A mortgage is one of the largest loans you’ll ever take out. In most cases you’ll be paying it for decades, so securing a low interest rate can save you tens of thousands of dollars.
Comparing loan terms such as mortgage rates , fees and closing time are steps that every home buyer should take before settling on a lender.
The best mortgage lenders not only offer lower interest rates, but also feature loans for consumers with different types of credit. They should also have a streamlined mortgage pre-qualification and application process and as clean a record as possible with regulating agencies.
Read on for our review on the best mortgage lenders in the market today. And, if you’d like a better idea of exactly how much you’d be paying a month given your particular circumstances, make sure to check out our mortgage calculator . Our Top Picks for Best Mortgage Lenders
Quicken Loans – Most Customizable Loans
LendingTree – Best Marketplace
Navy Federal – Best In-person Lender for Military Members
Guild Mortgage – Best for First-Time Homebuyers
Caliber Home Loans – Best for Self-Employed Individuals
Veterans United – Best Online Lender for Military Members
Bank of America – Best National Bank
Better Mortgage – Best for Fast Closing Time
Best Mortgage Lender Reviews
Pros
First-time homebuyers can pay as little as 3% down
Best in customer satisfaction in J.D. Power study
Representatives are available every day of the week during flexible hours
Cons
No home equity loans or home equity lines available No brick and mortar locations HIGHLIGHTS Why we chose this company: While most competitors stick to the traditional 15- or 30-year mortgage terms, Quicken’s YOURgage program gives borrowers the option of choosing terms ranging between 8 and 29 years. Quicken Loans , offered by Rocket Mortgage , is the largest retail lender in the US, offering a variety of mortgage options, including conventional mortgages, ARM, FHA, VA, and jumbo loans. Aside from the traditional 15- and 30-year mortgages, the lender also has loans with flexible terms between 8 and 29 years.Quicken’s YOURgage program sets it apart from other online lenders by allowing borrowers to choose the term of their fixed-rate loan (outside of traditional 15 and 30-year terms) and borrow up to $548,250.And, if you haven’t saved the traditional 20% and can only give a small down payment, Quicken has options — some loans allow first-time homebuyers to put as little as 3% down.Quicken also stands out for the high quality of its customer experience, as evidenced by the results of J.D. Power’s 2020 U.S. Primary Mortgage Origination Satisfaction Study. Customers are able to speak with one of the company’s 3,000+ mortgage bankers 24/7 and may fully process their loan online in all 50 states.Moreover, because Quicken services 99% of its mortgages, it keeps a stable line of support from start to finish, instead of handing customers off to another company midway through the process. Pros Compare offers from over 1,500 lenders in minutes Comprehensive learning resources available Cons You could receive multiple phone calls or emails from different lenders competing for your business HIGHLIGHTS Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA (specifics vary by lender) ~585 (recommended) Why we chose this company: LendingTree’s large network of lenders and straightforward quote comparison process makes it our pick for the best mortgage marketplace. LendingTree is one of the best mortgage marketplaces around, letting you compare loans from over 1,500 different lenders. You can compare lender offers online through a three-step process: you answer a series of questions, compare offers side by side and discuss your options with a loan officer.LendingTree will ask for your income, assets, education, debts, occupation and length of time at your job, and SSN at the beginning of the quoting process. The company then runs a credit check and uses your FICO score to match you with lenders from their network. Finally, you’ll be contacted by up to five lenders after they’ve put together a preliminary quote.LendingTree also offers plenty of resources regarding mortgages and loans, including a glossary of loan terminology, current rates for all types of home loans, several calculators, and a national loan officer directory. It also features reviews so users can read about experiences other customers have had with each lender. Pros 324 branches nationwide, catering to military members, reservists, veterans, retirees, and annuitants Up to 100% financing and 0% down payment options available Rate loan match available Cons Doesn’t offer customized rates unless you apply No private mortgage insurance HIGHLIGHTS […]
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