Before you refinance your home, be sure to shop around for a lender that will offer you a good rate and repayment terms. To help you out, we’ve reviewed some of the largest lenders and gathered the top options that are ideal for refinancing. These lenders have some of the most competitive rates & low fees, which are key criteria for refinancing.
Flagstar Bank
Pre Approval Time
3 days or less
Mortgage Rates
Lower than the national average
Days to Close
35-day average
Minimum Credit Score
620
Pros
Both online and branch locations available
Low mortgage rates
Utility and rent payments are considered
Discounts for veterans, first responders, members of the military, and others
Cons
Branches aren’t located in every state
Better.com
Pre Approval Time
20 minutes or less
Mortgage Rates
Below the national average
Days to Close
30 to 45 days
Minimum Credit Score
620
Pros
Loan pre-approval time is 20 minutes
Utility and rent payments are considered
No commission or lender fees
Bridge loan program to tap home equity when buying a new home
Cons
No VA or USDA loans
No brick-and-mortar locations
No land loans or loans for foreclosures
Guaranteed Rate
Pre Approval Time
1 to 2 days
Mortgage Rates
Lower than the national average
Days to Close
21 to 30 days
Minimum Credit Score
600
Pros
Utility and rent payments are considered
Operates in all 50 US states
Competitive interest rates
Low minimum credit score requirements
No lender fees for VA loan borrowers
Cons
No home equity loans
PenFed Credit Union
Pre Approval Time
Less than three days
Mortgage Rates
Lower than the national average
Days to Close
30 to 40 days for purchase closings
Minimum Credit Score
620
Pros
Low mortgage rates
Low minimum credit score mortgages
Discounts of up to $2,500
No lender fees
Cons
Limited mortgage product lineup
Alternative data isn’t considered