Buying a home is a massive decision. It’s by far the biggest financial commitment you will have in your life and the confusing process can happen quickly.
In my case, very quickly.
I saw my home at lunch with a realtor, got pre-qualified in the afternoon, and made an offer by 5 pm. And then a counter-offer that was accepted at 7 pm.
I was so excited I finally found a home I loved. Later that night I realized I just made the biggest decision of my life all on the same day.
Are you ready for this type of investment and commitment? Earlier in 2018 Well Kept Wallet conducted a survey of 1,000 people and found that 13% say that rising mortgage rates will never allow them to buy a home. Another 59% aren’t sure how rising rates will impact!
But, if you’re in the 28% who are ready to buy a home you need preparation to ensure you find a great house and an even better interest rate.
Buying a home and the paperwork that comes with it can be overwhelming. It’s best to compare rates and fees to help make the experience as effortless as possible.
I hope this list of the best mortgage lenders will help you secure a mortgage that works great for you and your family.
11 Best Mortgage Lenders
1. LoanDepot
LoanDepot is one of the best mortgage lenders with over $100 billion in new home loans and refinances combined. A great perk is that their agents aren’t paid on which type of loan you choose. This is like a financial advisor who is actually looking out for your own best interest, not his or her own!
Loan types offered by LoanDepot:
- Fixed-Rate Loan
- Adjustable-Rate Mortgage
- Jumbo-Mortgage
- VA Loan
- FHA Loan
Details
Loan Depot has an origination fee of 1-5%. With a lower credit score, you might have to pay closer to 4-5% which is relatively high compared to other lenders on the list.
There are several options to begin the application process Loan Depot. The first to actually speak with someone in person as they have outstanding customer service and over 1,700 licensed loan offers in the United States. You will work with this loan officer for the rest of the loan.
They will help show you the different options based on their different loans types and review your budget as well. Once you find your home, you will schedule the closing date with your lender and they will make sure all paperwork is completed.
Plus, Loan Depot specializes in refinancing as well if it makes sense for you to do in the future as well.
Should You Use Loan Depot?
Loan Depot has a ton of great benefits including different types of loans, personalized service, and refinancing in the future. I think Loan Depot is a great choice as long as you have a high enough credit score. A 5% origination fee is very high!
2. Guaranteed Rate
Guaranteed Rate is another great mortgage lender with whom I have personal experience with as I used them for refinancing in 2016. They began processing loans in 2000 as the first digital mortgage service. When I did my refinancing I did everything online which made it simple and easy.
Loan types offered by Guaranteed Rate:
- 15 or 30 Year Fixed-Rate Loans
- Adjustable-Rate Mortgage
- Jumbo-Mortgage
- VA Loan
- FHA Loan
- Interest Only Mortgages
Details
Loan Depot has an origination fee of 1-5%. With a lower credit score, you might have to pay closer to 4-5% which is relatively high compared to other lenders on the list.
There are several options to begin the application process Loan Depot. The first to actually speak with someone in person as they have outstanding customer service and over 1,700 licensed loan offers in the United States. You will work with this loan officer for the rest of the loan.
They will help show you the different options based on their different loans types and review your budget as well. Once you find your home, you will schedule the closing date with your lender and they will make sure all paperwork is completed.
Plus, Loan Depot specializes in refinancing as well if it makes sense for you to do in the future as well.
3. Rocket Mortgage
Rocket Mortgage is a newer mortgage lender who has gained a ton of popularity since beginning in 2016. Their commercials seem to be everywhere and they tout how easy it is to use the platform through their mobile app.
Loan types offered by Rocket Mortgage:
- Fixed-Rate Loans
- Adjustable-Rate Loans
- Jumbo Loans
- VA Loan
- FHA Loan
- Refinance
Details
Rocket Mortgage makes the home buying process simple with their online app where you can learn tons about the process without needing to speak to anyone. You can qualify for a loan with as low as 3% down payment. No need to get to 20% like your parents told you!
anyone. You can qualify for a loan with as low as 3% down payment. No need to get to 20% like your parents told yourigination fees are incredibly low as well at .5%. If you choose something like a VA or FHA loans the fee is slightly higher but still below 1% most of the time. For a $400,000 loan, you would only pay between $2,000 to $4,000 which is nearly stealing.
Getting started with Rocket Mortgage is easy. Start by downloading the app or applying online. If you have questions during the process they also have helpful videos that will guide you through the process. No need to speak with someone if you don’t’ want to deal with lenders.
Should You Use Rocket Mortgage?
If you want minimal human interaction and fast closing times, Rocket Mortgage is a phenomenal option! They make it so simple to get your qualifying loan amount in just a few minutes and it can all be done from your phone.
The entire platform and process are very user-friendly and educational to make it as easy as possible. While the service won’t be for everyone, it’s a great option for millennials or someone who wants to get the process going fast!
4. First Internet Bank
First Internet Bank is another top lender with outstanding customer service! They offer service in all 50 states and can help you secure a loan even if you don’t have the highest credit score. They do require additional paperwork for your downpayment source and even allow you to secure a loan against a 401K or other retirement account like an IRA.
Loan yypes offered by First Internet Bank:
- Fixed-Rate Loans
- Adjustable-Rate Loans
- Jumbo Loans
- VA Loan
- FHA Loan
- Home equity loans
Details
To get started with First Internet Bank simply apply online. They also have loan experts (not salespeople) who can help with any questions. This means no pressure on which type of loan and you can use them as a resource for any questions you might have.
- Home equity loans
Details
To get started with First Internet Bank simply apply online. They also have loan experts (not salespeople) who can help with any questions. This means no pressure on which type of loan and you can use them as a resource for any questions you might have.
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Plus, they are very clear on their website with informational guides, videos, and different calculators to find the best loan for your situation. My favorite part is the informational glossary so you can check on any terms you might not understand. The home buying process isn’t simple but these resources make it very easy to understand.
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