Best Refinance Rates

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Are mortgage interest rates lower now than when you got your mortgage loan? If so, you can save thousands of dollars by refinancing your loan to a lower interest rate. Let’s take a look at what you might expect to pay in interest if you refinance today. We’ll also reveal our top picks for some of the best refinance mortgage companies. 

Current Refinance Rates by Lender

The specific rate you pay when you refinance will depend on a variety of factors, including the lender you choose to handle your loan. Each individual lender sets its own credit score minimums and refinancing rates. Let’s take a look at some of the largest mortgage companies and what you might expect to pay with each provider.  

Mortgage LenderCurrent Refinance RateCredit Score Minimum
Rocket Mortgage®4.013% APR620
Veterans United3.636% APR 620
better.com3.650% APR620
Quicken Loans®4.013% APR620
LenderFi3.295% APR620
Bank of America3.663% APR620
Chase3.580% APR620
First Internet Bank3.725% APR620

*Rates as of February 2020.

Best Mortgage Lenders for Refinancing:

Refinance Eligibility

There is no legal limit to the number of times that 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 will 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 until 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 you can take 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 paystubs

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 between 2% to 3% of your loan value in closing costs. 

Best Refinance Mortgage Companies Based on Rates

Now that you understand how refinancing typically works, let’s take a look at some of the companies that offer some of the lowest mortgage rates. We’ll help you find the best mortgage company for you by comparing online processes, APRs and more. 

1. better.com: Best for Instant Rate Updates

better.com is an online mortgage and refinance company focused on a streamlined experience. Its team has taken steps to eliminate unnecessary applications, commissions and fees associated with the traditional refinancing process. You can get approved for a loan in as little as 20 minutes. You can even fill out your application on your smartphone or tablet.

One of the standout features of Better.com is its instant interest calculator. Simply enter your ZIP code, credit score, property type and home value into the calculator and you’ll see up-to-the-minute interest rate information. You can even see how many minutes ago you updated refinance rates so you can refresh and get the most accurate information possible.

better.com offers a low average APR on 30-year fixed refinances. You’ll also be able to find jumbo loans, FHA loans and cash-out refinances.  

2. Rocket Mortgage®: Best for a Simplified Process

Rocket Mortgage® takes steps to make it possible to apply for a refinance.

Rocket Mortgage® makes it easy to apply for a loan refinance with its easy mobile applications and comprehensive refinance calculator. Its online education center can answer nearly any question you have 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 services FHA loans, USDA 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. 

3. LenderFi: Best for Low APRs

Be sure to get a quote from LenderFi if you’re looking for the easiest way to see exactly how much you’ll pay in interest when you refinance. An online lending company, LenderFi focuses on efficiency and quick APR solutions. Just enter your ZIP code, your original mortgage value, your current loan balance and your credit score on LenderFi’s quick refinance calculator and you’ll see today’s current rates. You can also quickly compare different loan terms and interest structures to see which choice helps you meet your goal and what each option costs.

LenderFi offers some of the lowest interest rates. In addition to refinances, you can also find both fixed-rate and ARM conventional and FHA purchase loans. 

4. PennyMac: Best for Quick Closings

Consider PennyMac if you need to have your loan serviced quickly. PennyMac offered some of the fastest closings on refinance loans — you can close on 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 on a daily basis.

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

5. Credible Refinancing: Best for Low Credit Scores

Almost every lender will require you to have a credit score of at least 620 points to qualify for a new loan. If your score is a little lower, consider beginning your search for a refinance with Credible Refinancing. You’ll only need a credit score of 600 to compare rates from multiple lenders.

Credible Refinancing focuses solely on refinancing different types of loans. From student loans to mortgage loans, you can find the right company for your needs. 

6. Chase: Best for In-Person Service

Online mortgages may be convenient but you might prefer the personal touch that comes with visiting a branch and speaking directly with a representative. If you’re looking for a traditional refinance solution, consider working with Chase.

Chase offers more than 5,100 branches across the United States — so no matter where you live, you probably have an option near you. You can also combine the traditional and online refinancing experiences together by beginning your application online and completing it at your local branch.  

In addition to refinances, Chase also offers conventional, FHA and VA loans. It’s a great option if you’re looking for something more traditional. 

7. Veterans United: Best for VA Refinances

You might benefit from a VA Interest Rate Reduction Refinance Loan (IRRRL) through Veterans United if you already have a VA loan. You can refinance to a lower interest rate without a new appraisal and with less paperwork with a VA IRRRL. In many cases, you can even roll your closing costs into the principal balance of your new loan.

Though you can find a VA IRRRL from other mortgage companies, we recommend Veterans United for its focus on service member-oriented representation. Its team is made up of retired senior officers from nearly every branch of the armed forces. Military advisors are intimately familiar with the VA loan application process and qualification criteria and can provide you with the most knowledgeable service possible.

Veterans United’s current interest rate for 30-year fixed VA loans is 3.636% APR. In addition to VA IRRRLs, Veterans United also offers standard VA rate/term refinances and cash-out refinances. The company also services conventional and VA mortgage loans. 

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 a number of 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 and ask 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. 

Frequently Asked Questions

1) Q: How do I get pre-approved?

1) Q: How do I get pre-approved?

First, you need to fill out an application and submit it to the lender of your choice. For the application you need 2 previous years of tax returns including your W-2’s, your pay stub for past month, 2 months worth of bank statements and the lender will run your credit report. Once the application is submitted and processed it takes anywhere from 2-7 days to be approved or denied. Check out our top lenders and lock in your rate today!


2) Q: How much interest will I pay?

2) Q: How much interest will I pay?

Interest that you’ll pay is based on the interest rate that you received at the time of loan origination, how much you borrowed and the term of the loan. If you borrow $208,800 at 3.62% then over the course of a 30-year loan you will pay $133,793.14 in interest, assuming you make the monthly payment of $951.65. For a purchase mortgage rate get a quote here. If you are looking to refinance you can get started quickly here.


3) Q: How much should I save for a down payment?

3) Q: How much should I save for a down payment?

Most lenders will recommend that you save at least 20% of the cost of the home for a down payment. It is wise to save at least 20% because the more you put down, the lower your monthly payment will be and ultimately you will save on interest costs as well. In the event that you are unable to save 20% there are several home buyer programs and assistance, especially for first-time buyers. Check out the lenders that specialize in making the home buying experience a breeze.