12 Best Mortgage Lenders

You deserve the best rates and lowest lender fees when buying a home. These are the 12 best mortgage lenders of 2022

Table of Contents:

12 Best Mortgage Lenders of 2022

Quicken Loans

Truist Bank

Better Mortgages

SoFi

New American Funding

Guaranteed Rate

PennyMac Loan Services

Chase

Citi Mortgage

Loan Depot

Caliber Home Loans

Guild Mortgage

Frequently Asked Questions (FAQ)

Who is the number one mortgage lender?

What’s the best place to get a mortgage loan?

Should I speak multiple lenders?

What is the difference between a bank and a mortgage lender?

What is the best way to help first-time home owners?

Does applying for a mortgage hurt your credit?

What do you say when you reach out to a lender?

How many times can my credit be pulled when buying a house?

Is Quicken Loans the largest mortgage lender?

Who is the lender when buying a house?

Why do banks have higher mortgage rates?

Buying a home comes with a long checklist of to-dos, one of the most important of which is your financing. You can get stuck paying tens of thousands more in interest if you don’t compare rates, lender fees, and terms for the length of your mortgage. Your mortgage is undoubtedly the largest debt you will ever take out in your life. But getting accepted for the best interest rate isn’t always easy.

Your funding possibilities from internet-only and traditional banks might widen your search to online and nationwide lenders. We’ve compared rates, reviews, and service offers to provide you with the best list of mortgage companies in the country.

12 Best Mortgage Lenders of 2022

Quicken Loans

There is a lot of advertising for Quicken Loans’ flagship product, Rocket Mortgage, online and on television. Quicken Loans has originated 541,000 loans as of 2019 according to company statistics.

As a result, Quicken Loans is the most well-known mortgage company. Customers may apply for a mortgage online using this service, which operates nationally. In addition, it provides reasonable interest rates, thus solidifying its position as the finest mortgage lender overall.

There are several advantages to applying for a loan online, including the fact that you don’t have to fill out a lot of paperwork or provide a list of all your accounts. When you link your bank accounts to Quicken Loans, a lot of this happens automatically. Because it’s quick and easy to apply, it gets a lot of use every year.

Truist Bank

With hundreds of offices around the country, Truist Bank, which has merged with Suntrust and BB&T to become Truist Bank, has a strong presence in the United States. On the company’s website, you’ll find calculators, videos, and sample mortgages, as well as a solid menu of financing options, an easy-to-use online application process, transparency of rate and fee details, and an average number of complaints compared to other reviewed lenders. In addition, the company has an average number of complaints.

Truist Bank’s unique selling point is its diverse range of online and in-person banking accounts, including checking, savings, money market, and CD accounts. If you’re looking for a bank, switching banks, or already have a Truist account, the ease of having your mortgage via the same organization is appealing. Some lending organizations may also offer existing account holders bonuses or discounts.

Better Mortgages

Better Mortgage is a New York-based internet lender. The organization was chosen as one of the best home mortgage lenders for 2022 due to its cost-saving features and quick application. In 46 states, consumers may get an instant online loan preapproval for most loan types. Other choices like VA or USDA loans or home equity loans aren’t available.

The financial incentive is up to $2,000 if the borrower uses a Better approved real estate agent or if Better defaults on a loan. Instead, Better will pay you $100 if their Loan Estimate is better.

SoFi

Formed as a student loan refinance company, SoFi has now expanded into other areas of personal finance, including house loans. For loans, SoFi looks at more than just your credit score. The organization considers factors like quality college degrees and income prospects.

The SoFi borrowing process starts with a two-minute pre-qualification that has no impact on your credit score. Then pick your loan and finish your paperwork.

SoFi offers fixed-rate mortgages for 10, 15, 20, and 30 years. SoFi focuses on primary and secondary dwellings, not investment properties. 2

Non-members pay $1,495 origination costs, while SoFi personal and student loan holders pay $500.

New American Funding

New American Funding personally reviews each loan application. Obtaining a loan with bad credit may be challenging due to some internet lenders’ computer algorithms. Not at New American Funding.

Because each loan is examined individually, factors including savings and income may be considered. No of your financial circumstances, a credit score of 580 is required to get authorized. Some lenders may consider loans with credit scores as low as 550 or 500, but you won’t get the same level of service.

Making on-time monthly mortgage payments should help you improve your credit score. If you keep a decent credit score, you may be able to refinance at a lower interest rate. New American Funding is a great place to start for those with terrible credit presently.

Guaranteed Rate

An interest-only loan often has lower monthly payments than a traditional loan. Due to the lesser amount, you make no progress on paying down the mortgage or building equity in your home. After the interest-only period ends, your mortgage payment will skyrocket. The following conditions necessitate interest-only borrowing :

• A sale of your home before the interest-free period ends.
• Your income will grow before your mortgage payment.
• You’re a landlord or investor.

Guaranteed Rate, on the other hand, maybe a good option for an interest-only mortgage. They usually offer interest-only mortgages for five to 10 years. Guaranteed Rate offers interest-only mortgages in all 50 states and DC. It allows you to preserve your cash flow while acquiring a home that might otherwise be out of reach.

PennyMac Loan Services

While unconnected to the giant lenders Fannie Mae and Freddie Mac, PennyMac is a name to remember if you want an FHA loan with no down payment. PennyMac is an internet-only direct lender. It provides a comprehensive lending portfolio including conventional, jumbo, FHA, VA, and USDA loans. PennyMac’s VA loans allow service personnel to obtain a mortgage with no money down.

Chase

Chase offers a traditional bank experience with a real mortgage banker. The bank has over 4,900 branches and serves over half of all American households (including banking, credit cards, and other businesses, too).

Their customer service has been noted as the best mortgage lender for Florida residents to the Retail Banking Satisfaction Study in 2020 for the U.S.

Citi Mortgage

Citi’s HomeRun mortgage is designed for families that lack a 20% down payment and need a mortgage payment that suits their budget.

The HomeRun has a few features that make it ideal:

• Mortgage insurance is unnecessary.
• A 3% down payment is available.
• Your down payment might be presents or outside monies.

Lenders may be wary if a family member contributes to your down payment. However, Citi has set lending guidelines that enable only a third down payment.

These providers may charge higher interest rates in specific cases. On the other hand, Citi claims its HomeRun Mortgage offers rates equivalent to standard mortgages.

Loan Depot

LoanDepot makes refinancing simple. The firm has offered over $100 billion in house loans and refinancing. Following your initial refinance with LoanDepot, the business waives refinancing fees and reimburses appraisal costs for all subsequent refinances. 4

LoanDepot’s lending specialists have no financial interest to steer you toward one loan over another. So when you refinance a loan, you’re more likely to have favorable refinancing options.

Whatever you do, be sure to read the loan terms carefully. Know the costs and the monthly payments. Make sure the lower monthly payments you’ll get by refinancing are worth it.

Caliber Home Loans

Caliber’s analyzes loan applications using non-traditional credit information, which helps self-employed individuals and others with limited or no credit history.

Caliber’s minimum credit score Their Smartself platform, designed specifically for self-employed persons, makes it easier for borrowers to prove their income even if they don’t have traditional sources.

An alternative credit report is also evaluated during a mortgage application. Alternative credit histories might prevent customers from getting the best deals. However, Caliber says clients may acquire traditional loans with as little as 3% down.

Its lending options include conventional, FHA, VA, USDA, ARM, Refinance, Bond, and Renovation loans, as well as Freddie Mac HomeOne and Freddie Mac Home Possible loans.

Unlike many of its rivals, Caliber offers a disaster relief option that allows you to temporarily suspend your mortgage payments in the event of a natural disaster. Before contacting Caliber, you must file a claim with your insurance provider.

Caliber also has an online application process. For a loan, customers must answer a few questions about themselves, their finances, and their budget online. Then a representative telephones candidates, which takes around 15 minutes.

Guild Mortgage

Guild is one of the top five FHA lenders in the US, according to the MBA, making it a terrific option for those with credit scores as low as 540. (provided they put at least 10 percent down).

Guild is a terrific option for those with credit scores as low as 540 (provided you put at least 10 percent down). While you’re waiting to sell your current home, you may take advantage of their government-guaranteed FHA, VA, and USDA loans and programs.

Guild now offers an FHA Zero Down program for low-to-moderate-income buyers with credit scores below 700.

While most FHA loans need a 3.5% down payment, Guild’s Zero Down program allows borrowers with credit scores as low as 640 to qualify for an FHA loan.

Frequently Asked Questions (FAQ)

Who is the number one mortgage lender?

The solution is dependent on your requirements. Local mortgage lenders differ in terms of the sorts of loans and services they provide, as well as their credit score minimums and other borrowers’ needs.

Because no two customers have the exact requirements, the “best” mortgage lender will be the one who provides you with the most possibilities. Low-interest rates, lenient credit score criteria, the ability to present papers electronically or in person, and a wide range of loan products are all essential.

What’s the best place to get a mortgage loan?

Aside from pricing and lender trustworthiness, narrowing down your options boils down to what is best for you and your unique situation. One mortgage lender may be a better fit for your goals and needs as a borrower than another. A first-time homeowner with a low down payment, for example, might check into mortgage companies who provide down payment help programs. Another consumer may have a poor credit history and require a better mortgage with a smaller credit limit.

Should I speak multiple lenders?

Because each lender evaluates your financial status differently, it’s critical to assess offers from several lenders. Most financial experts advocate reviewing at least two to three separate estimates to get the best rate, fees, and conditions for your scenario. Both lender fees and mortgage rates are important factors to consider.

What is the difference between a bank and a mortgage lender?

Banks and mortgage lenders vary in that banks can only provide their own products, but mortgage brokers can offer a variety of home mortgage loans. Independent mortgage brokers are certified mortgage experts with access to various lenders and interest rates. Mortgage brokers essentially negotiate the best rate for you, and since they buy large volumes of mortgage products, they may pass on bulk discounts to you. On the other hand, banks are limited to providing only their own financing.

What is the best way to help first-time home owners?

First-time homebuyers looking for an easy way to shop the best us mortgage rates should turn to a company like Wells Fargo. They have various mortgage products that you can access through their online digital platform. With rates clearly posted and a wide variety to choose from, you can compare what’s suitable for you before speaking with mortgage brokers that may sway you otherwise.

Does applying for a mortgage hurt your credit?

Although your credit may initially suffer as a result of obtaining a mortgage, this should improve with time. When you apply for a loan, the lender will do a credit check to see whether you qualify. You may see your credit score drop by a few points as a result of this harsh credit inquiry.

In most circumstances, the lender will look at your credit scores from all three leading credit agencies and use the middle score to calculate your mortgage rate. Those queries will show up on your credit history.

Multiple queries should not harm your credit score if you’re looking for a mortgage. Multiple queries within 45 days are counted as a single inquiry by FICO.

What do you say when you reach out to a lender?

Starting a conversation with a lender might be intimidating. The first step is to inform them that you are comparing mortgage loan rates and terms and would want to ask them some questions. Maintain control of the conversation and make sure you obtain honest answers to the following questions:

1. How many transactions do you handle each month and year?

2. Have you worked with house purchasers in my scenario before? Now is the moment to define your requirements, whether you’re an investor or a first-time buyer.

3. How do you work with clients from the time they apply for a loan to the time it is approved?

4. How can I maintain track of my loan’s progress, and when will I get updates?

5. Do you have a track record of completing mortgages on time?

6. Where do you do your underwriting? It doesn’t have to be a deal-breaker, but giant banks and credit unions with underwriters in multiple time zones can be delayed.

How many times can my credit be pulled when buying a house?

You don’t need to worry about how many times your credit score is pulled when buying a house, as all mortgage loan companies will count as a single check within 45 days. Your credit may be pulled up to 3 times after choosing the best mortgage company. They’ll take a look during the pre-approval, mortgage application, and do a final check before closing to ensure there have not been any changes to your income-to-debt ratio.

Is Quicken Loans the largest mortgage lender?

With approximately 313.4 billion dollars in mortgage loans in 2020, Quicken Loans was the top mortgage lender in the United States.

Who is the lender when buying a house?

Simply said, a lender is a person or entity that lends money. It’s usually a bank, credit union, or corporate organization, although it might also be an individual, a group of individuals, or an investor in rare situations. Mortgage lenders are divided into four categories: banks, credit unions, non-bank lenders, and brokers.

Why do banks have higher mortgage rates?

Bank mortgage rates are nearly always higher than those offered by the best mortgage brokers, as you may have observed. This is because the best mortgage lenders have access to rates from various lenders, including banks, credit unions, insurance companies, and trust firms. This effectively implies they can “shop around” for you. Home lenders can benefit from lender discounts based on their high volume of business, which they may pass on to you.

As a result, a bank is unlikely to provide a cheaper rate than a mortgage company. If you present your bank with the lowest market rate throughout the negotiating phase, they may offer to match it. However, we do not advise putting banks and American lenders against one another to bid for your business. We propose comparing broker and bank mortgage rates side by side and selecting which is the best deal for you.

The crucial takeaway is that when you’re ready to make a move, you should take your time to shop around for the best mortgage lenders in Florida. If you submit your offer through Richr, you can access their all-in-one suite that can provide you with financing. Even if you choose another lender that’s better suited for you, you’ll still get 2% cashback on your home purchase. Explore your mortgage financing options at Richr.