In 2024, American households felt the squeeze as homeownership costs—including mortgages, insurance, taxes and utilities—rose faster than inflation. The U.S. Census Bureau reports the median monthly payment for mortgaged homeowners climbed to $2,035, up from $1,960 a year earlier. This pushed the percentage of income these homeowners spent on housing costs to 21.4%.
Given this environment, mortgage refinancing lenders are increasingly relevant. Refinancing offers borrowers the possibility of securing lower interest rates, reducing monthly payments, switching loan types or even consolidating debts.
Refinance Lenders That Can Lighten the Load
With housing costs outpacing income growth, the right refinance lender could make all the difference. Some focus on affordability, others on flexibility and others on scale and digital tools.
New American Funding
New American Funding delivers some of its peers’ most competitive refinance rates. It tends to cater well to borrowers with a range of credit profiles and offers a broad assortment of refinance loan products, including rate-and-term, cash-out and government-insured options.
Flagstar Bank
Flagstar Bank earned high ratings, particularly regarding value and customer satisfaction, on our list of the best refinance lenders. Because Flagstar is also a full-service commercial bank with many physical branches, it appeals to refinancers who want both online capabilities and in-person support.
SoFi
SoFi makes refinancing feel modern and straightforward. Instead of relying on branches, it leans heavily on its digital platform, giving borrowers clear tools and an easy online process.
The lender offers rate-and-term and cash-out refinancing, usually with competitive rates and discounts. Members can also tap into extra perks like financial planning at no extra cost, which adds to its appeal. For anyone comfortable handling their finances online, SoFi can be a fast way to refinance without the hassle.
| COMPANY | FORBES ADVISOR RATING | MINIMUM CREDIT SCORE | MORTGAGE RATES | DAYS TO CLOSE | LEARN MORE |
|---|---|---|---|---|---|
   | 580 | Lower than the national average | 21- to 30-day average | Compare rates from participating lenders in your area | |
 | 600 | Lower than the national average | 30 days | Compare rates from participating lenders in your area | |
| | 620 | Lower than the national average | 30 to 45 days | Compare rates from participating lenders in your area | |
| | 580 | Same as national average | 21 days | On Rocket Mortgage’s Website | |
| | N/A | Lower than the national average | 30 days | Compare rates from participating lenders in your area | |
| | 620 | Lower than the national average | 21 days | Compare rates from participating lenders in your area | |
 | 620 | Lower than the national average | 30 to 45 days | Compare rates from participating lenders in your area | |
| | 650 | Lower than the national average | 35 days | Compare rates from participating lenders in your area | |
| | 620 | Lower than the national average | 30 to 45 days | Compare rates from participating lenders in your area | |
| | 620 | Lower than the national average | 32 days | View rates at Better. NMLS #330511. |
How Refinancing Lenders Can Better Help in This Climate
Given rising housing costs and lagging income growth, the best refinance lenders can do more than offer lower interest rates. Here are several ways lenders can add meaningful value:
- Transparent cost breakdown. They can provide a full, transparent total cost of homeownership and show how refinancing will shift those costs.
- Flexible terms. Refinancing can allow borrowers to negotiate or choose among loan terms that align with their cash flow constraints.
- Assistance programs. For those struggling, lenders can connect borrowers with state, local or federal aid; down payment assistance or refinancing incentives.
- Speed and certainty. Faster closing times, predictable timelines and robust customer service reduce stress and allow borrowers to act while interest rates are favorable.
Bottom Line
Inflation-adjusted data shows that housing costs outpaced income growth in 2024. That leaves many borrowers stretched thin. Refinancing lenders who combine competitive rates, flexible loan terms, transparent cost reporting and strong customer support can provide vital aid.
Mortgage lenders offer different strengths: affordability, flexibility or scale. Borrowers should compare their credit profiles, how much they currently pay and what kinds of savings refinancing could deliver, because in this climate, every dollar counts.
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