14 Best Mortgage Lenders of 2022

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If you’re ready for a mortgage, you need the best mortgage lenders. If you look online, you’ll see hundreds if not thousands of options.

How do you know which lender is right for you?

We’ve narrowed down the best mortgage lenders below to help you find the lender that will make owning your dream home a reality.

The Best Mortgage Lenders (Ranked and Reviewed)

  • RECOMMENDED
  • BEST FOR
  • MIN. CREDIT SCORE

Best Mortgage Lenders

Best Overall Mortgage Lender
Better.com Mortgages
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On Better's Secure Website
Rates & Fees
Better
  • NMLS#
    330511
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Better is a digital mortgage lender, which means you work with a computer versus a human. The nice thing is you get answers fast and have access to on-demand human interaction.

Better offers purchase and refinance loans but sticks to conventional loans and jumbo loans. Before the pandemic, they also offered FHA loans, but never VA or USDA loans. They are slowly bringing back FHA loans, but only in certain states.

Better advertises a ‘fast approval process,’ but in reality, it’s a generic pre-approval that tells you how much you can borrow.

The ‘full approval’ requires an extensive interview process and you providing proof of your qualifications to get approved.

Read Full Review

Best Overall Mortgage Lender
Quicken Mortgages
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On Quicken Loan's Secure Website
Rates & Fees
Quicken Loans
  • NMLS#
    3030
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Quicken Loans is one of the most popular online mortgage lenders. They don’t have any brick-and-mortar locations, but they combine the convenience of an online lender with the support of human advisors to give you the best of both worlds.

Quicken is a nonbank lender, which means they sell their loans directly to investors, including Fannie Mae and Freddie Mac.

They offer a large selection of loans, including conventional, jumbo, FHA, and VA loans. Borrowers can choose from fixed-rate or adjustable-rate loans, and they offer terms from 8 to 30 years.

It is important to note, that Quick Loans Online Mortgage is Rocket Mortgage. This is their online platform that facilitates, streamlines, and simplifies the online mortgage process. It is quick, easy, and offers some of the lowest rates around.

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Best Mortgage Lender for Nationwide Availability
Loan Depot Mortgages
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On Loan Depot's Secure Website
Rates & Fees
Loan Depot
  • NMLS#
    174457
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Loan Depot is also an online lender, but they have 200+ brick-and-mortar branches too. Loan Depot offers conventional, FHA, and VA loans and refinance loans, including cash-out refinances.

If you borrow a Loan Depot loan and want to refinance in the future, they offer a lifetime guarantee which means they waive the lender fees and reimburse your appraisal fees if you stay with Loan Depot.

You can apply for your loan completely online or get in-person support if you feel more comfortable working with an advisor.

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Best Selection of Mortgage Products
Guild Mortgages
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On Guild Mortgages's Secure Website
Rates & Fees
Guild Mortgages
  • NMLS#
    3274
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Guild Mortgages offers the largest selection of loan products, even though they too don’t offer HELOCs or home equity loans.

Borrowers can choose from conventional, FHA, VA, USDA, and jumbo loans for purchase or refinance.

Guild has an online platform making it easy to apply for a mortgage, including direct upload of income and asset information from your employer or bank.e

Guild charges higher fees than other online lenders, including processing, underwriting, document, and administration fees.

However, Guild’s lineup of mortgage programs is impressive and includes special programs like the FHA Zero program or financing for manufactured homes.

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Best Mortgage Lender for VA Loans
Veterans United Mortgage Lender
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On Veterans United's Secure Website
Rates & Fees
Veterans United
  • NMLS#
    1907
  • Min. Credit Score
    640
  • Learn More
  • Mortgage Details

Veterans United specializes in VA loans for military veterans and current members. Veterans United is a supportive lender for veterans, offering an easy-to-use online platform and competitive interest rates.

Not only does Veterans United help veterans secure 100% financing at great terms, but they also offer free credit counseling for veterans who need help working out their finances.

Even though Veterans United focuses on VA loans, they also offer conventional USDA, FHA loans, and jumbo loans.

They offer both purchase and refinance options and help eligible VA borrowers use the VA Interest Rate Reduction Refinance Loan program to make the most of their benefits.

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Best Online Mortgage Lender
Guaranteed Rate Mortgages
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On Guaranteed Rate's Secure Website
Rates & Fees
Guaranteed Rate Mortgages
  • NMLS#
    2611
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Guaranteed Rate is an online-only mortgage lender that offers various mortgage loans, including FHA, conventional, VA, jumbo, and interest-only loans.

The entire process takes place online, including uploading your documents, choosing your rate and loan program, but they do have 400 locations throughout the US if you need in-person support.

Guaranteed Rate’s website offers a lot of information to help you whether you’re a first-time homebuyer or thinking about refinancing.

It even offers a ‘Know your Neighborhood’ feature that helps you get to know the area, the tax rates, and school ratings.

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Best Bad Credit Mortgage Lender
New American Funding Mortgages
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On New American Funding's Secure Website
Rates & Fees
New American Funding
  • NMLS#
    6606
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

New American Funding is a large company offering purchase and refinance loans. They offer a streamlined and user-friendly process making it easy for anyone to get a mortgage without feeling overwhelmed.

New American Funding offers conventional loans, FHA, VA, and reverse mortgages. They offer loan terms up to 30 years, but in various terms starting at 8 years for more flexibility.

Their loan program called ‘I CAN’ lets you choose your loan term rather than being stuck in a 15 or 30-year term.

New American has slightly higher fees than other lenders, but their rates and customer service make up for the higher fees charged.

New American Funding offers a large selection of loan programs, including programs for those with less-than-perfect credit.

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Best Overall Mortgage Lender
Chase Mortgage products
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On Chase's Secure Website
Rates & Fees
Chase Mortgages
  • NMLS#
    399798
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

If you’re looking for a ‘brand name bank’ with name recognition, Chase Mortgage is it. Chase operates in almost half of the states in the country and has loan specialists to help you through every step of the loan process.

They offer a wide selection of loan programs, including purchase, refinance, home equity loans, jumbo loans, FHA, and VA loans.

You can apply for a fixed-rate loan or adjustable rate, and Chase offers some of the lowest interest rates available today.

While you can rate shop online with Chase, you must work with a home advisor who helps you through the process to formally apply for the loan.

Along with the standard loans, Chase offers an exclusive program called the DreaMaker which helps low-income families who are creditworthy buy their first home.

With just 3% down and the ability to use gift funds, and the ability to get assistance with closing costs, the DreaMaker is great for borrowers with decent credit but who don’t qualify for a traditional mortgage loan.

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Best for Mortgage Loan Advisors
Flagstar
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On Flagstar's Secure Website
Rates & Fees
Flagstar Mortgages
  • NMLS#
    417490
  • Min. Credit Score
    N/A
  • Learn More
  • Mortgage Details

Flagstar is mostly a north-central bank; however, they operate in all 50 states. They operate as a direct lender and wholesale lender, so you may hear their name come up when working with a broker too.

Flagstar offers many loans, including fixed-rate, adjustable-rate, FHA, VA, USDA, and home equity loans.

They offer loans up to $3 million, making it easy to get jumbo loans when you need them.

Flagstar offers a large selection of no down payment and low-down payment options, making it easy for many people to secure financing.

You can apply for a loan online with the help of a dedicated loan advisor or directly through a loan advisor if you’d rather not apply online.

Flagstar isn’t super transparent about its website rates and fees, but you must work directly with a loan advisor to get specifics.

Read Full Review

Best Bad Credit Mortgage Lender
Alterra Mortgages
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On Alterra Home Loan's Secure Website
Rates & Fees
Alterra Home Loans
  • NMLS#
    133739
  • Min. Credit Score
    N/A
  • Learn More
  • Mortgage Details

Alterra focuses on borrowers with less than perfect credit or borrowers with non-traditional income sources.

They aren’t transparent with their rates and fees, but they offer borrowers who would otherwise be unable to secure lending a chance to get a home loan.

Alterra offers an online application process and a program for borrowers without a social security number.

Alterra has offices in 16 states and services loans throughout the country. It’s a great option for those who don’t qualify with a traditional lender, like Chase or Flagstar Bank.

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Best VA Loan Lender
Navy Federal Mortgages
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On NFCU's Secure Website
Rates & Fees
Navy Federal Credit Union
  • NMLS#
    399807
  • Min. Credit Score
    N/A
  • Learn More
  • Mortgage Details

If you’re a military member or you are a family member of a military member, the Navy Federal Credit Union offers attractive loan options.

They offer a large number of loans for military members, including VA loans with no down payment and flexible guidelines.

Navy Federal Credit Union offers an online pre-approval process, and its rates are lower than most lenders.

Besides VA loans, Navy Federal Credit Union offers conventional loans in both fixed and adjustable-rate terms.

Best Overall Mortgage Lender
NASB Mortgages
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On NASB's Secure Website
Rates & Fees
North American Savings Bank
  • NMLS#
    400039
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

NASB is a great resource for veterans and their families. They also offer loan programs for borrowers with less than perfect credit or nontraditional income.

NASB offers competitive interest rates and transparent terms. They focus on government-backed loans, including VA loans as well as jumbo loan options.

While you can’t get a home equity loan or home equity line of credit, they offer various other loan options, including a cash-out refinance.

The process is a hybrid of online and over-the-phone service, but the staff at NASB is helpful in most circumstances.

Read Full Review

Best Overall Mortgage Lender
Wells Fargo Mortgage Rates
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On Wells Fargo's Secure Website
Rates & Fees
Wells Fargo Mortgages
  • NMLS#
    399801
  • Min. Credit Score
    620
  • Learn More
  • Mortgage Details

Wells Fargo is a well-known national bank. Many people prefer working with large banks that they know well.

Wells Fargo is known for its wide selection of mortgage products, including borrowers with less than perfect credit or unique income situations.

Wells Fargo has a robust online process, and it’s transparent with its pricing. They have one of the largest selections of loan products, including conventional, government-backed, and jumbo loans with attractive pricing.

Best Mortgage Lender with Closing Cost Assistance
PrimeLending Mortgages
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On PrimeLending's Secure Website
Rates & Fees
PrimeLending
  • NMLS#
    13649
  • Min. Credit Score
    580
  • Learn More
  • Mortgage Details

Prime Lending offers your standard loan products, but they are a great option for those looking to build their own home. Getting financing for a home build is difficult and time-consuming, but Prime Lending makes it easy.

They offer a 100% online process and closing cost assistance programs to help those who can’t afford the costs. While they aren’t transparent with their rates, most borrowers are happy with the rates offered.

Read Full Review

How to Compare the Best Mortgage Lenders  

#1. Mortgage Loan Processing Speed

Today, time is of the essence when getting approved for a mortgage, especially if you’re ready to buy a house.

With a much larger demand than supply in the housing industry, it’s important to work with a lender with a fast-processing speed to avoid delays and/or losing the home.

#2. Interest Rates  

You pay interest for the life of the loan. While it’s not the only factor to consider, it’s a big one. Look at the rate itself and the total interest costs over the life of the loan.

Each loan type will have different terms, which is why looking at the bottom line and not just the interest rate is important.

#3. Projected Closing Costs

Closing costs can cost between 3% – 5% of the loan amount. Finding a lender that offers lower closing costs is important.

You can typically negotiate some of the rates, especially if you have offers from other lenders. Look for costs, including processing, origination fees, underwriting, and third-party fees.

#4. Multiple Mortgage Products Available

Don’t try to fit a square peg into a round hole. Look for lenders that offer various loan products to see which one suits your needs the most. Ideally, the best mortgage lender will offer:

Sometimes the most obvious product isn’t the one that suits you the best. Compare your options side-by-side to be sure.

#5. Industry Reputation

You could have a mortgage for 30 years, so working with a reputable lender is important. They are helping you finance the largest investment of your lifetime, so make sure you work with a lender that is honest, straightforward, and won’t be a nightmare to work with for the next 15 to 30 years.

#6. Customer Service Availability  

Customer service is crucial when you have a mortgage. Whether you have a question about your payments, equity, home value, taxes, or insurance, you want to be able to get answers. If customer service isn’t available often, it could be a real hassle to get your questions answered. 

#7. Previous Customer Review  

Read customer reviews to see what others think of the lender you’re thinking of using. Just because they look good from the ‘outside’ doesn’t mean they are great to work with.

See what others think and read about their experiences, so you know what to expect.

Who Is the Best Mortgage Lender? 

The best mortgage lender for you is the one that offers the program you need in the right term and at the right cost. No two borrowers will like the same lender.

Look at your financial situation, determine what loans you qualify for, and which makes the most financial sense. 

How Does the Mortgage Loan Process Work?  

The mortgage process isn’t as complicated as it sounds. It starts with mortgage preapproval, which is an approval of your personal situation, including your income, assets, credit score, and liabilities.

Once you have the pre-approval, you can search for a house, bidding on the house you love. With a signed sales contract, you’ll go through the mortgage loan process, clearing conditions the lender has and waiting for the home appraisal and title work to come back so the lender can clear your loan to close. 

How Does Mortgage Interest Work?

Mortgage interest is the fee you pay to borrow the money. It accrues monthly and decreases as you pay the principal balance (the amount you borrowed) down.

At the start of the loan, you pay mostly interest, but as you move through the process, you pay more principal than interest as your interest balance decreases.

How Is Your Mortgage Interest Rate Determined?  

Lenders base your mortgage interest rate on the current economic terms and your personal qualifying factors, including your credit score, debt-to-income ratio, and the loan-to-value ratio. The better your qualifying factors, the lower the interest rate you’ll receive. 

What Do Mortgage Lenders Consider When Reviewing Applicants?  

#1. Your Credit Score  

Your credit score is the first thing lenders look at. You must meet the minimum credit score requirements for the program you’re applying to.

They also use your credit score to determine your likelihood of default and how to price the loan with both the interest rate and origination fees.

The lower your credit score is, the higher the interest rate they give you, and the more origination fees you’ll pay. 

#2. Projected Home Price  

A home must be worth at least as much as you offer to pay. Lenders may not approve your loan if the appraised value comes in lower than the amount you agreed to pay.

The home is the collateral, so they need to know that it’s worth enough to qualify for the loan.

#3. Total Mortgage Loan Amount  

Each loan program has a loan maximum. Most loans have a maximum of $548,250, but some have higher limits.

If you go over $548,250, you’ll need a jumbo loan that has stricter qualifying requirements and higher interest rates. 

#4. Type of Mortgage

Lenders, look at the type of mortgage you want too. An adjustable-rate mortgage is risky for borrowers but often makes lenders more money, but a fixed-rate mortgage is riskier for lenders because they only receive the fixed rate – it never adjusts.

You must be able to qualify for the payment no matter the type to qualify. 

>> More: How to Choose the Best Mortgage

#5. Down Payment

The more money you put down on a home, the less risk the lender takes. Borrowers with large down payments often get lower interest rates and better terms.

You must at least make a down payment that meets the minimum requirements, which is typically 3% for first-time homebuyers but varies by program.

#6. Mortgage Loan Term Length

The longer you borrow money, the riskier it is for a bank. A 15-year loan will typically have a lower interest rate than a 30-year term because of the longer term.

Banks have less liquidity the longer you borrow the money, so they charge higher rates to make up for it.

Which Mortgage Term Is Best?  

The right mortgage term is the one you can afford. A 15-year loan offers the lowest rates and fees, but it doesn’t make sense if you can’t afford the payment.

Choose the term that you can afford now and, in the future, based on your plans.

Many lenders offer flexible terms, allowing you to customize your term between 15 and 30 years to find just the right fit.

How Much Are Closing Costs on a Mortgage?

Closing costs vary by lender but average 3% to 5% of the loan amount. The total depends on your credit score (lower credit scores mean higher fees) and your loan-to-value ratio.

The more money you borrow with a lower down payment, the riskier it is for online mortgage lenders.

Some lenders offer options such as no-closing cost loans but pay attention to the interest rates since no-closing cost loans usually have higher rates.

Should I Get Pre-Approved or Find a Home to Buy First?

Always get pre-approved before looking at homes. Shopping before you know what you can afford can be a waste of time for both you and the seller.

Many sellers won’t talk to buyers unless they have a pre-approval, and most won’t accept a bid without a pre-approval. 

How to Apply for a Mortgage

Most lenders offer an online option to apply for a mortgage. If you’d prefer to talk to someone, most lenders offer the option to call the lender and apply over the phone or in person if there is a local branch. 

Summary of the Best Mortgage Lenders

Bottom Line: The Best Mortgage Lenders  

Take your time finding the best mortgage lenders for your situation. No two people will have the same mortgage needs. Look for the lender that charges the lowest fees and has the most attractive interest rate based on your qualifications. Always shop around and get at least 3 quotes, so you know you’re getting the best rates possible.

Methodology

To select the best mortgage lenders, we reviewed and analyzed 40+ lenders that operate online and offer in-person experience throughout the United States. Our evaluation includes reviewing rate transparency, down payment requirements, credit score requirements, industry reputation, types of loans offered, online experience, customer support, closing costs, origination fees, and security. We also utilized expert sources: J.D. Power’s Mortgage Origination Satisfaction Survey, Home Mortgage Disclosure Act, Consumer Financial Protection Bureau, Google Reviews, and the Nationwide Mortgage Licensing System (NMLS). Read our strict editorial guidelines and mortgage loan rating methodologies for more information.

Kim Pinnelli
Kim Pinnelli

Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.