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Best Mortgage Lenders and Refinancing Companies

by Michele Lerner Mortgage & Real Estate Contributing Editor

Updated on 10/17/2019

A mortgage is a loan secured by real estate, typically a residential property. When looking to obtain a mortgage to buy a home or refinance an existing mortgage, you’ll want to compare the different types of mortgage loans (like FHA, VA and USDA loans), application requirements, fixed vs. adjustable rates, interest rates and the reputation of the lender.

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Label	Company name	Logo	Contact	Summary
Best lender overall		(866) 815-0655 Read Reviews

Label	Company name	Logo	Contact	Summary
Best online lender		Read Reviews

Label	Company name	Logo	Contact	Summary
Best mortgage broker		(866) 701-0467 Read Reviews

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A home mortgage is a long-term decision, so it’s important to choose a trusted company that offers a financially feasible option. When choosing our top picks for mortgage companies, we looked at online experience, types of loans offered, customer reviews, availability of service, minimum credit scores required, refinancing options, prompt and attentive customer service and maximum debt-to-income ratios accepted. We also took into account whether the companies offered VA loans, FHA loans and USDA loans. Our top pick for mortgage broker excels at matching consumers to mortgage lenders with the aforementioned qualities.

Best mortgage lender overall: Amerisave Mortgage

620 minimum credit score
3% minimum down payment
45% maximum debt-to-income ratio

AmeriSave offers fixed, adjustable, FHA, HARP, VA, USDA and jumbo loans. They also offer cash-out refinances. For conventional loans, a minimum credit score of 620 is required. For government-backed loans, including FHA, VA and USDA, the minimum credit score required is 600. AmeriSaves serves customers in 49 states and the District of Columbia. The company conducts most of its business with consumers (80 percent) through its call center. The remaining 20 percent is conducted online. Mortgage refinancing is a specialty of AmeriSave’s—a full 80 percent of its business is refinancing mortgages.

Homeowners can apply online for pre-approval. AmeriSave will conduct a hard credit pull, and applicants will need to update the necessary documents and sign them electronically. Each applicant is paired with a loan officer who will communicate updates to the consumer.

You can find many mortgage calculators and other educational tools on AmeriSave’s website to help you with your home and mortgage search. AmeriSave also offers many financial bonuses to customers. Borrowers can receive bonuses ranging from a couple hundred to several thousand dollars if they purchase a home through AmeriSave’s network of affiliated real estate brokers. AmeriSave also offers a rate matching guarantee. If you find a better rate after securing a loan with AmeriSave, the company will either match the competitive rate or give you $1,000.

Best online mortgage lender: HomeDirect Mortgage

620 minimum credit score
5% minimum down payment
36% maximum debt-to-income ratio

HomeDirect Mortgage is an online-only lender. They offer conventional, refinance and VA loans. These can be purchase, refinance, cashout refinance or HELOC loans. Consumers are able to pre-apply for a loan via HomeDirect Mortgage’s online application system. All that potential lenders have to do is upload the necessary documents and e-sign the applications. Once the application is reviewed, a loan officer reaches out to the applicant to discuss next steps and answer questions.

The company requires a credit score of 620 and 5 percent down for those applying for conventional loans. Customer service is good, and consumers report consistently receiving status updates during the application process. HomeDirect Mortgage’s website also offers comprehensive answers to questions consumers might have about their loans. This information is designed to help consumers, not just to sell a product or service. They even explain the pros of renting a house or apartment vs. buying a house.

Compare Reviews for Top Mortgage Lenders Sort Most Popular Most Reviewed Best Rated
HomeDirect Mortgage	Read 1,616 Reviews	This online only direct mortgage lender offers conventional, refinance and VA loans with applications submitted via a web application system. Conventional loans require minimum 620 credit score and at least 5.0% down payment.
Mr. Cooper	Read 8,825 Reviews	This non-bank mortgage servicer offers conventional, HARP, FHA, VA and jumbo loans. It also provides access to an online app and no online transaction fees. Minimum down payment is 3.5%.	toll freenumber(855) 601-3278
Vanderbilt Mortgage	Read 1,844 Reviews	This national lender specializes in manufactured, modular and mobile home financing. It offers conventional, land-home, FHA and bi-weekly advantage mortgages. Minimum down payment ranges between 3.5-25% of total purchase price.	toll freenumber(866) 701-0467
21st Mortgage Corporation	Read 1,071 Reviews	This full-service lender specializes in manufactured home loans. A minimum 600 credit score is required with a 5-35% down payment. Loan programs include fixed rates and no pre-payment penalties.	toll freenumber(800) 955-0021
ClearPath Lending	Read 794 Reviews	This nationwide mortgage lender offers VA, FHA, jumbo, HARP and conventional loans. No hidden fees. Most loans are funded within 30 days. Track loan progress via an online portal.	toll freenumber(855) 866-5363
Gateway Mortgage	Read 633 Reviews	This privately held mortgage company delivers personalized service to all of their mortgage loan and mortgage refinance customers. Conventional loans starting at 3% down payment.
Quicken Loans	Read 4,729 Reviews	This lender offers conventional, FHA, VA and jumbo loans along with fixed or adjustable rates. 580 minimum credit score required for FHA; 620 for VA and conventional. Fast, online application process with no additional fees.
First Internet Bank	Read 302 Reviews	This nationwide housing lender offers fixed rate, adjustable rate, FHA, VA, jumbo and home equity loans. Free personalized rate quotes delivered in under a minute. Fast online application process with easy loan portal.	toll freenumber(855) 767-2424 Visit Website
LendingTree	Read 1,486 Reviews	This online marketplace connects consumers with lenders. Credit score of 640-750 required. FHA, VA, USDA and Community Homebuyer loans require a minimum down payment of 0-10%; conventional loans require a 5-20% down payment.
Homebridge Financial Services	Read 860 Reviews	This national, privately held, non-bank lender requires minimum down payments of 0-20%. A minimum 550 credit score is required for government-backed loans. Conventional, VA, FHA and home mortgage loans available.	toll freenumber(855) 321-7366
PHH Mortgage	Read 3,918 Reviews	Get preapproved for an FHA, VA, HARP or conventional loan, or see if you qualify for refinancing. Use their online mortgage calculator to determine what size mortgage payment you can reasonably make every month.
AmeriSave Mortgage	Read 2,827 Reviews	This lender offers fixed rate, adjustable rate, FHA, jumbo, HARP, VA and USDA loans, along with cash-out refinances. A minimum credit score of 620 is required for conventional products; 580 for FHA, VA and USDA loans.	toll freenumber(866) 815-0655
Ditech Financial	Read 3,254 Reviews	This lender offers fixed and adjustable rates plus FHA, VA and manufactured home loans. Minimum down payment of 3.5% and a minimum credit score of 580 required.
Network Capital Funding Corporation	Read 359 Reviews	This full-service direct lender boasts $0 lender fees. Close in as few as 15 business days with VA, FHA and HARP loans. A minimum credit score of 600 is required. Down payment of 5% for conventional loans.
J.G. Wentworth Home Lending	Read 302 Reviews	This direct mortgage lender offers conventional, fixed rate, adjustable rate, FHA, VA, USDA and HARP loans. No points or hidden fees. Minimum credit score of 580.

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How to apply for a mortgage

After you’ve checked your credit score, figured out how much house can you afford and researched the best mortgage lenders, it’s time to start the real paperwork. Your mortgage application process will vary depending on preapproval status and other factors, but more or less everyone who applies for a mortgage goes through these five steps:

1. Collect important documents

You’ll need W-2s or federal tax returns for the past two years, plus pay stubs for the past month and any details about long-term debts like a car note or student loan, recent bank statements, and a government-issued ID. Your lender will also need to verify information relating to your monthly income, credit report and cash savings.

2. Fill out the application

Residential loan applications are uniform across lenders, so if you’ve seen one you’ve seen them all. First, you’ll sign the top to acknowledge that you understand and agree to the terms of the application. There will be a box to check if you are including a spouse’s information to qualify, and another box to check that indicates the loan type and loan amount for your mortgage application. You’ll then fill out personal information, such as your name, date of birth, Social Security and phone numbers, marital status and number of dependents.

You’ll also have to provide information about your residence history and employment history for the last two years and fill in details about your gross income and regular monthly expenses, checking and savings account balances, as well as other assets or liabilities. Keep in mind that you also must disclose if you’ve filed for bankruptcy in the last seven years or if there are any outstanding judgments against you.

One of the last sections you have to fill out will include the address of the property that you want to finance. If at any point you’re confused about how to fill out a section your loan application, your loan officer should be able to explain or clarify what information you need to provide. Finally, you (and a co-borrower, if applicable) will be required to sign the application again at the bottom to acknowledge that all of the information you’ve provided is true.

3. Review Loan Estimates from several lenders

All lenders are required to use the same Loan Estimate form with three days of receiving your application, which makes it easy to compare loan amounts, interest rates, monthly projected payments and origination fees.

Loan amount: This is the total amount of money you’ll borrow for your mortgage loan. This amount could go up if your lender rolls some of your closing costs into your loan.
Interest rate: Make sure you’re getting the lowest interest rate possible, and hold on to your original Loan Estimate when it’s time to close to make sure you’re getting the same rate you were offered.
Monthly projected payments: This section of the Loan Estimate breaks down the amount you’ll pay each month for principal, interest, mortgage insurance and the estimated escrow along with how they’ll change over time.
Origination fees: Mortgage lenders charge loan “origination fees” for things like mortgage application and underwriting fees. Origination fees are usually a small percentage (between 0.5 and 2 percent) of the total loan amount, but some mortgage lenders offer fixed fees of $1,000 or less.

4. Make a commitment

After you’ve compared rates and fees and found a lender you can trust, it’s time to make a decision. It’s alright to take your time on this step, so don’t let a pushy loan officer make you feel cornered into your final decision. When you’re comfortable, you can simply contact the mortgage lender that you like best and tell them you’re ready to buy a house.

5. Wait for approval

Remember that official mortgage application that you filled out and had to sign twice? Now that you’ve committed to a lender, all of that information will be scrutinized. A processor will pull all of your tax records to confirm your income. Then an underwriter will evaluate how risky it is to give you a loan. This process can take anywhere for from a few days to a few weeks.

Keep in mind that it’s more difficult to get a mortgage now than it was pre-Great Recession. Common reasons that mortgage applicants are unexpectedly denied a loan include leaving out crucial information on their application, inability to verify some portion of their income, a recent application for a personal loan or line of credit, job change or overdraft on a checking account.

If you are denied for a mortgage loan, you have the right to find out why. You can ask your loan officer what went wrong, and they might give you advice—you might be able to still get the loan if you make a bigger down payment, get a cosigner or put up extra collateral for the loan. If all else fails, you can still try to apply for the mortgage loan with another lender. If you’re approved, then closing will be the next step toward homeownership.

Mortgage questions

How does a mortgage loan work?

A mortgage is a loan from a bank, credit union or lender for the purchase of a home. In addition to paying back the mortgage over the course of several years, you also agree to provide the house as collateral in the event that you are unable to make your monthly payments toward the mortgage.

The amount you borrow initially is called the principal. Each month, your payment reduces the amount owed. Lending companies also charge interest in addition to the initial principal. On a fixed-term loan, the lower your mortgage balance, the less interest you will owe. Taxes and insurances also usually add additional costs.

What is a good mortgage interest rate?

In 2018, the average interest rate for a 30-year fixed rate mortgage was 4.38 percent. A good mortgage rate will be one that you feel results in payments you can afford over the long term.

Historically, rates have hovered around 8 percent. Mortgage interest rates vary from year to year and tend to be higher when the economy is doing well. Interest rates have increased since the recession, with most homeowners paying at least 4.5 percent. You’ll get around the same interest rate with a conventional loan as you will with an FHA loan.

How do I get the best mortgage rate?

To get the best interest rate on your mortgage, you need to have excellent credit. Take the time now to pay off your credit cards, and don’t take out any new loans while you’re getting ready to apply for a home loan.

You can also get a better mortgage rate by getting an adjustable-rate mortgage (ARM) rather than a fixed-mortgage. Keep in mind, though, that your monthly payments will increase after the fixed-rate period ends if you opt for an ARM.

A higher down payment usually equates to a lower interest rate. Try to save up for a 20 percent down payment, so you can also avoid having to pay private mortgage insurance (PMI). If you can’t put down 20 percent, shoot for at least 5 percent, since that is usually where you’ll start seeing a decrease in interest rates.

How do you get rid of PMI?

If you want to avoid paying private mortgage insurance (PMI), you have to place a down payment of 20 percent or more at closing.

If you put down less than 20 percent of your new home’s purchase price, you’ll have to pay PMI, which protects the lender in case you stop making payments on your loan. If you paid 20 percent initially, or once your conventional loan balance has dropped to 78 percent of the value of your home, you can submit a written request to your lender asking for your PMI to drop off.

If your home’s value has increased to the point that you owe less than 78 percent of the value, you might be able to request for your PMI to be removed. You’ll need to pay for an appraisal to validate that the value of your home has increased. Many lenders won’t consider removing PMI until you have made payments for at least two years, so check with your bank or mortgage lender before getting an appraisal.

If you have an FHA loan, you have to keep paying PMI unless you refinance your mortgage to a conventional loan.

How do you get pre-approved for a mortgage?

To get pre-approved for a mortgage, you have to submit your W2, tax returns and pay stubs to your lender so they can verify your monthly income. Your lender will also want documentation of any other assets you have. They will use all this information to determine whether or not you can reasonably afford the loan you’re going to apply for. Keep in mind that the lender will do a hard pull on your credit, which means your credit score could take a small dip, so only get pre-approved when you’re serious about putting in an offer on a home.

Is it better to get a mortgage from a bank or mortgage company?

Depending on your circumstance, there are advantages to both options:

Mortgage companies have a more extensive range of products than banks
Banks service their own loans, while mortgage companies usually function as middlemen between lenders and customers

When picking a mortgage provider, don’t be afraid to shop around. Getting multiple quotes from different companies and banks before you make a decision can help you find the best lender for your situation.

What is the easiest mortgage to qualify for?

Mortgage companies and banks have specific requirements for loan qualification that usually include:

A good credit score
A low debt ratio
A steady income

If your credit score is less than ideal, you may not be eligible for a conventional mortgage through the bank. Mortgage companies have a larger network of lenders, so there are more options that cater to homebuyers with low credit scores or higher debt-to-income ratios.

How do I find out who my mortgage lender is?

Your mortgage lender, also called a mortgage holder or note holder, is the owner of your loan. To find out who your mortgage lender is, you can:

Call your mortgage company or bank
Check city records
Use the government lookup function on their website (for Fannie Mae and Freddie Mac loans)

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Compare Reviews for Top Mortgage Lenders
Jersey Mortgage Co.	Read 465 Reviews	This direct lender offers FHA, USDA, VA and first-time homebuyer loans along with reverse mortgages and mortgage refinancing options. Serves New Jersey, New York, Pennsylvania, Florida and Connecticut.
Wells Fargo Mortgage	Read 1,429 Reviews	This national lender requires a minimum down payment of 3% and a minimum credit score of 620. FHA, VA, jumbo, new construction, renovation and VA loans available along with adjustable and fixed rates.
Chase Mortgage	Read 1,869 Reviews	This national lender offers fixed- and adjustable-rate loans for purchase, and refinance, FHA, jumbo, HARP and VA loans. A minimum 620 credit score and 3% down payment are required.
Bank of America Mortgages	Read 2,858 Reviews	This lender requires a minimum down payment of 3% with no reserve funds required in most situations. A minimum credit score of 660 is also required. FHA, VA, home equity and refinance loans are available.
Caliber Home Loans	Read 2,673 Reviews	This full-service national mortgage lender requires a minimum 580 credit score and 3% down payment. It offers conventional, jumbo, FHA, USDA and VA loans.
Guaranteed Rate Mortgage	Read 130 Reviews	National lender offering ARM, fixed, FHA, rehab/203K, VA, jumbo, interest-only and HARP loans. Minimum credit score of 620 for conventional loans; 580 for FHA and VA loans. Double Match program requires 1% down payment.
BSI Financial Services	Read 213 Reviews	This mortgage loan servicer specializes in quality control, due diligence, loss mitigation and asset management. It participates in the Making Home Affordable loan modification program, which assists struggling homeowners.
Guild Mortgage Company	Read 118 Reviews	This lender offers fixed and adjustable rates plus conforming and non-conforming, jumbo, FHA, USDA and VA loans. Down-payment assistance programs are available. A minimum 680 credit score and 1% down payment required.
Citizens One	Read 116 Reviews	This lender offers fixed-rate, adjustable-rate and jumbo mortgages in addition to FHA and VA loans. Doctor Loan program and Construction-to-Permanent financing program are also available.
Suntrust Mortgage	Read 385 Reviews	This lender offers fixed- and adjustable-rate mortgages plus FHA, VA, USDA and jumbo loans. High-cost home financing, agency affordable financing and doctor loan programs also available. Requires a 620 minimum credit score.
PNC Mortgage	Read 263 Reviews	This lender offers fixed- and adjustable-rate mortgages in addition to jumbo, FHA and VA loans. A minimum down payment of 3% and a minimum 660 credit score are required.
Provident Funding Associates	Read 166 Reviews	This mortgage company offers home loans and refinancing options, including fixed-rate loans, adjustable-rate mortgages, super conforming loans and jumbo loans. A minimum 3% down payment is required.
Zillow Home Loans, LLC	Read 18 Reviews	This lender offers VA, FHA, FHA 203(h), USDA and conventional loans. A 620 minimum credit score and 3% down payment required.
Arvest Central Mortgage Company	Read 105 Reviews	Services residential mortgages in western Arkansas, Oklahoma, Missouri and eastern Kansas. Assists homeowners experiencing financial hardship with repayment, forbearance, modification, pre-sale/short sale and deed-in-lieu.
CitiMortgage	Read 1,001 Reviews	This national lender offers fixed-rate, adjustable-rate, FHA, VA and jumbo loans. A HomeRun mortgage is also available, which requires a low down payment. A minimum 3.5% down payment is required.
HSBC Mortgage	Read 421 Reviews	This lender offers fixed- and adjustable-rate mortgages, plus VA, FHA and SONYMA loans, which are available to New York State first-time homebuyers. A 3% minimum down payment and 580 credit score are required.
Regions Mortgage	Read 45 Reviews	This lenders offers FHA, VA, first-time homebuyers, HARP, construction-to-permanent and renovation loans at fixed and adjustable rates. A minimum 3% down payment is required.
Fannie Mae	Read 108 Reviews	This financing source for mortgage lenders offers a range of mortgage products including Home Ready, 97% LTV and Community Seconds. A minimum 620 credit score and 3% down payment required.
CashCall Mortgage	Read 40 Reviews	This lender offers purchase and refinance loans and FHA- and VA-backed mortgages. A 680 minimum credit score is required.
Network Funding	Read 13 Reviews	This lender offers conventional, FHA, jumbo, USDA and VA loans with a minimum 3% down payment. A minimum 620 credit score is required.
Capital One Mortgage	Read 121 Reviews	This national lender continues to serve existing loans but does not write new loans. They have refinancing, reinstatement, repayment and modification plans for homeowners who need help keeping up with mortgage payments.
Coldwell Banker Mortgage	Read 23 Reviews	This national lender offers fixed- and adjustable-rate mortgages, and hybrid, FHA and VA loans. A minimum 580 credit score and minimum down payment of 3% are required.
Residential Credit Solutions	Read 179 Reviews	Residential Credit Solutions no longer services loans.
Household Finance	Read 140 Reviews	Now part of the HSBC, this corporation provides a variety of home finance solutions, including real estate secured loans and home mortgages. It operates in the United States, Canada and the United Kingdom.
First Meridian Mortgage Corporation	Read Reviews	This lender serves homebuyers in Virginia, Maryland and Washington, D.C. with conventional, VA, FHA, government, non-conforming, home-equity and home-improvement loans. A minimum 3.5% down payment is required.
Pacific Union Financial	Read 153 Reviews	Out of Business This full-service, national mortgage lender offers FHA, VA, jumbo, HARP, USDA and conventional loans. Minimum credit score required is 560.

Disclaimer

Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.

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Michele Lerner Mortgage & Real Estate Contributing Editor

Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.