Best Mortgage Refinance Lenders (2026)

When the new rate is at least 50-100 bps below your current rate AND you'll be in the home long enough to recoup closing costs (typically 2-5 years). Run the break-even math: divide total closing costs by monthly savings — that's your break-even in months.

Rate-and-term refi simply replaces your existing loan with a lower-rate loan, same loan amount. Cash-out refi increases your loan balance to take equity out as cash. Rate-and-term has lower fees + faster closing. Cash-out has slightly higher rates and more documentation but accesses home equity.

Shorter terms (15 vs 30 year) typically have lower rates AND less total interest paid. The monthly payment is higher. Worth it if cash flow supports the higher payment. Many refinance borrowers go from 30 years at 7% to 15 years at 6.25% — same monthly payment as the original 30-year mortgage was a few years in, but cuts the total interest by 60%+. The CFPB has a mortgage refinancing guide at consumerfinance.gov, and the Federal Reserve publishes current interest rates at federalreserve.gov. See our full guide (/blog/best-mortgage-lenders-2026) and (/blog/best-personal-loans-2026). Scored against ClearValue's published methodology. Updated May 2026.