Mortgage refinancing is the process of negotiating a new mortgage contract while continuing to live in your existing home. You'll have a closing with a lender that potentially grants you a lower rate or a longer or shorter term and could possibly give you cash back as credit for the equity you’ve already paid into your former mortgage.

Like a new home purchase, administrative costs could range from 2% to 6% of your new loan amount. Refinancing is usually best done when you plan to stay in your existing home for several years so you can recoup these closing costs.

We've reviewed 18 mortgage refinance companies to find eight that are the best fit based on different circumstances because refinancing your mortgage can be a smart financial move or a costly one. Review our best mortgage refinance companies closely before deciding to refinance to learn the finer points and hidden gems that can help you make the best refinance decision for you.