Buying a home is a big goal for many people, and whether it’s your very first home or your third home, it’s an exciting event. But, while buying a new home is a huge accomplishment, getting there can be a challenge, especially for finding the best mortgage rates. To make finding the right mortgage for your new dream home as easy as can be, we’ve put together the best mortgage rate options for you right here.
Mortgage Rates FAQ
The process of buying a new home is a big task to take on and a huge life-changing event. During this process, it’s common for many questions to arise. The mortgage process, itself, often comes with many associated questions. To make this process easy on you, we’ve got the answers to some common mortgage questions below.
What Is a Mortgage?
What Is Approval for the Best Mortgage Rates Based On?
What Are the Different Mortgage Options?
What Are the Closing Costs?
Where Can You Apply for One?
How We Reviewed
To provide you with the best mortgage rate options available, we’ve taken the time to research the most important components. We’ve considered features, pros and cons, rates, where to apply, customer service, accessibility, and more to make sure that there’s a perfect choice for every prospective home buyer.
Overall Range of the Best Mortgage Rates
Mortgage rates come in a huge range that depends on a variety of factors. The best mortgage rates on this list range from a starting point of around 3.7% to 4.3% for 15 year fixed mortgages. The range for 30 year fixed mortgages is from around 4.3% to around 4.8%. Of course, these rates will differ based on your income, debt to income ratio, credit score, and more.
What We Reviewed
Quicken Loans
Features
Quicken Loans is a Detroit based company that has been around since 1985. They provide mortgage loan offers for refinancing and purchases. This lender features convenience and quick and helpful customer service.
PROS
CONS
Interest Rates
Best mortgage rates provided by Quicken Loans vary based on many factors such as the type of home your purchasing or refinancing, the primary use of the home, your income, your credit score, and more. Best mortgage rates start as low as 4.375% to 4.99%.
Where to Apply
Better Mortgage
Features
Better Mortgage is a digital mortgage lender, so the entire process is online. This lender features a seamless and easy to navigate online application process and a dedicated loan officer for each borrower.
PROS
CONS
Interest Rates
As with all rates, best mortgage rates form Better Mortgage depend on many variables, but rates start as low as around 3.7% for 15 year fixed rates and 4.3% for a 30 year fixed rate.
Where to Apply
LendingTree
Features
LendingTree is an online loan marketplace that can connect you to various lenders. The company has been based out of North Carolina since 1996. Lending Tree connects borrowers to lenders that offer a variety of loans and offers, and they also feature tools, educational resources, credit repair, debt relief and more.
PROS
CONS
Interest Rates
Best mortgage rates found by LendingTree start as low as around 3.9% for a 15 year fixed rate.
Where to Apply
HSBC Bank
Features
HSBC Bank is a well-known bank that offers competitive mortgage rates. They offer mortgage, refinancing, and equity options. Applications can be completed online, via phone, or in person.
PROS
CONS
Interest Rates
Best mortgage rates from HSBC start at around 4.4% for a 30 year fixed rate and around 3.8% for a 15 year fixed rate.
Where to Apply
Home Loans Today
Features
Home Loans Today is a division of FBC Mortgage, LLC. They offer competitive mortgage rates and many loan product options. Their services are better business accredited, and they are FHA and VA approved.
PROS
CONS
Interest Rates
Home Loans Today offers rates as low as around 4.5% for a 30 year fixed rate and around 4.1% for a 15 year fixed rate.
Where to Apply
LoanFlight
Features
LoanFlight strives to make an easy and accessible mortgage process for all. Their mortgage calculator can help you see what types of mortgages you can afford before you apply. They offer loan programs for purchases and refinancing.
PROS
CONS
Interest Rates
Best mortgage rates from LoanFlight start at around 4.4% for a 30-year fixed rate and around 3.8% for a 15 year fixed rate.
Where to Apply
Ally Bank
Features
Ally Bank is a popular online-only bank that provides great savings account options, and they are also an equal housing lender that offer mortgages with competitive rates too. They offer a wide range of mortgages including fixed and adjustable rates, and they also have a special program for first-time home buyers.
PROS
CONS
Interest Rates
Best mortgage rates from Ally Bank start at around 4.8% for a 30 year fixed rate and around 4.3% for a 15 year fixed rate.
Where to Apply
CIT Bank
Features
CIT Bank is a Member FDIC equal housing lender bank that has over $40 billion in assets. They offer 10, 15, 20, 25, and 30 year fixed rates.
PROS
CONS
Interest Rates
Best mortgage rates for CIT Bank start at around 4.4% for a 30 year fixed rate and around 3.7% for a 15 year fixed rate.
Where to Apply
Sebonic Financial
Features
Sebonic Financial is a division of Cardinal Financial, and they’re a consumer direct lending company. Cardinal has been around since 1987, but Sebonic launched in 2013, so they’re still fairly new. However, they strive to provide a fast and competitive mortgage experience.
PROS
CONS
Interest Rates
Best mortgage rates for Sebonic FInancial start at around 4.4% for a 30 year fixed mortgage and around 3.8% for a 15 year fixed mortgage.
Where to Apply
CF Bank
Features
CF Bank has been providing loan services since 1892 and prides themselves on customer service and building relationships with their clients. They’re a national lender with office locations in the greater Columbus, Cleveland, Akron, Cincinnati, and Columbiana market areas.
PROS
CONS
Interest Rates
Best mortgage rates at CF bank start at around 4.4% for a 30 year fixed mortgage and around 3.8% for a 15 year fixed mortgage.
Where to Apply
The Verdict
The all-around best mortgage rates for the general home buyer are offered by Better Mortgages, with great service and rates as low as around 3.7% and 4.3% for 15 and 30 year fixed loans, it’s a great place to start. If you enjoy in-person customer service, help, and an in-person application process, then HSBC Bank is a great choice for the best mortgage rates. If you’re interested in being connected to multiple lenders so you have many options to choose from, Lending Tree is a great pick.
Whatever your home mortgage needs, choosing one of the best mortgage rates from this list will bring you one step closer to your new home.
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