Best Mortgage Lenders Of January 2022

Editor’s note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices. We continuously evaluate each lender we review to ensure the Bankrate Score is consistent with this methodology. If you’d like to consider other lenders, visit Bankrate’s lender review hub.

To determine the best mortgage lenders, Bankrate evaluated more than 80 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Based on this methodology, the best mortgage lenders generally have a Bankrate Score of 4.9 stars or higher. Here are the best mortgage lenders of January 2022.

Best mortgage lenders

Better.com

Better.com mortgage review

Available in 49 U.S. states (not available in NV) Conventional, jumbo, FHA 620 for conventional loans Online
  • No fees
  • Can close as fast as three weeks
  • No VA or USDA loans
  • No home equity lines of credit (HELOCs) or home equity loans (second mortgages)

Direct Home Lending

Direct Home Lending mortgage review

Available in AZ, CA, CO, FL, OR, PA and WA Conventional, jumbo, FHA, VA 620 for conventional loans; 680 for jumbo loans; 600 for FHA and VA loans Branch locations and online
  • Can close as fast as two weeks
  • No USDA loans
  • No HELOCs or home equity loans

Navy Federal Credit Union mortgage review

Available in all U.S. states Conventional, jumbo, VA 620 for conventional and VA loans Branch locations and online
  • Can close as fast as 30 to 35 days
  • No FHA or USDA loans
  • No HELOCs or home equity loans
  • Limited to armed forces members and families

Veterans United Home Loans

Veterans United Home Loans mortgage review

Available in all U.S. states Conventional, jumbo, FHA, VA, USDA 620 for conventional and VA loans Branch locations and online
  • Can close as fast as 30 to 45 days
  • No HELOCs or home equity loans

Ally Bank

Ally Bank mortgage review

Available in 43 U.S. states (not available in AK, HI, MA, NH, NV, NY or VA) Conventional, jumbo 620 for conventional loans; 700 for jumbo loans Online
  • No fees
  • Can close as fast as 25 to 45 days
  • No FHA, VA or USDA loans
  • No HELOCs or home equity loans

Bank of America

Bank of America mortgage review

Available in all U.S. states Conventional, jumbo, FHA, VA 620 for conventional loans; 680 for jumbo loans Branch locations and online
  • Can close as fast as 30 to 45 days
  • No USDA loans
  • Offers HELOCs

eClick Lending

eClick Lending mortgage review

Available in 48 U.S. states (not available in NE or NY) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans Online
  • Can close as fast as two weeks
  • No HELOCs or home equity loans

First Midwest Bank

First Midwest Bank mortgage review

Available in 46 U.S. states (not available in AK, HI, MD and NJ) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans Branch locations and online
  • Can close as fast as three weeks
  • Offers HELOCs and home equity loans

LowRates.com

LowRates.com mortgage review

Available in 48 U.S. states (not available in GA or MA) Conventional, jumbo, FHA, VA, USDA 620 for conventional and jumbo loans; 500 for FHA and VA loans Online
  • No fees
  • Can close as fast as 20 days
  • Offers HELOCs and home equity loans

Wyndham Capital Mortgage

Wyndham Capital Mortgage review

Available in 47 U.S. states (not available in HI, MA or NY) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans Online
  • No fees
  • Can close as fast as 20 days
  • Offers home equity loans

How to compare mortgage lenders

Your first step to finding the best mortgage lender is to comparison shop. Borrowers who do more upfront research tend to save more money than those who go with the first lender they find. It’s best to get quotes from three lenders, at minimum, so you know your options based on your credit and financial situation. Because rates fluctuate frequently, it’s best to get these quotes on the same day so you have an accurate basis of comparison.

As you compare loan estimates, look at the APR (annual percentage rate) and interest rate quoted by each lender. Consider what’s important to you as far as experience, too. For some, how fast a lender can turn around a preapproval letter or close a loan is critical. If you have specific needs — for example, you want an FHA loan — you might also want to look for the best mortgage lenders who specialize in those products.

Once you determine what your needs and preferences are, get started by comparing mortgage rates and finding a lender in your area through Bankrate.

Current mortgage rates

For a purchase, the average 30-year fixed mortgage rate is currently 3.410% based on Bankrate’s latest lender survey, while the average 15-year fixed rate is currently 2.760%. The average 30-year fixed refinance rate is currently 3.350% and the average 15-year fixed refinance rate is currently 2.660%.

Learn more:

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *