Best Mortgage Lenders

We compared 86 companies and chose the top mortgage lenders

  • Online lender
    Rocket Mortgage
    4.0(1,920)
  • Flexible terms
    New American Funding
    3.8(836)
  • Customer service
    AmeriSave Mortgage
    4.7(5,846)

Top Picks

See who reviewers like

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New American Funding logo
AmeriSave Mortgage logo
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Best Mortgage Lenders

86
Companies considered
8
Companies selected
5k+
Reviews analyzed
5
Features compared

Compare our top 8 mortgage companies

All information accurate as of time of publication.

Methodology

To make our top picks, the ConsumerAffairs Research Team vetted 86 mortgage companies reviewed by more than 5,000 people. You can read our full methodology to learn more about how we compared different lenders and chose our top picks.

Note that our picks may be Authorized Partners who compensate us. This does not affect our recommendations or evaluations but may impact the order in which companies appear.

Why trust ConsumerAffairs?
  • Our recommendations are based on what reviewers say.
  • 4,546,779 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

Our 8 picks for the best mortgage companies

Best online lender

Rocket Mortgage

Mortgage rates
Lower than national average
Minimum FICO score
580 to 620
Minimum down payment
0% to 3.5%
NMLS ID
#3030

Pros

  • Largest U.S. mortgage lender by 2021 numbers
  • Available nationwide
  • 100% online application

Cons

  • No in-person services
  • No construction loans or HELOCs

Rocket Mortgage is best for borrowers looking for a quick and convenient loan process. It’s a great option for those searching for a new mortgage or refinancing loan, but we don’t like that there aren’t any in-person branches and that Rocket doesn’t offer construction loans or HELOCs.

  • “Going with an online company I really thought it would be a lot of phone tag, emails, and waiting. I never waited more than an hour before someone replied, or called me to touch base.” — Rebecca from New York
  • “I would absolutely look to them for a loan in the future. The loan process was very simple and the online portal made it so easy to upload the needed documents. The app is very helpful with the entire loan process.” — Sharon from New Hampshire

Rocket Mortgage is an online mortgage company developed by one of the largest national lenders (Quicken Loans). The application process takes place entirely online, and approval can take up to three days. You can learn about your mortgage options, find interest rates, get approved and manage payments on the website or in the mobile app.

Types of loans

  • Conventional
  • FHA
  • VA
  • Jumbo
  • Refinance

How to apply

You can apply for a mortgage with Rocket online, on the mobile app or by phone.

Time to close

On average, it takes between 30 and 45 days to close on a loan with Rocket Mortgage.

Availability

Rocket Mortgage offers loans nationwide. There are no physical branches.

Best for flexible terms
Mortgage rates
Higher than national average
Minimum FICO score
580 to 640
Minimum down payment
0% to 3.5%
NMLS ID
#6606

Pros

  • High customer satisfaction ratings
  • Several FHA loans
  • Quick preapproval decisions

Cons

  • Application process not 100% online
  • No prequalification without a credit check

New American Funding is known for its flexible qualification requirements, so it’s best for borrowers with less-than-perfect credit or self-employed individuals. The company works with lenders across the credit score spectrum, so you may be able to qualify even if you have poor credit.

Some may not like that the application process can’t be completed 100% online — part of it needs to be completed over the phone. New American Funding rates also tend to be higher than the national average.

  • “People need to think out of the box, and I'm grateful for companies like New American that go above and beyond to make sure the customer doesn't leave feeling disgruntled.” - Bob from Idaho
  • “From start to finish, they made the process smooth, efficient, and stress-free. Right from the initial consultation, the team at New American Funding was incredibly helpful and responsive. They took the time to understand my financial situation and goals, and they provided personalized guidance to help me choose the right mortgage option for my needs.” - Santos from California

New American Funding is a tech-driven mortgage company that works with borrowers from diverse financial backgrounds. Its team of loan officers helps find the best mortgage option for you. New American Funding services loans after closing, so you can maintain your lender relationship following the initial transaction.

Types of loans

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Construction
  • Refinance
  • Reverse mortgages

How to apply

Start your mortgage application with New American Funding online and complete it with a loan officer over the phone.

Time to close

It takes 14 business days to close on a loan with New American Funding.

Availability

New American Funding offers loans nationwide. The company operates branches in 43 states.

Best for customer service
Mortgage rates
Lower than national average
Minimum FICO score
600 to 620
Minimum down payment
3% to 3.5%
NMLS ID
#1168

Pros

  • Customized rate quotes in minutes
  • Lock in rate for 90 days and shop homes
  • Loan officers available to answer questions via chat
  • Closing in as little as 25 days

Cons

  • Not available in New York
  • No HELOCs or home equity loans

AmeriSave is best for borrowers looking for a wide range of loan types and exceptional customer service. The application process takes place entirely online, so if you want an in-person option, you’ll need to use another lender. There are no origination or application fees for mortgages from AmeriSave (fees do apply for HELOCs and home equity loans), but you will need to pay closing costs up to 5%.

  • “The representative, Blake, was really outstanding. He was super responsive. He was quick to answer questions. He was very thorough. I couldn't say enough good things about him. If I had to refer someone for a process like this, I would definitely send him his way. I was impressed with his knowledge and the speed with which he responded.” — Heather from Vermont
  • “The process at AmeriSave was very easy. The application was very self-explanatory. Their customer service was very good. The payment is easy to manage and the ability to take some equity out of the home to pay off other debts was amazing.” — Christina in Georgia

Based on customer reviews, AmeriSave has a relatively easy-to-navigate online application, helpful loan officers and competitive interest rates. Positive reviews also tend to highlight the company’s emphasis on customer service.

Types of loans

  • Conventional
  • FHA
  • VA
  • USDA
  • Refinance

How to apply

You can apply for a mortgage with AmeriSave online.

Time to close

AmeriSave can close on a loan in as little as 25 days.

Availability

AmeriSave is available in 49 states (not New York) and Washington, D.C.

Best for quick closing

Network Capital

Mortgage rates
Higher than national average
Minimum FICO score
580 to 620
Minimum down payment
Varies
NMLS ID
#11712

Pros

  • Posts daily rates on its website
  • Closing in as little as 15 days
  • No lender fees for qualifying borrowers

Cons

  • Not available in CT, GA, MA, MO, NH, NV or UT
  • No mobile app
  • No USDA loans

Network Capital is best for those looking to complete the mortgage process quickly. It claims a 15-day closing process, but many reviewers saw even faster results. Network Capital isn’t available in seven states, however, and it doesn’t have a mobile app or offer USDA loans.

  • “The process with Network Capital went extremely fast. It started at the end of September and I signed the papers on the 4th of October. Everything was supposed to have been done by the 11th. They did a great job.” — Victor from New York
  • “Not only were they competitive with the rates but got my Refi done in just 7 days. It was an amazingly fast and stress-free process.” — Jason from California

Network Capital has competitive rates and a straightforward process. If you’re looking for a quick-closing loan, the online application can get you started. There are no origination, application or underwriting fees, but you should expect to pay closing costs, which include an appraisal fee, title fees and escrow.

You can close on a Network Capital home loan in as few as 15 business days (from “intent to proceed” to signing the closing documents).

Types of loans

  • Conventional
  • FHA
  • VA 
  • Refinance

How to apply

You can apply for a mortgage with Network Capital online.

Time to close

Network Capital can close on a loan in as little as 15 days.

Availability

Network Capital is available in 43 states.

Best for low fees
Mortgage rates
Lower than national average
Minimum FICO score
580 to 620
Minimum down payment
Varies
NMLS ID
#2611

Pros

  • Available nationwide
  • Multiple types of financing
  • Competitive average rates
  • Online application process
  • Preapproval decisions in about 15 minutes

Cons

  • No home equity loans

Guaranteed Rate offers various incentives, such as waiving lender fees for VA loans, which can reduce your overall mortgage fees.

It’s a great option for those looking for multiple financing options and lower rates, but we don’t like that it doesn’t offer home equity loans.

  • “Our loan officer made sure the error was fixed IMMEDIATELY, which it was in less than a week.” — Jane in Chicago

Guaranteed Rate Mortgage operates both online and in person, and it has branches in every state. Its online application lets you easily upload your documentation and possibly even receive same-day approval.

Types of loans

  • Conventional
  • FHA
  • VA
  • Jumbo
  • Refinance

How to apply

You can apply for a mortgage with Guaranteed Rate Mortgage online or in person at a branch.

Time to close

On average, it takes between 30 and 45 days to close on a loan with Guaranteed Rate Mortgage.

Availability

Guaranteed Rate Mortgage offers loans nationwide. There are over 600 branch locations serving all states.

Best for first-time homebuyers
Mortgage rates
Slightly higher than national average
Minimum FICO score
580 to 620
Minimum down payment
0% to 3.5%
NMLS ID
#10287

Pros

  • Available in most states
  • Conventional and government-backed loans

Cons

  • May not offer down payment assistance programs
  • No USDA loans

Zillow Home Loans is great for first-time homebuyers because the platform is easy to navigate, whether you’re just checking out your options or completing a loan application.

Note that Zillow may not offer down payment assistance programs, which can be essential for first-time buyers. It also doesn’t offer USDA loans.

  • “Cristina ** made our first home-buying experience amazing! She clearly walked us through all of the steps (repeatedly, when we’d forget, and was happy to do so) and made sure we knew what to expect throughout our home buying process.” — Ben from North Carolina
  • “[My agent] helped make our first home purchasing experience a memorable one. A lot of loan officers I spoke to with other banks I can tell they just wanted the commission.” — Carlos from Connecticut

Zillow, a popular rental and homebuying marketplace, now offers conventional, VA and FHA loans for purchasing and refinancing. You’ll need a credit score of 580 to 680 to qualify (varies based on the type of loan).

Types of loans

  • Conventional
  • FHA
  • VA
  • Refinance

How to apply

You can apply for a mortgage with Zillow online.

Time to close

The time to close on a loan with Zillow ranges from one week to about two months.

Availability

Zillow Home Loans is available in 47 states (not in New York, New Jersey or West Virginia).

Best for military members

NewDay USA

Mortgage rates
Lower than national average
Minimum FICO score
Undisclosed
Minimum down payment
Undisclosed
NMLS ID
#1043

Pros

  • Flexible loan terms
  • Refinancing services
  • Connects veterans with veterans

Cons

  • Not available in all states

One great benefit of NewDay USA is its all-cash offer option. This unique feature enables veterans to leverage the value of their home to make competitive, all-cash offers on a new property.

NewDay USA isn’t available nationwide and doesn’t take any new loan inquiries in Massachusetts, North Dakota, New York, Rhode Island, Utah, Vermont or West Virginia.

  • “My account representative Stuart was there at each step, communicating clearly where we are in the process. The processor Kristin was amazing. Friendly and professional. She made you feel like more than just a client.” — Anthony from Alabama
  • “They are some of the best people I have had the pleasure to deal with. They will get the job done and done with the best possible outcome for a veteran trying to finance their home. They have or find any of the needed experts to get documents or certifications to complete the necessary Veterans Administration requirements to complete the loan process with the best possible results for the veteran's loan.” — James from Kentucky

Since 2009, NewDay USA has helped over 100,000 military-connected buyers secure a home loan. It's available nationwide and specializes in providing home loans and refinancing options to veterans, active military members and their eligible spouses.

Types of loans

  • VA
  • Refinance

How to apply

You can apply for a mortgage with NewDay over the phone or online.

Time to close

It will take at least 30 days to close on a loan with NewDay.

Availability

NewDay USA is available in 43 states.

Best for manufactured and mobile homes
Mortgage rates
Higher than national average
Minimum FICO score
No minimum
Minimum down payment
0%
NMLS ID
#2280

Pros

  • Options for 100% financing
  • Fixed interest rates
  • Private mortgage insurance not required

Cons

  • Only available for manufactured and mobile homes
  • No prequalifications or preapprovals
  • No loans for properties in bad condition

With 21st Mortgage Corporation, you can finance new or used manufactured or mobile homes, and you can even finance moving costs for certain home types. The company works with a wide range of buyers — even buyers with low or zero credit history.

21st Mortgage Corporation doesn’t offer prequalifications. It also doesn’t approve loans for properties in bad condition.

  • “We were very pleased in the speed and ease of working with 21st Mortgage! Loved the daily/as-needed updates on the status of every item, and who was responsible for it. Made the process less stressful for both us and the seller, and allowed is to go from initial application to closing in just over a month!” — Suellen from Virginia
  • “I called mortgage companies to see who would finance a double-wide manufactured home in a park, but nobody did it. Then I called 21st Mortgage and told them our situation, that we didn't have the best credit. … 21st Mortgage took care of everything. It was a long process, but I loved it.” — Margaret from Washington

We like 21st Mortgage Corporation because it offers flexibility in the manufactured and mobile home financing space.

Types of loans

  • Manufactured and mobile homes
  • Land and home loans

How to apply

You can apply for a loan with 21st Mortgage online.

Time to close

It will take about four to six weeks to close on a loan with 21st Mortgage.

Availability

21st Mortgage Corporation is available in 46 states.

Current mortgage rates

Rates are effective 11/02/2024 and are subject to change without notice. APR shown is provided by a partner of ConsumerAffairs.

ProductAPR
7.337%0.0%Get Rates

The APR shown of 7.337% is available for a 30-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%.

7.239%0.0%Get Rates

The APR shown of 7.239% is available for a 20-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%.

6.311%0.0%Get Rates

The APR shown of 6.311% is available for a 30-year VA fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%.

6.518%0.0%Get Rates

The APR shown of 6.518% is available for a 10-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%.

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    Mortgage lenders buyers guide

    The process of buying a new home can feel daunting, but getting your new keys is also incredibly rewarding.

    This mortgage lenders buyers guide will help you understand the different types of mortgages, compare lenders and explain what you need to know about getting preapproved and financially ready to make an offer.

    What is a mortgage?

    A mortgage is a type of loan for purchasing real estate, such as a home. Individuals borrow money from a lender, which is typically a bank, credit union or mortgage company, specifically for financing the purchase of the property.

    The property itself serves as collateral — which is an asset the lender can repossess through the foreclosure process if the borrower defaults on the loan. The borrower repays the loan amount plus interest over an agreed-upon period, often spanning several years or decades.

    » MORE: Homeownership statistics by state

    Types of mortgages

    The two main types of mortgage loans are conventional and government-backed mortgages.

    Conventional loans

    • Conforming: These must meet Fannie Mae and Freddie Mac requirements. The guidelines include a maximum loan amount and minimum borrower requirements (such as a maximum debt-to-income ratio and minimum credit score) to make them safe investments for individuals and institutions. In 2024, the maximum conforming loan limit in most of the country is $766,550.
    • Nonconforming: These loans do not meet the Fannie Mae or Freddie Mac requirements. The lender of a nonconforming loan is required to set its own guidelines and limitations.
      • Jumbo: Jumbo loans are nonconforming loans with amounts exceeding the conforming loan limit. You need good credit (often 700-plus) and a large down payment for eligibility.

    Rate terms

    • Fixed-rate: Fixed-rate loans means your interest rate remains the same throughout the life of the loan.
    • Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed interest rate for an initial period, but the interest rate eventually adjusts based on market conditions.

    Government-backed loans 

    • FHA: The Department of Housing and Urban Development (HUD) Federal Housing Authority backs FHA loans, which offer lower down payment options for borrowers with less-than-perfect credit.
    • VA: Partially backed by the U.S. Department of Veterans Affairs, VA loans offer a low- or no-down payment option and less strict credit requirements for U.S. military veterans, service members and their surviving family members.
    • USDA: Backed by the U.S. Department of Agriculture's Rural Development Guaranteed Housing Loan program, a USDA loan offers a low- or no-down payment option for homebuyers purchasing in rural areas.

    When a government entity backs a loan, it’s less risky for a private lender. This often translates to greater savings and less strict credit requirements for the borrower.

    There are other mortgages available that do not fall under these typical categories, such as a home renovation loan, home equity loan or home equity line of credit (HELOC).

    How to choose a mortgage lender

    You’ll first need to decide the type of mortgage you prefer (conventional or government-backed) and the type of mortgage rate (fixed vs. adjustable). You’ll also need to look at how long of a term you want (e.g., 15- or 30-year) and if the lenders you’re considering offer those terms. Some other factors to consider include:

    • Research down payment options: While it’s considered typical to put a 20% down payment on a house, which helps borrowers avoid PMI, some lenders will allow 5% (or less for government-backed loans).
    • Look into lender fees: In addition to closing costs, look at what fees you’ll need to pay to secure your mortgage. These may include lawyer fees, homeowner association fees, property tax or origination fees.
    • See if buying mortgage points is an option: Check if the lender offers the option to buy mortgage points, which are a way to buy down the interest rate on your loan.
    • Understand the application process: Can you apply completely online or will you have to do it in-person? Depending on where you live, where you’re purchasing a home and other accessibility issues, how you’ll apply for a mortgage can make a difference.
    • Research average approval times: How long will it take for the lender to approve your application? And, once approved, how long will it take to close? If you need a quick approval and closing, you’ll need to make sure the lender can meet that time frame.
    • Read reviews and research customer service: It’s important to read customer reviews when selecting a lender to ensure the company is responsive, knowledgeable and friendly. Having a dedicated loan officer will make the financing process much more enjoyable and less stressful.

    You want to compare lenders and offers to make sure you’re getting the best loan for your needs. To help, you might want to work with a mortgage broker who can help you compare rates and terms from the best mortgage lenders and find the top deal.

    » MORE: Mortgage broker vs. lender

    Mortgage requirements

    Mortgage requirements vary depending on the loan type you apply for, but most lenders require the following:

    • A good credit score: This is set by the lender or loan type, but the higher your score, the better mortgage interest rates you will receive.
    • Proof of income and employment: You will need to provide proof of steady income and employment, such as pay stubs, tax returns and W-2 forms.
    • Low debt-to-income (DTI) ratio: This is the ratio of your total monthly debt payments to your gross monthly income. The best mortgage lenders typically prefer a maximum DTI ratio of 43%.
    • Down payment: The minimum down payment amount can vary significantly based on the type of loan and your credit score.

    What credit score is needed for a mortgage?

    Conventional loans require a minimum credit score of 620, but many lenders might require a higher score or a higher down payment if your score is around the 620 range.

    USDA and VA loans do not have a minimum credit score, so you will have to check with your lender for what score they require. If you qualify for an FHA loan, you will have more credit score flexibility since you can have a credit score as low as 500 and still qualify for a home.

    How much do you need for a down payment?

    You can buy a conventional home loan with as little as 3% down and an FHA loan with as little as 3.5% down. USDA and VA loans do not have down payment requirements, so borrowers can put nothing down and still qualify for a home loan.

    The good news is that you don’t need 20% for your down payment. In fact, the 20% down payment is only recommended to avoid private mortgage insurance (PMI).

    For FHA borrowers with credit scores between 500 and 579, you will be required to put 10% down.

    » READ MORE: How much is PMI?

    Steps to take before applying for a mortgage

    Take these steps before reaching out to lenders to ensure a smoother application process with fewer surprises.

    • Save for a down payment: Having a substantial down payment can improve your loan terms and potentially eliminate the need for private mortgage insurance (PMI). Start saving as early as possible and consider setting up a dedicated savings account for your down payment to track your progress.
    • Check your credit score: A higher credit score typically results in better interest rates and more loan options. If your score is lower than you'd like, take steps to improve it, such as paying down existing debt, avoiding new credit inquiries and addressing any errors on your credit report.
    • Reduce your debt-to-income ratio: To improve your DTI, focus on paying off high-interest debts and avoid taking on new financial obligations in the months leading up to your mortgage application.
    • Gather documents: Lenders will request various financial documents, including pay stubs, tax returns, bank statements and proof of employment. Organizing these documents in advance can speed up the application process and demonstrate your financial stability.
    • Research mortgage options: Understanding the different types of mortgages available can help you choose the one that best fits your financial situation. Research the different loan options that you qualify for, such as a conventional loan or a government-backed loan, and decide what works best for you.

    How to get preapproved for a mortgage

    To apply for preapproval, be prepared to give the lender the following information:

    • Personal information (name, address, phone number, state ID, social security number, etc.)
    • Pay stubs
    • Tax returns and W2s
    • Bank statements
    • Documentation of any other sources of income (such as bonuses, alimony, or freelance work)
    • Information on existing debts (credit cards, student loans, car loans)

    If approved, the lender will provide a preapproval letter that states how much you’re qualified to borrow and the interest rate you’re likely to receive. This letter is usually valid for 60 to 90 days and can be a powerful tool when making offers on homes, as it shows sellers you’re financially prepared to move forward with the purchase.

    Getting preapproved shows sellers that you’re a serious buyer and gives you a clear idea of how much house you can afford. The process is quick and can typically be done in person, online or over the phone with a mortgage lender.

    How to apply for a mortgage

    Applying for a mortgage can seem like a daunting prospect, but if you break it down into one step at a time then it becomes more manageable.

    • Evaluate your financial situation: This means understanding your credit score and any potential credit challenges a lender may spot.
    • Search for a mortgage lender: Shopping around and comparing the best mortgage lenders helps you find the lowest mortgage rates, most manageable repayment terms and a lender you’re comfortable working with.
    • Apply online and get pre-qualified: Online applications can speed up the process and nail down a monthly payment range you’re comfortable with. Pre-qualification lets you know how much money you might qualify for without a hard credit check.
    • Review your preliminary mortgage options and make a selection: Your lender may offer more than one loan option, which means you can calculate different scenarios for your budget.
    • Get preapproved: A preapproval is when a lender shows you the exact interest rate you will receive and the exact amount you can borrow. At this point, the lender will run a credit check. The preapproval process can take anywhere from a day to 10 business days, so it’s best to get started as soon as possible.
    • Find a property and make an offer: With a pre-qualification or preapproval letter in hand, you can stand out amongst buyers as someone who is serious about purchasing.
    • Receive final loan approval: The lender will require an extensive set of documents for final approval. Submitting these documents on time can expedite the closing process.
    • Close your loan: It’s time for signing the paperwork and making the down payment (if applicable). Typically you work with both a lender and real estate attorney during this final step.

    Most lenders offer an online application option, which can help speed up the process, but if you prefer an in-person experience, you should take this into consideration when selecting a potential mortgage lender.

    » MORE: What is a closing disclosure?

    How are mortgage rates determined?

    Mortgage rates are affected by the following:

    • Buyer’s creditworthiness
    • Loan-to-value (LTV) ratio (i.e., the loan cost compared to the appraised value of the property)
    • The loan term length
    • The size of the down payment
    • Market conditions
    • Market competition

    “Mortgage rates are influenced by a combination of factors, and understanding these factors can help buyers secure the best mortgage rate, even in a high-rate environment,” said Shmuel Shayowitz, president and chief lending officer at Approved Funding.

    Shayowitz said that buyers can get the best rate by improving their credit score and increasing their down payment. Additionally, he recommended buying points.

    “Buyers can choose to pay points upfront to reduce their mortgage rate,” he said. “Each point is typically equal to 1% of the loan amount. By paying points, buyers can effectively buy down their rate.”

    Is it a good time to get a mortgage?

    The real estate market is constantly fluctuating and looks vastly different depending on where you’re looking to buy. Because of that, it’s hard to determine when it’s a “good” time to get a mortgage. Rates are currently elevated, inventory continues to remain low and demand is high in most areas. If rates drop (they are trending lower in 2024), more buyers will qualify for loans making the competition and chance of bidding wars increase.

    The real estate market is constantly fluctuating and looks vastly different depending on where you’re looking to buy. Because of that, it’s hard to determine when it’s a “good” time to get a mortgage.

    Rates are currently elevated, inventory continues to remain low and demand is high in most areas. If rates drop (they are trending lower in 2024), more buyers will qualify for loans making the competition and chance of bidding wars increase.

    America’s healthiest housing markets

    If you’re looking to buy a new home but don’t know where to get the best return on investment,  ConsumerAffairs has you covered. Our research team compared all U.S. states and 477 of the most populous metro areas across four categories — stability, growth and risk, affordability, and fluidity — to rank the healthiest housing markets in 2024.

    Here’s how the states stack up:

    Top Picks

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    Our team also looked at the same factors for 477 of the most populous U.S. metropolitan areas. Here’s how they stack up:

    Our housing market methodology
    To determine the healthiest housing markets in the U.S., the ConsumerAffairs Research Team analyzed states and metropolitan areas across four key categories: stability, growth and risk, affordability, and fluidity, with each category assigned a specific weight. Data was sourced from the U.S. Census Bureau, Zillow and Redfin.
    • Stability: This category measures long-term trends in homeownership and property values. It includes the median time since homeowners moved in (10 points) and the five-year percentage change in property values (10 points). Data is from the U.S. Census Bureau (2022) and the Zillow Home Value Index (2024).
    • Growth/risk: This category evaluates short-term market volatility. It includes the 12-month percentage change in property value (20 points). Data is from the Zillow Home Value Index (2024).
    • Affordability: Affordability is the most heavily weighted category, reflecting the importance of homeownership cost. We measured the relationship between median sales price and median household income (40 points). Data is from the U.S. Census Bureau (2022) and Redfin (2024).
    • Fluidity: This category tracks the speed at which homes sell, indicating market demand. It includes the median days on the market for a property (20 points). The data is from Redfin.

    FAQ

    What is the difference between a mortgage lender and broker?

    A mortgage lender is a financial institution that finances the home loan for a fee. A mortgage broker is a intermediary between the borrower and the lender.  Working with a broker can save time and money, especially if you want to compare multiple lenders.

    Is it better to get a mortgage from a bank or a private lender?

    This depends on your specific financial situation, but there are pros and cons for both a bank or private lender. A bank typically offers competitive interest rates and unique loan programs, but can take longer for loan processing and strict credit requirements. A private lender usually offers a wide variety of loans, including specialized ones and with less strict credit requirements, but often doesn’t have an in-person location and typically has higher interest rates.

    How long does it take to get a mortgage?

    The total time to obtain a mortgage — from application approval to closing — is typically anywhere from 30 to 60 days. However, this timeline may change depending on several factors, such as a delay in the underwriting process or appraisal scheduling.

    How much down payment do I need to get a mortgage?

    Depending on your mortgage type, it can vary from 3% to 20% of the home’s purchase price. There’s typically no down payment requirement for a VA loan, while FHA loans require at least 3.5%. If you put less than 20% down on a conventional mortgage, you must pay a monthly private mortgage insurance fee.

    » NEXT: Income needed for a 300k mortgage

    Are there mortgage lenders that specialize in first-time homebuyers?

    We recommend Zillow Home Loans for first-time home buyers because its loan process is easy to navigate. Many mortgage lenders offer guidance, incentives and special programs for first-time home buyers, though. It can be helpful to search for reviews from other first-time buyers to see how they liked specific mortgage companies to help you with your search.

    Can I get a mortgage loan to build a house?

    Yes, construction loans are a type of home loan available to finance building a brand-new home. A regular construction loan is different from a mortgage because there is no existing property to use as collateral for the loan, which makes it riskier for the lender. As a result, lenders often charge higher interest rates and require larger down payments for construction loans.

    Methodology

    To make our picks for top mortgage lenders, the ConsumerAffairs research team started with 86 mortgage companies. To narrow it down, we first eliminated those that had minimal transparency regarding annual percentage rates (APRs), fees, etc. In rare cases, we may have kept a pick that lacked this information upfront if it offered something else noteworthy, such as fast closing or a rate guarantee.

    We then filtered out any lender that was available in fewer than 40 states and, if it had reviews on ConsumerAffairs, if its score was below 4 at the time of publishing.

    From this narrowed list, we compared lenders based on a range of factors, including:

    • Variety of loans: We gave priority to lenders that had a wide variety of mortgage options to choose from, including a mix of conventional, jumbo and government-backed loans (FHA, VA and USDA).
    • Variety of terms: We also prioritized lenders that offered a range of term options beyond the standard 15 or 30 years.
    • APRs: We considered the starting APRs for both fixed- and adjustable-rate mortgages and chose those that were under 7% at the time of research. Note that rates are subject to frequent change and starting rates may have increased or decreased since our assessment.
    • Guarantees: We prioritized lenders that offered close-on-time guarantees, price guarantees, rate locks and other incentives for borrowers.
    • Closing times: We looked at the average closing times quoted by each lender, giving priority to those that had closing times of under six weeks.
    • Customer service: We considered whether the lender offered customer service via multiple channels (in-person locations, telephone and live chat) and the number of positive reviews it had from ConsumerAffairs readers.

    Customer ratings and experience are important to us when we’re choosing companies that are the best fit for our readers. However, for those companies on our list with no ratings or no recent positive ratings on ConsumerAffairs, there were other factors that made them good mortgage lender picks.

    Not sure how to choose?

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