Top 10 Mortgage Lenders of 2024: Finding the Best Fit for You
Are you in the market for a new home and need a mortgage to make your dream of homeownership a reality? With the high cost of homebuying, finding the right mortgage lender is crucial to save thousands of dollars in loan costs. But with so many options available, it can be overwhelming to choose the best one for your needs.
To help you in your search, we have rounded up the 10 best mortgage lenders of 2024. Each lender is best suited for certain borrowers and situations, so by reading about their features, pros, and cons, you can increase your chances of finding the right fit for you.
1. Guaranteed Rate:
– Pros: Fully digital mortgage process, same-day mortgage approval, branches in almost all states
– Cons: Doesn’t offer USDA loans, charges an application fee, high credit score requirement for government-backed loans
– Who should consider it: Borrowers who want a streamlined online mortgage process or same-day mortgage approval.
2. Pennymac:
– Pros: Offers interest rate and closing cost discounts, competitive interest rates, custom rate quotes with no credit impact
– Cons: Poor customer satisfaction record, no in-person branches, above-average interest rates on VA loans
– Who should consider it: Borrowers who want an FHA loan or qualify for interest rate and closing cost discounts.
3. Bank of America:
– Pros: Highly-rated customer satisfaction, competitive interest rates, down payment and closing cost assistance
– Cons: Doesn’t offer USDA loans, doesn’t disclose credit score requirements
– Who should consider it: Borrowers who want to work with a national lender and qualify for down payment or closing cost assistance.
4. Alliant Credit Union:
– Pros: Many loan types available, streamlined online application process, custom rate quotes with no credit impact
– Cons: No in-person branches, above-average interest rates, membership required
– Who should consider it: Current Alliant Credit Union members or those eligible for membership who want to work with a credit union.
5. Wells Fargo:
– Pros: Competitive interest rates, down payment and closing cost assistance, custom rate quotes with no credit impact
– Cons: Doesn’t offer USDA loans, below-average customer satisfaction, doesn’t disclose credit score requirements
– Who should consider it: Borrowers who want a low interest rate or qualify for down payment or closing cost assistance.
6. Veterans United Home Loans:
– Pros: Lengthy track record in VA lending, 24/7 customer support, free credit counseling
– Cons: Only serves military veterans and service members, doesn’t disclose rates for non-VA loans, few physical branches
– Who should consider it: Military service members and veterans who want a VA loan.
7. BMO Bank:
– Pros: Multiple specialized loan options, loans with 1% down payments, closing cost discount, down payment assistance
– Cons: Doesn’t disclose rates online, no personalized rate quotes online, autopay discount is less valuable than the industry standard
– Who should consider it: Borrowers looking for specialty loan programs.
8. PNC Bank:
– Pros: Wide variety of loan types, $5,000 closing cost grant available, helpful digital tools and resources
– Cons: Only has branches in 29 states, lacks a streamlined online application process, mixed customer satisfaction
– Who should consider it: First-time homebuyers, especially those who qualify for a closing cost grant.
9. Rocket Mortgage:
– Pros: Streamlined online process, multiple specialized loan options, can get pre-qualified online, closing credit from Rocket Homes, down payment assistance for eligible borrowers, high customer service ratings
– Cons: Above-average interest rates, doesn’t offer USDA loans, remote closing may not be available in all areas
– Who should consider it: Borrowers looking for an online mortgage experience, low down payment options, and high DTI ratios.
10. SoFi:
– Pros: $10,000 close-on-time guarantee, competitive interest rates, custom rate quotes with no credit impact
– Cons: Doesn’t offer USDA loans, requires a credit score of at least 600 for government loans, no in-person branches
– Who should consider it: Customers who want a streamlined online experience and a competitive interest rate.
These 10 mortgage lenders offer a range of options for different borrowers, so take the time to review their features and see which one aligns best with your needs. Remember, getting preapproved with multiple lenders can help you compare rates and choose the best one for you. Happy house hunting!
