Introduction
When choosing a best mortgage lenders you need to consider interest rates, customer service, loan options and extra features. Here are the best mortgage lenders for 2024, each selected based on Bankrate scores, credit requirements, down payment minimums and pros and cons.
Quicken Loans (Rocket Mortgage)
Overview:
Best mortgage lenders is a fully digital mortgage experience. One of the most well known in the industry and super popular for its fast and easy application process.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Excellent, high ratings for responsiveness and support
- Fees: Standard closing costs, some service fees
- Notable Feature: Fully digital mortgage process
- Bankrate Score: 4.9/5
- Credit Requirement: 620 credit score for conventional loans
- Down Payment Minimum: 3% for traditional loans
Pros:
- Fully Digital Process: Best mortgage lenders has an online application and approval process, perfect for tech lovers.
- Quick Approvals: Fast turnaround times, often approvals in minutes.
- Many Loan Options: Offers government backed loans.
Cons:
- Limited In-Person Support: Being online only, Rocket Mortgage may not be for borrowers who want to meet in person.
- Higher Fees for Some Loans: Some loan types have higher fees than other lenders.
Why We Chose It:
Rocket Mortgage is great for ease of use and quick approval. Its digital first approach is for modern borrowers who value convenience and speed, if you’re comfortable managing your best mortgage lenders online.
Bank of America
Overview:
Bank of America is a large financial institution with many mortgage products. It offers benefits to existing customers through its Preferred Rewards program, so if you bank with them already it’s a great option.
- Interest Rates: Competitive, discounts for Preferred Rewards members
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Very good, high accessibility
- Fees: Standard, discounts for existing customers
- Notable Feature: Discounts for existing Bank of America customers
- Bankrate Score: 4.8/5
- Credit Requirement: 620 credit score
- Down Payment Minimum: 3% for conventional loans
Pros:
- Discounts for Existing Customers: If you’re a Preferred Rewards member, you get discounts on rates and fees.
- Good Online Tools: Lots of online resources, including calculators and educational content.
- Nationwide Availability: With thousands of branches, you can get in-person service anywhere.
Cons:
- Slow Process: We may take longer than online lenders.
- Discounts tied to other banking products: The best rates are usually for customers with other Bank of America accounts.
Why We Chose It:
Bank of America’s rates, customer discounts and wide range of services make it a great choice for current customers and those who want a traditional banking relationship with their Mortgage.
Wells Fargo
Overview:
Wells Fargo is one of the oldest and most well-known mortgage lenders in the US, with a vast array of mortgage products, especially jumbo loans.
- Interest Rates: Competitive, jumbo focused
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Good, online and in-person
- Fees: Standard closing costs, occasional promotions
- Notable Feature: Jumbo loan offerings
- Bankrate Score: 4.7/5
- Credit Requirement: 620 minimum credit score
- Down Payment Minimum: 3% for conventional loans
Pros:
- Many Loan Options: Offers multiple loan programs for different borrower needs.
- Good Jumbo Loan Products: Great for high-end property buyers.
- Nationwide Branches: In-person service anywhere.
Cons:
- Customer Service Issues: Has had customer service problems in the past.
- Application Process: Some borrowers find the process more complicated than online lenders.
Why We Chose It:
Wells Fargo is a good choice for borrowers who want a traditional lender with many products, especially for jumbo loans or in-person service.
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Chase
Overview:
Chase is a big bank with a wide range of mortgage products and discounts for customers who have other Chase accounts.
- Interest Rates: Competitive with discounts for Chase Private Client members
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Very good with strong online and branch support
- Fees: Standard with some discounts for existing customers
- Notable Feature: Discounts for Chase Private Client members
- Bank rate Score: 4.7/5
- Credit Requirement: 620 credit score
- Down Payment: 3% for conventional loans
Pros:
- Discounts for Existing Customers: Chase Private Clients get lower rates and fees.
- Full Online Tools: Has full suite of online tools for your Mortgage.
- Wide Branch Network: Big branch network for in-person support.
Cons:
- Complex Fee Structure: Fee structure is confusing with discounts dependent on having multiple accounts.
- Slower Processing: Approval and processing is slower than digital only lenders.
Why We Chose It:
Chase is good for existing customers who can get the discounts through their banking relationship and those who want both online and in-person support.
U.S. Bank
Overview:
U.S. Bank has a range of mortgage products with competitive rates including specialized loans for professionals like doctors.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo, Professional Loans
- Customer Service: Excellent with high ratings
- Fees: Standard closing costs with occasional promotions
- Notable Feature: Professional Loans
- Bank rate Score: 4.6/5
- Credit Requirement: 620 credit score
- Down Payment: 3% for conventional loans
Pros:
- Professional Loans: Unique loan products for professionals like doctors and lawyers.
- Strong Customer Service: High ratings for customer support and satisfaction.
- Flexible Options: Wide range of mortgage options to fit different borrower needs.
Cons:
- Fewer Branches: Not as many branches as some of the big banks so in-person support may be limited in some areas.
- Slower Online: Online application process is slower than other digital only lenders.
Why We Chose It:
U.S. Bank is great for professionals and those who want specialized loan products and good customer service and multiple mortgage options.
PNC Bank
Overview:
PNC Bank is known for its mortgage flexibility including low down payment loans and online tools.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Good (online and in-person)
- Fees: Standard (some flexibility on down payments)
- Notable Feature: Low down payment options
- Bank rate Score: 4.6/5
- Credit Requirement: 620 minimum credit score
- Down Payment: 3% for conventional loans
Pros:
- Low Down Payment Options: 3% down payment loans
- Online Tools: Comprehensive resources and calculators for buyers
- Flexible Loan Terms: Multiple loan options for different situations
Cons:
- Inconsistent Customer Service: Customer service varies by location
- Limited Branches: Fewer branches than larger banks means less in-person support
Why We Chose It:
PNC Bank is good for borrowers who want low down payment options and flexible loan terms and online tools.
Ally Bank
Overview:
Ally Bank is an online only lender with competitive rates and a simple mortgage process. Great for tech friendly borrowers.
- Interest Rates: Very competitive
- Loan Types: Conventional, Jumbo
- Customer Service: Excellent (online only)
- Fees: Standard closing costs
- Notable Feature: Fully online with competitive rates
- Bank rate Score: 4.5/5
- Credit Requirement: 620 minimum credit score
- Down Payment: 3% for conventional loans
Pros:
- Competitive Rates: One of the most competitive rates in the market.
- Fully Digital: Entire mortgage process can be done online.
- User Friendly: Online application and account management tools are easy to use.
Cons:
- No Branches: No in-person support
- Limited Loan Types: No FHA or VA loans.<
Why We Chose It:
Ally Bank is for borrowers who want a fully digital experience and don’t need in-person support.
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Citibank
Overview:
Citibank offers many mortgage products and big discounts to existing customers, especially on jumbo loans.
- Interest Rates: Competitive, with discounts for existing customers
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Good, online presence is solid
- Fees: Standard, with some discounts for existing customers
- Notable Feature: Jumbo loans
- Bank rate Score: 4.5/5
- Credit Requirement: 620 credit score
- Down Payment: 3% for conventional loans
Pros:
- Discounts for Existing Customers: Offers rate discounts for other Citibank accounts.
- Jumbo Loans: Good for high-value properties.
- Online Tools: Good online resources for borrowers.
Cons:
- Limited Branches: Not as many branches as other big banks, so less in-person support.
- Slower Processing: Slower to process loans than online-only lenders.
Why We Chose It:
Citibank is good for existing customers, especially those who need jumbo loans and can get discounts and online resources.
SunTrust (Truest)
Overview:
SunTrust, now Truest after merging with BB&T, offers many mortgage products with competitive rates and good service.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Very good, high ratings
- Fees: Standard closing costs, some promotional offers
- Notable Feature: Good service and online tools
- Bank rate Score: 4.4/5
- Credit Requirement: 620 credit score
- Down Payment: 3% for conventional loans
Pros:
- Good Service: High ratings for customer satisfaction and support.
- Online Tools: Good online resources for borrowers.
- Many Loan Options: Many mortgage products to choose from.
Cons:
- Limited Branches: Fewer branches than the biggest banks, so less in-person support.
- Complex Fees: Some borrowers find the fees confusing, especially with promotional offers.
Why We Chose It:
Trust is a good choice for borrowers who want strong customer service and lots of loan options, especially those who are comfortable with online and in-person interaction.
Flagstar Bank
Overview:
Flagstar Bank is a regional lender with a flexible underwriting process so it’s a good option for self employed borrowers or those with unique financial situations.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo, Renovation Loans
- Customer Service: Good, online and in-person
- Fees: Standard closing costs
- Notable Feature: Flexible underwriting for unique financial situations
- Bank rate Score: 4.4/5
- Credit Requirement: 620 minimum credit score
- Down Payment: 3% for conventional loans
Pros:
- Flexible Underwriting: More lenient for self employed borrowers or non-traditional income sources.
- Specialized Loan Products: Offers renovation loans and other niche products.
- Good Customer Service: High ratings for online and in-person support.
Cons:
- Regional Availability: Limited to certain areas so not available to all borrowers.
- Complex Loan Process: The flexible underwriting can also mean a more complicated and longer application process.
Why We Chose It:
Flagstar Bank is good for borrowers with unique financial situations, like self employed borrowers, who need a best mortgage lenders that will underwrite more.
Caliber Home Loans
Overview:
Caliber Home Loans is a national lender with a variety of mortgage products, especially for military and first time homebuyers.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Very good, first time homebuyers
- Fees: Standard closing costs
- Notable Feature: Strong military and first time buyer support
- Bank rate Score: 4.3/5
- Credit Requirement: 620 minimum credit score
- Down Payment: 3% for conventional loans
Pros:
- Many Loan Options: Offers VA loans and first time buyer options.
- Good Customer Support: Strong first time buyer support.
- Good Online Resources: Has educational tools and resources.
Cons:
- Higher Fees: Some loans have higher fees than other lenders.
- Slower Processing: Can be slower to process loans, especially government backed products.
Why We Chose It:
Caliber Home Loans is great for military veterans and first-time buyers who need extra support and loan options that fit their needs.
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Guild Mortgage
Overview:
Guild Mortgage is a lender that puts customer service and education first, especially for first-time homebuyers.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Excellent, first-time buyer focused
- Fees: Standard closing costs
- Notable Feature: Customer education and support
- Bank rate Score: 4.3/5
- Credit Requirement: 620 minimum
- Down Payment: 3% for conventional loans
Pros:
- Customer Support: High ratings for customer service, first-time buyer focused.
- Educational Resources: Multiple tools and resources to help buyers understand the mortgage process.
- Flexible Loan Options: Multiple mortgage products to fit different needs.
Cons:
- Limited Branches: Fewer branches than larger national lenders, may not have in-person support near you.
- Longer Processing Times: Longer processing times for some loan types.
Why We Chose It:
Guild Mortgage is great for first-time buyers who want education and support throughout the mortgage process.
Guaranteed Rate
Overview:
Guaranteed Rate is a national lender with a fully online mortgage process, known for rates and fee transparency.
- Interest Rates: Very competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Very good, online focused
- Fees: Transparent, standard closing costs
- Notable Feature: Fast approval process, fully digital
- Bank rate Score: 4.3/5
- Credit Requirement: 620 minimum
- Down Payment: 3% for conventional loans Pros:
- Fully Digital Process: Fully online application process.
- Competitive Rates: Lowest rates in the market.
- Transparent Fees: All fees are clearly disclosed upfront, no surprises.
Cons:
- Limited In-Person Support: Online only, may not be for borrowers who want in-person support.
- Complex Application: Online process is fast, but can be complicated if you’re not tech savvy.
Why We Chose It:
Guaranteed Rate is great for borrowers who are comfortable with a fully online mortgage process and want competitive rates and transparency.
loan Depot
Overview:
loan Depot is a big player in the online mortgage space and offers a variety of best mortgage lenders products.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Good (online focused)
- Fees: Standard closing costs
- Notable Feature: Fully digital mortgage process with high customer satisfaction
- Bank rate Score: 4.2/5
- Credit Requirement: 620 minimum
- Down Payment: 3% for conventional loans
Pros:
- Fully Digital Process: Online application process is fast and easy.
- Wide Range of Loan Products: Offers government-backed loans.
- Good Customer Service: High online ratings and customer satisfaction.
Cons:
- No In-Person Support: Online lender so no in-person interaction.
- Higher Fees for Some Products: Some products have higher fees than other lenders.
Why We Chose It:
loan Depot is a good choice for borrowers who want a digital mortgage experience and need access to multiple loan products.
New American Funding
Overview:
New American Funding is a best mortgage lenders that serves under served communities and offers a variety of mortgage products.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Excellent (underserved communities focused)
- Fees: Standard closing costs
- Notable Feature: Serves underserved communities
- Bank rate Score: 4.2/5
- Credit Requirement: 620 minimum
- Down Payment: 3% for conventional loans
Pros:
- Serves Under served Communities: Strong commitment to lending to minorities and low-income borrowers.
- Wide Range of Loan Products: Multiple loan options including government-backed loans.
- Excellent Customer Service: High ratings.
Cons:
- Complex Application: Serves under served communities so application process may be more complex for some.
- Fewer Branches: Fewer branches than larger lenders so less in-person support.
Why We Chose:
New American Funding is a good choice for borrowers from underserved communities who need strong customer support and multiple loan products.
Fairway Independent Mortgage Corporation
Overview:
Fairway Independent Mortgage is a best mortgage lenders corporation is a national lender that excels at customer service and education, especially for first-time home buyers.
- Interest Rates: Competitive
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: Very good (education focused)
- Fees: Standard closing costs
- Notable Feature: First-time homebuyers and education resources
- Bank rate Score: 4.1/5
- Credit Requirement: 620 minimum
- Down Payment: 3% for conventional loans
Pros:
- Educational Resources: First-time buyer tools and resources.
- Customer Service: High marks for service for first-time buyers.
- Loan Products: Many options.
Cons:
- Limited Branches: Fewer branches than national lenders.
- Processing Time: Longer for some loans.
Why we choose it:
Navy Federal Credit Union is a great choice for first-time buyers who want education and service throughout the mortgage process.
Fairway Independent Mortgage Corporation
Overview:
Fairway Independent Mortgage is a best mortgage lenders corporation that offers a variety of tools and resources for first-time buyers.
- Interest Rates: Good
- Loan Types: Conventional, FHA, VA, Jumbo
- Customer Service: High marks for first-time buyers
- Fees: Standard closing costs
- Notable Feature: First-time buyer tools and resources
- Bank rate Score: 4.1/5
- Credit Requirement: 620
- Down Payment Minimum: 0% for VA loans, 3% for conventional loans
Pros:
- Rates: Best in market for VA loans.
- Fees: Lower than many others.
- Customer Service: High marks for service for military families.
Cons:
- Membership: Only for military, veterans and their families.
- Branches: Fewer branches than national lenders.
Why we choose it:
Navy Federal Credit Union is for military members and their families, with competitive rates, low fees and service tailored to their needs.
Veterans United Home Loans
Overview:
Veterans United Home Loans is a VA loan specialist, with a focus on military borrowers and competitive rates and service.
- Interest Rates: Competitive for VA loans
- Loan Types: VA, Conventional
- Customer Service: Excellent for military borrowers
- Fees: Standard closing costs
- Notable Feature: VA loan specialist with dedicated support for military families
- Bank rate Score: 4.1/5
- Credit Requirement: 620
- Down Payment Minimum: 0% for VA loans, 3% for conventional loans
Pros:
- VA Loan Expertise: Strong support for VA loans and military borrowers.
- Rates: Best for VA loans.
- Customer Service: High marks for service for military families.
Cons:
- Limited Loan Options: Only VA loans for non-military borrowers.
- No Branches: No in-person support, all online or phone.
Why We Chose It:
Veterans United Home Loans is the best for military borrowers looking for specialized help and VA loan rates.
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Better Mortgage
Overview:
Best mortgage lenders is an online lender that offers a fully digital mortgage process with competitive rates and no hidden fees.
- Rates: Very good
- Loan Types: Conventional, FHA, VA, Jumbo
- Service: Good, online focused
- Fees: Transparent, no hidden fees
- Notable: Fully digital with no hidden fees
- Bank rate Score: 4.0/5
- Credit: 620 minimum
- Down Payment: 3% for conventional loans
Pros:
- Fully Digital: Fully online application process with quick approval.
- Transparent Fees: Fees are clear upfront, no hidden costs.
- Competitive Rates: Lowest rates in the market.
Cons:
- No In-Person: Online only, no in-person support.
- Limited Loan Options: No FHA or VA loans.
Why We Chose It:
Sofie is for tech-savvy borrowers who want a fully digital experience and transparent fees without in-person support.
Sofie
Overview:
SoFi is an online lender that offers best mortgage lenders products with competitive rates and great service.
- Rates: Competitive
- Loan Types: Conventional, Jumbo
- Service: Excellent, 4.5/5
- Fees: Standard closing costs
- Notable: Fully digital with focus on service
- Bank rate Score: 4.0/5
- Credit: 620 minimum
- Down Payment: 3% for conventional loans
Pros:
- Competitive Rates: Lowest rates in the market.
- Fully Digital: Entire process online, perfect for tech-savvy borrowers.
- Strong Service: 4.5/5 service, digital focused.
Cons:
- Limited Loan Options: No FHA or VA loans.
- No In-Person: Online only, no in-person support.
Why We Chose It:
SoFi is for borrowers who want a fully digital experience and competitive rates with great online service.
Conclusion
Choosing the right lender is key to your home buying process. Each of these lenders has its own advantages, whether it’s a fully digital process, low down payment or specialized support for certain borrowers. Compare your needs and these top lenders to find the best for you in 2024.
