Bank of America is our best bank for refinancing because they can refinance many loan types and have online, phone, and branch services. Interest on refinancing for a 30-year fixed-rate loan is 3.250% and 2.500% for a 15-year fixed-rate loan. A 5/1 ARM has an interest rate of 2.625%.
Which bank is best for refinancing?
If meeting with lenders face to face is important to you, a local bank with a good reputation is a sound choice. Local banks may also have better rates or lower fees than online options do. Both types of lenders offer mortgage pre-approval.
Is it better to refinance with a local 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.