You may be looking for a mortgage loan or want to refinance and you are searching for the best mortgage lender near you. Well, you are in the right place.
Hi, this is Robert I am a mortgage loan advisor. I have worked with more than 25+ mortgage lenders in the US. And I have 20 years of experience in the mortgage loan industry. Recently I shared an article on Top 6 Bridge Loan Lenders. Today in this article I am going to introduce you to the 16 best mortgage lenders near you. And I will try to explain how to choose the best mortgage lender, fees, interest rate, payback terms, and pros and cons as well. And I believe my writing will help you to find the right mortgage lender for you. So let’s get started.
If you are looking for a mortgage lender near you without any origination fees and can apply online, then you can take a look at Better Mortgage. *0% of loan process done online so you don’t need to waste your time by visiting a financial company. Another best part of this mortgage lender is it takes just a few minutes to get a pre-approved. But they don’t offer FHA, VA, home equity loans. The required minimum credit score is 620.
Better Mortgage was founded in 2014 and based in New York. The interest rate starts at 1.75%. So if you compare the rate and terms to other online mortgage lenders, Better is not bad at all. They say if you borrow money from one of their real estate agents, it will give you a 2000 dollars conforming loan. That’s cool. Hope you also liked it.
2. Citi Mortage
Citi Mortgage is a part of Citi Bank and one of the popular banks. It was founded in 1979 and based in Missouri. If you have a Citi Bank deposit account can get up to 0/5% off their interest rate. The mortgage lender has different types of loan programs like conventional loans, adjustable-rate mortgages, federal housing administration loans, US Department of Veterans Affairs Loans, Jumbo, Home Equity loans, line of credit, refinancing.
So if you are looking for a lender who has a multiple mortgage loan program then you can work with Citi Mortgage. It has a minimum FICO score requirement of 620 and an interest rate starts at 2.37.
A list of the top mortgage lenders is not full fill without Chase. Besides banking services, they offer different types of loan programs to their valuable customers. If you are looking for a better rate and terms than many other lenders then chase could be a good choice. The loan programs they are offering are purchase, refinance, home equity, jumbo, fixed, adjustable, FHA, VA.
You can simply apply for a loan online and almost all the loan processes are done online not 100%. You have to speak with a loan advisor to complete the application. 10 to 30 years fixed-rate and adjustable-rate mortgage are available in 5 to 10 years. The interest rate starts at 2.15%.
4. Busey Bank
Busey Bank is one of the old banks in the US. It was founded on January 13, 1868. The Busey Bank is based in Illinois and has 88 branches over the US. If you are looking for a loan for your first dream home you can take a look at Busey.
Busey’s mortgage interest rate is around 4%. They offer different types of mortgage loan programs. Besides refinancing, business loans and personal loans are also available.
5. PNC Bank
PNC Bank is one of the largest banks in The US. It was founded in 1845 and based in Pittsburgh, Pennsylvania. Besides other banking services, PNC Bank offers mortgage and home loan programs. You can borrow up to 5 million dollars. The financial company offers 10 types of mortgage loan programs. And the best part is some programs don’t require no or low down payments. You can also refinance. That’s cool. PNC Bank didn’t disclose the minimum personal credit score, interest rate,e, and other fees.
6. PennyMac Mortgage
The next mortgage lender I would like to recommend is PennyMac. It was founded in 2008 and based in California. So if you are in California and looking for a mortgage lender in California PennyMac is really a good option for you. PennyMac’s interest rate varies to home value, down payment or equity, ZIP code. Interest rate also varies depending on personal credit score. But if you want to rate-shop online then PennyMac could be a good choice for you.
There have few origination fees and sometimes it is a little more than some of the popular mortgage lenders. Their fixed-rate loans are available from 10 years to 30 years. Besides they also offer adjustable-rate mortgages, FHA, VA, refinance.
7. Quicken Loans
The next mortgage lender I would like to recommend is Quicken Loans. You will not find a list of the best or top mortgage lenders without Quicken Loans. Cool, it’s not out of marketing. But they are doing good. The financial company is a subsidiary of Rocket Companies Inc and a registered service mark of Intuit Inc. Quicken Loans was founded in 1985 and based in Michigan State.
They offer custom fixed-rate loan terms anywhere between 8 to 30 years and provides a wide variety of loan programs. And I hope you liked it. Like Better this financial company requires a 620 personal credit score. You can apply online for a home loan or mortgage refinance. And the interest rate starts at 2.25%.
8. Alliant Credit Union
If we notice most of the credit union’s rate and criteria are not as smooth as traditional banks. But Alliant Credit Union did a good job here. Their rate, terms, and criteria are better than other credit unions. Their mortgage products include conventional, jumbo, home equity loans. Mortgage refinance is also available at Alliant Credit Union.
The best part of Alliant Credit Union is you can get a mortgage with no private mortgage insurance if you put in at least a 5% downpayment. But if you own an excellent personal credit score then you don’t need to put any downpayment. A borrower can take up to 5 million with a 0% downpayment. Alliant Credit Union mortgage rate starts at 2.125%.
9. Bank Of America
A list of the best mortgage lenders in the US is incomplete without Bank Of America. If you are looking for a home loan for the first time you can take a look at Bank Of America. If you pay earlier they offer discounts on fees. That’s really cool.
Besides multiple loan programs are available at Bank Of America. Bank Of America’s mortgage interest rate starts at 2.43%. And the rate could be compared with the top mortgage lenders. The Financial service company was founded in 1998 and based in Charlotte, North Carolina.
10. NBKC Bank Mortgage Loan
If you have a solid credit score and looking for a mortgage lender with low fees then NBKC Bank could be a good option for you. The interest rate could compare with some other best mortgage lenders like BNC National Bank, Chase, Better, Bank Of America’s mortgage rate.
Their main mortgage programs are purchase, home equity loan, fixed, adjustable, FHA, VA. Besides these loan programs, you can also refinance. Their most common mortgage terms are 15 years and 30 years. But if you want you can pay earlier. And you may get an early payment discount. The BNC National Bank was founded in 1996 and is based in Bismarck, North Dakota.
11. New American Funding
If you already search for the best mortgage lender near your or in the US, you will probably hear about New American Funding. It is similar to PennyMac. The New American Funding offers different kinds of mortgage loan programs. The best part of this lender is they also offer government loans.
If you have a personal 620 FICO score you can apply online for a loan. The New American Funding has about 200 branches in several districts in the USA. And a minimum 3% down payment required. The financial company is based in Tustin, California. The New American Funding founded in 2003.
12. Wells Fargo
Wells Fargo is one of the most familiar financial companies to the US people. It is considered one of the old banks in the US. The Wells Fargo bank was founded in 1852 and based in San Francisco, California. Besides banking services, they provide credit cards and other loan products. If you want to work with a national lender who lends everywhere in the US. Well, then you can work with Wells Fargo.
The best part of Wells Fargo is they offer 5 months to 30 years term mortgage loan. Besides first-time home loans, refinance loan program is also available at Wells Fargo. The interest rate starts at 2.50%. You can simply apply for a mortgage loan online.
SoFi or Social Finance is one of the well-known financial companies. The financial company is located in San Francisco, California. It was founded in 2011 by Anthony Noto and started its journey with student loans. But in recent years they grew other areas of loan programs.
The financial company claims they funded more than 50 billion and worked with more than 2 million browsers and investors. Currently, SoFi is offering 2 to 7 years terms fixed-rate mortgage loans. There have no late fees and no prepayment required.
You can borrow at least $5000 and up to 1 million dollars. And the interest rate is anywhere between 5.99% t0 18.85%. The application process is also pretty simple. You can simply apply for the loan via the SoFi app or website. But if you want to get approve for SoFi’s loan you must have at least a 670 FICO score. Another problem with SoFi is they don’t have any refinance option.
14. NAVY Federal Credit Union
If you are a military member or one of your family members is related to the military and looking for a low or 0% down payment mortgage loan. Then NAVY Federal could be a good choice for you. NAVY Federal offers low-interest rates compared with most other mortgage lenders. Besides monthly payment option is also available at NAVY Federal. The financial company founded in 1933 and based in Vienna, Virginia.
Ally is another best mortgage lender. If you are looking for an online lender then you can take a look at Ally. The financial company is similar to SoFi. You can simply apply for a loan and track it online. But they don’t offer FHA, VA loans. Purchase, refinance, jumbo, fixed, and adjustable mortgage loans are available at Ally. Ally is based in Sandy, Utah. It was founded in 2009.
16. Guaranteed Rate
I think you already have a question oh My God! What type of name it is. Well, no worries, the Guaranteed Rate’s interest rate also guaranteed. If you are looking for a conventional or govt backed loan then you can work with Guaranteed Rate. The lender offers multiple mortgage loan programs. And the interest rate is far better than other online lenders. All the loan process is done online. That’s cool. Guaranteed Rate was founded in 2000 and based in Chicago, Illinois. They have about 750 offices in the US.
Other Top Mortgage Lenders in the US
Last but not least. There have more mortgage lenders where you can get a home loan. Some of the other best mortgage lenders are Fairway, Connexus, PrimeLending, Flagstar Bank, Veterans United Home Loans, LoanDepot, Lending Tree, Reali, Pended, Mr. Cooper, Carrington Mortgage Services, Guild Mortgage, CMG Financial, Caliber Home Loans. Most of these lenders are based in New York, Florida, Ohio, Atlanta, Louisiana, Maryland, Wisconsin, Georgia, Massachusetts. No worries, they work all over America.
What is Mortgage Lender?
A mortgage lender is a financial service company who offers and underwrites home, property loans. And this kind of loan is used to purchase a new home, refinance, or maintain a home.
How To Choose The Best Mortgage Lender?
Well, all most mortgage lenders have some guidelines, like how to proceed with loans, how to apply, interest rate, payback terms, and also what kind of paperwork you need to submit to get a loan. If you compare the rate terms, with some of the lenders then it will be easier for you to choose the best lender for you. Here are some tips to choose the best mortgage lender:
1. Don’t Shop Around
First of all, don’t shop around it will harm your personal credit score. If you shop around and submit a loan application the lenders will pull your credit to check your background. And you will know to get a mortgage loan with a better rate and terms you must have a good credit score.
2. Work With A Direct Lender
There have hundreds of mortgage brokers around you. If you don’t have time to find out a direct lender then you can work with a broker. Will find a better rate and terms for you. But the problem is a broker will charge you some extra fees and rates as well. So it will be more costly and you have to pay more money. Besides they will submit your file to a lot of direct lenders and it will harm your credit score.
3. Improve Your Credit Score
A credit score or FICO score is one of the most important matters to get a loan. If you want to get approval for a mortgage loan and work with one of the best mortgage lenders, you must have a good credit score. So if you have a bad credit score, make a plan and try to fix your personal credit score. There have dozens of credit repair loan provider companies. You can work with Self lender one of the best credit repair loan provider.
4. Learn About Different Kind of Mortgage Loans
There have different kinds of mortgage loan programs. And before applying for a loan you must have an idea of what kind of loan you need and helpful for you and your property. So if you don’t have a good idea about it. You can simply search on google and you will find a lot of articles on it. You can take a look at them.
5. Compare The Rate And Terms
As you are browsing money you need to pay back them with a minimum or a maximum interest rate. So before applying for a mortgage loan you can visit the lender’s site or talk to one of their executives to learn about their programs. For this, you can simply call the lender’s customer care number. You can ask them to explain about their programs, how it works, how to pay everything in details.
Choosing the right mortgage lender for a home loan is really important when you are going to borrow money. However, here we have tried to get a clear idea about some of the best mortgage lenders and how to choose the best mortgage lenders. I hope it will be helpful for you. If you have any questions feel free to ask me. We will be glad if we can help you with anything.