MFP’s Community Refinance Lenders Survey provides key statistics on which mortgage refinance lenders homeowners trust and recommend—broken down by state and major cities. Drawing on feedback from over 55,000 homeowners and covering more than 4,700 lenders, the survey evaluates the full refinancing experience, including the application process, rates, support, and overall recommendations.
Whether you’re refinancing your home or simply researching the market, these reports deliver clear, data, statistics and insights to help guide your decisions. Explore the survey results below to see how refinance lenders perform in your state and city.
Updated: January 5, 2026
National Refinance Lenders Report
The report covers over 55,000 community members surveyed with over 4,700 refinance lenders in the last 12 months.
| Lender Type | Application Ease | Loan Terms & Rate Satisfaction | Support & Guidance | Recommendation Rate |
|---|---|---|---|---|
| Online Lenders | 4.26 | 4.09 | 4.27 | 88.9% |
| Credit Unions | 4.12 | 4.13 | 4.25 | 87.8% |
| Banks | 3.88 | 3.96 | 3.97 | 85.5% |
| Community Banks | 3.78 | 3.93 | 4.00 | 84.9% |
Source: MFP’s Community Survey of Refinance Lenders by State and Cities.
MFP’s Takeaway:
- Online Lenders lead in application ease (4.26) and have the highest overall recommendation rate (88.9%), suggesting consumers appreciate their streamlined digital processes.
- Credit Unions perform strongly across all categories, particularly in support and guidance (4.25), and have the second-highest recommendation rate (87.8%). They also made impressive progress in online mortgage services over the past few years.
- Community Banks typically score lower than other lender types, especially in application ease (3.78), though they still maintain respectable satisfaction ratings.
- Application Ease shows the widest variance between lender types, with online lenders outperforming traditional institutions by a significant margin.
- Support & Guidance is generally highest for credit unions and online lenders, suggesting these institutions may be investing more and better in 1 on 1 services.
Lenders Recommendations by State
You can also see reports lenders results state by state.
Homeowners Refinance: Regional Perspective
Refinance lenders performance varies by region (by state, and often are within a state). Homeowners can use this difference in lender performance to their advantages in order to get a refinance loan better fitting their needs.
Regional Trends
Refinance lenders performance differs by region. This impacts trends for home refinance lenders satisfaction. You can learn more from the homeowner’s point of view and from the lenders’ point of view. Our brief analysis uses the Lenders Summary Data below).
Northeast
Credit Unions: The best overall refinance experience. Homeowners consistently rate them high on Application Ease, Support, and Loan Terms Satisfaction, with Recommendation Rates in the 87–90% range. They shine particularly for those prioritizing fair rates and personalized service during refinance.
Online Lenders: Attractive for speed but not uniformly great. In states like Rhode Island, borrowers report excellent refi experiences (~90% recommendation), while in places like New Hampshire, satisfaction dips to 78–80%. Check local reviews carefully—great if you prioritize a fast, online process but riskier in some local markets.
Community Bank
s: Decent for refinance if you like local service, but expect Recommendation Rates to trail Credit Unions by 5–7 points. They’re middle of the pack—good support but not standout rates or ease.
Banks: Refi borrowers rate them steady but not exciting—generally 80–85% recommendation. Reliable for those already banking with them, but not the first choice if speed, transparency, or best rates are priorities.
Midwest
Credit Unions: Excellent for refinance. Recommendation Rates near 88%, with homeowners praising supportive service and competitive rates. They excel at helping borrowers understand whether a refi saves money and guide them through the process.
Online Lenders: Top marks for Application Ease (4.21) and Recommendation (~89%). Midwest borrowers often choose them for fast approvals and competitive rates—a strong digital refinance option.
Community Banks: Hit-or-miss. Some states (like Illinois) show high satisfaction (87%), but others (like Indiana) report Recommendation Rates as low as 73%. Worth considering if you want a local experience—but shop carefully.
Banks: Middle-tier. Recommendation Rates stay in the mid-80s. Reliable but generally not top-rated for refinance processes, rates, or borrower support.
South
Credit Unions: A safe and popular choice. Support & Guidance scores are high (4.22), and Recommendation Rates hold steady around 86%. Borrowers trust them for transparent processes and favorable terms.
Online Lenders: Fast, efficient, and well-liked in the South. Application Ease is strong (4.25) and Recommendation Rates are high (88%), making them ideal for borrowers prioritizing speed in their refinance.
Community Banks: Stronger in the South than other regions. Recommendation Rates between 84–86% show they’re competitive for local borrowers seeking a personal connection.
Banks: Dependable but not leading the pack. Recommendation Rates are generally 85–87%, with moderate marks for support during the refinance process.
West
Credit Unions: Clear leaders in the West. Borrowers rate them best for Application Ease (4.26), Loan Terms Satisfaction (4.29), and Support (4.43). Recommendation Rates are the highest nationwide (89–90%). A top choice for anyone refinancing.
Online Lenders: A strong second. High Ease (4.32) and Recommendation (89.5%). Borrowers love the fast, digital experience—a great refi option for those who don’t need in-person help.
Community Banks: The weakest refinance option in the West. Recommendation Rates hover around 83–84%, lagging behind Credit Unions and Online Lenders on key metrics.
Banks: Stable but underwhelming. Recommendation Rates sit near 85%. Not top-rated for refinance, especially when borrowers care about ease and guidance.
Homeowners Summary
- Credit Unions: The top choice across nearly all regions for refinancing. Homeowners value their transparent rates, strong borrower support, and fair terms.
- Online Lenders: Fast, convenient, and often highly rated for refinance—but check local satisfaction, which can vary widely.
- Community Banks: A reasonable refinance choice if you prefer in-person service, but generally not the best rates or borrower satisfaction unless you’re in select states.
- Banks: Stable but unremarkable. Best suited for borrowers already banking with them who prioritize familiarity over the best deal or fastest process.
Mortgage Refinance: Lenders Perspective
Refinance lenders’ strengths and weaknesses are often built in the characteristics of their regions. We will now look at the different types of refinance lenders strengths and weaknesses regionally.
Credit Unions: Dominating Satisfaction, But with Uneven Growth Opportunities
Strengths: Credit Unions are the clear leaders in borrower satisfaction for refinance across all regions. Best-in-class for Application Ease, Support & Guidance, Loan Terms Satisfaction, and Recommendation Rates (typically 88–90%+). Particularly dominant in the West and Northeast, where service quality and member loyalty are highest.
Challenges: While performance is high, Credit Unions still face limitations in scale, digital convenience, and aggressive marketing compared to Online Lenders. In some Midwest and Southern states, satisfaction is solid but not significantly differentiated from Online Lenders in Application Ease.
Opportunities: Double down on marketing their refinance advantages — local trust, lower fees, and personal service. Accelerate digital transformation to close gaps in online application ease versus fintech lenders.
Online Lenders: Leading in Convenience, Facing Trust & Consistency Issues
Strengths: Universally high Application Ease (4.2+ in most regions). Very competitive Recommendation Rates (88–90%) in most states, especially in the West, Midwest, and South. Fast, scalable refinance models with a strong appeal to borrowers focused on speed.
Challenges: Satisfaction varies widely by state — Northeast markets like New Hampshire show recommendation rates dropping into the high 70s, pointing to service gaps. Slightly weaker in Support & Guidance and sometimes Loan Terms Satisfaction compared to Credit Unions.
Opportunities: Focus on improving post-application support to boost satisfaction in weaker states. Localize customer service and underwriting practices to improve outcomes in underperforming markets. Highlight time-to-close and digital ease in marketing to further erode Credit Union and Bank market share.
Community Banks: A Shrinking Middle Ground — Regional Strengths but National Challenges
Strengths: More competitive in the Northeast and South, where Recommendation Rates reach 84–86%. Appeal to borrowers valuing in-person relationships and localized decision-making.
Challenges: Struggling in the West and Midwest, with Recommendation Rates falling to 73–83%. Often trail 5–7 points behind Credit Unions and Online Lenders in borrower satisfaction metrics. Weak in Application Ease, often scoring below 4.0.
Opportunities: Invest in modernizing refinance processes — particularly online applications and faster approvals. Leverage local market knowledge and long-term relationships as differentiators in marketing. Focus growth efforts on strong regions (Northeast and South) while reassessing presence in weaker markets.
Banks: Stable but Losing in the Refinance Market
Strengths: Consistently average — Recommendation Rates hold steady around 80–85% in all regions. Trusted by existing customers and offer wide product diversity, including bundling with other financial services.
Challenges: Rarely lead in any borrower satisfaction category — Application Ease, Support, and Loan Terms Satisfaction are lower than Credit Unions and Online Lenders. Perceived as slower, more bureaucratic, and less customer-focused in the refinance process.
Opportunities: Upsell refinance options to existing mortgage or checking account customers to maintain retention. Invest in improving refinance-specific processes — particularly automation and customer communication. Target customers who value stability over rate shopping or fast digital processes.
Competitive Landscape : MFP’s Takeaways
| Region | Market Leader | Online Lender Threat | Community Bank Position | Bank Position |
|---|---|---|---|---|
| Northeast | Credit Unions | Mixed – some weak | Competitive | Weak on ease/support |
| Midwest | Credit Unions/Online | Strong | Weak | Steady but trailing |
| South | Credit Unions/Online | Strong | Reasonable | Middle-tier |
| West | Credit Unions | Very strong | Weakest | Stable but least agile |
Lender Growth Recommendations
- Credit Unions: Leverage market dominance in satisfaction to grow refinance share further. Close digital convenience gaps to compete better with fintechs.
- Online Lenders: Focus on improving Support & Guidance where state-level satisfaction dips. Market aggressive refinance speed and simplicity where Credit Unions are weaker.
- Community Banks: Modernize processes quickly or risk being squeezed out. Double down on customer relationship marketing in regions like the Northeast and South.
- Banks: Focus on customer retention over growth in refinance. Streamline refinance processes to stay competitive.
Refinance Lenders: Summary by State
| State | Lender Type | Application Ease | Loan Terms & Rate Satisfaction | Support & Guidance | Recommendation Rate |
|---|---|---|---|---|---|
| Alabama | Credit Unions | 3.60 | 3.80 | 4.00 | 88% |
| Community Banks | 3.70 | 3.80 | 3.90 | 80% | |
| Banks | 3.80 | 3.70 | 4.00 | 89% | |
| Online Lenders | 4.10 | 3.80 | 4.00 | 88% | |
| Alaska | Credit Unions | 3.90 | 3.90 | 4.20 | 83% |
| Community Banks | 3.50 | 3.70 | 3.70 | 80% | |
| Banks | 3.40 | 3.70 | 3.40 | 88% | |
| Online Lenders | 4.40 | 4.20 | 4.20 | 91% | |
| Arizona | Credit Unions | 4.40 | 4.30 | 4.80 | 92% |
| Community Banks | 3.50 | 3.70 | 3.70 | 80% | |
| Banks | 4.00 | 3.80 | 3.90 | 87% | |
| Online Lenders | 4.40 | 4.10 | 4.20 | 91% | |
| Arkansas | Credit Unions | 4.40 | 4.60 | 4.70 | 92% |
| Community Banks | 3.90 | 4.10 | 4.20 | 87% | |
| Banks | 4.20 | 4.30 | 4.40 | 89% | |
| Online Lenders | 4.20 | 4.20 | 4.40 | 88% | |
| California | Credit Unions | 4.90 | 4.80 | 4.90 | 90% |
| Community Banks | 4.70 | 4.80 | 4.70 | 87% | |
| Banks | 4.40 | 4.30 | 4.30 | 86% | |
| Online Lenders | 4.10 | 4.60 | 4.70 | 87% | |
| Colorado | Credit Unions | 4.00 | 4.40 | 4.50 | 95% |
| Community Banks | 3.60 | 3.80 | 3.80 | 87% | |
| Banks | 4.30 | 4.00 | 4.00 | 86% | |
| Online Lenders | 4.70 | 4.20 | 4.20 | 91% | |
| Connecticut | Credit Unions | 4.00 | 4.10 | 4.10 | 95% |
| Community Banks | 4.10 | 4.00 | 4.30 | 94% | |
| Banks | 4.10 | 4.20 | 4.20 | 92% | |
| Online Lenders | 4.10 | 4.10 | 4.30 | 88% | |
| Delaware | Credit Unions | 4.00 | 4.10 | 4.00 | 85% |
| Community Banks | 3.40 | 3.70 | 3.80 | 81% | |
| Banks | 3.80 | 4.00 | 3.70 | 82% | |
| Online Lenders | 4.20 | 4.30 | 4.10 | 88% | |
| Florida | Credit Unions | 4.70 | 4.80 | 4.70 | 94% |
| Community Banks | 4.50 | 4.50 | 4.50 | 90% | |
| Banks | 4.60 | 4.50 | 4.40 | 89% | |
| Online Lenders | 4.70 | 4.60 | 4.40 | 92% | |
| Georgia | Credit Unions | 4.42 | 4.42 | 4.50 | 92% |
| Community Banks | 3.93 | 3.96 | 3.97 | 88% | |
| Banks | 3.77 | 3.83 | 3.74 | 86% | |
| Online Lenders | 4.15 | 3.90 | 3.90 | 88% | |
| Hawaii | Credit Unions | 4.10 | 4.00 | 4.00 | 82% |
| Community Banks | 3.30 | 3.60 | 3.70 | 76% | |
| Banks | 4.20 | 4.10 | 4.10 | 86% | |
| Online Lenders | 4.60 | 4.00 | 4.40 | 90% | |
| Idaho | Credit Unions | 4.50 | 4.50 | 4.50 | 88% |
| Community Banks | 4.10 | 4.10 | 4.60 | 91% | |
| Banks | 3.50 | 3.80 | 3.40 | 85% | |
| Online Lenders | 4.40 | 4.30 | 4.40 | 90% | |
| Illinois | Credit Unions | 4.90 | 4.60 | 4.80 | 93% |
| Community Banks | 3.60 | 3.90 | 3.90 | 87% | |
| Banks | 3.70 | 3.90 | 3.90 | 89% | |
| Online Lenders | 4.00 | 3.70 | 4.10 | 87% | |
| Indiana | Credit Unions | 3.60 | 3.30 | 3.20 | 74% |
| Community Banks | 3.20 | 3.40 | 3.00 | 73% | |
| Banks | 4.20 | 4.10 | 4.10 | 77% | |
| Online Lenders | 4.20 | 3.90 | 4.30 | 88% | |
| Iowa | Credit Unions | 4.20 | 4.30 | 4.30 | 92% |
| Community Banks | 3.60 | 3.80 | 3.90 | 83% | |
| Banks | 3.90 | 4.00 | 4.00 | 87% | |
| Online Lenders | 4.10 | 4.10 | 4.40 | 88% | |
| Kansas | Credit Unions | 4.00 | 4.20 | 4.20 | 87% |
| Community Banks | 3.90 | 4.00 | 4.10 | 84% | |
| Banks | 4.00 | 4.10 | 4.10 | 86% | |
| Online Lenders | 4.10 | 4.10 | 4.40 | 88% | |
| Kentucky | Credit Unions | 3.80 | 4.00 | 4.00 | 76% |
| Community Banks | 3.70 | 4.20 | 4.30 | 96% | |
| Banks | 3.80 | 3.80 | 3.80 | 89% | |
| Online Lenders | 3.90 | 3.80 | 4.10 | 86% | |
| Louisiana | Credit Unions | 3.90 | 3.90 | 4.00 | 92% |
| Community Banks | 4.00 | 4.00 | 4.10 | 95% | |
| Banks | 3.90 | 3.80 | 4.00 | 93% | |
| Online Lenders | 4.10 | 3.90 | 4.20 | 89% | |
| Maine | Credit Unions | 4.20 | 4.30 | 4.40 | 89% |
| Community Banks | 3.90 | 3.80 | 4.10 | 85% | |
| Banks | 4.00 | 4.00 | 4.10 | 84% | |
| Online Lenders | 4.20 | 4.10 | 4.20 | 88% | |
| Maryland | Credit Unions | 4.50 | 4.40 | 4.40 | 94% |
| Community Banks | 3.60 | 3.70 | 3.80 | 83% | |
| Banks | 3.60 | 3.90 | 3.80 | 86% | |
| Online Lenders | 4.40 | 4.10 | 4.30 | 89% | |
| Massachusetts | Credit Unions | 4.20 | 4.50 | 4.60 | 92% |
| Community Banks | 3.90 | 4.10 | 4.30 | 90% | |
| Banks | 4.10 | 4.30 | 4.20 | 89% | |
| Online Lenders | 4.20 | 3.90 | 4.10 | 89% | |
| Michigan | Credit Unions | 4.10 | 4.20 | 4.30 | 89% |
| Community Banks | 4.00 | 4.00 | 4.10 | 87% | |
| Banks | 3.60 | 3.90 | 3.50 | 77% | |
| Online Lenders | 4.20 | 4.00 | 4.20 | 89% | |
| Minnesota | Credit Unions | 4.10 | 4.30 | 4.40 | 90% |
| Community Banks | 4.10 | 4.10 | 4.20 | 89% | |
| Banks | 3.70 | 4.00 | 4.10 | 87% | |
| Online Lenders | 4.10 | 4.10 | 4.30 | 90% | |
| Mississippi | Credit Unions | 4.10 | 4.10 | 4.40 | 96% |
| Community Banks | 3.50 | 3.70 | 3.80 | 86% | |
| Banks | 3.80 | 3.90 | 4.00 | 88% | |
| Online Lenders | 4.20 | 4.10 | 4.40 | 88% | |
| Missouri | Credit Unions | 4.00 | 4.10 | 4.30 | 89% |
| Community Banks | 3.80 | 4.00 | 4.00 | 84% | |
| Banks | 3.80 | 4.00 | 4.00 | 89% | |
| Online Lenders | 4.10 | 3.80 | 4.10 | 89% | |
| Montana | Credit Unions | 4.50 | 4.40 | 4.60 | 91% |
| Community Banks | 3.80 | 4.20 | 4.40 | 89% | |
| Banks | 3.90 | 3.60 | 4.00 | 86% | |
| Online Lenders | 4.30 | 4.00 | 4.30 | 89% | |
| Nebraska | Credit Unions | 3.60 | 4.20 | 4.30 | 92% |
| Community Banks | 3.90 | 3.70 | 3.80 | 87% | |
| Banks | 3.80 | 4.10 | 4.10 | 91% | |
| Online Lenders | 4.20 | 4.10 | 4.40 | 89% | |
| Nevada | Credit Unions | 3.90 | 4.10 | 4.00 | 85% |
| Community Banks | 3.50 | 4.00 | 4.00 | 85% | |
| Banks | 3.90 | 3.90 | 3.80 | 84% | |
| Online Lenders | 4.10 | 4.10 | 4.40 | 88% | |
| New Hampshire | Credit Unions | 4.10 | 4.00 | 4.20 | 85% |
| Community Banks | 3.90 | 4.00 | 4.10 | 90% | |
| Banks | 2.90 | 3.00 | 3.00 | 70% | |
| Online Lenders | 4.60 | 4.00 | 4.40 | 90% | |
| New Jersey | Credit Unions | 3.90 | 3.80 | 4.40 | 84% |
| Community Banks | 3.70 | 4.00 | 4.00 | 83% | |
| Banks | 3.80 | 4.00 | 4.20 | 92% | |
| Online Lenders | 4.20 | 4.10 | 4.20 | 90% | |
| New Mexico | Credit Unions | 3.90 | 4.10 | 3.90 | 86% |
| Community Banks | 3.80 | 3.90 | 3.80 | 86% | |
| Banks | 3.80 | 4.00 | 3.60 | 86% | |
| Online Lenders | 4.20 | 4.10 | 4.40 | 89% | |
| New York | Credit Unions | 4.50 | 4.40 | 4.60 | 91% |
| Community Banks | 3.80 | 4.20 | 4.40 | 89% | |
| Banks | 3.90 | 3.60 | 4.00 | 86% | |
| Online Lenders | 4.30 | 4.00 | 4.30 | 89% | |
| North Carolina | Credit Unions | 3.90 | 3.80 | 3.90 | 78% |
| Community Banks | 3.50 | 3.20 | 3.70 | 67% | |
| Banks | 3.80 | 3.90 | 3.90 | 84% | |
| Online Lenders | 4.20 | 4.00 | 4.40 | 88% | |
| North Dakota | Credit Unions | 3.50 | 3.50 | 4.00 | 80% |
| Community Banks | 3.50 | 3.70 | 3.90 | 82% | |
| Banks | 4.00 | 4.30 | 4.40 | 84% | |
| Online Lenders | 4.20 | 4.00 | 4.10 | 87% | |
| Ohio | Credit Unions | 3.90 | 4.10 | 4.20 | 87% |
| Community Banks | 3.50 | 3.80 | 3.80 | 81% | |
| Banks | 3.60 | 3.60 | 3.70 | 83% | |
| Online Lenders | 4.10 | 3.80 | 3.90 | 88% | |
| Oklahoma | Credit Unions | 3.90 | 3.90 | 4.20 | 81% |
| Community Banks | 3.70 | 4.00 | 4.20 | 80% | |
| Banks | 4.00 | 4.10 | 4.20 | 84% | |
| Online Lenders | 4.40 | 4.10 | 4.50 | 90% | |
| Oregon | Credit Unions | 4.10 | 4.20 | 4.50 | 90% |
| Community Banks | 3.40 | 3.80 | 3.90 | 82% | |
| Banks | 3.60 | 3.70 | 3.80 | 84% | |
| Online Lenders | 4.10 | 4.10 | 4.40 | 88% | |
| Pennsylvania | Credit Unions | 4.00 | 4.20 | 4.40 | 88% |
| Community Banks | 4.10 | 4.20 | 4.20 | 87% | |
| Banks | 3.90 | 4.00 | 4.10 | 86% | |
| Online Lenders | 4.70 | 4.30 | 4.20 | 91% | |
| Rhode Island | Credit Unions | 4.10 | 4.40 | 4.50 | 90% |
| Community Banks | 3.50 | 4.00 | 4.10 | 83% | |
| Banks | 4.10 | 4.60 | 4.70 | 85% | |
| Online Lenders | 4.80 | 4.20 | 4.50 | 93% | |
| South Carolina | Credit Unions | 4.30 | 4.10 | 4.30 | 90% |
| Community Banks | 4.00 | 4.10 | 3.80 | 89% | |
| Banks | 4.00 | 3.90 | 4.00 | 88% | |
| Online Lenders | 4.20 | 3.80 | 4.00 | 88% | |
| South Dakota | Credit Unions | 4.50 | 4.10 | 4.50 | 90% |
| Community Banks | 3.60 | 3.70 | 3.70 | 79% | |
| Banks | 3.70 | 3.90 | 4.00 | 83% | |
| Online Lenders | 4.40 | 4.30 | 4.40 | 90% | |
| Tennessee | Credit Unions | 3.90 | 3.80 | 4.30 | 88% |
| Community Banks | 4.10 | 4.20 | 4.20 | 94% | |
| Banks | 4.10 | 4.10 | 4.20 | 86% | |
| Online Lenders | 4.30 | 4.10 | 4.20 | 88% | |
| Texas | Credit Unions | 4.80 | 4.70 | 4.70 | 74% |
| Community Banks | 4.40 | 4.40 | 4.30 | 82% | |
| Banks | 4.50 | 4.20 | 4.20 | 86% | |
| Online Lenders | 4.10 | 4.10 | 4.20 | 88% | |
| Utah | Credit Unions | 4.60 | 4.70 | 4.80 | 95% |
| Community Banks | 4.00 | 4.10 | 4.20 | 82% | |
| Banks | 3.90 | 4.00 | 4.10 | 82% | |
| Online Lenders | 4.10 | 4.10 | 4.40 | 88% | |
| Vermont | Credit Unions | 4.00 | 3.90 | 4.20 | 84% |
| Community Banks | 3.80 | 3.90 | 3.90 | 85% | |
| Banks | 3.50 | 3.70 | 3.60 | 77% | |
| Online Lenders | 4.30 | 4.40 | 4.40 | 90% | |
| Virginia | Credit Unions | 3.70 | 3.70 | 4.00 | 82% |
| Community Banks | 3.70 | 4.10 | 4.20 | 86% | |
| Banks | 3.40 | 3.70 | 3.80 | 83% | |
| Online Lenders | 4.60 | 3.90 | 4.40 | 88% | |
| Washington | Credit Unions | 4.30 | 4.10 | 4.40 | 92% |
| Community Banks | 3.80 | 4.00 | 4.00 | 85% | |
| Banks | 3.70 | 3.80 | 3.90 | 85% | |
| Online Lenders | 4.30 | 4.10 | 4.30 | 89% | |
| West Virginia | Credit Unions | 3.50 | 3.50 | 3.50 | 76% |
| Community Banks | 3.60 | 3.70 | 3.50 | 84% | |
| Banks | 4.00 | 4.10 | 3.90 | 88% | |
| Online Lenders | 4.30 | 4.00 | 4.30 | 87% | |
| Wisconsin | Credit Unions | 4.20 | 4.10 | 4.10 | 90% |
| Community Banks | 3.80 | 3.80 | 4.00 | 87% | |
| Banks | 4.10 | 4.00 | 4.10 | 84% | |
| Online Lenders | 4.80 | 4.00 | 4.30 | 91% | |
| Wyoming | Credit Unions | 4.25 | 4.33 | 4.50 | 88% |
| Community Banks | 3.56 | 3.71 | 3.71 | 80% | |
| Banks | 3.87 | 4.15 | 4.07 | 86% | |
| Online Lenders | 4.50 | 4.50 | 4.40 | 92% |
Most Recommended Type of Refinance Lenders
The table below looks at the most recommended refinance lender Type in each State by looking at the most popular (#1) lender in their main metro’s area and cities.
| State | Most Recommended | Community Bank | Bank | Credit Union |
|---|---|---|---|---|
| ALABAMA | Credit Unions | 1 | 0 | 11 |
| ALASKA | Credit Unions | 0 | 0 | 7 |
| ARIZONA | Credit Unions | 0 | 1 | 8 |
| ARKANSAS | Community Banks | 4 | 3 | 3 |
| CALIFORNIA | Credit Unions | 0 | 1 | 11 |
| COLORADO | Credit Unions | 2 | 0 | 9 |
| CONNECTICUT | Banks | 2 | 8 | 0 |
| DELAWARE | Banks, Credit Unions | 0 | 3 | 3 |
| FLORIDA | Credit Unions | 3 | 1 | 6 |
| GEORGIA | Community Banks, Credit Unions | 5 | 2 | 5 |
| HAWAII | Banks | 0 | 8 | 0 |
| IDAHO | Credit Unions | 0 | 0 | 9 |
| ILLINOIS | Credit Unions | 2 | 2 | 6 |
| INDIANA | Banks, Credit Unions | 0 | 5 | 5 |
| IOWA | Credit Unions | 0 | 1 | 9 |
| KANSAS | Credit Unions | 2 | 2 | 6 |
| KENTUCKY | Banks | 4 | 5 | 1 |
| LOUISIANA | Credit Unions | 4 | 0 | 6 |
| MAINE | Community Banks | 7 | 0 | 1 |
| MARYLAND | Credit Unions | 2 | 1 | 5 |
| MASSACHUSETTS | Community Banks | 4 | 2 | 3 |
| MICHIGAN | Credit Unions | 0 | 6 | 4 |
| MINNESOTA | Credit Unions | 2 | 1 | 7 |
| MISSISSIPPI | Banks | 3 | 5 | 2 |
| MISSOURI | Banks | 3 | 4 | 3 |
| MONTANA | Community Banks | 7 | 1 | 0 |
| NEBRASKA | Community Bank | 8 | 3 | 0 |
| NEVADA | Banks | 0 | 7 | 3 |
| NEW HAMPSHIRE | Credit Unions | 3 | 0 | 5 |
| NEW JERSEY | Banks | 1 | 9 | 0 |
| NEW MEXICO | Community Banks | 5 | 4 | 1 |
| NEW YORK | Credit Unions | 1 | 0 | 13 |
| NORTH CAROLINA | Banks, Credit Unions | 0 | 5 | 5 |
| NORTH DAKOTA | Banks | 2 | 6 | 0 |
| OHIO | Banks | 2 | 6 | 3 |
| OKLAHOMA | Banks | 2 | 8 | 0 |
| OREGON | Credit Unions | 0 | 1 | 9 |
| PENNSYLVANIA | Community Banks, Banks | 4 | 4 | 2 |
| RHODE ISLAND | Credit Unions | 0 | 1 | 7 |
| SOUTH CAROLINA | Banks | 3 | 7 | 2 |
| SOUTH DAKOTA | Banks | 1 | 5 | 1 |
| TENNESSEE | Banks | 2 | 7 | 1 |
| TEXAS | Credit Unions | 2 | 1 | 7 |
| UTAH | Credit Unions | 0 | 0 | 10 |
| VERMONT | Community Banks | 4 | 0 | 1 |
| VIRGINIA | Credit Unions | 1 | 2 | 5 |
| WASHINGTON | Credit Unions | 3 | 2 | 6 |
| WEST VIRGINIA | Banks | 0 | 10 | 0 |
| WISCONSIN | Credit Unions | 0 | 4 | 6 |
| WYOMING | Banks | 0 | 6 | 2 |
Winning Refinance Lenders
You can get an overview of which types of lenders win regionally below. If you want to see which ones win locally, you can look within each state recommendation winners.
Northeast
The Northeast favors banks. This region has the highest concentration of major financial institutions and densely populated urban centers. Banks dominate because they offer broad services, strong digital platforms, and deep brand presence. Credit unions gain traction in a few states, but community banks have almost no influence.
Takeaway: Homeowners here rely on institutional strength and product range — banks deliver both.
Midwest
The Midwest is split between credit unions and banks. Credit unions lead in more states, reflecting strong cooperative networks and consumer trust. Banks still maintain a presence, especially in urbanized states. Community banks barely lead in any state, showing limited regional influence.
Takeaway: Homeowners weigh competitive rates and personal service (credit unions) against convenience and scale (banks).
South
The South strongly prefers banks. Large regional banks are embedded across urban and rural areas. Their branch networks and reputation for reliability keep them in the lead. Credit unions perform well in populous states like Texas and Florida but do not surpass banks overall. Community banks are largely absent.
Takeaway: Banks win by reach, infrastructure, and deep community integration.
West
The West overwhelmingly supports credit unions. These states show consistent alignment with member-owned lenders. Credit unions dominate in both urban and rural areas due to lower costs, competitive rates, and wide access to shared branching networks. Banks and community banks are rarely preferred.
Takeaway: Credit unions lead by offering better financial value and broader community engagement.
National Summary
- Credit Unions: Most recommended in the West and parts of the Midwest.
- Banks: Lead in the South and Northeast.
- Community Banks: Marginal influence, no regional stronghold.
Final Insight: Homeowner preferences align with lender performance, accessibility, and institutional strength — less tradition.
Survey Methodology & Data Collection
The MFP Refinance Lender Survey reflects feedback collected from a little over 72,000 U.S. homeowners who refinanced their mortgage between June 2024 and January 2026. The survey is conducted on an ongoing basis among MFP users who request refinance quotes through our platform.
When homeowners indicate they have requested one or more quotes, they are invited to complete a short survey about their comparison and quote experience. Once they finalize a refinance with a specific lender, they are invited to complete a follow-up survey that captures more detailed feedback about their lender selection, closing experience, satisfaction, and post-closing support.
Data for this publication represents one full year of collected responses and covers experiences with 4,700+ refinance lenders nationwide. All responses are verified to be tied to an actual refinance transaction and are screened for completeness and consistency.
Results are non-weighted by state homeowner distribution and lender market presence to ensure a realistic national representation. Duplicate submissions and incomplete responses are excluded through automated and manual reviews.
MFP has conducted this refinance satisfaction survey each year since 2019 for our users internal benefits, but the 2025-26 publication marks the first public release of these findings. Previous years’ results were used internally to inform our 2 million users and improve lender transparency across the platform.
This Refinance Lenders survey is the sibling of the MFP Refinance Rates Survey which is conducted on an ongoing basis for a 30 days period.
Here’s the Mortgage Lenders Survey methodology:
National Data
Survey results reflect feedback from 55,000 U.S. homeowners who refinanced between June 2024 and January 2026, covering 4,700+ lenders nationwide. Responses are weighted by state homeowner distribution and lender presence to ensure national representativeness. At the national level, results highlight trends by lender type (such as banks, credit unions, community banks, and online lenders) rather than naming individual lenders. Because survey responses are not evenly distributed across states, national results may favor lenders active in high-response states.
Differences between lender types larger than ±0.4% (the national margin of error at a 95% confidence level) can be considered statistically meaningful.
State Data
State-level results are based on verified responses from homeowners within each state, with weighting applied to reflect each state’s ref
inance market. Individual lenders are named only on state and metro pages to highlight the most recommended providers locally. Margins of error vary by state depending on sample size, typically ranging from ±1–2.5% at a 95% confidence level. Differences larger than these margins can be considered statistically meaningful.
Metro / City Data
The 10 largest metro areas in each state account for approximately 70% of that state’s survey responses. Metro-level results reflect verified refinance transactions between June 2024 and January 2026, providing a detailed view of lender performance in the state’s most active housing markets. Margins of error for metro results typically range from ±2–5% at a 95% confidence level, depending on the number of survey responses in each metro. Differences larger than these margins can be considered statistically meaningful.
Data Access & Partnerships
Organizations interested in deeper insights can request access to anonymized, aggregated survey data for research or benchmarking purposes.
MFP regularly partners with lenders, financial institutions, and research organizations to improve refinance transparency and help U.S. homeowners make better financial decisions.
Learn about partnership & research opportunities