We receive advertising fees from the brands we review that affect the ranking and scoring of such brands.
Advertiser Disclosure

Best Mortgage Lenders December 2024

Compare the best mortgage lenders offer their borrowers the best rates and terms. These home loan providers have a high customer satisfaction rate, which indicates how many people will be satisfied with the service they provide.

location NY, Brooklyn privacyWe value privacy
close
filterFilters
Mortgage Type
Select options
Credit Score
trashClear
Apply Filters
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance, Home Equity, Adjustable, Fixed
  • Min. Credit Score: 620
  • APR: Undisclosed
  • NMLS#: 3030

Pros

pros iconClosing costs rolled into loan automatically

pros iconSmartphone app

pros iconSyncs with your bank account for easy application process

pros icon98% of financial institutions supported for digital asset verification

Cons

cons iconCan’t have face-to-face interaction with loan officer; online only

cons iconNo alternative credit data considered

Ro©2000 – 2020 Quicken Loans, LLC. All rights reserved. Lending services provided by Quicken Loans, LLC., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Quicken Loans® (also doing business as Rocket HQ), Rocket Homes Real Estate LLC, and Rocket Loans® are separate operating subsidiaries of Rock Holdings Inc.
Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

  • check mark Fast, guided and simplified online process
  • check mark Lock in your rate for 90 days
  • check mark Unique support for first-time homebuyers
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance, adjustable, fixed, jumbo, FHA, VA, and USDA
  • Over $100 billion funded. 21 years in business
  • APR: Undisclosed
  • NMLS#: 1168

Pros

pros iconEasy online application process

pros iconCustomized rates and quick pre-qualification

pros iconDiverse range of loan options

pros iconAccurate quotes given

Cons

cons iconExact rate range undisclosed pre-application

cons icon3% minimum down payment on offer

The advertised rates are current as of 22 September 2024.

AmeriSave Mortgage Corporation, NMLS ID #1168, (www.nmlsconsumeraccess.org), Equal Housing Lender; Corporate Office: 1200 Altmore Avenue, Building 2 – Suite 300, Sandy Springs, GA 30342. Additional licensing information may be found by clicking here on this “Licensing” link. For questions regarding state licensing, please contact (866) 970-7283. Not all products and options are available In all states. Terms are subject to change without notice. Some people portrayed are professional models.

  • check mark Low rates: quick quote and credit approval
  • check mark Rate lock protection. Lock now before rates go up.
  • check mark Over $130 billion in loans funded since 2002.
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
  • Min. Credit Score: 620
  • APR: Undisclosed
  • NMLS#: 167283

Pros

pros iconRate Lock

pros iconOnline application process

pros iconGood reputation for customer satisfaction

pros iconPre-approval available

Cons

cons iconFees could potentially be high

cons iconNo physical branches available

Rocket Mortgage Disclaimer: ©2000 – 2020 Quicken Loans, LLC. All rights reserved. Lending services provided by Quicken Loans, LLC., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Quicken Loans® (also doing business as Rocket HQ), Rocket Homes Real Estate LLC, and Rocket Loans® are separate operating subsidiaries of Rock Holdings Inc. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements.

  • check mark Connect with lenders for $0
  • check mark Personalized recommendations
  • check mark Get rates from our providers
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance, Home Equity
  • Min. Credit Score: 620
  • APR: Varies
  • NMLS#: 6606

Pros

pros iconManual underwriting available to evaluate credit

pros iconOne of the few non-bank lenders offering equity lending and reverse mortgages

pros iconCan participate in the entire process online

pros iconEnglish and Spanish-speaking loan officers available

Cons

cons iconNot available in Hawaii or New York

cons iconDoesn’t work with down payment assistance programs in all states

New American Funding Disclaimer:© 2020 Broker Solutions, Inc. DBA New American Funding. All Rights Reserved. Corporate Office: 14511 Myford Road, Suite 100, Tustin, CA 92780.†14 business day guarantee only applies to purchase transactions. This guarantee does not apply to Reverse Mortgages, FHA 203k, VA, Bond, MCC, loans that require prior approval from an investor, or brokered loans.
The guarantee does not apply if events occur beyond the control of New American Funding, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that cannot be met by any party.
The 14 business day trigger begins when the borrower’s initial mortgage application (including income and assets documentation) is complete, and the borrower has authorized credit card payment for the appraisal. If New American Funding fails to perform otherwise, a credit of $250 will be applied toward closing costs.

  • check mark Low down payments required of around 3%
  • check mark Dedicated to serving minorities
  • check mark Mortgages tailored to your credit rating
View Details arrow

Key Facts

  • Mortgage types: Purchase
  • Min. credit score: 620
  • APR: Undisclosed
  • NMLS#: 46375

Pros

pros iconStreamlined online application process

pros iconAccess to an experienced home loan officer

pros icon$2,000 credit toward closing costs (under the 14-day closing guarantee)

pros iconCurrent standard rates and terms clearly listed online

pros iconOption to complete the closing process remotely (in certain states)

Cons

cons iconSpecific rates and terms not available without completing an application

cons iconLive chat feature is glitchy

cons iconFunding and approval times not clearly listed

Loans Provided by Warp Speed Mortgage, a dba of CalCon Mutual Mortgage LLC NMLS #46375 (www.nmlsconsumeraccess.org); 3838 Camino del Rio N Suite 305, San Diego, CA 92108. Corporate phone (877) 707-2050. For licensing information, go to: www.nmlsconsumeraccess.org © 2013 – 2021 Warp Speed Mortgage By refinancing your existing loan, your total finance charges may be higher over the life of the loan. (Reference: 10 VAC 5-160-60 (F)) All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. 14 Day Closing Guarantee

  • check mark A variety of mortgage loans and refinancing options
  • check mark $2,000 credit if the loan doesn’t close in 14 business days
  • check mark Get real-time interest rates & loan programs online without contacting a salesperson
View Details arrow

Key Facts

  • Mortgage types: Purchase, refinance
  • Min. Credit Score: 620
  • APR: 5.4%-7.2%
  • NMLS#: 1681273

Pros

pros iconSecure and private loan application process

pros iconNeat layout and easy navigation

pros icon3-minute application without hard check

Cons

cons iconLimited options for government backed home loans

cons iconCredible doesn’t operate in several large states

cons iconNo face-to-face customer support

cons iconPoor after sale services

Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.94% – 35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.

Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.

Student Loan Rate and Terms Disclosure:  Rates displayed include Automatic Payment and Loyalty Discounts, where applicable. Note that such discounts do not apply while loans are in deferment. The lenders on the Credible.com platform offer fixed rates ranging from 3.49% – 17.99% APR and Variable interest rates from 4.63% – 17.99% APR. Variable rates will fluctuate over the term of the borrower’s loan with changes in the Index rate. The Index will be either LIBOR or SOFR. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include Automatic Payment and Loyalty discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score.

Student Loan Refinancing Rate and Terms Disclosure: The lenders on the Credible.com platform offer fixed rates ranging from 3.85% – 11.85% (3.85% – 11.85% APR). Variable interest rates offered by the lenders on Credible.com range from 4.86% – 13.34% (4.86% – 13.34% APR). Variable rates will fluctuate over the term of the borrower’s loan with changes in the Index rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.

*Not all available financial products and offers from all financial institutions have been reviewed by this website

  • check mark Prequalify in just 3 minutes
  • check mark Actual rates from multiple lenders
  • check mark Complete the origination process online
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance, VA, FHA, USDA, Conventional Loans
  • Minimum Credit Score: 620
  • APR: 6.125%-7.002%
  • NMLS#: 1907

Pros

pros iconNo down payment needed

pros iconNo prepayment penalties

pros iconNo PMI

pros iconAvailable in all 50 states

Cons

cons iconVA fee of 2.3% of the purchase price (Veterans receiving compensation for a service-connected disability and select others do not pay the VA Funding Fee.)

cons iconOnly available to veterans, service members, and spouses

cons iconCan only be used for a primary residence

Mortgage Research Center LLC is NOT affiliated with any government agencies, including the VA.
This website has been developed by Mortgage Research Center LLC (MRC) to provide general information about mortgages and related matters. The materials posted in this website are not intended to create, and do not create, any relationship between MRC and the reader or viewer. The process of obtaining a mortgage loan is a serious one and should never be done without a licensed loan originator. This information is not intended to be, and is not valid as, a substitute for a licensed loan originator, licensed loan officer or other licensed lending professional. MRC is not a government agency, nor affiliated with any government agency, including the Department of Veterans Affairs, in any way. Customers with questions regarding our loan officers and their licensing may visit the Nationwide Mortgage Licensing System and Directory for more information.
Individuals featured are actual clients of Mortgage Research Center LLC or its affiliated companies. These individuals are expressing their personal views of Veterans United. The personal views of these individuals reflect their opinions and experiences with Mortgage Research Center LLC or affiliated companies. The individuals shown here may have been compensated by Veterans United or one of its affiliated companies for expressing their opinions relating to their Veterans United experience.

  • check mark A top VA purchase lender for 5+ Years
  • check mark Facilitated more than $16 billion in loans
  • check mark Submit your application to lock in a rate
View Details arrow

Key Facts

  • Mortgage types: Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, HELOC
  • Min. Credit Score: 620
  • APR: Undisclosed
  • NMLS#: 174457

Pros

pros iconCan choose face-to-face interaction by accessing over 150 affiliated loan stores in the United States

pros iconClose on time guarantee of $1,000

pros icon100% digital asset, employment, and income verification available

Cons

cons iconUSDA loans are not available

cons iconMortgage rates not listed on its website

loanDepot Lifetime Guarantee (“Guarantee”) — Subject to the conditions and contact requirements outlined below, the Guarantee applies to the refinancing of an outstanding loan originated by loanDepot that is secured by the same property upon which that borrower previously received from loanDepot a loan and “loanDepot Lifetime Guarantee” certificate. The Guarantee is non-transferable and does not apply to loans obtained to purchase a new property, new loans that result in the creation of a separate lien on the current property (i.e., a “home equity loan”), renovation loans, bond loan programs and down payment assistance programs. The Guarantee also does not apply to loans applied for through third parties (e.g., Lending Tree) or originated through loanDepot’s Wholesale division. The Guarantee may only be used by submitting an application directly to loanDepot.

  • check mark Competitive rates for your home loan solution
  • check mark Licensed loan officers available to assist
  • check mark FHA and VA loans available
View Details arrow

Key Facts

  • Mortgage Types: Conforming/Non Conforming, FHA, Portfolio, Home Equity, Refi (cash-out & no cash-out).
  • Min. Credit Score: 620
  • APR: 4.25%-18%
  • NMLS#: 524995

Pros

pros iconFast closing period for a mortgage.

pros iconCashback of up to 3% is available on annual repayments

pros iconThe lender fee of $995 is waived if you hold an Axos Bank checking account

pros iconApplicants with average credit scores are considered for a mortgage

pros iconOffers difficult-to-find mortgages such as super jumbo loans

Cons

cons iconNo physical branches to discuss your mortgage needs

cons iconDiscounts are only available if you have an Axos Bank account

cons iconNo visibility of mortgage rates until after pre-qualification

Axos Bank® offers bank products and services. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and vesting at Axos Bank. For more information, read our FDIC Notice. Axos Bank NMLS# 524995. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month for a total amount of $18,432.

 

  • check mark Get 3% cash-back on repayment annually
  • check mark A fast closing period for a mortgage
  • check mark Borrowers can avoid paying a $995 fee
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance, FHA, and VA loans.
  • Min. Credit Score: 620, 580 if applying for VA or FHA
  • APR: 6.087%-6.365%
  • NMLS#: 330511

Pros

pros icon100% online-based

pros iconCustomer support available 24/7

pros iconOnline application process

Cons

cons iconTypically need credit score above 620 or 580 for VA & FHA loans.

cons iconIf applying for a loan with a co-borrower, underwriters use the lowest credit score for qualification purposes

© 2024 Better Home & Finance Holding Company and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC and Better Real Estate California Inc License # 02164055 provides real estate services; Better Cover, LLC sells insurance products; and Better Settlement Services provides title insurance services; and Better Inspect, LLC provides home inspection services. All rights reserved.

Home lending products offered by Better Mortgage Corporation. Better Mortgage Corporation is a direct lender. NMLS #330511. 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states. Equal Housing Lender. NMLS Consumer Access

Better Real Estate, LLC dba BRE, Better Home Services, BRE Services, LLC and Better Real Estate, and operating in the State of California through its wholly owned subsidiary Better Real Estate California Inc., is a licensed real estate brokerage and maintains its corporate headquarters at 325-41 Chestnut Street, Suite 826, Philadelphia, PA 19106. Here is a full listing of Better Real Estate, LLC’s license numbers. Better Real Estate, LLC provides access to real estate brokerage services via its nationwide network of partner brokerages and real estate agents (“Better Real Estate Partner Agents”). Equal Housing Opportunity. All rights reserved.

New York State Fair Housing Notice

New York Standard Operating Procedures

Texas Real Estate Commission: Information About Brokerage Services | Consumer Protection Notice

Better Settlement Services, LLC. 325-41 Chestnut Street, Suite 803, Philadelphia, PA 19106.

Homeowners insurance policies are offered through Better Cover, LLC, a Pennsylvania Resident Producer Agency. License #881593. 325-41 Chestnut Street, Suite 807, Philadelphia, PA 19106.

Insurance quotes and policies are offered through Better Cover, LLC. A Pennsylvania Resident Producer Agency. License #881593. Here is a full listing of Better Cover, LLC’s license numbers.

Better Inspect, LLC maintains its corporate headquarters at 325-41 Chestnut Street, Suite 846, Philadelphia, PA 19106.

Better Mortgage Corporation, Better Real Estate, LLC, Better Settlement Services, LLC, Better Cover, LLC, Better Connect, and Better Inspect, LLC are separate operating subsidiaries of Better Home & Finance Holding Company. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation, and applicable and legal and regulatory requirements. Products not available in all states.

Any unauthorized use of any proprietary or intellectual property is strictly prohibited. All trademarks, service marks, trade names, logos, icons, and domain names are proprietary to Better Home & Finance Holding Company. Better Home & Finance Holding Company trademarks are federally registered with the U. S. Patent and Trademark Office. Better Cover is a registered trademark with the U.S. Patent and Trademark Office and is owned by Better Cover, LLC.

  • check mark One Day Mortgage. Lock a rate, get a Commitment Letter in 24 hrs. Terms apply.
  • check mark Apply 100% online, on your schedule
  • check mark Close 17 days faster than industry average
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance
  • Min. Credit Score: 580
  • APR: Undisclosed
  • NMLS#: 1016597

Pros

pros iconHome buyers and sellers can save money by using the platform

pros iconCuts down on agent commission fees and offers a refund at closing

pros iconOffers an interest rate matching guarantee or $500 in cash (not available in Nevada)

pros iconCan use a Homie Loan mortgage on any real estate platform, including Zillow and Trulia

Cons

cons iconNo cash refund for buying a home listed on Homie’s platform; cash refund can only be used for closing expenses

cons iconNo financing for 5%-down Jumbo loans or adjustable-rate mortgages (ARMs)

cons iconLimited information available regarding mortgage rates, terms, and fees

Homie Loans, LLC (“Homie Loans”), Investors Title Insurance Agency, Inc. d/b/a Homie Title (“Homie Title”), Daniel Eskelson Insurance Agency Inc. d/b/a Homie Insurance (“Homie Insurance”), and any of Homie Technology Inc.’s affiliated Real Estate Brokerages (Homie We’ve Got Your Back, LLC [Utah] and Homie LLC [Arizona], collectively “Homie”) have a business relationship in that all are owned by Homie Technology Inc., a Delaware Corporation, and that each may refer to you the services of another.

Because of this relationship, the referral of a customer, including you, by any of these affiliated companies to another may provide Homie Technology Inc., Homie, Homie Loans, Homie Title, Homie Insurance, their affiliates, and their employees a financial or another benefit.

You are NOT required to use either Homie Loans, Homie Title, Homie Insurance, or Homie. You may use them individually or together. By using Homie, Homie Loans, Homie Title, or Homie Insurance, you agree that your information may be shared between the two companies regarding the home-buying or home-selling transaction.

  • check mark Discount brokerage offering competitive mortgage loans
  • check mark Simple, online application process with pre-qualification option
  • check mark Buyer’s rebate up to 50% of the agent’s commission fee
View Details arrow

Key Facts

  • Mortgage Types: Purchase, Refinance,
  • Min. Credit Score: 620
  • APR: 6.21%-8.51%
  • NMLS#: 1374724

Pros

pros iconWorks with respectable lenders

pros iconSimply online application process

pros iconBorrowers get access to a dedicated loan officer

pros iconQuick closing times usually

Cons

cons iconNo VA Loans

THE WEB PAGE CONTENT ON OR AVAILABLE THROUGH THIS WEBSITE ARE PROVIDED “AS IS” AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. WE MAKE NO REPRESENTATION OR WARRANTY REGARDING THE WEB PAGE CONTENT OR ITS USE THEREOF. THE WEB PAGE CONTENT ON OR AVAILABLE THROUGH THIS WEBSITE COULD INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS AND COULD BECOME INACCURATE BECAUSE OF DEVELOPMENTS OCCURRING AFTER THEIR RESPECTIVE DATES OF PREPARATION OR PUBLICATION. WE HAVE NO OBLIGATION TO MAINTAIN THE CURRENCY OR ACCURACY OF ANY WEB PAGE CONTENT ON OR AVAILABLE THROUGH THIS WEBSITE.

YOU ACKNOWLEDGE AND AGREE THAT WE ARE NOT, AND SHALL NOT BE, RESPONSIBLE FOR THE RESULTS OF ANY DEFECTS THAT MAY EXIST IN THIS WEBSITE OR ITS OPERATION. AS TO THE OPERATION OF THIS WEBSITE, WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WE MAKE NO REPRESENTATION OR WARRANTY THAT (A) THE OPERATION OF THIS WEBSITE WILL MEET YOUR OR ANY OTHER USER’S REQUIREMENTS; (B) ACCESS TO THE WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR FREE OF ERRORS, VIRUSES OR OTHER HARMFUL COMPONENTS; OR (C) ANY DEFECTS IN THIS WEBSITE WILL BE CORRECTED. YOU AGREE THAT YOU, AND NOT US, WILL BEAR THE ENTIRE COST OF ALL SERVICING, REPAIR, CORRECTION OR RESTORATION THAT MAY BE NECESSARY FOR YOUR DATA, SOFTWARE PROGRAMS OR COMPUTER EQUIPMENT BECAUSE OF ANY VIRUSES, ERRORS OR OTHER PROBLEMS YOU MAY HAVE AS A RESULT OF USING OR VISITING THIS WEBSITE.

  • check mark Access to a dedicated loan officer
  • check mark Deals with reputable lenders
  • check mark Offers fast time to funding

What Are the Different Types of Mortgages?

Conventional Mortgages: These are not backed by a government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Private and online lenders typically offer conventional home loans and are available in various terms and interest rates. They generally require a higher credit score and a larger down payment than government-backed mortgages.

The lenders will review the borrower's credit score, income, and assets to determine their ability to repay the loan. If the borrower is approved, the lender will provide them with a loan for the amount of the home's purchase price minus the down payment. The borrower will then make monthly payments to the lender, including interest and principal until the loan is fully repaid.

Jumbo Loans: These mortgage loans exceed the maximum loan limits set by government-backed agencies, such as the FHA or VA. They are typically offered by private and online lenders and are designed for borrowers looking to purchase higher-priced homes. Jumbo loans often have stricter credit and income requirements and may require a larger down payment.

Portfolio Mortgages: These are mortgages held by the lender and not sold to other investors, unlike conventional and government-backed mortgages. Portfolio mortgages may have more flexible terms and credit requirements, but they are not as widely available as other types of home loans.

The private or online lender will review the borrower's credit score, income, and assets to determine their ability to repay the loan. If the borrower is approved, the lender will provide them with a loan for the amount of the home's purchase price minus the down payment. The borrower will then make monthly payments to the lender, including interest and principal until the loan is fully repaid. The lender will keep the loan in their portfolio instead of selling it to investors.

Non-QM Mortgages: These are mortgages that do not fit into the traditional Qualified Mortgage (QM) category and may have more flexible credit and income requirements. Non-QM mortgage loans are typically offered by private and online lenders and can include options such as interest-only payments or longer loan terms.

SEE All Mortgage Types

Today's Mortgage Loans Interest Rates

Mortgage Interest Rate
30-year fixed-rate [Fixed30Year type="rate"]%
20-year fixed-rate [Fixed20Year type="rate"]%
15-year fixed-rate [Fixed15Year type="rate"]%
10-year fixed-rate [Fixed10Year type="rate"]%
7-year ARM [ARM7 type="rate"]%
5-year ARM [ARM5 type="rate"]%

Last update: 23/12/24

Mortgage Calculator

Home price

$

Down payment

$

%

Length of loan

Interest rate

%

Homeowner's insurance

$

Property tax

$

HOA fees

$

$1,337.65

Monthly Payment

How to Get a Mortgage

When applying for a home loan, it is important to prepare in the following ways: 

  1. Know and Build Credit Score 
  2. Choose the Appropriate Mortgage Type
  3. Compare Multiple Lenders
  4. Get Pre-Approved
  5. Prepare Documents and any Other Necessary Paperwork

After the necessary preparations, the following steps can be taken to finalize a mortgage: 

  1. Fill out a home loan Application
  2. Evaluate the Loan Estimates
  3. Choose a Lender and Commit
  4. Loan Processing
  5. Underwriting
  6. The Loan is Cleared to Close 

There are numerous factors that one would probably want to consider before applying for a mortgage, such as their financial well-being, consequences of a potential default on a real estate loan, and macroeconomic factors. Many people find it important to educate themselves on the step-by-step process of learning how to apply for a mortgage by continuing to research the preliminary obligations and expectations involved in mortgage loans so as to avoid becoming overwhelmed.

How Much Money Do You Need for a Mortgage Down Payment?

The amount of money needed for a mortgage down payment can vary depending on the type of loan and the lender. For conventional loans, a minimum of 3% to 5% of the total purchase price is typically required. For government-backed loans, such as FHA and VA loans, a smaller down payment may be required. In some cases, it's possible to qualify for a mortgage with a down payment as low as 3.5%. However, putting more money down can result in a lower interest rate and potentially lower overall costs.

Traditional Lenders vs Online Mortgage Lenders

A primary benefit of choosing an online mortgage lender is convenience. Speaking with an individual or stepping foot in a branch is unnecessary. Technology has simplified and enabled the availability of submitting all documentation electronically and completely online.

Additionally, many online lenders offer guidance throughout the process for those who may encounter issues along the way, just as a traditional lender would. The only difference is that it is done via online communication and phone calls.

With traditional lenders, the process may take longer due to the amount of paperwork involved. The online lending process is more streamlined and, in most cases, will require the paperwork to be completed from home.

Best of all, shopping around and comparing rates from the comfort of a desk chair at home has become even easier with online lending. Online lenders ask for some basic information to build a profile and provide access to relevant qualifying rates, making it easy to compare mortgages side-by-side and get the best rates on a mortgage. Moving forward with an offer can continue online.

How to Choose Online Home Loan Providers

It is worthwhile to know the minimum qualifications set out by a given lender. Lenders set their standards based on borrowers’ credit scores, incomes, and more. One should become familiar with these qualifications to know what lenders would potentially be willing to offer. They are the factors that influence an applications’ success rate as well as the offered interest rate.

Mortgage repayment terms range from 15 to 30 years. Mortgages that have shorter terms have larger payment installations. Longer-term mortgages require smaller payments because payment installations are spread out over a longer period of time.

Since less interest is charged over shorter periods of time, shorter-term mortgages normally end up costing less. While longer-term mortgages give the option to make smaller regular payments, they often end up costing more money in the long run because the repayment schedule lasts longer, allowing for interest to accumulate over time.

Customer service is also a worthwhile consideration for selecting a good mortgage. Poor customer service is one of the most common complaints on neutral platforms like the Better Business Bureau. Platforms like the BBB may offer insights into other customers’ experiences with the lender in question.

Compare Top Mortgage Lenders

Quicken Loans Best customer satisfaction and application process

Mortgage types Mortgage Purchase, Refinance, Jumbo, Fixed
Mortgage amount Up to $3,000,000
Repayment terms 8-30 Years
APR 2.5% – 3.708%
Minimum credit score 620
Lender type Direct Lender
Read full review

 

AmeriSave Mortgage Large variety of loan programs

Mortgage types Purchase, refinance, adjustable rate mortgages, fixed, home equity loans
Mortgage amount $60,000 to $1,500,000
Repayment terms 10, 15, 20, 25, 30-year (conventional and FHA fixed rates);15, 30-year (VA loans); 5, 7, 10-year (fixed terms for ARM rates)
Minimum credit score 620 (for conventional products);600 (for FHA, VA, and USDA loans)
Lender type Direct Lender
Read full review

Rocket-Mortgage-logo
Rocket Mortgage
  • Fast, guided and simplified online process
  • Lock in your rate for 90 days
View rates
amerisave_vertical_nmls_l_mobi
AmeriSave Mortgage
  • Low rates: quick quote and credit approval
  • Rate lock protection. Lock now before rates go up.
View rates
Quicken Loans Logo
Quicken Loans
  • Connect with lenders for $0
  • Personalized recommendations
View rates

Compare mortgages more centrally with all our essential data points using our mortgage loans review tool.

Mortgage Rates in Other States