Discover the top 10 mortgage lenders in the United States based on their features, pros and cons. Find the best fit for your needs when purchasing a home.
Guaranteed Rate: Streamlined Digital Mortgage Process
Guaranteed Rate is a leading lender known for its digital mortgage process. Borrowers can complete the entire process online, making it convenient and efficient. Additionally, Guaranteed Rate offers same-day mortgage approval and has over 500 branches across 47 states for those who prefer personalized service.
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However, it is important to note that the company charges an application fee and does not offer USDA loans. Furthermore, the credit score requirement for government-backed loans is higher compared to other lenders.
Veterans United Home Loans: Top Lender for VA Loans
Veterans United Home Loans is the top lender for VA loans. While it only serves military veterans and service members, it offers excellent customer support and free credit counseling. Veterans United also provides other mortgage types, but it only discloses the starting interest rates for its VA loans.
Alliant Credit Union: Loan Options and Streamlined Application Process
Alliant Credit Union is a great option for those who prefer to work with a credit union. It offers various loan types and a streamlined online application process. Alliant also provides custom rate quotes without impacting your credit scores.
However, membership is required to obtain a loan, and there are no physical branches to visit.
Homefinity: Low Down Payment Options
Homefinity is ideal for borrowers with low down payments. It offers down payments as low as 3% for conventional mortgages and 3.5% for FHA loans. Homefinity also provides good customer support tools and competitive interest rates.
However, it does not disclose its credit score requirements and does not offer USDA loans.
Pennymac: Government-Backed Loan Specialist
Pennymac is worth considering for those pursuing government-backed loans, especially FHA loans. It has a low credit score requirement and offers interest rate and closing cost discounts.
However, Pennymac has poor customer satisfaction rankings and does not have physical branches.
Bank of America: Reputable National Bank Lender
Bank of America is a reputable national bank lender with competitive interest rates and highly-rated customer satisfaction. It also offers down payment and closing cost assistance programs.
However, Bank of America does not offer USDA loans and does not disclose its credit score requirements.
Wells Fargo: National Lender with Competitive Rates
Wells Fargo is another national lender with competitive interest rates and down payment and closing cost assistance programs.
However, it has a checkered history and below-average customer satisfaction ratings.
Chase: Traditional National Bank Lender
Chase is a traditional national bank lender that offers low interest rates and rate discounts for existing customers. It also provides down payment and closing cost assistance.
However, Chase does not offer USDA loans and has a high credit score requirement for government loans.
PNC Bank: Option for First-Time Homebuyers
PNC Bank is a good option for first-time homebuyers, offering a variety of loan types and a closing cost grant.
However, it only has branches in 29 states and has mixed customer satisfaction ratings.
SoFi: Online-Only Lender with Competitive Rates
SoFi is an online-only lender known for its positive customer experience and competitive interest rates. It also offers a close-on-time guarantee.
However, SoFi does not offer USDA loans and requires a minimum credit score of 600 for government loans.
Conclusion: Finding the Right Mortgage Lender
Finding the right mortgage lender is essential when purchasing a home. By considering factors such as interest rates, loan details, eligibility requirements, and customer satisfaction, you can make an informed decision and find the best lender for your needs.
