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Choosing the right mortgage loan is important. Your mortgage not only helps you buy a home, it is likely the largest loan you will ever take out in your life. And because the loan is so big, getting approved at the best possible interest rate is not always simple.
The variety of online-only and traditional-bank options you have for funding can expand your search to online and nationwide lenders. Each of the following 10 lenders excels in certain aspects of mortgage lending.
10 Best Mortgage Lenders of 2022
- Best Overall:Quicken Loans
- Best Online:SoFi
- Best for Refinancing:LoanDepot
- Best for Poor Credit:New American Funding
- Best for Convenience:Reali
- Best for Low Income:Citi Mortgage
- Best Interest-Only Mortgages:Guaranteed Rate
- Best Traditional Bank:Chase
- Best Midwest Lender:Busey Bank
Best Overall : Quicken Loans
Quicken Loans is a well-known mortgage lender with large online and TV advertising campaigns touting the benefits of its premier Rocket Mortgage product. Based on 2019 data, Quicken Loans is the largest loan originator by volume with 541,000 loans originated. ? ?
Quicken Loans is the biggest mortgage lender for a reason. It has a nationwide footprint and makes applying for a mortgage online very easy on the borrower. It offers competitive rates as well, which helps solidify its position as the best overall mortgage lender.
The online lending application is particularly attractive, as it does not involve the same hassles many traditional mortgage lenders require, like lots of physical paper and typing in a list of all of your accounts. With Quicken Loans, much of that happens automatically when you connect your bank accounts. The application process is quick and simple, which is why so many people use it every year.
Best Online : SoFi
SoFi, short for Social Finance, started as a student loan refinancing company and quickly grew into other areas of personal finance, including mortgage loans. SoFi also looks into more than just your credit score when lending. The company includes considerations like valuable college degrees and earning potential.
The borrowing process at SoFi starts with a pre-qualification that does not impact your credit score and takes about two minutes to complete. From there, you can pick your loan and complete all of your paperwork.
SoFi offers 10-, 15-, 20-, and 30-year fixed-rate mortgages. SoFi does not lend for most investment properties and focuses on owner-occupied primary and second homes.
SoFi’s origination fee is $1,495 for non-members, and $500 for members who have SoFi personal or student loans, or at least $50,000 in a SoFi Invest account.
Best for Refinancing : LoanDepot
LoanDepot makes the refinance process smooth and simple. The company is so popular for refinancing that it has funded more than $100 billion for mortgage loans and refinancing. LoanDepot offers the distinct advantage of waiving refinance fees and reimbursing appraisal fees for all future refinances after your first refinance with loanDepot. ? ?
LoanDepot’s lending officers abide by an in-house «no steering» policy, which means they don’t have any incentive to push you toward one loan over another. So, when you refinance a loan, you’re likely to have refinance options that work in your favor.
Whichever options you receive, be sure to look over the terms of the loan. Know what the fees are and online title loans Alaska what you’ll be paying per month. Make sure the lower monthly payments you’ll get (in theory) are worth extending your mortgage.