancing

While the average consumer might assume that refinancing your mortgage is always a good idea, you must consider a few things that could backfire when you aim to refinance your home loan. This doesn’t mean you should automatically avoid the refinancing process, but you should consider your financial situation, including your mortgage payment, other obligations, income, etc.

Common drawbacks of home loan refinancing include:

• Mortgage interest rates may not be ideal at the time you wish to refinance
• You may not be able to refinance the current value of your home
• Changing the terms of your loan may make the mortgage unaffordable
• Taking cash out during a mortgage refinance may make it more difficult to repay the loan
• It may become more difficult to sell the house if you cash out
• Closing costs for refinancing may be cost-prohibitive

Refinance the Right Way

Calculating refinance interest rates isn’t an exact science. We can’t guarantee the refinance rate you’ll pay because APRs depend on several individual factors. Your loan balance, current equity, credit profile and location all play a significant role in the refinance rates you’ll see.

The best way to get up-to-date refinance information is to request a quote. Contact your current mortgage lender for details on your current equity and remaining principal balance. Then, request a quote from a few competing mortgage providers. Getting an interest rate quote is simple and takes only a few minutes. Plus, it can save you thousands of dollars on your refinance. 

Why You Should Trust Us

Benzinga has been providing mortgage lender insights for more than 15 years. Furthermore, I have written about real estate and finance for over five years. The expert we included in this article has extensive experience in real estate and helping people sell homes.

Methodology 

Benzinga compared rates, terms, fees and the types of loans each lender provided when compiling this list. Customer service and minimum credit score requirements are two additional components of mortgage lender comparisons. You can review the full methodology here.

FAQ

Sources

What is a debt-to-income ratio? Consumer Financial Protection Bureau. https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-en-1791/ 

Blando, Jhon. Personal interview with the author. 20 Mar. 2025.