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Finding the best mortgage lender can be a challenge. The right lender depends on the borrower's unique financial credentials and what features they're looking for in a loan.
Our team of mortgage experts has curated a list of the top mortgage lenders to make it easy for borrowers to get multiple multiple quotes and find the right lender for their unique needs. This guide provides insight into how a mortgage works and how to find the top mortgage lender no matter your situation.
Best for: Streamlined online application
Bottom Line
Led the transition to online-only applications, and that seamless process is one reason why it has become the largest U.S. lender. Consistent No. 1 J.D. Power customer service rankings and its high-quality app make it hard to ignore.
Min. Credit Score Minium Credit Score 580 FHA 620 other mortgage products
Min. Down Payment Minium Down Payment 0%-3.5% (FHA & VA loans) 3% (conventional loans)
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Diverse terms and loan products
Bottom Line
No lender fees for existing customers, along with a fully online experience make it a top pick. One of the rare lenders to offer jumbo loans up to $30 million.
Min. Credit Score Minium Credit Score 580 FHA 620 other mortgage products
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Diverse loan types and terms
New American Funding
Bottom Line
Competitive rates and a diverse set of loan terms and products are a rare combo. Fast service simplifies the homebuying process even more. What's more, New American can be a good solution for people building credit and wanting a good mortgage.
Min. Credit Score Minium Credit Score 580 FHA 620 other mortgage products
Min. Down Payment Minium Down Payment 0%-3.5% (FHA and VA loans) 3% (conventional loans)
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: No lender fees and online application
Better
Bottom Line
Has the right combination of features and perks, including no origination fees, low mortgage rates, and an online experience that helps homeowners cut their costs while saving time. The lender also offers $150 off closing costs when applying through The Ascent site.
Min. Credit Score
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Digital experience & down-payment assistance
Guaranteed Rate Mortgage
Bottom Line
Guaranteed Rate does a great job with ease of usability, offering comprehensive loan information during your research phase, plus the option to securely upload and digitally sign loan documents when you're ready to apply.
Min. Credit Score Minium Credit Score 580 FHA 600 VA and FHA 620 Conventional
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Refinancing and FHA/VA options
loanDepot
Bottom Line
Among the most popular refinance and FHA/VA lenders in the market. Its mello smartloan™ platform eases the refinance process by digitally hooking up to confirm your assets, employment, and income.
Min. Credit Score Minium Credit Score 580 FHA 620 other mortgage products
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: VA loans
Bottom Line
The fact that it is the largest VA home lender speaks volumes. But Veterans United also offers an array of terms and loan products, in addition to competitive rates.
Min. Credit Score
Min. Down Payment Minium Down Payment 0%-3.5% FHA, VA, and USDA loans 3% conventional loans
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: High loan amounts and relationship discounts
SoFi Mortgage
Bottom Line
Fast prequalification, membership discounts, and a modern experience explain its top pick status. A potential fit for self-employed borrowers, based on SoFi’s nontraditional underwriting process that focuses less on credit history and more on income and assets.
Min. Credit Score
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Diverse loan options
Bank of America Mortgage
Bottom Line
Few lenders can match the lineup of loan products and terms, and the interest rate and fee discounts for Preferred Rewards members define what relationship banking should look like.
Min. Credit Score Minium Credit Score 620 FHA 600 Other mortgage products 640 Affordable Loan Solution® 680 Jumbo Loans
Min. Down Payment Minium Down Payment 0% VA loans 3.5% FHA 3% Conventional loans, Affordable Loan Solution® mortgage, Freddie Mac Home Possible® mortgage 5% Other loans
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Diverse loan offerings
PNC Bank Mortgage
Bottom Line
Diverse loan products and terms mean PNC can accommodate many borrowers, including those looking for mortgage options with no PMI.
Min. Credit Score Minium Credit Score 580 FHA 620 other mortgage products
Min. Down Payment Minium Down Payment 0% VA and USDA 3% conventional 3.5% FHA
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Easy online application
PennyMac Mortgage
Bottom Line
By offering rate transparency, online only help, flexible loan terms, and a rate guaranteed to beat competitors, PennyMac is a great place for people to start looking for a mortgage.
Min. Credit Score Minium Credit Score 500 FHA 620 other mortgage products
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: First-time buyers
Flagstar Bank Mortgage
Bottom Line
Flagstar is flexible as it allows a variety of loan types and lengths. It is also a great option for people with above average debt as it has one of the highest allowable debt-to-income ratios.
Min. Credit Score Minium Credit Score 620 Conventional 640 FHA 660 USDA and VA
Min. Down Payment Minium Down Payment 0%-3.5% (FHA and VA loans) 3% (conventional)
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Flexible options
NASB Mortgage
Bottom Line
The self-employed borrower program may be a great option for people who otherwise have a hard time getting a competitive loan, plus the lender still offers a good range of mortgage programs for other needs.
Min. Credit Score Minium Credit Score 580 FHA Loans 620 for Conventional 660 for VA Loans
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Online experience
Ally Mortgage
Bottom Line
Ally is limited in loan options compared to competitors, but it's all about efficiency and a speedy online experience.
Min. Credit Score Minium Credit Score 620 Conventional 700 Jumbo
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Self-employed borrowers
Caliber Home Loans
Bottom Line
Caliber is a great home loan option that offers more variety than some other lenders, which might make it easier to find what works best for you. It also offers fast closings and some assistance programs for certain borrowers.
Min. Credit Score Minium Credit Score 580 FHA 620 Conventional
Min. Down Payment Minium Down Payment 3% Conventional 3.5% FHA
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
The mortgage market is crowded and competitive, which is great for consumers. Keeping that in mind, we take our ratings and picks very seriously. While it’s impossible for us to rate and review every offer on the market, we canvas as far as we can. Our five-star rating system takes into account how competitive rates and fees are for a certain lender, the online experience and customer support, as well as how versatile a loan is including repayment terms, availability, downpayment options, and more.
A mortgage lender is a bank, credit union, online lender, or other financial institution that provides a loan to purchase a home. Home loans offered by mortgage lenders are typically secured loans. That means the house acts as collateral and can be taken by the lender if you don't pay the loan. Interest rates offered by mortgage lenders are typically below the rates on most other kinds of loans. And interest may be tax deductible.
Mortgage lenders offer different types of loans. Conventional mortgages are loans without a guarantee from any government agency. Government-backed loans or conforming loans have different requirements and include:
Loan type, interest rate, and loan term can vary from one mortgage lender to another, so comparing multiple lenders is often the best move for home buyers.
There are a few key features home buyers should consider when researching the best mortgage lenders. These include:
A lender's reputation for customer service does matter a little. You want the application process to be easy and pleasant. But be aware that many lenders resell mortgages. There's a chance the original lender you borrow from will not remain your loan servicer for long.
Your credit score is one of the most important factors that determine if you'll be approved for a loan and what rate you'll be charged. Scores range from 300 to 850.
Most lenders set the minimum credit score for a mortgage at around 620. But some loans, including a VA loan, have no minimum credit score requirements at all. Other government-backed loans, such as FHA loans, are available with scores as low as 500 as long as you have a 10% down payment.
The table below shows the APR and monthly payment based on FICO scores, assuming a 30-year fixed-rate mortgage loan for $300,000.
FICO Score | APR | Monthly Payment |
---|---|---|
620-639 | 4.191% | $1,201 |
640-659 | 3.645% | $1,237 |
660-679 | 3.215% | $1,265 |
680-699 | 3.001% | $1,300 |
700-759 | 2.824$ | $1,372 |
760-850 | 2.602% | $1,465 |
Because rates and terms vary so much from person to person and company to company, it is important to shop around for a mortgage. Obtaining multiple rate quotes is the best path to choosing a mortgage lender.
Lender | Rating | Best For |
---|---|---|
Rating image, 5.0 out of 5 stars.
5.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Streamlined online application | |
Rating image, 5.0 out of 5 stars.
5.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Diverse terms and loan products | |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Diverse loan types and terms | |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: No lender fees and online application | |
Rating image, 4.0 out of 5 stars.
4.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Digital experience & down-payment assistance | |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Refinancing and FHA/VA options | |
Rating image, 4.0 out of 5 stars.
4.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: VA loans | |
Rating image, 4.0 out of 5 stars.
4.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: High loan amounts and relationship discounts | |
Rating image, 5.0 out of 5 stars.
5.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Diverse loan options | |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: No mortgage insurance option | |
Rating image, 4.0 out of 5 stars.
4.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Diverse loan offerings | |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Easy online application | |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: First-time buyers | |
NASB Mortgage
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Rating image, 3.5 out of 5 stars.
3.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Flexible options |
Rating image, 4.0 out of 5 stars.
4.0 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Online experience | |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Best For: Self-employed borrowers |
To find the best rates from mortgage lenders, obtain quotes from as many lenders as possible. Look for lenders that allow you to check rates with only a soft credit check. That allows you to avoid damaging your credit score. Compare rates and fees to assess total costs of borrowing.
If you want the best loan at the most competitive rate, the following can help:
Different lenders are right for different types of mortgage borrowers. The best mortgage lender for you is one that offers the most affordable overall borrowing costs. That's after taking fees and interest into account. You'll also want to make sure your lender offers the best loan term for you. And check that you can qualify for the loans they offer.
Since every borrower has a slightly different lending profile, there isn't one mortgage lender that's best in every situation. As a result, it's important to compare rates and quotes from numerous mortgage loan providers to see which is best for you.
Mortgage lenders vary in terms of qualifying requirements: interest rates, fees charged, and a host of other factors. There's no one lender that's the best for every borrower. That's because your rates and costs are largely determined by your particular financial situation.
For example, some lenders may offer better terms to borrowers with poor credit than other lenders do. Or some may be more forgiving of a low down payment or high debt balance.
To find the best terms for your home loan, shop around and compare rates, fees, payoff times, and total costs from multiple lenders.
Our Mortgages Expert
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