Buying or refinancing a home involves a lot of important steps. Choosing the right mortgage lender is just as important as finding the right property. When you’re ready to buy a home or refinance your current one, it’s time to start shopping around for a mortgage lender.
You may qualify for special programs based on your professional affiliations or existing lender relationship. Check out our list of 10 Best Mortgage Lenders for Refinancing to get started.
1. PNC Bank
Whether you are a medical professional or in another career, you can benefit from specialty home finance loans. PNC accepts credit scores as low as 620 for standard mortgages. Customers can also enjoy fast preapproval. Apply at a branch or online for various refinance loans, a second mortgage, HELOCs, and more.
2. Rocket Mortgage
Rocket Mortgage is a good choice if you seek a fast and easy online application process. You only need a credit score of 580, and this c-ompany has some of the most flexible mortgage terms. Customers all over the country have access to customer service at any time of day.
3. Better Mortgage
Better Mortgage is an ideal option if you have good credit but don’t have a lot of money for a down payment. They offer low down payment options, and you can check your rate without affecting your credit score. This company gets high rankings for online mortgages and fast preapproval time.
This mortgage company is completely digital, so customers can do approval and closing completely online no matter where they live.
4. Chase
Chase offers a variety of mortgage products. Help is easy to find since customer service is available by phone, online, or in person. You can start your application online and get a decision within 24 hours. Once everything is settled, you can close in as little as three weeks with a Chase loan.
You can get Chase home financing in as many as 48 states and Washington, D.C. If you are an existing Chase customer, look forward to great discounts such as lower rates and processing fees.
5. Navy Federal Credit Union
Navy Federal Credit Union offers mortgage rates that are lower than the national average. It is a good company for purchasing and refinancing your home.
As a credit union member, customers will have 24/7 access to customer service. You can always talk to someone online or in-person.
6. Bank of America
Bank of America has a variety of mortgage products to choose from and offers some of the lowest rates in the country. Like Chase, existing customers will get good discounts on mortgage loans. You can also take advantage of the home equity program HELOCs.
You can apply for a mortgage in person at up to 4,300 financial centers in the country or online.
7. PenFed Credit Union
PenFed Credit Union is one of the largest credit unions in the country with over 1.6 million members in 50 states. You don’t need a specific affiliation to be a part of this credit union.
They offer low rates and a variety of mortgage products to choose from, such as fixed-rate, adjustable-rate, and jumbo loans. You can get preapproved in as little as three days.
8. Northpointe Bank
If you are looking for a lender with some no-down payment options, Northpointe Bank is a great choice. They offer a variety of loan programs with low-interest rates and grant preapproval in as little as 24 hours.
Certain professionals such as doctors and teachers can also get special discounts. Feel free to apply online.
9. SoFi
SoFi offers some of the lowest rates in the country, and you can get preapproved in as little as 10 minutes. You can also take advantage of discounts on the processing fee if you have any other account with this lender.
Customers can get preapproval the same day and may apply online. From VA loans to reverse mortgages, you have various financing options for your home.
10. Flagstar Bank
Flagstar Bank is a good choice if you are a veteran, active military member, or first responder due to generous discounts. Other members also have access to various discount programs. You can apply online in all 50 states. If you live in certain states, an in-person application is available.
It is a great lender to consider if you need to use alternative credit data like utility bills or rent payments to get approved for a mortgage.
How to Pick the Right Lender for You
When it is time to pick a lender, you first need to check what type of loan you want: fixed-rate or adjustable-rate. After that, compare mortgage rates and fees from different companies. Consider the customer service rating and how easy it is to apply for the loan. Some lenders have an entirely online process, while others require in-person meetings.
If you are unsure about a lender, you can always ask for referrals from family or friends. You should feel comfortable with your decision since you will be working with this company for years to come.
Many Lenders Are Available for Your Home Finance
When you are ready to refinance your home, it is vital to shop around and compare rates from different lenders. These are some of the best mortgage lenders for refinancing your home. Work with a lender that knows how to work with the housing market and can help first-time buyers. There are lenders all over the county that can help you, like Direct Financial, a leading Detroit mortgage company.