Buying a home is one of life’s biggest financial decisions. Understanding which lender is right for you is a difficult task. Our transparent and thorough review process will help you make a simple financial decision. SimpleMoneyLyfe’soverall ratings for mortgage lenders and providers are evaluated across eight major factors. This criterion ensures the integrity and accuracy of our mortgage reviews.
Rate Transparency: Consumers deserve to know current mortgage rates and data. Our expert team of mortgage analysts reviews various sources to provide current data.
Down Payment Requirements: Specific government-backed loans require less money down than conventional mortgages. We review the requirements and ensure it is accurately portrayed in our ratings.
Credit Score Requirements: Some government mortgage programs service borrowers with lower credit scores. Analysts on our team review and summarize the requirements so you clearly know what is required. For example:
580 to 600 for FHA and VA loans
600 to 640 for conventional loans (620 is average)
680 to 700 for jumbo loans
Loans Offered: There isn’t a one size fit all mortgage solution. We review mortgage lenders that offer various lending products, providing you with clear options.
Online Application Experience: It’s the 21st century, and consumers deserve to do everything from their mobile device or computer. We carefully analyze and review the online application process – from the time it takes to file an application to closing and more.
Customer Support: For most people, buying a home is the largest financial purchase they will ever make. We expect the mortgage lenders we cover to offer ample customer support – from live agents to online chat functionality. We do a deep dive into the customer support capability.
Closing Costs & Origination Fees: Everything comes with a price. We make sure consumers clearly know what closing costs and origination fees to expect.
Security: When working with a mortgage lender, you’ll be required to provide supporting documentation and personal information. Our team reviews the security infrastructure of the lender, making sure they employ encryption and protect personal data.
The Review Process: Deep, Deep Analysis
SimpleMoneyLyfe currently reviews over 40 mortgage lenders, including traditional and online mortgage loan providers. We carefully review and select reputable, trustworthy lenders and have your best interest in mind. We also review lenders that specifically service minorities.
Collecting Information and Data
Our team of mortgage product analysts, writers, and editors rely on publicly available data, the Home Mortgage Disclosure Act (HDMA), expert interviews, and rigorous product testing to collect accurate information and current rates.
From origination fees to closing costs to rates and loan terms, we collect information to help consumers make a clear, simple financial decision. We arm and empower our readers with tailored insight and data.
Around the Clock Updates
Once we hit publish, we don’t stop there. SimpleMoneyLyfe maintains contact with the mortgage lenders we review through the year. We constantly update our information to ensure it is relevant, accurate, and up to date.
We make careful updates when mortgage rates change, fees are adjusted, or when new features/products are introduced.
Mortgage Product Review Team
The Mortgage Editorial Team comprises mortgage industry veterans, real estate aficionados, product analysts, editors, and professional writers. Our team adheres to strict editorial guidelines and has been featured in many trustworthy media outlets, such as CNBC, Business Insider, and Readers Digest.