There are several financial institutions such as banks, credit unions and others that are mortgage lenders. Most homebuyers tend to shop for different mortgage lenders, make review and decide on the best. For this reason, financeinus have compiled a list of the best lenders you can rely on when it comes to mortgages.
In find the best, many borrowers lend to review lenders based on certain factors such as their credit score requirements, accessibility (online or in person application), down payment, APR and others. The list we have put together here are the best mortgage lenders who offer you best rate, terms and fees.
Also, services provided by these lenders vary and the states you can find them. While, some lenders take credit score highly into consideration, other does not take high note of that but rather other factors such as employment and income details. With a high or lower minimum credit, borrowers, you can get a mortgage loan based on your lender.
Most online lenders have their information updated on their website and any interested homebuyer can find out more in terms of their rate and fees. Some websites help you run an estimate on what you can get on your mortgage loan. On the other hand, you can also go in for preapproval where you can get to know how much you can get for your mortgage and rate.
Furthermore, homebuyers are to also consider the closing cost on their mortgages, thus, the numerous fees and cost they pay to complete their mortgage application. The popular rate given on most loans is between 2% and 5%. For instance, when you apply for a mortgage loan of $500,000, you are likely to pay $10,000 to $25,000 as the closing cost.
Another important factor is down payment, thus, you pay a percentage out of the mortgage purchase price. The most common for FHA loan is 3.5% down payment, which means $500,000 will attract $17,500 down payment. Others also have zero down payment options. For first-time home buyers, they tend to enjoy certain benefits such mortgage insurance, closing cost and down payment assistance provided by the state housing agencies like the Federal Housing Administration.
50 best mortgage lenders
- Wells Fargo
- Chase
- Navy Federal
- Alterra
- Better Mortgage
- New American Funding
- Guaranteed Rate
- Prime Lending
- NASB
- Quicken Loans
- Connexus
- ConsumerDirect
- PNC Bank
- Axos Bank
- Freedom Mortgage
- AmeriSave
- Carrington Mortgage Services
- PennyMac
- SunTrust Bank
- Flagstar Bank
- Bank of America
- Alliant Credit Union
- USAA
- Caliber Home Loans
- PenFeed Credit Union
- Ally
- LoanDepot
- Guild Mortgage
- Cooper
- Lendingtree
- Veteran United
- United Shore Financial
- Fairway Independent Mortgage
- S. Bank
- Citibank
- SoFi
- Huntington Bancshares
- Regions Mortgage
- S. Bank National Association
- Citizens Bank
- First Merchants Bank
- Midwest Community Bank
- Apex Bank
- First Bank
- United Bank
- Axiom Bank
- Fidelity Bank
- First Mortgage Corporation
- FNF Servicing
- CIT Bank
There are over 100 mortgage lenders in the U.S. but based on the best mortgage terms and rates, we have provided you with a best list of 50 that you can review and decide on based on the type of loan you want. There are different mortgage loans provide by the above lenders, some of these loans include;
- FHA Loans
- VA loans
- Jumbo Mortgages
- USDA Mortgages
- Conventional Mortgages
Note that the above loan types have different terms and rates. Also, in terms of down payments and benefits too, their requirements varies.
