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Mortgage Types: Purchase, Refinance, adjustable, fixed, jumbo, FHA, VA, and USD
Min. Credit Score: 620
Easy online application process
Transparent information on their website
Customized rates and quick pre-qualification
Diverse range of loan options
3% minimum down payment on offer
Accurate quotes given
Application fee of $500
Offers no program for first-time homebuyers
The advertised rates also assume the borrower fully documents income, assets and liabilities, escrows for taxes and insurance, and there is no subordinate financing. * While SSN and hard credit pull are not typically required in order to review your available mortgage rates and get pre-qualified, if you choose to continue and submit a loan application, AmeriSave will then request your consent to pull a full credit report in order to proceed.
Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 4.60% – 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 8%. 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. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. 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. 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.
Mortgage Types: Purchase, Refinance, VA, FHA, USDA, Conventional Loans
Minimum Credit Score: 620
No down payment needed
No prepayment penalties
Available in all 50 states
VA 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.)
Only available to veterans, service members, and spouses
Can 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.
Mortgage types: Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA
Min. Credit Score: 620
Can choose face-to-face interaction by accessing over 150 affiliated loan stores in the United States
Experienced FHA and VA lender
Fannie Mae HomeStyle home improvement and FHA 302K fixer-upper loans available
100% digital asset, employment, and income verification available
USDA Rural Development loans not available
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.
Mortgage Types: Conforming/Non Conforming, FHA, Portfolio, Home Equity, Refi (cash-out & no cash-out).
Min. Credit Score: 620
Fast closing period for a mortgage.
Cashback of up to 3% is available on annual repayments
The lender fee of $995 is waived if you hold an Axos Bank checking account
Applicants with average credit scores are considered for a mortgage
Offers difficult-to-find mortgages such as super jumbo loans
No physical branches to discuss your mortgage needs
Discounts are only available if you have an Axos Bank account
No 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.
Home buyers and sellers can save money by using the platform
Cuts down on agent commission fees and offers a refund at closing
Offers an interest rate matching guarantee or $500 in cash (not available in Nevada)
Can use a Homie Loan mortgage on any real estate platform, including Zillow and Trulia
No cash refund for buying a home listed on Homie’s platform; cash refund can only be used for closing expenses
No financing for 5%-down Jumbo loans or adjustable-rate mortgages (ARMs)
Limited 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.
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The process of buying your first house is an exciting one, but it is also very daunting. It will likely be the biggest financial commitment you have made up to that point.
There will often be hundreds of thousands of dollars in debt that you need to purchase the home, Therefore, you want to take the time needed to find the ideal mortgage lenders for your needs as a first-time homebuyer.
Many variables are associated with buying a house for the first time. As you do not have direct experience buying a house in the past, you will need to consider many different variables for the first time.
Naturally, you will need to figure out in what region you want to live and what you can afford. Then it would help if you prepared your credit to get as good of an interest rate on your mortgage as possible. You will need to have enough savings to make the down payment.
Once you get pre-approval from a mortgage broker, you can start looking around at potential homes to purchase, and you need to compare the different lenders to see which one offers the best terms for your situation. Many top-tier mortgage lenders look after first-time buyers, so it is about narrowing down the different options.
Types of Mortgages
If you are a first-time home buyer, there are usually two major types of mortgages that you will have available for you to consider. These will be government-backed loans and those that are conventional loans. If you go for a government-backed loan, this means that the government ensures it, and it takes the risk away from the lender in case there is a default on this loan by the borrower.
Naturally, a conventional type of loan will carry more risk for the lender as the government does not ensure this loan. Therefore, conventional mortgages will often have larger interest rates, fees, and even down payments. Conventional loans are very straightforward as they will be nice and flexible for first-time buyers. However, there are a few different types of government-backed mortgages that you might need to be aware of:
VA loans are usually dedicated to people who are part of the military and their families. There are numerous advantages to this type of mortgage, including having a $0 down payment and no PMI once the eligibility requirements have been met.
There are loans whereby the borrower is required to make a down payment of at least 3.5% and have a FICO score of 580 or greater. You can still get this loan type if your FICO score is below this level, but the minimum required down payment is going to be larger.
USDA loans are focused on people looking to buy a home in a rural area, which will be guaranteed by the US Department of Agriculture (USDA). People can apply with low incomes and still get the ability to borrow funds to buy, build, or renovate a home in certain areas of the country. All the closing costs and mortgage expenses will be combined into the loan to keep everything neat and tidy.
How to get a first-time home buyer mortgage and the best mortgage rates
Get pre-approval or pre-qualification
If you get pre-approval from a lender for a mortgage, you can get a letter that will often include the loan amount. While this letter does not guarantee you a mortgage because it is based on certain assumptions, it allows you to start shopping for potential homes. This letter can be shown to sellers to show that you have access to the funds in principle, being a form of good faith.
If you are chosen to be the buyer of the house, then it is likely you will then have access to these funds. Even if you get this letter, it does not mean you will be tied down to going with this lender. You can still compare different lenders and get access to the best rates possible.
Getting the necessary documents together
When you make an offer on a home that is accepted, you need to get all of the necessary documents together and present them to the lender. Some of these forms include:
Recent pay stubs and W-2 forms
1099s for business owners
Information regarding outlying debts
List of different assets
Tax returns from the most recent two years
Good Faith Estimate and Lending Disclosure
Within three days of getting approval for a mortgage loan, you will get a Good Faith Estimate (GFE) from the lender, which will showcase all of the costs associated with the loan. Then the Truth in Lending disclosure will showcase info about the costs you need to pay and the other key terms of this loan.
Choosing the Best Mortgage Lender
You can get a mortgage these days as a first-time buyer in many different ways. The likes of banks, credit unions, and online lenders will all cater to your needs. Before shopping around, you must know what type of mortgage best suits your situation.
You also want to ensure that you only look at lenders with plenty of professional experience, a good track record, and complete transparency regarding fees. There will also be different requirements for different lenders, which is something else that has to be factored into the selection process.
Traditional Mortgage Lenders vs Online Lenders
Traditionally, people would get a mortgage from a bank and have to submit documents in person. However, online lenders allow you to get a much more efficient experience by applying entirely online. This allows you also to shop around much more easily than if you were looking to deal with physical banking branches.
Therefore, you can often get the best deal possible for your mortgage. This is especially important as a first-time homebuyer, as you might want to minimize your outgoings as much as possible.