Are you ready to buy a house? Finding the right mortgage that fits your budget can be overwhelming. Fortunately, looking for the best mortgage doesn't have to be painful, especially if you know what you're looking for. We will show you how to choose the best mortgage company for you.
The Best Mortgage Lenders
Take a look at who made the list for best mortgage lenders.
1. Rocket Mortgage® - Best for fast loan processing
Rocket Mortgage® offers a convenient online application process for obtaining a mortgage. It's a huge draw for homebuyers, as employment and income can be verified instantly for over 60% of US applicants, and it can speed up loan processing times.
Rocket Mortgage® is one of the nation's leading lenders, specifically for FHA loans. It offers FHA, VA, USDA, conventional fixed, jumbo and refinancing loans. You will need a credit score of 620 for approval (580 for FHA loans) and you should be ready to provide a 3% down payment. The downside is that Rocket Mortgage® does not offer home equity or HELOC loans and does not consider alternative credit.
2. Luxury mortgage: the best for the self-employed
Luxury Mortgage makes it easy for all types of home buyers to get approved for a mortgage. Its flexible requirements can help you get financing, with no employment or income verification and no minimum DTI. Luxury Mortgage offers traditional loan terms and more flexible mortgage payment plans with its 40-year loan program.
It is also easier to get approval if you are self-employed. No tax return is required and you will only need 1 year of self-employment income history and a minimum credit score of 580. The luxury mortgage can also help you get approval only on assets, such as bank statements, stocks and bonds, or retirement accounts.
Luxury Mortgage is licensed to lend in California, Colorado, Connecticut, Delaware, DC, Florida, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode . Island, South Carolina, Tennessee, Texas, Virginia and Washington.
3. Morty: the best to buy
Morty is a unique online mortgage provider. Licensed mortgage brokers provide state-of-the-art support using a technology-centric approach. At Morty, you sign up, add your personal information, check your eligibility, and look for a personalized loan option. Once you get their pre-approval, you can buy houses. Morty helps you close and you never have to meet a mortgage broker in person or waste time doing most of the basic work.
Morty lives in Alabama, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Michigan, Minnesota, Mississippi, New York, North Carolina. , Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Virginia, Washington, West Virginia, and Wisconsin.
4. SoFi Mortgage: Best for Simplicity and Affordability
SoFi Mortgage is an arm of this growing bank. SoFi offers a range of banking and investment options — leaving SoFi Mortgage as the lending branch that can help you get into the home of your dreams.
SoFi Mortgage offers what it calls “More Money” and “Less Headaches” in every mortgage. You get more money with:
- Affordable down payments, as low as 5%
- Competitive rates
- Flexible debt-to-income ratios
- No hidden fees
- Investment property loans
- You experience fewer headaches because:
You can generally close in 30 days
- Pre-qualify online in 2 minutes
- No surprise paperwork
Loans are available in: AL, AK, AR, AZ, CA, CO, CT, DE, DC, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MT, NE, NJ, NH, NV, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI , WV or WY.
5. Credible: best for first-time home buyers
Credible's mortgage market integrates lenders and credit bureaus.
This allows you to compare actual prequalified mortgage rates, not estimates, and eligible terms at various lenders in just 3 minutes.
The marketplace uses intelligent logic that allows you to answer questions about your specific situation to find rates and offers that are right for you. It also actively removes duplicate applications from the process and enables automatic collection of the documents that lenders need to complete the loan. And Credible's licensed loan officers provide concierge service to borrowers until closing.
6. New American Funding: Best for Variety
New American Funding offers conventional, proprietary and government-guaranteed mortgages. Its variety of mortgage options is worth checking out, especially if you have unique financial needs. It also offers options to refinance and leverage your home equity. Their loan products are not available to residents of New York or Hawaii. The new US financing is a good option for self-employed borrowers.
It allows you to use bank statements to verify your income instead of trying to qualify with tax returns, W-2 forms, or pay slips, which you may not have with floating or flat-rate income.
New American Funding is also a great lender for first time homebuyers.
You can choose an FHA, USDA, or VA loan. New American Funding also has educational resources to help you understand the mortgage process. It can also be a good option for older homeowners looking for a reverse mortgage. A reverse mortgage allows you to take advantage of the capital you have built up in your home. It's not for everyone, but it's worth considering if you've built up significant assets in your home but are concerned about your retirement income.
7. loanDepot: Best for Easy Access to Funding
Easy access to funding is often the most important thing to consumers. No one wants to feel like their impending mortgage is an impossibility or simply too difficult to manage. You can use the website or mobile app to read more about the company and apply.
loanDepot has a “no-steering” policy that ensures its agents don’t push you to one loan or another. You get the loan that suits your family or business best, and you can handle it all online.
Conventional fixed-rate mortgages, ARMs, FHA, VA, 203k and jumbo loans are available. You also have the option to refinance your mortgage if you’re an existing homeowner. Call, email or reach out to loanDepot via social media for additional information.
8. Veterans United: Best for VA Loans
If you've joined the military for a while, Veterans United loans will likely be the best deal. Unlike other veteran-marketed loan programs, Veterans United accepts only veteran and active-duty military members.
In addition to the no down payment loans, you will also eliminate the private mortgage insurance that you will have to pay with other mortgages.
Veterans United is also more forgiving with lower credit scores. Interest rates are below average.