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Getting a mortgage can be complicated and time-consuming, but shopping around for the best rates can save borrowers thousands of dollars. Borrowers can compare lenders’ rates, products, eligibility requirements and loan terms online.
For example, Pentagon Federal Credit Union offers low mortgage rates and a wide selection of loans for first-time homebuyers. Other lenders offer ancillary perks for military members and unique loan programs.
1. Guaranteed Rate
One of the biggest names in mortgages, Chicago-based Guaranteed Rate offers a full range of loan solutions for all types of borrowers. It boasts a robust online application process, excellent telephone support and a network of branches. It also partners with a variety of insurance companies to offer various types of protection. The lender is rated average in customer satisfaction by J.D. Power and maintains an A+ rating with the Better Business Bureau.
Guaranteed Rate offers competitive mortgage rates compared to Bankrate’s national averages and charges reasonable loan fees. The company’s website lets users explore rates based on purchase price, zip code and down payment and provides a detailed breakdown of fees. However, it’s worth noting that rates and fees can look different for every borrower, so a personalized rate quote is the best way to gauge how competitive this lender is for your specific loan scenario.
Aside from offering traditional loans, Guaranteed Rate also has a robust Home Equity Line of Credit (HELOC) program. This revolving source of funds allows homeowners to draw against their home’s equity for cash, which many use for debt consolidation or home improvements. The company’s HELOC has an easy online application process and a knowledgeable telephone support team that can help you understand your options.
The company is among the best lenders for first-time homebuyers, helping remove some of the barriers to homeownership with a wide selection of low-down-payment conventional loans. It also does a good job of educating consumers on the benefits of 1% down payments, which it promotes through its Zillow lender page and on its mortgage options page. However, it isn’t as aggressive as some of its competitors in promoting these programs.
2. New American Funding
New American Funding is a big mortgage lender that has a wide range of home loan options. The company offers conventional, FHA and jumbo mortgages as well as adjustable-rate loans. New American also has a suite of mobile apps and a website to help consumers plan their home purchase and manage their loan. The lender also provides a human touch by letting customers call a phone number or visit a branch to submit an application and progress it.
The company’s mortgage rates tend to be on the higher side compared to other lenders, but it is a good option for borrowers with less-than-fantastic credit who are looking to get a loan in the current market. This is because New American Funding has a huge portfolio of loans and may be able to offer a lower mortgage rate than other lenders who only serve a few types of borrowers.
Moreover, the company has an excellent track record with the Consumer Financial Protection Bureau and received an A+ accreditation in 2023. That said, the company has a below-average customer satisfaction rating on Trustpilot and was forced to settle a complaint with the Massachusetts Attorney General’s Office in January 2023. The lender is licensed to operate in all 50 states and Washington, D.C. However, its branches are concentrated in California and home buyers in other parts of the country will have a harder time finding one close to their homes.
In addition to its many mortgage products, New American Funding also offers an array of other lending services and supports numerous charities. The lender puts its employees and the community first, and it has a history of volunteering for organizations like Big Brothers Big Sisters, Mercy House and Toys for Tots.
3. PNC
The Pittsburgh-based company offers commercial banking, mortgage banking, real estate finance, wealth management, asset-based lending, and specialized banking services for corporations and government entities. It operates branches in the United States, and is primarily a regional bank.
The company’s mortgage rates are competitive, but they depend on a variety of factors including the borrower’s creditworthiness and property type. Mortgages are available for primary residences, investment properties, and jumbo loans. PNC also offers first-time home buyer grants and PMI-free mortgage options for those who qualify.
PNC offers an online loan origination tool and mobile app that help make it easier for borrowers to manage their mortgages. Its website displays sample interest and annual percentage rate (APR) quotes, and borrowers can enter different variables to get customized rate information for their specific circumstances.
In addition to its online application, the lender has branch offices in most states and Washington, DC, where borrowers can apply for mortgages face-to-face. Its online application has a “pre-approval” feature, and its verified pre-approval process typically takes less than 30 days. PNC also has an automated underwriting system, which can provide a decision within 24 hours.
The company underwrites mortgages in all 50 states and Washington, DC, and it provides refinance and purchase loans for primary residences, second homes, and rental properties. It offers conventional, FHA, and VA mortgages as well as jumbo mortgages and portfolio loans (where the company holds the loan rather than selling it). PNC’s refinance calculator shows how much borrowers can save with a new mortgage, and its online pre-approval tool is simple to use. It also offers an online mortgage payment calculator to help borrowers determine how much they can afford for a home.
4. Wells Fargo
Wells Fargo is one of the most established mortgage lenders in the United States, but that doesn’t necessarily make it a top choice for everyone. In fact, as of late, the banking giant has been scaling back its mortgage business and focusing on working with borrowers who already have bank accounts. This shift comes after a series of scandals involving the company, including unauthorized accounts and hefty fines from government regulators.
It’s also a sign that mortgage origination is a very cyclical business that can go from boom to bust quickly. This year, Wells Fargo saw its mortgage originations drop 59% compared to the same time in 2022, which was a result of higher interest rates reducing demand for home loans and refinances. That reversal is a significant change in direction for a company that was once the nation’s No. 1 lender by mortgage volume and has been in the industry for a long time.
Despite these setbacks, Wells Fargo still has a lot to offer potential homebuyers and refinancers, starting with its competitive mortgage rates. The company advertises its rate offers online and has a calculator that gives borrowers transparent information about their potential mortgage payments. The website also offers an educational experience called My FirstHome to help homebuyers understand the process and provides a list of resources that can help homeowners find the right mortgage.
Another great feature of Wells Fargo’s mortgage offerings is that it works with a large network of lenders and offers a variety of mortgage options for different credit profiles. It has conventional mortgages, government-backed FHA and VA loans and jumbo loan products. It also has an array of specialty options like loans for manufactured homes, ITIN mortgages and jumbo refinances. The site also allows for pre-approvals on its website so homebuyers can feel confident they’re ready to make the next step when the time is right.
5. Rocket Mortgage
One of the most well-known mortgage companies online, Rocket Mortgage is the country’s largest mortgage originator and offers a variety of home loan options. This includes conventional, FHA and VA mortgages and jumbo home loans. The company also offers a home equity product that allows homeowners to access existing equity without refinancing or selling their homes. Rocket Mortgage also pioneered the digital mortgage process and continues to set the bar for convenience. In fact, the company is ranked second by J.D. Power in 2023 for mortgage origination customer satisfaction.
As a result, it may be a great option for first-time homebuyers looking for a fast, seamless application. The lender also has a good reputation for assisting borrowers with lower credit scores. For example, its ONE+ mortgage gives qualified borrowers the ability to put down just 1% on their new purchase, with the lender covering the remaining 2% through a grant. This program is available to borrowers who meet income and credit score limits and can qualify for private mortgage insurance.
Other highlights include a variety of mortgage products, including refinance options such as rate-and-term and cash-out. Homebuyers can also take advantage of a flexible borrower eligibility for FHA, VA and jumbo loans, and the company’s preapprovals are typically provided within 24 hours. Customers can contact a loan expert by phone daily to discuss their financing options. Rocket Mortgage also offers a rewards loyalty program and free verifiable approval letters.
While Rocket Mortgage is an excellent choice for a range of borrowers, the lender doesn’t meet the needs of everyone. For example, if you’re looking for a less common type of mortgage or have a rocky credit history, you should consider other lenders. And if you want a more hands-on experience, it may be worth seeking out a local mortgage broker that has offices you can visit in person.