12 Best Mortgage Lenders of December 2021

at Better

5.0

Best for refinancing

620

National

at Better

Quicken Loans: NMLS#3030

at Quicken Loans

4.0

Best for customer satisfaction

620

N/A

at Quicken Loans

New American Funding: NMLS#6606

at New American Funding

5.0

Best for nontraditional credit histories

620

N/A

at New American Funding

NASB: NMLS#400039

at NASB

5.0

Best for overall mortgage experience, first-time home buyers and veterans

620

N/A

at NASB

Guaranteed Rate: NMLS#2611

at Guaranteed Rate

4.5

Best for online experience and refinancing

620

N/A

at Guaranteed Rate

Chase: NMLS#399798

at Chase

4.5

Best for first-time home buyers and jumbo loans

620

N/A

at Chase

Connexus: NMLS#649316

4.0

Best for home equity lines of credit

640

National

Alterra: NMLS#133739

3.0

Best for FHA loans

N/A

Regional

PrimeLending: NMLS#13649

3.5

Best for FHA loans

580

N/A

Flagstar: NMLS#417490

5.0

Best for jumbo loans

N/A

Navy Federal: NMLS#399807

4.5

Best for VA loans

N/A

National

Wells Fargo: NMLS#399801

4.5

Best for online experience

620

N/A

at Better

Better: NMLS#330511

5.0

Min. Credit Score

620

National / Regional

National

at Better

Why we like it

Good for: tech-savvy borrowers who prefer an online experience.

Pros

An online process with human help as needed.
Makes it easy to see customized mortgage rates.
Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.
Appraisal guarantee promises the loan won’t change even if appraisal is lower than expected.

Cons

Doesn't offer home equity loans or HELOCs.
Doesn't do VA or USDA loans.
Appraisal guarantee is limited to borrowers who use Better real estate agents.

at Quicken Loans

Quicken Loans: NMLS#3030

4.0

Min. Credit Score

620

Min. Down Payment

at Quicken Loans

Why we like it

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

Pros

Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
Estimates the loan amount you’ll qualify for within minutes.
Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

Getting a customized interest rate requires a credit check, which can affect your credit score.
Doesn't offer home equity loans or lines of credit.
Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

at New American Funding

New American Funding: NMLS#6606

5.0

Min. Credit Score

620

Min. Down Payment

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

Uses manual underwriting to evaluate creditworthiness, in some cases.
Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

Mortgage origination fees tend to be on the high end, according to the latest federal data.

at NASB

NASB: NMLS#400039

5.0

Min. Credit Score

620

Min. Down Payment

at NASB

Why we like it

NASB couples competitive mortgage rates and reasonable fees with a good assortment of loan options.

Pros

Devotes much of its business to serving military families with VA loans.
Considers nontraditional income sources, in some cases.
Offers competitive rates and origination fees.

Cons

Does not offer home improvement mortgages.
Doesn't offer home equity loans and lines of credit.

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.5

Min. Credit Score

620

Min. Down Payment

at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

Offers the ability to securely upload and digitally sign loan documents.
Displays detailed sample rates for many of its loan products.

Cons

Doesn't offer home equity loans or lines of credit.

at Chase

Chase: NMLS#399798

4.5

Min. Credit Score

620

Min. Down Payment

at Chase

Why we like it

Good for: borrowers who want a name-brand bank with offices in more than half the states that charges lower rates and fees than many other lenders.

Pros

Allows electronic submission and tracking of loan documents.
Carries a wide variety of mortgage types and products.
Generally offers competitive rates, according to the latest data.

Cons

Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
You have to speak with a home loan adviser to complete the application.
Home equity lines of credit (HELOC) are currently unavailable.

Connexus: NMLS#649316

4.0

National / Regional

National

Max LTV

N/A

Min. Credit Score

640

Min. Credit Score

640

Why we like it

Connexus boasts low-down-payment conventional loans and makes mortgage rate information readily accessible online, but doesn't offer government-backed mortgages.

Pros

Offers both traditional and interest-only HELOCs.
Displays sample rates for its entire array of loan products, and you don't need to provide personal information to get a custom rate quote.

Cons

Lacks document upload and online loan tracking capabilities.

Alterra: NMLS#133739

3.0

Min. Down Payment

3.5%

National / Regional

Regional

Why we like it

Good for: first-time home buyers and those with nontraditional incomes.

Pros

Offers an ITIN qualification path for borrowers ineligible for Social Security numbers.
Has a digital application process.
Offers several mortgage options for low- to moderate-income borrowers.
Borrowers can qualify with income from self-employment and other nontraditional sources.

Cons

No mortgage rates published online.
No home equity loans or lines of credit.
Generally has higher rates and fees than other lenders.
Branch offices not available in all states.

PrimeLending: NMLS#13649

3.5

Min. Credit Score

580

Min. Down Payment

3.5%

Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

Pros

Full online application includes document uploads and automated loan updates.
Offers a "float-down" interest rate lock.
Offers a proprietary closing-cost assistance program.

Cons

No online mortgage rates — you have to contact the lender for info.

Flagstar: NMLS#417490

5.0

Min. Credit Score

N/A

Min. Down Payment

10%

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

Offers a wide range of loan types and products, including FHA, VA and USDA.
Has a full suite of online conveniences.
Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

Availability of some loan products may be geographically limited.

Navy Federal: NMLS#399807

4.5

National / Regional

National

Min. Down Payment

Why we like it

Good for: military members and their families looking for low-down-payment mortgages.

Pros

Offers a wide range of affordable mortgage products designed for military members.
Has an online application for preapproval.
Offers low rates compared with most lenders, according to the latest data.

Cons

Website does not provide customized mortgage rates based on credit score or other factors before you apply.
Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Wells Fargo: NMLS#399801

4.5

Min. Credit Score

620

Min. Down Payment

Why we like it

Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.

Pros

Provides numerous online conveniences, including loan application and process updates.
Current rates clearly posted for various loan products.
Offers a wide variety of loan types and products.

Cons

Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.
Scandals and government actions have damaged consumer trust in recent years.
No home improvement loans offered.