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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.