- 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.
Is it better to refinance with your current bank?
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.
How do I get the best rate to refinance?
Whenever you refinance a loan, your credit score will decline temporarily, not only because of the hard inquiry on your credit report, but also because you are taking on a new loan and haven't yet proven your ability to repay it.
Does refinancing hurt your credit?
A rule of thumb says that you'll benefit from refinancing if the new rate is at least 1% lower than the rate you have. More to the point, consider whether the monthly savings is enough to make a positive change in your life, or whether the overall savings over the life of the loan will benefit you substantially.