Best mortgage lenders
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PROS:
- Excels in online convenience, with document upload, loan tracking and e-signatures.
- Offers good rate transparency; rate shoppers can see customized interest rates.
CONS:
- Limited variety of loan products: FHA, VA and USDA loans are unavailable.
- Doesn't offer home equity loans and lines of credit.
PROS:
- Offers a full array of online conveniences, including loan process updates.
- Offers financing for cooperatives, a type of home that’s common on the East Coast.
- Sample mortgage rates available for a variety of loan products.
CONS:
- In-person service available only in Queens and on Long Island, New York.
- USDA loans are not available.
- Customized rates not available online.
PROS:
- Offers a cash guarantee that qualifying mortgages will close on time.
- Makes it easy to see customized mortgage rates.
- Average interest rates are on the low end compared to other lenders, according to the latest federal data.
- Allows qualifying buyers to make cash offers
CONS:
- Doesn't offer VA or USDA loans.
- Doesn't offer home equity loans or HELOCs.
PROS:
- Devotes much of its business to serving military families with VA loans.
- Offers a mortgage tailored to self-employed borrowers.
- Offers low rates and fees compared with other lenders, according to the latest federal data.
CONS:
- Doesn’t offer home improvement mortgages.
- Doesn't offer home equity loans or lines of credit.
PROS:
- A good selection of loan products, including government-backed FHA and VA mortgages.
- Provides “same-as-cash” loan that allows borrowers to compete with cash offers.
- Online application process is clear and simple to follow.
CONS:
- Doesn't lend in all states.
- Website doesn’t provide customized mortgage rates.
- Lender fees are on the high side, according to the latest federal data.
PROS:
- Offers a wide variety of loan products, including government-backed and refinance options.
- Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range.
- “Lock & Shop” lets you secure a rate for up to 60 days, even if you don’t have a purchase contract yet.
CONS:
- Origination fees are on the higher end, according to the latest federal data.
- Doesn't offer home equity products or renovation loans.
PROS:
- Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
- Estimates the loan amount you’ll qualify for within minutes.
- Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.
CONS:
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Doesn't offer home equity loans or lines of credit.
- Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.
PROS:
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
- Mortgage rates are on the low side, according to the latest federal data.
CONS:
- Doesn’t offer home equity loans or HELOCs.
- Veterans United has physical branch offices in only 17 states.
- Focus on VA loans, so may not be the strongest choice for those seeking other loan types.