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Planning the financial future and adjusting the budget often leads homeowners to consider the process of refinance mortgage loans at home.
The decision to refinance mortgage loans at home should not be taken without a detailed comparison of the institutions available in the American market.
Each lender presents specific eligibility criteria, exclusive benefits, and cost structures that directly impact the final saved amount.
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In this article, we will look at the main financial institutions evaluated by specialists and official data, aiming to assist your journey when performing a refinance mortgage loans at home. Continue reading.
Best Refinance Mortgage Loans at Home
1. Flagstar Bank
Flagstar Bank stands out for providing a closing experience, offering a hybrid process called e-Close, where part of the signatures occur electronically.
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Firstly, the closing deadlines are between 21 and 30 days, providing agility to the process.
Furthermore, the bank offers a range of mortgage types and allows the completion of almost all documentation via the internet.
Regarding values, the bank offers jumbo loans that can reach US$3.5 million for primary residences and US$3 million destined for vacation homes.
In relation to terms and rates, Flagstar accepts borrowers with a credit score starting at 580. The interest rates charged are usually positioned below the national average, representing a considerable attraction.
2. SoFi
SoFi offers a digital process, allowing pre-qualification in a few minutes, also offering low interest installment loans online.
Institution members benefit from discounts on origination fees and have the advantage of freezing the rate for 45 days.
In fact, data indicates that the discount on the origination fee for members ranges from US$500 to US$1,000.
Moreover, the company works with refinancings and jumbo mortgages of up to US$3 million, requiring a minimum down payment of 10% and waiving private mortgage insurance (PMI).
3. PNC Bank
PNC Bank proves to be an indicated option for health professionals through the Medical Professionals program.
This initiative allows for accessible payments and waives PMI on financings that reach up to US$1 million.
Furthermore, customers who make automatic payments from a PNC account receive a 0.25 percentage point discount on the interest rate. The institution allows loans of up to US$5 million in high-cost regions.
As for requirements, the bank accepts a minimum score of 620, rising to 700 for the jumbo modality.
Terms vary from 15 to 30 years, with fixed and adjustable rate options.
4. Rocket Mortgage (Refinance Mortgage Loans at Home)
Rocket Mortgage offers a fast digital process with instant pre-approval.
As a rule, its Yourgage program allows the choice of personalized terms ranging from 8 to 29 years.
Moreover, the Jumbo Smart line brings usage flexibility and demands less documentation. The company finances up to US$3 million for the purchase or refinancing of a primary home.
The minimum down payment is around a little more than 10%, with a credit score requirement starting at 680 and a maximum debt-to-income ratio of 45%.
Closing costs range from 3% to 6% of the financed amount. However, a good credit score is required, and some loan types, such as USDA, are not included in the portfolio.
5. Navy Federal Credit Union (NFCU)
Aimed at military personnel, veterans, and their families, the NFCU offers a guarantee to match the interest rate of other creditors or reimburse up to US$1,000.
As a rule, the institution does not require PMI and offers the Freedom Lock option, allowing the rate to be adjusted if market rates fall before the contract is concluded. Loan limits follow the conforming standard up to US$832,750, but jumbo loans reach up to US$2 million.
Specific programs like HomeBuyers Choice or Military Choice have a ceiling of US$1 million.
Credit lines and home equity loans have a limit of US$500 thousand. The NFCU offers fixed and adjustable rates, with an average closing time of 30 days.
A minimum down payment of 10% is required for jumbo loans and a competitive credit score. The eligibility restricted to military personnel and family is the main limitation, and some rates may include discount points.
6. Chase
Chase presents the Chase Closing Guarantee program, committing to close the financing within three weeks or pay the client US$5,000.
Through the Relationship Pricing Program, it offers interest rate discounts to clients with a high balance in bank accounts.
Furthermore, the institution finances high-value properties for purchase or refinancing with loans of up to US$9.5 million or 89.99% of the house value.
7. Truist (Refinance Mortgage Loans at Home)
Especially indicated for borrowers on the East Coast of the USA, Truist has a strong presence in the mid-Atlantic.
In principle, it offers same-day pre-approval and mortgages destined for doctors, in addition to construction programs aiming to finance properties during the work.
In this case, the minimum required credit score is 620, with closing terms between 30 and 45 days.
8. PenFed Credit Union
PenFed is recognized for charging few fees and covering closing costs up to US$1,500 on VA refinancings, provided the borrower uses a real estate broker from its network.
The institution focuses on competitive rates and mortgage options for veterans.
Moreover, it offers jumbo mortgages from US$766,550 to US$3 million, requiring a minimum credit score of 700, a down payment of at least 20%, and six months of cash reserves.
9. Bank of America (Refinance Mortgage Loans at Home)
Bank of America allows for a reduction of up to 0.25 percentage points in the interest rate.
Know also that the bank accepts alternative credit history, considering rent payments and utility bills.
Furthermore, it offers conforming and jumbo refinancings above US$832,750 for primary residences, second homes, and investment properties. In high-cost regions, jumbo mortgages can reach up to US$1,249,125.
Know also that it presents fixed and adjustable rate options with terms of 15, 20, or 30 years. The closing time varies between 30 and 45 days.
Comparative Table of Refinance Mortgage Loans at Home
| Institution | Maximum Jumbo Value | Minimum Credit Score |
| Flagstar Bank | US$3.5 million | 580 |
| SoFi | US$3 million | 720 |
| PNC Bank | US$5 million | 620 (700 Jumbo) |
| Rocket Mortgage | US$3 million | 680 |
| Navy Federal | US$2 million | Competitive |
| Chase | US$9.5 million | Variable |
| Truist | Conforming limits | 620 |
| PenFed | US$3 million | 700 |
| Bank of America | Variable | Alternative history |
| Better.com | US$3 million | Variable |
Conclusion
Throughout this article, we explored the main options available in the American market for mortgage refinancing.
We analyzed institutions ranging from large traditional banks to agile fintechs, detailing their credit criteria, not to mention value limits and exclusive benefits such as fee waivers and accelerated digital processes.
Start your journey toward more efficient financial management today.
Evaluate the listed options, check your eligibility, and take the first step by requesting a personalized quote with the institution that best meets your needs.