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10 Best Mortgage Lenders

mortgage application form

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.

Quick Navigation
Best Mortgage Rates FAQs
How We Reviewed
Overall Price Range of Mortgages
What We Reviewed
Quicken Loans
LendingTree
J.G. Wentworth Home Lending
New American Funding
SoFi
Lenda
CrossCountry
NBKC Bank
Magnolia Bank
AmeriSure
The Verdict

Best Mortgage Rates FAQs

process of mortgage lending

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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?

This is an entity that caters for financing for the purchase of real estate and then uses the mortgage as collateral for the money it has lent out. A mortgage lender can be a bank, a private investor, or a company with such specialties.

What Does a Mortgage Lender Do?

Mortgage lenders offer quick loans with fixed or adjustable mortgage rates and use the property as security.

How Does a Mortgage Lender Work?

They loan out money to a borrower for a home purchase. You must pay back the money in installments together with interest over the set period of time until the loan is cleared. Failure to pay back the money allows the lender to take your home through a legal process to recover the money.

Where Can You Find the Best Mortgage Lender?

There are several online mortgage lenders who offer the best services. Search through the internet for the best results. There are also banks that provide mortgage loans at lower interest rates.

How Many Types of Mortgage Lenders Do We Have?

There are three types, i.e. retail banks, mortgage banks, and credit unions.
Retail banks do their own underwriting. They offer fewer credit requirements and charge less fees.

Credit unions are not for profit and are owned by customers. They offer personal services at a lower fee since they are not after profit. You have to be a member of a credit union to apply for a loan. Mortgage banks offer home loans. They normally assign you a loan officer who receives a commission or a bonus after writing your loan.

How We Reviewed

small wooden house on grass

Image Source: Pixabay.co​​m

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

two or three story house with garage

Image Source: Pixa​​bay.com

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

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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.

pros

  • Verifies employment and income for a large percentage of employees (over 60%)
  • Low mortgage rates
  • Instant loan quotes
  • Good technology and online application process
  • Friendly mortgage advisors
  • Offers FHA-backed and USDA loans
  • A down payment of less than 3%
  • Fast loan processing
  • Multiple loan options

cons

  • No option for an alternate credit data
  • It does not provide HELOCs or home equity loans
  • No face-to-face services

LendingTree

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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.

pros

  • It has a wide network of lenders
  • It does not charge a user fee
  • A good place to research lending options that suits you
  • Easy to navigate their website
  • Provides possible loan offers in a short time
  • Faster response from loan lenders
  • Free credit scoring
  • Also provides personal loans
  • Government-backed loans

cons

  • You have to share much of your personal information
  • It is difficult to tell if calls you receive are from genuine lenders or stalkers
  • Your personal information is shared with several other service companies
  • You cannot view the rates unless you enter your social security number
  • A large number of calls and emails

J.G. Wentworth Home Lending

J.G. Wentworth Home Lending
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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.

pros

  • Their loans are backed by the government
  • Their online application process is simple
  • Provides a wide range of loans with and term options
  • Good customer service
  • Lower interest rates
  • Low down payment

cons

  • You cannot chat online when you have any inquiries
  • Physical offices in only 14 states
  • It does not advertise its rates
  • It does not provide home equity loans

New American Funding

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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.

pros

  • Good customer service
  • Full and easy online mortgage application process
  • It evaluates creditworthiness manually
  • Their terms are flexible
  • They have competitive rates
  • A wide range of loans
  • Transparent

cons

  • High loan processing fee
  • Its services are not available in New York and Hawaii
  • Not suitable for borrowers who want home equity loans
  • Rates are not available on their website

SoFi

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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.

pros

  • Flexible payment terms
  • No loan application fee charged
  • It provides affordable down payment
  • Lower interest rates
  • Provides unemployment protection
  • Suitable for personal loans

cons

  • Provides student loans to selective schools
  • Only suitable for people with a good credit score

Lenda

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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.

pros

  • The loan takes a shorter time to process
  • A full online application process
  • No origination fees charged
  • Low rates
  • Transparent

cons

  • Available in few states
  • Offer limited products
  • It does not offer home equity loans
  • They do not provide government-backed loans

CrossCountry

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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.

pros

  • Faster loan processing
  • Low rates
  • An easy online application process
  • A wide range of loans
  • Numerous rate quotes

cons

  • Available in few states
  • Customers have complained about its transparency

NBKC Bank

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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.

pros

  • You can install their app on iOS and Android phones
  • Easy to apply and track your application online
  • No lender fee is charged for VA loan applicants
  • Their services are available countrywide
  • It offers low closing costs
  • Lower interest rates

cons

  • It charges an origination fee for most applications
  • Not suitable for low credit score borrowers
  • Face-to-face services are only available in one state (Kansas)

Magnolia Bank

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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.

pros

  • Little information is needed to get rates
  • Transparency
  • It is easy to qualify for a loan
  • Competitive interest rates
  • Lower interest rates
  • Easy online application
  • Adjustable repayment terms

cons

  • High credit score required
  • Limited in-personal services

AmeriSure

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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%.

pros

  • No credit scores needed
  • Best for new home loans and refinancing 
  • Easy online application
  • The services are free of charge

cons

  • Their role is limited
  • It does not offer any loans or financing
  • A lot of information is needed to access their rates

The Verdict

home mortgage

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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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