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Not all mortgage lenders are alike. Shopping around and comparing mortgage rates from multiple lenders can help borrowers save money on their monthly mortgage payments and ensure they have a good experience buying or refinancing a home.
Best Mortgage Lenders of 2024
- Bank of America: Best overall
- Ally Bank: Best for low rates
- Rocket Mortgage: Best for refinancing
- Fairway Independent Mortgage Corporation: Best for customer service
- Navy Federal Credit Union: Best credit union
- Veterans United: Best for veterans
- Guild Mortgage: Best for variety of options
- Carrington Mortgage Services: Best for low credit scores
- Chase: Best for low-income borrowers
- Truist: Best for affordable mortgage options
- Third Federal Savings and Loan: Best for low closing costs
- CrossCountry Mortgage: Best for non-traditional borrowers
- Discover: Best for tapping into equity
- Flagstar Bank: Best for professional loans
Best Mortgage Lender Comparison
Here are the best mortgage lenders of 2024 according to Business Insider editors.
Bank of America: Best Overall
Bank of America has some of the lowest average rates and fees, according to the latest Home Mortgage Disclosure Act data. It also ranked high in customer satisfaction in 2023, according to J.D. Power's Mortgage Origination Satisfaction Study.
Bank of America has robust offerings for lower-income borrowers. With this lender, you could get up to $7,500 in closing cost assistance and up to $10,000 in down payment assistance. If you already have an account with Bank of America, you may be able to get a discount on your origination fee.
The lender's Community Affordable Loan Solution is an extremely affordable mortgage aimed at first-time homebuyers. It requires no down payment, closing costs, or mortgage insurance and it has no minimum credit score requirement.
What to look out for: To qualify for Bank of America's Community Affordable Loan Solution, you'll need to live in a "designated market," which includes some historically Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. You'll also need to earn less than the program's income limits.
Bank of America Mortgage Review
Ally Bank Mortgages: Best for Low Rates
For conventional mortgage borrowers, Ally is an extremely affordable choice. Based on Business Insider's review of the latest HMDA data, Ally mortgage borrowers enjoyed significantly lower rates in 2022 compared to many other lenders. The lender's average fees were on the low end as well.
What to look out for: Ally only offers conventional mortgages, so if you're looking for something other than a conforming or jumbo mortgage, this isn't the right lender for you.
Rocket Mortgage: Best for Refinancing
Rocket Mortgage offers a quick, easy online experience and has mortgages with terms as short as eight years — making it a particularly good choice for those who are refinancing, because you can pick the exact term length you need. Most lenders only offer a small couple of term options, such as 15-year and 30-year refinances. Rocket also has a track record of providing great customer service, ranking as the number-two lender for customer satisfaction in J.D. Power's 2023 satisfaction study.
Rocket offers a few different affordable mortgage options, including its ONE+ mortgage, which combines a 1% down payment with a 2% grant from the lender. If you don't have a ton of cash saved for your down payment, you might be able to take advantage of this program from Rocket.
What to look out for: Its loan options are relatively limited, and it doesn't have any in-person branches. You'll also need to earn 80% or less of the area median income to qualify for a ONE+ mortgage. Rocket's rates and fees are around average compared to other lenders, according to HMDA data.
Fairway Independent Mortgage Corporation: Best for Customer Service
Fairway Independent Mortgage Corporation is the No. 1 lender for customer satisfaction, according to J.D. Power's 2023 mortgage origination study. It also has many strong ratings on its Zillow lender page, earning a 4.95 out of 5-star rating based on more than 34,000 online customer reviews.
This lender provides many types of home loans and has several term lengths to choose from. It also offers both conventional renovation loans and FHA 203(k) rehabilitation mortgages, giving homebuyers purchasing a fixer upper a range of mortgage options to choose from.
Fairway Independent offers a digital closing option, giving borrowers the ability to have a quick, remote closing experience. You may also be able to use non-traditional credit when applying with this lender.
What to look out for: Fairway Independent doesn't show any rates online, not even sample rates. To see what rate you might pay with this lender, you'll need to talk to a loan officer or apply for preapproval. In Business Insider's review of the latest HMDA data, Fairway's rates were slightly higher than average. Its average fees were comparable to other lenders.
Fairway Independent Mortgage Corporation Review
Navy Federal Credit Union Mortgages: Best Credit Union
Navy Federal Credit Union is a great choice for military-affiliated homebuyers, whether they're looking for a VA loan or another type of mortgage. Its Homebuyers Choice mortgage, for example, is a conventional mortgage with no down payment required and no mortgage insurance.
Navy Federal received a high score in customer satisfaction from J.D. Power, but didn't rank in the annual study because it doesn't meet certain criteria. Its average fees are on the low end, according to HMDA data.
What to look out for: The BBB gives Navy Federal an NR (No Rating) because it's currently responding to complaints that were previously closed. You can only become a member of Navy Federal Credit Union if you or your family is affiliated with the military, you are a Department of Defense civilian personnel or contractor, or you live with a Navy Federal member.
In our review of HMDA data, we found that Navy Federal's mortgage rates were around average.
Navy Federal Credit Union Mortgage Review
Veterans United Mortgages: Best for Veterans
Veterans United is one of the best VA mortgage lenders in the U.S., and it ranks very high in customer satisfaction according to J.D. Power. It's a good option for several types of mortgages, but VA loans are its strongest products. It could also be a good fit if you have a poor credit score, since it offers free credit counseling.
Veterans United has low average fees, according to HMDA data.
What to look out for: Veterans United shows some sample mortgage rates that can be customized by credit score, but to see a more personalized rate quote, you'll need to provide contact information. According to the latest data, its conventional loan rates are slightly higher than average.
Veterans United Home Loans Review
Guild Mortgage: Best for Variety of Options
Guild Mortgage frequently ranks on our "best of" mortgage guides, thanks to its huge variety of mortgage offerings. Borrowers can get a mortgage from this lender using non-traditional credit, such as rent payment history, if they don't have a traditional credit score. Guild also offers a hybrid digital closing option.
What to look out for: Guild doesn't display any rates online, making it difficult to get an idea of exactly how affordable this lender it. In our review of the latest HMDA data, Guild's rates were slightly higher than average. Its fees were around average. It also ranked low in J.D. Power's 2023 mortgage origination satisfaction study.
Carrington Mortgage Services: Best for Low Credit Scores
Carrington Mortgage Services is one of our favorite lenders for borrowers with low credit scores. It has flexible credit requirements on many of its mortgages, and government-backed mortgage borrowers can get a loan from Carrington with a score as low as 500.
You can also get a Carrington Flexible Advantage mortgage, which allows borrowers with credit scores as low as 550 and recent negative credit events to get a mortgage.
What to look out for: Carrington doesn't lend in Massachusetts or North Dakota. It also doesn't show its rates online, though our review of HMDA data found both its rates and fees to be right around average.
Carrington has an NR, or "no rating" from the BBB because the lender is in the process of responding to previously closed complaints. Additionally, in November 2022, the Consumer Financial Protection Bureau ordered Carrington to pay $5.25 million in fines for supposedly violating borrowers' CARES Act rights. The CFPB claims that the lender misled borrowers seeking CARES Act forbearance and denied them key protections provided by the pandemic-era law.
Carrington Mortgage Services Review
Chase Mortgages: Best for Low-Income Borrowers
Chase is another of our favorite lenders for cash-strapped first-time homebuyers. The Chase DreaMaker mortgage is an affordable option for lower-income borrowers, with a minimum down payment requirement of just 3% and flexible credit guidelines. Its Homebuyer Grant program also gives out up to $5,000.
Chase ranked slightly above average on J.D. Power's Primary Mortgage Origination Satisfaction Study. Its rates and fees are also relatively low compared to other lenders, according to HMDA data.
What to look out for: Chase's mortgage offerings are relatively basic. To qualify for a DreaMaker mortgage, you'll need to meet income limits.
Truist Mortgages: Best for Affordable Mortgage Options
Truist is one of our most highly rated mortgage lenders, and it offers a number of affordable mortgages, including low or no down payment options for both first-time and subsequent homebuyers.
Truist's Community Homeownership Incentive Program is an extremely affordable mortgage for those who qualify, offering up to 100% financing in certain areas and 97% financing everywhere else with no PMI. It's one of our favorite loans for first-time homebuyers.
In our review of the latest HMDA data, we found Truist to have relatively low average rates and fees.
What to look out for: Truist lacks transparency when it comes to exploring its current rates. It ranked average in J.D. Power's 2023 Mortgage Origination Satisfaction Study.
Third Federal Savings and Loan Mortgages: Best for Low Closing Costs
Third Federal Savings and Loan offers a wide range of unique benefits to its mortgage borrowers, including low down payment mortgages with no PMI and generous down payment assistance offerings. This lender also offers a Low Cost Mortgage option where you pay only $295 in closing costs — however, you will pay a slightly higher rate with this option.
In our review of the latest HMDA data, we found that Third Federal had significantly lower average rates than many other lenders.
What to look out for: Third Federal is only available in California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, Washington, and Washington, DC. Its only physical branches are in Ohio and Florida.
It also doesn't offer any government-backed mortgages.
Third Federal Savings and Loan Mortgage Review
CrossCountry Mortgage: Best for Non-Traditional Borrowers
CrossCountry Mortgage offers a wide range of mortgages, including more niche loan types for those in unique situations. In addition to its standard lineup, you can get manufactured home loans, foreign national loans, bank statement loans, and many other types of mortgages from this lender. Its CCM Smart Start and CCM Community Promise programs also offer down payment assistance for eligible borrowers.
CrossCountry doesn't set a minimum credit score on its loans, and it will let you apply for some of its loans with non-traditional credit (like your rent payment history) if you don't have a credit score. This lender ranks high in customer satisfaction according to J.D. Power and online customer reviews.
What to look out for: CrossCountry Mortgage doesn't display any sample rates online, and through our review of HMDA data we found that this lender's average rates were higher than average. Its fees are around average.
To qualify for CCM Smart Start, you'll need to be a low-to-middle income first-time homebuyer. To qualify for CCM Community Promise, you'll need to live in an eligible metro area.
Discover Home Loans: Best for Tapping into Equity
Discover is a good lender if you're looking to refinance or take money out of your house, and you don't want to pay money at closing.
This lender offers conventional mortgage refinances and home equity loans with no fees at closing, including third-party fees. Discover will cover these fees for you.
What to look out for: Because it's covering borrower fees at closing, Discover's rates are somewhat higher than average. It doesn't offer any other types of mortgages other than conventional refinances and home equity loans.
Flagstar Bank Mortgages: Best for Professional Loans
Flagstar Bank offers a wide variety of affordable mortgages, including its professional loan program. While many lenders offer mortgages for medical doctors who may have a harder time qualifying for a mortgage due to their larger-than-average student debt loads, Flagstar's program is much more expansive. In addition to physicians, this mortgage is also available to nurses, physician assistants, dentists, eye doctors, veterinarians, CPAs, airline pilots, attorneys, and other professionals.
What to look out for: Flagstar currently has an NR, or "No Rating" from the BBB because the bank is "in the process of responding to previously closed complaints." Its rates and fees are around average, according to HMDA data.
What Makes a Mortgage Lender the 'Best'
We include mortgage lenders that are good for a variety of different borrower situations. Since everyone's circumstances are different, the right lender for you might not be the same lender that's right for someone else.
In general, looking for lenders that have low average rates and fees while providing great customer service is a strong place to start.
Factors to Consider When Choosing a Mortgage Lender
As you shop for a mortgage lender, consider both the rates you're offered as well as other costs you'll pay, including lender fees or discount points. Think about what additional features are important to you, too, such as an easy online application or other digital tools.
Not every lender offers every type of mortgage. If you aren't sure what type is right for you, it might be worth talking to a mortgage broker, who will have access to many different loan types from a variety of lenders.
Comparing Mortgage Rates
How to Compare Mortgage Rates
You'll want to apply for a mortgage with multiple lenders to get an idea of what's available to you. Many experts recommend getting quotes from at least three different lenders to be sure you're getting a good rate. You can get preapproved with multiple lenders to compare rates, but you may get more accurate quotes once you have a signed purchase agreement.
Fixed vs. Adjustable Mortgage Rates
Adjustable-rate mortgages sometimes (but not always) have lower rates than fixed-rate mortgages. However, ARMs come with the risk that your rate can go up over time once the intro rate period is over.
Make sure you're comparing apples to apples when you compare mortgage rates. This includes both ARMs vs. fixed-rate mortgages as well as other types of mortgages. For example, government-backed mortgages often have lower rates than conventional loans.
Best Mortgage Companies and Customer Support
Importance of Customer Service
If you're buying a home, particularly if you're doing so for the first time, a mortgage lender with good customer service is vital. Home purchase contracts come with tight deadlines and consequences if those deadlines aren't met. You want to work with a lender that is efficient, easy to get ahold of if you need assistance or have questions, and is proactive about potential issues.
Speed isn't as vital when you're refinancing, since you aren't working against a deadline. But it's still important to have a competent lender.
Top Mortgage Lenders for Customer Support
Multiple lenders on this list rank very high in customer satisfaction, including Fairway Independent, Rocket Mortgage, Bank of America, CrossCountry Mortgage, and Chase.
Online vs. Traditional Lending
Many mortgage lenders now offer online applications and other services, even if they started as traditional brick-and-mortar lenders. But there can still be some differences between lenders that are only online and lenders with both an online and physical presence.
Pros and Cons of Each
Online-only lenders can sometimes be more affordable because they have fewer operational costs. But this isn't always the case. For example, Bank of America and Chase both have low average rates and fees despite being large financial institutions with branches around the U.S.
You might want to work with a traditional lender if you value in-person support or want to work with a loan officer who is local to you. As you search for the right lender, see which ones have branches near you.
You might also want to consider going with a smaller, local lender or credit union. Because they're smaller and work with fewer clients, these institutions are often able to offer more personalized help and have better knowledge of your local real estate market and its norms.
How to Choose What's Right for You
The best way to find the right fit for you is to apply with multiple lenders. That way, you can compare service, costs, and beneficial features before deciding which one you want to work with.
Specialized Mortgage Lenders
Some mortgage lenders are better for certain borrowers or situations than others. For example, we think Rocket Mortgage is a good lender for refinancing because it offers the ability to customize your term length, which allows you to avoid resetting your loan term.
Best for First-Time Buyers
In our guide to the best mortgage lenders for first-time homebuyers, Bank of America was our top pick. A good lender for first-time buyers should offer loans and features specifically geared toward these borrowers. Look for lenders that have low-down-payment mortgages and offer additional help like down payment grants.
Best for Government-Backed Mortgages
We have guides to the best lenders for each of the three main types of government-backed mortgages.
- In our guide to the best lenders for FHA loans, New American Funding is our top pick
- Veterans United is the "best overall" pick in our best VA lenders guide
- Fairway Independent is our top pick for USDA loan lenders
How to Apply With a Top Mortgage Lender
Preparing Your Documentation
Lenders will ask for many different documents when you apply for a mortgage, so it's a good idea to have them ready to go ahead of time. This will likely include paystubs, W-2s or 1099s, tax returns, bank statements and other asset account statements, and any other documentation showing your income and savings.
Understanding the Mortgage Application Process
Typically, the mortgage application process starts with a preapproval. With this kind of approval, the lender will take a look at your credit and finances and tell you how much it is willing to lend you based on the information it looked at. You'll use your preapproval to shop for homes and make offers.
Once you have an offer accepted, you'll apply for approval. The lender may ask for more documentation at this stage, including a copy of your signed purchase contract. Once you're approved, you'll receive a loan estimate with all the details of your proposed mortgage, including estimated closing costs.
If you decide to move forward, the lender will begin processing and underwriting your loan. It will order an appraisal to make sure the home is worth what you've agreed to pay for it, and underwriters will work to verify that you meet the lender's standards and can afford the loan. If all goes well, you'll receive final approval and be cleared to close.
Best Home Loan Lender Frequently Asked Questions
The best bank for your mortgage loan depends on your individual needs and goals. The best mortgage lender for you is the one that you qualify with that offers the type of mortgage you're looking for and can give you the best deal in terms of its interest rates and fees.
In terms of the volume of loans originated, Rocket Mortgage was the top lender in the US in 2022, according to Home Mortgage Disclosure Act data. However, just because a lender makes up a large share of the market doesn't mean it's the right lender for you.
For low rates, we currently recommend Ally Bank mortgage, but you might find lower rates elsewhere depending on your individual financial situation. Take a look at Business Insider's daily mortgage rate updates to see the average mortgage rates for various term lengths.
Yes. You should apply for preapproval with more than one mortgage lender to compare the rates and features you're being offered to make sure you're getting the best deal.
Some lenders charge a fee to apply for a mortgage. This fee can cost as much as $500 up front and is typically non-refundable. Not all lenders charge the same fees, which is why it's important to not only consider the rate a lender is offering you, but the overall cost as well.
The most reliable way to find the best mortgage lender is to pick out a few different lenders that offer loans and features you're looking for and get preapproved with each of them. That way, you can compare rates and fees and get a sense of which lender you'd prefer to work with.
Many mortgage lenders like to advertise that they have the fastest closing times, but how quickly you get through the process with any given lender really depends on the details of your loan, including the type of mortgage you're getting. If being quick is important to you, look for lenders that are known for having good, responsive customer service, and prepare all your documentation ahead of time so you don't hold up the process.
To get a better rate, aim to have a credit score of at least 700 and a debt-to-income ratio of 36% or less. Having a larger down payment can also help you snag a lower rate. Get quotes from multiple lenders to see which one can offer you the best rate.
Yes, you can switch mortgage lenders before closing, and it may help you save if you find a better deal elsewhere. But this can cause closing delays or cost you money (if, for example, you need to get a new appraisal), so be sure to consider all the pros and cons.
Mortgage lenders specialize in lending. Banks focus on several areas, including personal banking, lending, and investments. There isn't a clear better choice. Consider whether you want to work with a bank you already do business with, or if you prefer to work with a mortgage lender that has an easy online process.
Why You Should Trust Us: Our Expert Panel on Choosing the Best Mortgage Lender
To help you learn more about homebuying, mortgages, and lenders, four experts weighed in:
- Anthony Park, author of "How to Buy Your Perfect First Home"
- Lauryn Williams, certified financial planner, founder of Worth Winning Financial Planning
- Julie Aragon, mortgage broker, founder of Aragon Lending Team
- Molly Grace, mortgage reporter at Business Insider
Here's their advice about how to evaluate mortgage lenders, and how to decide which type of mortgage is best for you. (Some text may be lightly edited for clarity.)
What factors should someone take into consideration when choosing a mortgage lender?
Anthony Park, author:
"The canned answer is to just go with the lowest rate. However, you also want to take into account who's going to serve your loan best. Are repayments going to be easy for you? Who is most likely to be able to help you if you need to take out a HELOC or refinance later, versus somebody who's more of a one-off type?
"They may have the lowest rates to get you involved, but they might have very, very little hand holding after the fact. I wouldn't recommend paying an exorbitant amount more for potential services in the future, but just don't always necessarily go with the rock-bottom lowest rate. There's sometimes a cost with that."
Molly Grace, Business Insider:
"Remember that you're not just choosing a mortgage lender — you're also building a homebuying team. To snag the home you want in this competitive market, you need a lender that can move quickly and has good communication with you and your real estate agent.
When I was looking for a house, I was able to text my loan officer (whom my real estate agent recommended) and get quick replies when I had questions or needed an updated preapproval letter for an offer. As you compare lenders, pay attention to how responsive they are, and ask your agent if they have any experience with the lenders you're considering."
How can someone decide between a conventional mortgage vs. a government-backed mortgage?
Molly Grace, Business Insider
"An FHA mortgage is a really helpful option for borrowers with low scores or kind of rocky credit histories. But if you have great credit, you may get a better rate and pay less for mortgage insurance on a conventional mortgage.
VA mortgages are really great deals. If you qualify for one, you should definitely go for it. You get zero down with no mortgage insurance — plus some of the best rates available."
Julie Aragon, Aragon Lending Team:
"The most common government loan that's widely available to almost everyone is the FHA loan. There's a couple of reasons why somebody would go with FHA instead of conventional one. Their credit is a little on the crummy side, let's say below 700. You can get conventional with down to a 620 score, but the mortgage insurance gets really expensive. FHA doesn't discriminate — no matter how perfect or crappy your credit is, the mortgage insurance is the same."
How can someone know whether they're financially ready to buy a home?
Lauryn Williams, CFP:
"You should have funds left over after everything is said and done as it pertains to purchasing the home. So if you don't have an emergency fund plus a down payment, you're probably not ready to purchase a home. Another thing I think about is credit card debt. While you can be approved for a mortgage with credit card debt and student loans and very little cash on hand, you put yourself in a very risky situation."
Molly Grace, Business Insider
"You have to be ready to dedicate a chunk of your budget to homeownership — and I don't mean your mortgage payment. When you own your house, there's always something that needs taking care of, especially in the first year. We got to our new house on moving day to find that the A/C was out. We paid $700 to have it fixed."
Methodology: How Did We Choose the Best Mortgage Lenders?
To choose the top mortgage lenders of July 2024, we looked at five main factors:
- Variety of loan types. Conventional loans, government-backed loans, and jumbo loans are some of the most common mortgages offered by lenders. We looked for lenders that offer these basics, and we also considered whether they offer more niche types of loans — such as renovation loans, home equity loans or HELOCs, or specialty loans (mortgages that are unique to a specific lender).
- Customer satisfaction. If the lender appeared in the J.D. Power 2023 Mortgage Origination Satisfaction Study, we looked at its ranking. We also looked at online customer reviews.
- Affordability. We looked at lenders' minimum credit scores and down payment amounts. We also checked whether they offer government-backed loans, which can be more affordable for borrowers with less-than-perfect financial profiles. Finally, we looked at whether they have any flexible credit guidelines. This could include allowing borrowers to have recent negative events, such as bankruptcy or foreclosure, on their credit reports, or accepting non-traditional credit, like utility bills and rent payments, in lieu of a traditional credit score.
- Ethics. Almost all of our top picks received an A+ from the Better Business Bureau, which measures companies' trustworthiness. We also researched and considered any scandals in the past three years.
- Attractive features. There are thousands of mortgage lenders in the US, and many of them will do a satisfactory job helping you purchase your next home. But the best lenders have extras that make them stand out; things like down payment assistance, rate matching, or the ability to pick the exact number of years you want your loan term to be.
See our full ratings methodology for mortgage lenders »
