Mortgage borrowers may
have a chance to lower the cost of their monthly mortgage payments by
refinancing their mortgage.
Through refinancing,
homeowners can save money by locking in a lower rate (if their existing
mortgage has a higher rate than current market rates), or reducing the length
of their mortgage so their home is paid off faster. Refinancing your mortgage
is also a good way to tap your home equity without selling your home.
The main key to any of
these strategies is to first shop around for lenders who offer the best deals
(low rates and low fees). Forbes Advisor compared dozens of lenders to come up
with this comprehensive list of the best lenders for borrowers looking to
refinance.
We looked at four main
categories: the borrower’s ability to get a loan, affordability, loan options
and funding speed. Our goal is to make comparison shopping easier for you by
selecting lenders that stand out in these areas.
Best Mortgage Refinance Companies of 2022
·
Best Overall: Quicken Loans (Rocket Mortgage)
·
Best All-in-One Service: Nationwide Home Loans.
·
Best for Customer Service: AmeriSave Mortgage.
·
Best Online Lender: LenderFi.
·
Best Bank: Bank of America.
·
Best Credit Union: Alliant Credit Union.
·
Best for Fees: Better.com.
It’s best to refinance with your current mortgage lender if it can
offer you a better deal than the other ones you’ve looked at. You won’t know if this is the case until
you’ve put in the work to compare rates from at least a couple other mortgage
brokers or companies.
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