Mortgage lending is a service that has taken over the world, attracting millions of borrowers and lenders alike. The best mortgage lenders should have a wide knowledge of aspects like financing, evaluation, and real estate. In addition, it should consider the financial situations of borrowers and provide the best mortgage rates, not to mention the minimum requirements to qualify for the loan and good customer service.
Several mortgage lenders have emerged, and it may be difficult to know which one provides the best mortgage rates. Do not worry because this review provides you with the 10 best mortgage lenders that offer quality services to help you land the best mortgage rates there are.
Best Mortgage Rates FAQs
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We answered some of the questions that might be crossing your mind to help you have more insight into how the best mortgage lenders work before you make your own decision.
What Is a Mortgage Lender?
What Does a Mortgage Lender Do?
How Does a Mortgage Lender Work?
Where Can You Find the Best Mortgage Lender?
How Many Types of Mortgage Lenders Do We Have?
How We Reviewed
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For you to seek the services of a mortgage lender, you have to be knowledgeable of how they operate and what the best mortgage rates in the market are. Thus, we spent time researching different mortgage lenders so as to provide you with the best mortgage rates. We looked at what they offer and their pros and cons. The 10 lenders we have reviewed are what we found to be the best, offering the best mortgage rates and worthy services.
The main objective of this research is to help you land the best mortgage rates depending on your financial situation.
Overall Price Range of Mortgages
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Mortgage lenders offer different mortgage rates. While others provide both fixed and adjustable rates, some lenders prefer either one of the two. Also, other lenders offer higher interest rates than others. However, the lenders we have reviewed all provide low rates of no more than 5% interest. The difference in mortgage rates can be attributed to the loan type and the various loans featured.
What We Reviewed
Quicken Loans
Features
Quicken Loans has come a long way to being the largest online retail mortgage lenders. It provides a wide range of mortgage loans including reverse, USDA, and VA mortgages. It also provides a wide range of mortgage products for 8 to 30 years with fixed mortgage rates. The best thing about Quicken Loans is that you will be updated about the progress of your loan so that you know how much you have to wait.
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LendingTree
Features
This is more of an online marketplace which connects borrowers to lenders. It provides great deals and offers to consumers from several lenders so that they have a wide range of options to choose from. Lending Tree offers refinance, reverse, home quality, and purchase loan types. Featured loans include USDA, FHA, Jumbo, VA, and conventional, with 3.93% APR 15-year fixed and 4.35% 30-year fixed mortgage rates.
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J.G. Wentworth Home Lending
Features
J.G. Wentworth Home Lending is a flexible mortgage provider offering a wide range of loans. It offers refinance and purchase loan types. Their featured loans include Home Improvement, FHA, VA, Jumbo, and HARP. They have 10-, 20-, and 30-year repayment terms and a 0-20% down payment.
J.G. Wentworth works well for home buyers and owners who value convenience and choice. It provides both fixed and conventional mortgage rates. They have 30-year fixed, 15-year fixed, and 5-year ARM interest rates.
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New American Funding
Features
New American Funding is a mortgage lending company suitable for borrowers whose credit information history does not fit traditional banking. It provides FHA, Conventional, HARP, Jumbo, and VA loans and works with down payment assistance programs. They offer some of the best mortgage rates in the market and are more competitive compared to other mortgage lenders. The company provides great customer services and a high level of modification in their loan products.
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SoFi
Features
SoFi offers mortgages, student loan refinancing options, and personal loans at lower interest rates. However, they target borrowers with good employment and a good credit history. The mortgage rates are as low as 3.3% on 7/1 ARM loans and below 3% on 15-year fixed-rate mortgages with a 10% down payment. SoFi does not charge origination and application fee, and it does not charge a prepayment penalty.
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Lenda
Features
Lenda operates with absolutely zero lender fees and has an online convenience. It offers purchase and refinance loan types and features Jumbo and FHA loans. Lenda mortgage rates are either fixed or variable. The online application is simple, and you can easily track the progress of your loan on the user dashboard.
It offers four refinance products at 10-year, 15-year, 20-year, and 30-year fixed rates. The rates change on a daily basis depending on several factors.
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CrossCountry
Features
This online mortgage lender offers plenty of selection for purchase and refinance loan types. It is one of the best as it meets all the requirement as well as provides a wide variety of loans. It offers FHA, Jumbo, VA, and USDA loans at either fixed or conventional mortgage rates. It also offers a pre-qualification process in three steps, where you get to speak with a loan officer to determine the loan options you qualify for.
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NBKC Bank
Features
Besides lending mortgages, NBKC Bank provides other banking services that satisfy customers’ needs. It offers customized loans at lower interest rates. It offers 30-year fixed, 15-year fixed and 5/1 ARM adjustable mortgage rates. In addition, it is insured by FDIC and provides products by Fannie Mae and Freddie Mac.
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Magnolia Bank
Features
Magnolia Bank keeps you informed at every step of your mortgage processing. It provides FDIC-insured loan products in the 50 US states. It offers a variety of mortgage purchasing, cash out, and refinancing which include VA and FHA at both fixed and adjustable mortgage rates. It is the best bank that provides home mortgage refinancing.
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AmeriSure
Features
The main role of AmeriSure is to help people who are in need of a mortgage loan. It offers up to four loan quotes to its customers so that they can choose what suits them. Among the loans offered by AmeriSure are FHA, VA, and New Home. It features fixed and adjustable mortgage rates from 2.5% to 3.1%.
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The Verdict
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To some extent, the type of loan you need will determine which mortgage lender to go to. Some lenders provide loans with the best mortgage rates while others have the worst rates on the market. It is also important that you consider the repayment options, the down payment, their application process, and the availability of their services. Also, you might want to consider the loan processing time depending on how urgent your situation is.
After our extensive research and much scrutiny, we found Quicken Loans to be the best overall mortgage lender. Even though it has no in-person services, their online services are recommendable. In addition, their application process only takes minutes, and their loans are backed by the government. Quicken Loans has the best customer service; it offers products by Fannie Mae and Freddie Mac, and has some of the best mortgage rates you can find.
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