In search of low-interest rates, many homeowners are compelled for mortgage refinancing through the best mortgage refinance lenders of 2024. Refinancing gives you the best opportunity to have lower interest rates and lenient terms and policies. In this way, you can save substantial amount of money on interest and can repay the loan at a faster rate. It is always good to look for the mortgage lenders that offer the best terms and customer support to the users.
The best mortgage refinance lenders of 2024 will also let you to pay off the home loan faster going from the duration of 30-years into 15 -years mortgage refinance. As for refinancing the properties are quite different from the mortgage lender you first got. For instance, some might prefer the low interest rate in comparison to the fast paying off mortgage . As you make a choice from the best mortgage refinance lenders of 2024, try to give consideration to overall cost that includes closing costs along with the interest charges.
Table of Contents
Quick Summary – Best Mortgage Refinance Lenders of 2024
- Flagstar Bank – Great pick for first responders and veteran discounts
- NBKC Bank – Best for convenient digital experience and rate transparency
- PNC Bank – Best choice for all the medical professionals
- PennyMac – Great pick from government-backed mortgages
- Nationwide home loans – Great all-in-one service with low interest rates
- Chase – Viable choice for relationship discounts
- Navy Federal – Best low-down-payment mortgages for military members and their families
- Ally – Great choice for fast pre-approval
- Better.com – Great online mortgage refinance company with low fees
- Bank of America – Great pick for multiple discounts only for existing customers
Charting the Best Mortgage Refinance Lenders of 2024
| Lender | Minimum credit score | Loan types | Mortgage closing days |
| Flagstar Bank | 680 | Conventional, FHA, VA, USDA | 21-30 |
| NBKC Bank | 620 | Conventional, FHA, VA, USDA | 33 |
| PNC Bank | 620 | Conventional, FHA, VA, USDA | 30-35 |
| PennyMac | 620 | Conventional, FHA, VA, USDA | Varies |
| Nationwide home loans | 620 | Conventional, FHA, VA, USDA | Varies |
| Chase | 620 | Conventional, FHA, VA, USDA | 21 |
| Navy Federal | Not Available | Conventional, FHA, VA | 30 |
| Ally | 620 | Conventional, FHA, VA, USDA | 36 |
| Better.com | 620 | Conventional, FHA, VA, USDA | 32 |
| Bank of America | 620 | Conventional, FHA, VA, USDA | 30-45 |
Flagstar Bank
| Minimum Credit Score Required | 680 |
| Mortgage Rates | Comparatively lower than the national average |
| Days to Close | On average its 21-30 days |
Flagstar Bank is a robust financial institution with multiple number of services. Being the top pick for the best mortgage refinance lenders of 2024, it offers both rate and term refinancing as well as cash-out refinancing. The rates may differ from area to area and also dependent on your current financial standing. Apart from the refinancing option it provides access to equity without touching the interest rates through home equity line of credit (HELOC).
Through this mortgage refinance lender, You can leverage the unique loan options that include ITN loans, loans for manufactured homes or physician loans. There are multiple discounts that are readily available for eligible borrowers including discounts for borrowers having relationship with the Flagstar and it is available in all the 50 U.S states . Moreover the interest rates are comparatively lower than the competitors so you can benefit from the home equity products.
Credit Requirements
The minimum credit requirement for a mortgage loan is 680. When reviewing the mortgage application, the mortgage refinance lender considers the alternative credit data, rent and utility payments along with the cellphone payments.
Types of Loans Offered
Being the top priority among the best mortgage refinance lenders of 2024 , Flagstar Bank offers fixed and adjustable rates (ARM) both conventional and jumbo mortgages , FHA and numerous other options for the users. The home equity loans are available in limited areas so check this out before you plan to file an application. Also , the easy way is to enter the ZIP code on the Flagstar website to find out whether you qualify for the loan or not.
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ✔ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | Limited |
| Specialty | High balance loans, Jumbo Adjustable Rate , Multiple Property Loan |
NBKC Bank
| Minimum Credit Score Required | 620 |
| Mortgage Rates | Comparatively lower than the national average |
| Days to Close | On average it takes 33 days |
NBKC Bank offers numerous loaning options and the convenience of the online application to the users. Most of the people who take mortgage from the NBKC prefers VA loans . With high user rating and preference this was inculcated in the list of best mortgage refinance lenders of 2024. The lender offers home equity line of credit and home equity loans without refinancing or completely selling their home.
Being the reputable mortgage refinance lender it offers government-backed loans and other hard to find loans such as construction loan and specialty mortgage for pilots. As per the latest federal data this bank offers low rates in comparison to the competitors. Furthermore it displays customized rates with the precise fee estimates without requiring detailed contact information.
Credit Requirements
Although the national bank has few branches in the country but it do offer numerous loans. The minimum credit score required for conventional loan as well as FHA, VA is 620.
Types of Loans Offered
As one of the good option in the list of best mortgage refinance lenders of 2024, it offers access to various loans with different minimum down payment, The down payment for VA is 0%, 3.5% for FHA and 3% for the conventional loans .
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ❌ |
| Jumbo | ✔ |
| ARM | ✔ |
| Mortgage Refinancing | ✔ |
PNC Bank
| Minimum Credit Score Required | 620 while no minimum credit score for VA |
| Mortgage Rates | Comparatively lower than the national average |
| Days to Close | On average its 30-35 days |
PNC is operational in all the 50 states and offer multiple refinance options as well as home equity loans. The loans can particularly geared towards the borrowers with low to moderate income with preference to minimum down payments. By choosing one of the best mortgage refinance lenders of 2024 borrowers can make a choice between rate and term refinance , cash out refinance and second mortgages. The second mortgage is also a preferable option if the first mortgage you have opted for has high interest rates.
As the interest charges for this mortgage refinance lender is low, so you can easily make payments with lenient terms and conditions. The borrowers can apply for mortgage refinancing through online portal or by visiting the bank. The preapproval times usually takes 30 minutes but it can go up to a day depending upon the lender.
Credit Requirements
Being the strong contender in the list of best mortgage refinance lenders of 2024, it offers no minimum score for VA. But for conventional loan the minimum score is 620 and for jumbo loans it is 720.
Types of Loans Offered
As per Zillow and J.D Power, this mortgage refinance lender has received appraisal on its services. The jumbo loans are offered by PNC Bank with a minimum down payment of 5%. The below table states all the affordable loan options offered by PNC Bank.
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ✔ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | ✔ |
| Specialty | Medical Professional loan and community loan |
PennyMac
| Minimum Credit Score Required | 620 |
| Mortgage Rates | Comparatively higher than the national average |
| Days to Close | Varies from state to state |
PennyMac specializes in the government – backed mortgages is particularly good for all the rate-conscious borrowers. It offers customized mortgage rates that are unique to each individuals financial standings. Although the average mortgage rates are little higher than the competitors but the customer experience is exceptional.
When you are weighing down the options, this one among the best mortgage refinance lenders of 2024 stands tall. The key reason of its preference is the online tool that makes it comparatively easy to customize rate quote online with no contact details.
Credit Requirement
This bank offers flexible credit score requirements as the minimum credit score for FHA is just 550 while the credit requirements for other types of loans are 620.
Types of Loans Offered
The eligible loan products for best mortgage refinance lenders of 2024,PennyMac is stated below in the form of a table
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ❌ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | ✔ |
| Mortgage Refinance | ✔ |
Nationwide Home Loans
| Minimum Credit Score Required | 580 |
| Mortgage Rates | Comparatively lower than the national average |
| Days to Close | Varies from state to state |
Nationwide Home Loans is the best overall services that guarantees low interest rates overall. As the bank strives hard to listen to the goals and terms of each individual so that fits with the needs and demands of the users. Being one of the best mortgage refinance lenders of 2024, the terms of the mortgage lasts from five to thirty years including the terms specified by the financial standings of the user. If you want a custom loan with a term condition of 22 years you can take it from the reputable mortgage refinance lender.
The higher your credit score the more lenient terms and low interest charges you can opt for this card. The loan prices are usually based on loan-to-value ratio, debt-to-income ratio, interest rates, credit and much more. Moreover, being a reputable mortgage refinance lender, it will also help you to improve your credit score with the passage of time.
Credit Requirement
This lender offer various loan types that span the real estate spectrum , best rate guarantee and also the custom term capabilities. The minimum credit score required for mortgage is at least 580.
Types of Loans Offered
Nationwide Home Loans excels in all domains and offers excellent customer service by focusing on the tailored needs of each customer. The company is operational since the 80’s and offers rare product line that is different from the competitors.
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ✔ |
| Jumbo | ✔ |
| ARM | ✔ |
| Unique Lease Option Program | ✔ |
| HomeStyle purchase and Renovation loan | ✔ |
Chase
| Minimum Credit Score Required | 620 |
| Mortgage Rates | Comparatively lower than the national average |
| Days to Close | Approximately 3 weeks |
Chase is a great option as it offers competitive interest rates along with relationship discounts for the existing customers. The discounts are usually in the form of reduced processing fee and lower interest charges overall. With a massive branch network and mortgage refinance products it assures Financial strength and stability to the customers.
Being one of the best mortgage refinance lenders of 2024, the website clearly states the home refinance rates for the ease of customers. The data that is displayed on the site includes the annual percentage rate (APR) for multiple loans that is based on your zip code. In addition a highly customizable mortgage calculator is available on the site for the precise calculations based on credit score , property use , loan purpose, ZIP code and other details.
Credit Requirement
For the approval of the mortgage refinance products the minimum credit score should be 620. But for the other loaning schemes the credit score can go up to 670.
Type of Loan
Chase offers multiple loaning schemes that include fixed and adjustable conventional loans , jumbo mortgages, VA, FHA and other low down payment loans to all the users.
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ❌ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | ❌ |
| Specialty | DreaMaker |
Navy Federal
| Minimum Credit Score Required | Not Applicable |
| Mortgage Rates | Comparatively lower than the national average |
| Days to Close | On average it takes 30 days |
As per the latest Federal Credit Union , the Navy Federal Credit Union is one of the three originators of VA loans. With one of the best mortgage refinance lenders of 2024 you can benefit from the unique loan options that is particularly geared toward military borrowers. This provider also offers tailored loans that are beyond its core product, VA loans. The credit union also offers loan options for civilian borrowers to benefit from.
Being the viable choice among the best mortgage refinance lenders of 2024, it offers affordable mortgage products that include a 0% down payment for numerous loans. It offers Home equity loans at a lower rate compared the other lenders.
Credit Requirement
Although the credit requirement is not specified for reference. So, for all the loaning options, you have to individually check the requirements.
Type of Loan
Navy Federal Credit Union offers proprietary and non-proprietary loan options to the military and non- military home buyers.
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ❌ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | ✔ |
Ally
| Minimum Credit Score Required | 620 |
| Mortgage Rates | Comparatively lower than the national average |
| Days to Close | On average it takes 36 days |
This mortgage refinance lender will le you get the fast pre approval letter within minutes. Since the main goal of refinancing is to save the money with lower interest charges So Ally does not charge the lender fees at all to facilitate a large user base. With this bank, users can easily lock their rates in a duration of 10 minutes. The no origination , underwriting fees is the significant advantage of this bank .
Being the best mortgage refinance lenders of 2024, it satisfies the need of all the borrowers who are seeking mortgage refinance products at lower interest charges. Although there are not multiple mortgage options but you can make a choice between few to benefit from Ally Bank.
Credit Requirement
Being the viable option in the list of mortgage refinance lenders, Ally requires a minimum credit score of 620. When taking a look at the mortgage applications the lender thoroughly analyzes the alternative credit data , rent , utility bills of the users. For all those who want to lend money for the home loans , they need to improve their credit profile to a certain level.
Type of Loan
With one of the best mortgage refinance lenders of 2024, you can take advantage of the following loaning schemes.
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ❌ |
| VA | ❌ |
| USDA | ❌ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | ❌ |
| Specialty | Home ready loans |
Better.com
| Minimum Credit Score Required | 620 |
| Mortgage Rates | Lower than the national average |
| Days to Close | On average it takes 32 days |
For the ease of the users, Better.com uses the online platform to check the eligibility for mortgage and refinancing from the comfort of your home. As the system is all digital, so for all those who prefer an online experience along with the low-interest charges can benefit from it. Being one of the viable options in the list of the best mortgage refinance lenders of 2024, the preapproval time is extremely fast. The applicants can easily expect a rate quote and preapproval in the time slot of 20 minutes.
This mortgage refinance lender does not charge application fees, origination and underwriting fees. As it offers HELOC, so you can benefit from the second or investment home.
Credit Requirement
The minimum credit score requirement for Better.com is 620. As the process is fully digital so the mandatory condition of 620 credit score is important to achieve.
Type of Loan
Better.com offer multiple common refinancing and other loaning schemes that include fixed and adjustable rate purchases, refinance loans, jumbo loans and government backed FHA and VA mortgages. The eligible properties generally include homes with two to four units , town houses , homes in planned unit developments and manufactured homes
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ❌ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | ❌ |
| Specialty | ❌ |
Bank of America
| Minimum Credit Score Required | 620 |
| Mortgage Rates | Lower than the national average |
| Days to Close | On average it takes 30-45 days |
Bank of America is last in the list of best mortgage refinance lenders of 2024 but also offers numerous refinance products for users to benefit from. For all those who want to tap into home equity this bank also offers home equity loaning schemes. The mortgage refinance lender offers exclusive benefits to the existing Bank of America customers on origination fees and interest charges.
For all the borrowers who want leniency of applying either in person or online, the bank offers the option of both. The online portal includes the online mortgage option like Bank of America Mortgage Experience. The online application is for all those who want to check the eligibility for the refinancing products while being in the premises of their home. Moreover, the existing customers can even get $6,000 in closing cost discount.
Credit Requirement
The minimum credit requirement to get mortgage refinance products from Bank of America is 620.
Type of Loan
Bank of America offers both adjustable and fixed rate mortgages , FHA loans and the special Affordable Solution mortgage among various other options. This affordable solution only requires 3% down payment with ultimately no private mortgage insurance.
| Type of Loan | Offered |
| Conventional | ✔ |
| FHA | ✔ |
| VA | ✔ |
| USDA | ❌ |
| Jumbo | ✔ |
| ARM | ✔ |
| Home Equity Loan | ✔ |
| Specialty | Affordable Solution mortgage |
What are the key reasons mortgage refinancing?
If the current mortgage rate is above 8% then mortgage refinancing can make a greater sense for you. Following are a few considerations on when should you refinance your mortgage
- If you want to consider the loan term with shorter or longer term plan for mortgage you can consider mortgage refinancing. For instance if the current pay off period for mortgage is 15 months and its effecting your budget then do consider mortgage refinancing with low interest rate balance and longer duration.
- If the credit balance is too high and you have a huge home equity to pay , then the cash out refinance can better help you pay off the increased interest balances
How to get the lowest refinance rates ?
To get the lowest rates possible its is good to look for numerous mortgage lenders. Although there are multiple factors that can contribute to decide the best refinance rate. Following are the best tips to choose the lowest refinance rates
- Spruce up your credit – Try to reduce the credit card balance and prohibit from taking new credit card and make timely monthly payments to increase the overall credit score
- Try to save some cost to pay points – Once you budget to pay for points than it can be extremely beneficial for you . The mortgage points costs 1% of the total loan payment but can eventually lower the rate to 0.25% if you buy points . So if you plan to save your home , make sure to save cost to pay for the points.
- Look for the best mortgage refinance lenders – When you shop from the mortgage refinance lenders , make sure to make a comparison with the previous lenders . For the best selection you can choose one of the lender from the list of best mortgage refinance lenders of 2024. Also, when possible don’t hesitate to negotiate the origination fees to get the best possible deal. Get started today today to benefit from the mortgage refinancing.
- Make a comparison for APR and refinancing rates – Few of the lenders wont disclose the interest charges and APR at the start . Make sure to ask them beforehand. As the APR tells the lifetime cost of the finance rate you are bound to pay. Look for low refinancing rates along with low APR to get the best possible value.
- Try to avoid cash-out refinancing – If you are tapping into home equity loans the lenders often charge higher fees as there is a greater chance that people would not be able to return back the money. Only consider HELOC if you have additional charges to pay for the loan.
Read more
- Mortgage Rate Predictions: When will the mortgage rates go down?
- Best Mortgage Lenders of October 2023
Frequently Asked Questions
What is the best mortgage refinance company?
In the list of the best mortgage refinance lenders of 2024, Flagstar Bank offers multiple discounts and low interest charges on mortgage refinancing.
Which lenders offer the best mortgage refinance rates?
As the mortgage refinancing rates vary each month, so try to keep up with the mortgage refinance rates to choose the best lender.
What is the current mortgage refinancing rates?
The current mortgage refines rates are higher than the other home loans. For a 30-year refinance plan the rate is approximately 7.12% , while for 15 years it is 6.75%. As with the rising inflation, the interest charges surge every year which also affects the mortgage refinance rates.
How mortgage refinancing work?
Refinancing your mortgage means taking out the home loan with decreased interest rates for a shortened period to pay off the loan. By selecting one of the reputable and best mortgage refinance lenders of 2024 you can experience a smoother process for refinancing.
