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Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.
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Refinancing your mortgage could be one of the smartest financial moves you make this year -- or one of the most expensive mistakes, if you rush into it with the wrong lender.
The good news: finding the right fit doesn't have to be overwhelming.
At Motley Fool Money, we've spent years evaluating mortgage lenders across dozens of criteria -- rates, fees, loan variety, customer experience, and more. We don't just read the fine print; we dig into what it actually feels like to work with these companies when it counts.
The lenders on this list earned their spots because they consistently deliver on what matters most to homeowners looking to refinance.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Better has the right combination of features and perks, including no hidden fees, low mortgage rates, and a fast 100% online application process. Better Mortgage does not charge lender fees such as those for application, processing, and underwriting. You can save up to $2,000 in closing costs if you use a real estate agent referred to you by Better Real Estate and use Better Mortgage Corp. as your lender. The lender also offers $150 off closing costs when applying through Motley Fool Money site.
One Day Mortgage. Lock a rate, get a Commitment Letter in 24 hrs. Terms apply.
Close 14 days faster than industry average
Apply 100% online, entirely on your schedule
$100 billion in online home loans
Discount of up to $2,000 in closing costs if you use a real estate agent referred to you by Better Real Estate and use Better Mortgage Corp. as your lender.
Loan Types
Conventional
FHA
VA
Jumbo
Fixed Rate Terms
10y, 15y, 20y, 30y
Adjustable Rate Terms
10/6, 7/6, 5/6
Pros
Low price guarantee
No unnecessary fees
Fast pre-approval
Closing costs discounts
All digital
Cons
Still growing menu
No customizable terms
No in-person service
Why we like Better:
Better offers attractive refinancing rates and a wide range of loan types. Its online application and automated underwriting help make the loan process quick and easy. What's more, Better doesn't charge any unnecessary fees, leaving more money in your pocket for other expenses.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Rate does a great job with ease of usability, offering comprehensive loan information during your research phase, plus the option to securely upload and digitally sign loan documents when you're ready to apply. The lender publishes its rates for different loans online, making it easy to compare options.
Special low rate program for highly qualified borrowers
Cons
Credit check fee
Why we like Rate (formerly Guaranteed Rate):
Rate (which rebranded from Guaranteed Rate in 2024) makes the research phase genuinely easy. Its website publishes current rates by loan type without making you jump through hoops to find them, a level of transparency that's harder to find than it should be. When you're ready to apply, the digital experience is great. You can upload documents securely and sign everything online. For borrowers who want to move fast, Rate is a strong starting point.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Rocket Mortgage led the transition to a full digital experience and online-only applications. Its seamless process is one reason Rocket Mortgage is consistently ranked in the top two on J.D. Power's customer service rankings. Rocket Mortgage has a robust and high-quality app that makes it easy to use.
Min. Credit Score
580 FHA
620 other mortgage products
680 Jumbo
580 - 680
Min. Down Payment
0%-3.5% (FHA & VA loans)
3% (conventional loans)
0% - 3%
Key Features
Online-only
Low down payment options
Opportunities to get cash toward closing
High customer satisfaction ratings
Loan Types
Conventional
FHA
VA
Jumbo
Fixed Rate Terms
8 - 30 years (Customizable)
Adjustable Rate Terms
10/6, 7/6, 5/6
Pros
Top-rated customer satisfaction
High quality app
Low down payment options
Services most of its loans
Cons
No USDA loan
Why we likeRocket Mortgage®:
Rocket Mortgage® basically invented the modern online mortgage experience, and it's still one of the best at it. The application is fully digital, loan experts are available seven days a week, and it consistently ranks near the top of J.D. Power's mortgage customer satisfaction survey. Customizable loan terms from 8 to 30 years give refinancers more flexibility than most lenders offer.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
No lender fees for qualified existing customers, along with a fully online experience make it a top pick. One of the rare lenders to offer jumbo loans up to $30 million. Axos also offers a mortgage with rewards, giving up to 3% cash back every year.
Min. Credit Score
580 FHA loans
620 other mortgage products
620
Min. Down Payment
3.5%
Key Features
Lender fee waiver for qualified existing customers
Jumbo and super jumbo loans
HELOC offerings
Loan Types
Conventional
FHA
VA
Jumbo
Interest Only
Fixed Rate Terms
10-30y
Adjustable Rate Terms
N/A
Pros
No lender fee for customers
Cash back credit on mortgage payments
Hard-to-find loan options
Full-service bank
Rate quote tool
Cons
Lender fee for non-customers
No in-person service
Cumbersome customer service
Why we likeAxos Bank Mortgage:
If you're an existing Axos customer, it waives lender fees entirely for eligible account holders, which can save you a little at closing. It's also one of the few lenders offering jumbo loans up to $30 million, making it a rare find for high-value refinances. The entire process is handled online, and its mortgages pair well with their high-yield savings accounts and checking accounts.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
SoFi® has a complete digital mortgage and refinance application process. It offers membership discounts and a modern experience. It's a potential fit for self-employed borrowers, based on SoFi®'s nontraditional underwriting process that focuses on a combination of credit history, income, and assets.
Min. Down Payment
0% VA loan
3% first-time borrowers
3.5% FHA loan
5% everyone else
0% - 5%
Key Features
Named the Best Mortgage Lender for Discounts in 2024 by CNBC Select
Extended rate lock option allows to you lock in today's rate for more than 45 days
On-time close guarantee offer is backed by $10,000
A dedicated mortgage loan officer to help you through the process
Loan Types
Conventional
FHA
VA
Jumbo
Fixed Rate Terms
10y, 15y, 20y, 30y
Adjustable Rate Terms
10/6, 7/6, 5/6
Pros
Member benefits
Online application
Custom rate with soft credit inquiry
Cons
Limited loan options
No USDA loan
Why we like SoFi® Mortgage:
SoFi® keeps things really simple. The mortgage application is fully digital, you can check your personalized rate without it affecting your credit score, and SoFi® members get a discount on origination fees. It's a great fit if you want a no-hassle refinance experience from a lender that actually makes the process feel less painful.
Best for: Diverse loan offerings and relationship discounts
Bank of America Mortgage
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Bank of America is one of the largest banks in the U.S., offering a wide variety of financial products in addition to its mortgages. Few lenders can match the lineup of loan products and terms. Bank of America offers a Preferred Rewards program for borrowers who have bank accounts at the bank and investment accounts at Merrill. Borrowers can qualify for an origination fee or interest rate reduction based on their eligible tier at the time of application.
Min. Down Payment
0% VA loans
3.5% FHA
3% Conventional loans, Affordable Loan Solution® mortgage, Freddie Mac Home Possible® mortgage
5% Other loans
0%-3%
Key Features
Wide range of financial products
Preferred Rewards program
Ability to apply entirely online
Loans up to $2 million
Loan Types
Conventional
FHA
VA
Jumbo
Fixed Rate Terms
30y, 20y, 15y
Adjustable Rate Terms
10/6, 7/6, 5/6
Pros
Low down payment mortgages
Down payment assistance
Competitive HELOC
Transparent mortgage rates
Cons
No USDA loan
No non-QM loans
Why we likeBank of America Mortgage:
Bank of America is hard to beat if you're already a customer. Its Preferred Rewards program offers existing members either a discount on origination fees or a reduction on their interest rate (depending on their rewards tier) which can translate to big savings at closing. It also brings one of the broadest loan lineups of any lender on this list, with the added convenience of being able to manage everything under one roof if you already bank there.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
New American Funding is one of the largest privately owned direct mortgage lenders in the country. The lender offers competitive rates. Its selection of loans and customizable loan terms is broader than many other lenders'. The lender also has a highly efficient lending process that allows for quicker closing times. What's more, New American can be a good solution for people building credit and wanting a good mortgage. It focuses on lending to underserved communities.
Min. Credit Score
500 FHA
620 other mortgage products
500 - 620
Min. Down Payment
0% VA
3% Conventional
3.5% FHA
0% - 3.5%
Key Features
Fast service
One of the top lenders to Hispanic and Black borrowers.
Offer customizable loans, including home addition loans
High customer satisfaction, A BBB rating
Loan Types
Conventional
FHA
VA
USDA
Jumbo
Interest Only
Fixed Rate Terms
Customizable (8 - 30 years)
Adjustable Rate Terms
10/1 and 10/6, 7/1 and 7/6, 5/1 and 5/6
Pros
Variety of loan options
Resources for first-time home buyers
Spanish-speaking
Cons
Application is not fully digital
Must submit your email to get a rate
Why we likeNew American Funding:
New American Funding stands out for its sheer variety of loan options -- including USDA loans, interest-only mortgages, and fully customizable loan terms from 8 to 30 years, which is rare. It's also one of the top lenders to Hispanic and Black borrowers in the country, with Spanish-speaking loan officers available. If you don't fit neatly into a conventional refinance box, New American Funding is worth a serious look.
Your reason for refinancing should help you select the best mortgage lender for you. Have a think about your overall goal… Are you:
Trying to lower your monthly payment?
Tap into your home equity?
Drop PMI?
Change your loan type or length?
Each goal points to different loan types and lenders, so get clear on your "why" before you start comparing.
2. Check your credit score
Your credit score has a big impact on the rate you'll qualify for.
You can usually pull it for free through your bank, credit card app, or AnnualCreditReport.com. A higher score means better rates, so knowing where you stand helps you set realistic expectations before you apply.
3. Shop at least three lenders
Getting quotes from multiple lenders is one of the easiest ways to save money on a refinance.
Try sticking to a two-week window when submitting applications, because multiple mortgage inquiries within that period typically count as a single hard pull on your credit.
4. Compare loan estimates, not just rates
Every lender is required to give you a standardized loan estimate. Focus on the APR rather than the interest rate alone. The APR reflects the true annual cost of the loan, including fees.
A lender advertising a low rate but charging high fees may cost you more overall.
5. Pick your lender and close out the others
Once you've made your decision, let the other lenders know you're moving forward elsewhere.
It'll stop the follow-up calls and keep things professional.
Reasons to refinance your mortgage
Lower your monthly payment
If you're a fair way into your original mortgage (like five years or more), refinancing the remaining balance into a new loan can reduce your monthly payment by stretching out the repayment timeline.
Just keep in mind that doing so usually increases the total interest you'll pay over the life of the loan.
Lock in a lower interest rate
Even a small rate reduction can add up to significant savings. On a $400,000 30-year mortgage, dropping from 7% to 6.5% saves nearly $48,000 in interest over the life of the loan.
It's also worth noting that even if market rates haven't moved much, your rate may have improved if your credit score is stronger than when you first borrowed.
Convert an adjustable-rate mortgage to a fixed rate
If you're on an ARM and rates have risen -- or you simply want more predictability -- refinancing to a fixed-rate mortgage locks in a stable payment for the remainder of your loan term.
Get rid of mortgage insurance
If you originally put less than 20% down or used an FHA loan, you're likely paying mortgage insurance. If your home's value has increased or you've paid down enough of your balance, refinancing could let you drop that cost entirely.
One thing to note: Your lender is legally required to remove PMI on conventional loans once your principal balance reaches 78% of the original home value, but each lender's process for PMI removal may vary.
Withdraw some of your home equity
A cash-out refinance lets you borrow against your home's equity and walk away with a lump sum. This can be useful for home improvements, debt consolidation, or other major expenses while keeping just one monthly payment.
TIP
Check it out
If you would like to learn about some of the major players in the mortgage industry, check out Motley Fool Money's research piece on the largest mortgage lenders.
What are the risks of refinancing?
The biggest risk is simply that the math doesn't work in your favor.
Refinancing comes with closing costs (typically 2% to 5% of the loan amount) so a lower rate only saves you money if you stay in the home long enough to recoup those upfront costs. This is called the break-even point, and it's worth calculating before you commit.
Switching loan types also carries risk. If you refinance from a fixed-rate mortgage into an adjustable-rate mortgage (ARM) to capture a lower initial rate, you're betting that rates won't spike before you sell or refinance again. If they do, your monthly payment could climb significantly.
Finally, if you refinance into a longer loan term to lower your monthly payment, you'll pay more interest over time even if your rate drops. It's a legitimate trade-off in some situations -- but go in with eyes open.
The bottom line
At the end of the day, the best refinance lender is the one that gets you the lowest total cost for your specific loan (not the one with the lowest advertised rate).
That's why it's important to shop around and get real quotes from at least three lenders. Compare APRs, and run the break-even math before you commit. A little upfront legwork can save you thousands over the life of your loan.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Refinancing typically costs between 2% and 5% of your loan amount in closing costs. On a $300,000 mortgage, that's $6,000 to $15,000. Some lenders offer no-closing-cost refinances, but those costs are usually rolled into the loan or reflected in a higher rate.
Applying for any mortgage triggers a hard credit inquiry, which can temporarily lower your score by a few points. But if you shop multiple lenders within a two-week window, those inquiries are typically counted as a single instance (the credit bureaus assume you are shopping around).
The good news is any credit score impact is usually minor and short-lived.
Just like getting a new mortgage, most refinances close in 30 to 45 days. Some lenders have streamlined the process enough to close faster in straightforward cases.
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Motley Fool Stock Disclosures
Bank of America is an advertising partner of Motley Fool Money. Joel O'Leary has positions in Target. The Motley Fool has positions in and recommends Axos Financial, Rocket Companies, and Target. The Motley Fool has a disclosure policy.
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