Best Mortgage Lenders

Rocket Mortgage is an online mortgage company developed by one of the largest national lenders (Quicken Loans). Loans are available nationwide. Borrowers can get conventional, jumbo and some government-backed loans with a rate lock of 90 days. No HELOC loans are available, but home equity loans are.

The application process takes place entirely online. The minimum credit score required depends on the type of loan you’re interested in (lower for FHA and VA). It can take up to three days to get preapproved, and the time to close averages between 30 and 45 days.

Some of the reasons Rocket Mortgage stood out were:

• Mortgage options for borrowers with lower credit scores
• Fast approval and closing
• Nationwide availability

Before choosing Rocket Mortgage, consider the following:

• No HELOCs available
• No in-person services

Rocket Mortgage receives a mix of positive and negative reviews. On one hand, you have reviews such as Kregg from Minnesota touting: "Loula was awesome. This is the second time she has helped me buy my house. She really does care and does everything possible to get it done. I will recommend her to everyone. My deals have never been easy and she has always worked through all the issues.”

However, some reviews noted trouble with various issues and were unhappy with the customer service solutions.

Jodie from Colorado noted: “I called three weeks before they were scheduled to pay my annual insurance premium and asked them not to pay it to my current carrier because I was changing companies. They disbursed it anyway even though the account said DO NOT PAY. Now I have to try to get the money back to return it to them so that my escrow account is not short from a double payment when they disburse the money to the new carrier.”

Headquartered in Minneapolis, US Bank is one of the largest banks in the country and offers a wide range of mortgage products. It offers conventional, FHA, USDA, VA and jumbo loans in all states and home equity loans and HELOCs. Borrowers can take advantage of a rate-lock program, although it’s only valid for 45 days.

US Bank sets itself apart from other lending institutions with its state-specific rate information. Borrowers can easily search the latest rates for where they live and get a better sense of what a monthly mortgage payment might look like.

Some highlights for US Bank include:

• Provides state-specific rates online
• Available in all 50 states
• Fast pre-qualification process
• Offers online mortgages or working with a physical branch

Keep the following in mind when considering US Bank:

• Not all states have physical branches
• Rate-lock program is only 45 days

While there are limited reviews for US Bank Mortgages specifically on ConsumerAffairs, there are some reviews for the bank overall from mortgage customers.

Latasha in Wisconsin said, “I have nothing but great things to say about US Bank home mortgage. I am satisfied with the customer service I have received and my mortgage as a whole. I had no problems refinancing from another company in which I had an arm rate to a fixed rate with US Bank.”

Of the few reviews for US Bank Mortgages specifically, reviewers expressed concerns with the underwriting and overall loan process. Mike from Arizona stated: “Working on a home loan with U.S. Bank for 6 months. Getting hung up in Underwriting every time I get close to the finish line. Their request for supplemental information are beyond judicious and a definitive breach of privacy. Their goal it seems is to torment customers by making unreasonable and unobtainable demands.”

PenFed Mortgages is the home loan division of PenFed Credit Union, and it offers an array of mortgage products, including conventional, FHA, jumbo and VA loans, plus a HELOC or refinancing option.

PenFed Mortgages provides a large amount of valuable information online for anyone who is a new homebuyer or has plenty of experience purchasing. It also features a complete online loan application, making it as easy as possible for getting prequalified or preapproved.

PenFed does require a higher credit score for conventional loans, starting at 650, which is higher compared to other conventional loan lenders. Jumbo loans also include a high credit score requirement, starting at 700.

A few factors that stood out for us for PenFed include:

• Full online application process
• No origination fees and lender credits
• Power Buyer program with a 60-day rate lock

Before choosing PenFed for your mortgage, consider the following:

• Higher credit score (650+) required for conventional loans
• Physical branches only available in 12 states and on some military bases

While there are limited reviews for PenFed Mortgages specifically on ConsumerAffairs, there are some reviews for the credit union overall from mortgage customers.

A reviewer in Virginia said, “Had an question with my mortgage payment and while the service member didn't know an immediate answer, they did some quick research and made some helpful suggestions to resolve the problem. I felt like they were genuine and wanted to help vs. transfer me to person after person to resolve the issue.”

However, one reviewer from Oregon was frustrated with the refinancing process when they “found out my application was denied due to high DTI. So I write down every issue that they had and then find out that I need to get a HELOC if I want to pull money out for debt payoff. You think someone would've said that at the beginning of my loan process. Also all of a sudden my DTI is too high and is an issue when I was told several times I could pay it when the loan was funded.”

New American Funding is a tech-driven mortgage company that works with borrowers from diverse financial backgrounds. You can complete the entire application online, and preapproval typically takes a day or two. The company works with lenders across the credit score spectrum, so you may be able to qualify even if you have poor credit (through its I CAN program).

Borrowers can get a variety of mortgage loans with New American Funding, including conventional, FHA, USDA and refinancing. Reverse mortgages and home equity loans are also available, as are zero-down payment options, so you can find the best repayment terms for your particular financial situation.

A team of loan officers helps find the best mortgage option for you. Closing times vary, but there is a close-on-time guarantee. New American Funding services loans after closing, too, helping you maintain your lender relationship.

Some of the highlights for New American Funding include:

• Close-on-time guarantee
• Options for people with nontraditional credit history
• Helpful loan officers for first-time homebuyers

Consider the following if you choose New American Funding:

• Select fees will apply
• May have to pay points to keep mortgage rate
• Few physical branches

New American Funding receives high customer satisfaction ratings and multiple positive reviews from ConsumerAffairs readers.

For example, Kyler in Oklahoma writes: “New American Funding is at least worth a try. They are out of reach for Oklahoma in terms of being able to actually have an office. If you're looking for someone with an office here, it probably wouldn't be ideal. But if it's something that you're okay with, it wouldn't be an issue.”

Numerous reviews remark on overall satisfaction with the lending process, including Constance from Florida, who writes: “The rep answered any questions I had and sent the paperwork. It was a very fast and easy process.”

AmeriSave is a direct lender in 49 states (not New York) and Washington, D.C. It has a relatively easy-to-navigate online application, helpful loan officers and competitive interest rates. A wide assortment of positive reviews online highlight the company’s emphasis on customer service.

If you’re buying a house, you can get pre-qualified and close on the loan in as little as 25 days. It’s possible for refinancing to take less than a month.

Borrowers will need a minimum credit score of 600 (620 for some mortgages) and a down payment of up to 3.5%. Multiple mortgage options are available, including government-backed and conventional loans. Home equity loans and HELOCs are available as well.

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 (fees do apply for HELOCs and home equity loans), but you will need to pay closing costs up to 5%.

AmeriSave’s stand-out features include:

• Variety of loan options
• No origination or application fees
• Fast closing times

Before choosing AmeriSave, consider the following:

• No in-person branches
• Not available in New York

Amerisave receives a wide variety of positive reviews from ConsumerAffairs readers. Numerous reviews comment on an easy, hassle-free application and loan process.

For example, Christina in Georgia commented: “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.”

Michigan-based Northpointe Bank offers a wide variety of mortgage options, from conventional, FHA, USDA and VA loans, to specialized options such as construction and renovation loans. Northpointe Bank also offers HELOCs, home equity loans and refinancing options, too, making it a one-stop solution for a majority of mortgage needs. What stands out with this company, though, is its numerous no down payment options available.

Although Northpointe Bank only has one physical location in Grand Rapids, Michigan, it offers loan products across all 50 states and Washington, D.C. You should note, however, that not all loan products are available in every state.

Although Northpointe Bank doesn’t disclose its minimum credit score requirements, most lenders require a score of at least 620 for a conventional, 500 for FHA, 580 for VA and 640 for USDA loans, but if you have specific questions about your credit score, then reaching out for preliminary information is a good approach.

Some of the things we like about Northpointe Bank include:

• Huge assortment of mortgage products
• No down payment options available
• Can track your loan progress through mobile app

You’ll want to keep the following in mind if you’re considering Northpointe Bank:

• No online application
• Limited physical branch location

There are no reviews for Northpointe Bank on ConsumerAffairs as of publishing.

Network Capital has competitive rates and a straightforward process for FHA, VA and conventional loans. No USDA, HELOC or home equity loans are available. An online application process can get you started with a quick-closing loan through Network Capital.

You can check the rate options online through the Network Capital website; fixed- and adjustable-rate mortgages are available. The credit score you’ll need to qualify for a loan varies (580 for government-backed, 620 for others), and you’ll need a debt-to-income (DTI) ratio of 36% or lower for a conventional loan.

There are no origination, application or underwriting fees, but you should expect to pay closing costs that will include an appraisal fee, title fees and escrow.

Network Capital offers loans to borrowers in 43 states. It does not serve Connecticut, Georgia, Massachusetts, Missouri, New Hampshire, Nevada or Utah. You can close on a home loan in as few as 15 business days (from “intent to proceed” to signing the closing documents).

Things we like about Network Capital include:

• Quick closing times
• No lender fees
• Adjustable and fixed-rate loans available

Consider the following if choosing Network Capital:

• Relatively limited loan programs
• Only available in 43 states
• Maximum 36% DTI ratio allowed for conventional mortgages

It’s easy to find positive reviews with Network Capital among ConsumerAffairs readers. Multiple positive reviews remark on the great experiences borrowers have had with Network Capital.

Jacqueline from Washington said, “We were looking to reduce some bills and get a roof put on. The refi with Network Capital was awesome. Tyler did an awesome job. He was very attentive and he constantly checked in and we were communicating quite well with each other.”

Carl in New York also had positive remarks: “Network Capital Funding Corporation was very courteous. They checked out the situation. And it was interesting how far the loan officer went to try to help me.”

Guaranteed Rate Mortgage operates both online and in-person, including branches in every state. It offers a wide range of mortgage products, such as fixed- and variable-rate options, VA loans, jumbo loans and an interest-only loan. It also offers a HELOC and cash-out refinancing.

Borrowers may appreciate the online application process, where you can easily upload your documentation and possibly even receive same-day approval. Guaranteed Rate Mortgage also posts current mortgage rates online and offers personalized rate quotes during the pre-qualification process, so you can easily see where your rate might land.

Additionally, Guaranteed Rate offers incentives such as waiving lenders’ fees for VA loans, which can reduce some of the mortgage fees.

Guaranteed Rate Mortgage stood out for us for the following reasons:

• Large assortment of loan products
• Lender fee waived for VA loans
• Fast approval process
• Streamlined online application

Before choosing Guaranteed Rate, you’ll want to keep the following in mind:

• No home equity loan option

Overall, ConsumerAffairs readers give Guaranteed Rate Mortgage mixed reviews.

Jane in Chicago did a refinance with Guaranteed Rate and had an issue with payment not being applied to the loan, but was happy with how quickly customer service resolved the issue. “Our loan officer made sure the error was fixed IMMEDIATELY, which it was in less than a week,” she said.

However, Mark from Ohio had a different experience, saying, “Guaranteed, and their agents have continued to lack ‘any’ transparency, or customer service. I have previously purchased 6 homes and have never endured so many lies, misrepresentation, utter incompetence and a lack of customer service. Do yourself a big favor, stay away, far away.”

Popular home search site Zillow 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), but it’s great for first-time homebuyers because the platform is so easy to navigate for both searching and the loan application.

Zillow Home Loans are available in 47 states (not in New York, New Jersey and West Virginia). It’s an online-only process, but it takes just a few minutes to get preapproved. The time it takes to close ranges from one week to about two months.

The company could provide more information online about its rates, closing costs, rate lock and other features borrowers need to consider before getting a mortgage. Contact the company directly for answers to your questions on these topics.

Some highlights of Zillow Home Loans include:

• Low down payments
• Fast approval process
• Quick closing times

Before choosing Zillow Home Loans, consider the following:

• Lack of information online about fees and other requirements
• No USDA, HELOC or home equity loan options
• Higher-than-average minimum credit score for some loans

Zillow has somewhat mixed reviews among ConsumerAffairs readers. For instance, Ammar from North Carolina said it has a “great website, and works with ethics and helps customers with their needs, their first priority customer satisfaction, their customer Service on point and can direct you with all your needs, they are willing to help with anything.”

Other reviews aren’t as positive, though, but it typically relates to frustration with the information online. For example, one reviewer from Texas said: “Their home price evaluation is not accurate, Zillow needs to enhance the process to estimate the value of the home based on many factors like one story or two stories, gated, and the location and community.”

Navy Federal Credit Union caters its membership to veterans, military service members, their families and other qualified members; you do have to become a member of the credit union if you proceed with a mortgage. It offers conventional loans and HELOCs at competitive rates, but specializes in VA loans.

Navy Federal Credit Union offers plenty of perks for a mortgage or refinance, including a 60-day rate lock. One of the biggest advantages, though, is the lack of any private mortgage insurance (PMI), even with less than a 20% down payment, which can save you thousands over the years.

You can also earn up to $9,000 by using a preferred real estate agent in your area with the RealtyPlus program. Plus, you can complete the online application in a few minutes, and it’s possible you’ll get an approval within minutes.

Some highlights of Navy Federal include:

• Specializes in conventional and VA loans
• No PMI required
• Offers a 60-day rate lock
• Earn up to $9,000 cash back with RealtyPlus program

Before choosing Navy Federal, consider the following:

• Must be a member to apply
• No FHA or USDA loans available

While there are limited reviews for Navy Federal Mortgages specifically on ConsumerAffairs, there are some reviews for the credit union overall from mortgage customers.

Sarah in Texas said: “Navy Federal gave us an excellent rate, they worked with us to get everything done quickly as the seller was in a hurry due to having already purchased another home. Closing went smooth and seamless. They were available and able to answer any questions and concerns we had along the way. I was very pleased with the experience overall. Buying a home is a stressful experience, and they made it as stress free and seamless as anyone possibly could.”

The handful of reviews for Navy Federal Mortgages specifically highlight challenges with the application process. One reviewer from Arizona commented on a lack of communication from Navy Federal Credit Union: “Applied for home equity. Waited 4 weeks and got denied. No communications existed. Loan rep wouldn't answer phone, emails.”