Find Mortage Lenders in your State
Are you ready to buy a house? It can be overwhelming to find the right mortgage to fit your budget. Luckily, shopping around for the best mortgage doesn’t have to be painful — particularly if you know what you’re looking for. We’ll show you how to choose the best mortgage company for you.
Table of contents [Show]
- The Best Mortgage Lenders
- 1. New American Funding
- 2. Rocket Mortgage®
- 3. loanDepot
- 4. Luxury Mortgage
- 5. SoFi Mortgage
- What to Look for in a Mortgage Company
- Know The Current Mortgage Rates
- 5 Tips for Finding the Best Mortgage Lender
- Determine your down payment
- Know your credit score
- Explore local options
- Talk to your agent
- Conduct outside research
- Choose the Best Mortgage Company
The Best Mortgage Lenders
Take a look at who made the list for best mortgage lenders nationwide.
1. New American Funding
New American Funding offers conventional, proprietary and government-backed mortgages. Its variety of mortgage options make it worth checking out, especially if you have unique financial needs. It also offers options for refinancing and tapping into your home equity. Its loan products aren’t available to New York or Hawaii residents.
New American Funding is a good choice for self-employed borrowers. It allows you to use bank statements to verify your income instead of trying to qualify with tax returns, W-2s or pay stubs, which you might not have with a fluctuating or lump-sum income.
New American Funding is also an excellent lender for first-time home buyers. You can opt for an FHA, USDA or VA loan. New American Funding also has educational resources to help you understand the mortgage process.
It may also be a good fit for senior homeowners looking for a reverse mortgage. A reverse mortgage allows you to take advantage of the equity you’ve built up in your home. It’s not for everyone, but it’s worth considering if you’ve built up significant equity in your home but have concerns about your income in retirement.
2. Rocket Mortgage®
Rocket Mortgage is one of the best mortgage lenders on the market, making it easy to apply for a home loan entirely online. Its streamlined preapproval process and quick access to customer service set it apart from other online lenders. Rocket Mortgage offers a large variety of mortgages and is backed by the largest mortgage lender, Quicken Loans. Whether you need help or know exactly what you’re looking for, Rocket Mortgage matches you with the right mortgage type and helps you quickly complete your online application.
- Homebuyers who are looking to complete the mortgage application process on their own
- Homebuyers who have found their dream home and are looking to move through the approval process quickly
- Homebuyers with good credit scores looking to review their mortgage options
- Current homeowners looking to refinance within the next few months
- Rocket Mortgage allows you to move at your own pace, guiding you through each step of the process. After you answer all the application questions, Rocket Mortgage lets you know if you’re approved and show your personalized mortgage recommendations
- You can submit checking and savings account information, tax returns and other financial documents online — a feature that sets Rocket Mortgage apart from online competitors
- RateShield allows you to lock in your Rocket Mortgage approved rate for up to 90 days
- The home loan application process can be completed in minutes, allowing you to find out if you qualify for a mortgage right away
- The online software allows you to navigate through the entire home buying process, from approval to home closing. Once you’re approved and you make an offer on your home, Rocket Mortgage offers online tools that will help you move through the rest of the closing process
- While Rocket Mortgage has customer specialists ready to answer your questions and provide guidance, if you prefer sitting across from a person when filling out financial forms, this lender might not be right for you
- You can’t easily view all of Rocket Mortgage’s home loan options prior to applying. It offers conventional, FHA, USDA and VA loans, but you’ll need to apply to find out more about the mortgage types within these offerings and which ones you’re eligible for
Rocket Mortgage® offers a convenient online application process to get a mortgage. It’s a major draw for homebuyers since employment and income can be instantly verified for over 60% of U.S. applicants and can speed up the loan processing time.
Rocket Mortgage® is 1 of the top lenders across the nation, particularly for FHA loans. It offers FHA, VA, USDA, conventional fixed, jumbo and refinancing loans.
You’ll need a 620 credit score for approval (580 for FHA loans) and should be ready to provide a down payment of 3%. On the downside, Rocket Mortgage® does not offer home equity loans or HELOCs and does not consider alternative credit.
Easy access to funding is often the most important thing to consumers. No one wants to feel like their impending mortgage is an impossibility or simply too difficult to manage. You can use the website or mobile app to read more about the company and apply.
loanDepot has a “no-steering” policy that ensures its agents don’t push you to one loan or another. You get the loan that suits your family or business best, and you can handle it all online.
Conventional fixed-rate mortgages, ARMs, FHA, VA, 203k and jumbo loans are available. You also have the option to refinance your mortgage if you’re an existing homeowner. Call, email or reach out to loanDepot via social media for additional information.
4. Luxury Mortgage
Luxury Mortgage offers standard products like conventional loans, VA loans, Jumbo loans and FHA loans. It also has more specialized products like bank statement loans, asset qualifier mortgages and no doc investment property loans. If you’ve had a hard time finding a mortgage due to erratic income, being retired or buying an investment property, Luxury Mortgage is worth a look.
- Self-employed professionals
- Condo buyers
- Wide variety of mortgage products
- Niche products like bank statement loans
- Works with many state home buyer assistance programs
- Only available in 29 states
Luxury Mortgage makes it easy for all types of home buyers to get approved for a mortgage. Their flexible requirements can help you get financing, with no employment or income verification and no minimum DTI. Luxury Mortgage offers traditional loan terms, as well as more flexible mortgage payment plans with their 40-year loan program.
It’s also easier to get approved if you’re self-employed. Tax returns are not required and you’ll only need 1 year of self-employment income history and a minimum credit score of 580. Luxury Mortgage can also help you get approved on assets alone, like your bank statements, stocks and bonds, or retirement accounts.
Luxury Mortgage is licensed to lend in California, Colorado, Connecticut, Delaware, DC, Florida, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Washington.
5. SoFi Mortgage
SoFi is an online lender most well known for its student loan refinancing services. It first began offering mortgages in 2014 and became a great asset for current SoFi members looking for a mortgage. It was one of the first lenders to offer an entirely online mortgage lending process. In the mortgage space, SoFi is known for offering as little as 10% down payments on all of its mortgage products, including jumbo loans.
- Borrowers who want a lower down payment
- Current SoFi members
- Homeowners looking to refinance
- Down payments can be as low as 10%
- Can finance mortgages for up to $3 million
- Discounts for SoFi members
- Not available in every state
- Does not offer government-backed loans such as FHA, USDA or VA loans
SoFi Mortgage is an arm of this growing bank. SoFi offers a range of banking and investment options — leaving SoFi Mortgage as the lending branch that can help you get into the home of your dreams.
SoFi Mortgage offers what it calls “More Money” and “Less Headaches” in every mortgage. You get more money with:
- Affordable down payments, as low as 5%
- Competitive rates
- Flexible debt-to-income ratios
- No hidden fees
- Investment property loans
You experience fewer headaches because:
- You can generally close in 30 days
- Pre-qualify online in 2 minutes
- No surprise paperwork
Loans are available in: AL, AK, AR, AZ, CA, CO, CT, DE, DC, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MT, NE, NJ, NH, NV, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV or WY.
What to Look for in a Mortgage Company
Thanks to technology, getting pre-approved for a mortgage is easier than ever. A few simple clicks can gain you the coveted “pre-approved” status that will make closing on your dream home morph into reality. But it’s important to explore all of your options before deciding on a mortgage.
Be sure to search for the right mortgage company to fit your specific financial situation. There are 2 common routes you should explore before you narrow down your mortgage lender:
- Brick-and-mortar lenders. This type of lender is a traditional banking institution — you can sit down and talk to a loan officer in person. These lenders include banks and credit unions, both of which help buyers navigate the home-buying process. Many brick-and-mortar lenders offer government and conventional loan options as well as online services.
- Online mortgage lenders. Online lenders streamline the mortgage application process by providing clear, easy-to-follow application steps. Online lenders allow buyers to handle all financial applications, verifications and online approvals. Online mortgage lenders may also provide access to loan officers who can connect with you online or via phone to answer any questions.
Be sure your lender offers services that are important to you, like online applications, customer service assistance or fast pre-approvals.
Now that you understand the 2 main types of lenders, it’s important to understand the different types of mortgages to consider.
- Government-backed mortgages. This type of loan is considered more secure because it’s backed by the federal government. Government-backed loans are ideal for low-income and first time homebuyers and those with bad credit. Down payment requirements are generally lower on these loans (typically between 0% to 3%). FHA, USDA and VA loans are the most popular government-backed loans.
- Conventional mortgages. Conventional mortgages are home loans that aren’t backed by the U.S. government. You’ll typically need good credit, proof of income and a 3% to 20% down payment. Conventional mortgages include fixed-rate mortgages (you pay a fixed rate over a set amount of time) and adjustable-rate mortgages (you pay an adjustable-rate over a set amount of time).
- Refinancing, home equity or HELOC mortgages. These loans are ideal if you’d like to refinance or borrow against your home’s current equity.
Know The Current Mortgage Rates
It’s important to understand current mortgage rates when shopping for a mortgage loan product. This will allow you to ensure you’re receiving a fair mortgage rate from the lenders you’re considering and help you estimate your monthly payment.
The interest rate on a mortgage will vary based on the loan term and whether it’s a fixed-rate mortgage or an adjustable-rate mortgage. The mortgage loan officer can help you decide which mortgage term and loan type are best for you and provide you with an estimated monthly payment for each.
Plus, keep in mind that you may need a loan for your down payment, an advance on the mortgage that could keep your payments down.
5 Tips for Finding the Best Mortgage Lender
Take some time to comb through Benzinga’s tips so you get the ideal mortgage lender for you.
Determine your down payment
It’s important to understand how your down payment can impact your mortgage rate, options and monthly fee before you even think about diving into a mortgage application. Saving for a 20% down payment is no longer a requirement, but there are plenty of reasons why a larger down payment may be a smart idea. Many conventional and government-backed loans allow you to put less than 20% down on a home so you’ll want to be aware of the cost of private mortgage insurance (PMI).
PMI is monthly insurance that you’re required to pay when your down payment is less than 20%. Note: This monthly insurance protects the lender — but it doesn’t protect you, the borrower. Once you know how much of a down payment you can afford, you can better assess which type of mortgage is best for you and find a lender that meets your financial needs.
Know your credit score
There are methods for securing a mortgage with bad credit but it’s important to know where your credit stands. Homebuyers with higher credit scores often have access to more mortgage products, additional options and better rates. Are you repairing your credit? It can be worthwhile to search for a lender that uses alternative credit to help verify your eligibility. Alternative credit sources can include rent and utility payments. Applicants with low credit scores should expect slightly higher mortgage rates — it’s still important to shop around to find the best possible rate.
Explore local options
Nationwide banks and online lenders might be the most recognizable names in the mortgage world, but exploring local options can help you unlock additional options. Review any credit union memberships you belong to so you can see how they stack up against competitors.
Talk to your agent
It’s important to do your own research when you select a mortgage company. Benzinga has compiled a few top-rated lenders you should explore.
Your buyer’s agent is a valuable resource who can help you navigate through all steps of the home-buying process — including financing your home. Your agent will likely have connections to popular local lenders and can provide advice on which type of mortgage might be best for your budget.
Conduct outside research
Once you have a solid understanding of your finances and have reviewed local options, you’ll want to research lenders to find out more about the specific mortgage offerings they provide. Be sure to review their rates and compare any features and benefits that are important to you. Talk to loan officers to find out if you qualify for any special programs, like first-time home buyer loans or state assistance programs that could reduce your rate or down payment requirement.
Choose the Best Mortgage Company
Finding the right type of mortgage is just as important as finding the right home. Research the options that best suit your financial lifestyle to help you narrow down relevant lenders. Be sure to explore local lenders, compare rates and talk to your agent for further guidance.
Take your time — a lender might not be the right fit for you if it tries to rush you through the process. Start with our recommended lenders to find your perfect fit today.
Get Ready for Take Off
Rocket Mortgage® is an online mortgage experience developed by Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.