The mortgage lenders listed as the Best Mortgage Lenders in United States stand out due to their commitment to affordability, handful of mortgage options, and valuable features, including assistance with down payments.
This top 13 Mortgage Lenders in this article are among the best because the provide quality services. They also achieve high levels of customer satisfaction in the mortgage industry.
Moreover, they accept customers with non-traditional credit backgrounds, like those who has bad credit score, by considering alternative proofs such as consistent rent or utility payments. This inclusive approach simplifies the qualification process, making homeownership more accessible to a broader range of potential borrowers.
The Best Mortgage Lenders of 2023
- Northpointe Bank Home Lending: Best overall
- Rocket Mortgage: Best for customer service
- Navy Federal Credit Union Mortgage: Best credit union
- Veterans United Home Loans: Best for veterans
- Fairway Independent Mortgage: Best for renovation loans
- Guild Mortgage: Best for variety of options
- New American Funding: Best for non-traditional credit
- NBKC Bank Mortgage: Best for a simple, online process
- Bank of America Mortgage: Best for down payment assistance
- Carrington Mortgage Services: Best for low credit scores
- Chase Mortgage: Best for low-income borrowers
- Truist Home Mortgage: Best for affordable mortgage options
- Third Federal Savings and Loan Mortgage: Best for low closing costs
Top 13 Mortgage Lenders Explained
1. Northpointe Bank Home Lending
Northpointe Bank Home Lending is a good option for various home loans. They care about customers and help even if you don’t have regular credit. They want to make buying a home easier and have different ways to do it. It is the overall best mortgage bank for the year 2023.
Minimum Credit Score: 620
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, FHA, VA, USDA, jumbo, construction, land loan, renovation, doctor, professional, investment property, home equity, HELOC, non-warrantable condo, All In One, New Start, SimpleLoan, EquityBuilder, Northpointe 100%, Expanded Portfolio
2. Rocket Mortgage
Rocket Mortgage is a convenient choice for home loans. They make it easy for everyone, even if you don’t have traditional credit. Their goal is to simplify the home buying process with different options. Rocket Mortgage is the best in customer service.
Minimum Credit Score: 620
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, VA, ONE+, Purchase Plus, BorrowSmart Access, home equity loan
3. Navy Federal Credit Union Mortgage
Navy Federal Credit Union Mortgage (NFCU) offers home loans with great options. They are helpful even if you don’t have typical credit history. Their aim is to make home buying straightforward and accessible through various choices. NFCU is the best credit union in the US.
Minimum Credit Score: 660
Types of Loans Offered
Conforming, VA, jumbo, Military Choice, Homebuyers Choice, home equity loan, HELOC
4. Veterans United Home Loans
Veterans United Home Loans specializes in mortgages for veterans. They assist even if you don’t have conventional loan credit. Their focus is to make home buying hassle-free by offering a variety of tailored solutions. VA loan is the best for military service men/women.
Minimum Credit Score: 620
Types of Loans Offered
Conforming, jumbo, FHA, USDA, VA, refinance
5. Fairway Independent Mortgage
The Fairway Independent Mortgage provides a range of mortgage choices. They are helpful even if you have non-traditional credit. Their aim is to simplify the home buying process through various options. It is the best for home remodeling or renovation loan.
Minimum Credit Score: 620
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, USDA, VA, reverse, renovation, physician
6. Guild Mortgage
Guild Mortgage offers different mortgage solutions. They are accommodating, even if you have poor credit score. Their goal is to make home buying easier by providing various pathways. They have the best variety of loan options. They are the best variety of options.
Minimum Credit Score: 620
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, USDA, VA, reverse, renovation, manufactured, bridge, energy-efficient, doctor, 3-2-1 Home Plus, Payment Advantage, ITIN.
7. New American Funding
New American Funding presents diverse mortgage options. They are inclusive, even if you don’t have traditional credit. Their mission is to simplify home buying through a variety of avenues. They are the best in non-traditional credit.
Minimum Credit Score: 620
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, VA, USDA, reverse, buydown loan, I CAN mortgage.
8. NBKC Bank Mortgage
NBKC Bank Mortgage offers a range of mortgage choices. They are open to helping, even if you don’t have regular credit. Their goal is to make home buying more straightforward through various options. They are the best for simple online mortgage process.
Minimum Credit Score: 640
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, FHA, VA, construction, mortgages for pilots, HELOC
9. Bank of America Mortgage
Bank of America Mortgage provides a variety of mortgage solutions. They are accommodating, even if you have non-traditional credit. Their aim is to simplify home buying through a range of options. They are the best for down payment options.
Minimum Credit Score: 640
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, VA, HELOC, Community Affordable Loan Solution.
10. Carrington Mortgage Services
Carrington Mortgage Services offers different mortgage options. They are helpful even if you don’t have traditional credit. Their focus is to make home buying easier through various pathways. They are the best for low credit score.
Minimum Credit Score: 620
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage.
11. Chase Mortgage
Chase bank Mortgage provides a variety of mortgage solutions. They are accommodating, even if you lack typical credit. Their goal is to simplify home buying through a range of options. They are the best for low income borrowers.
Minimum Credit Score: 640
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, VA, Chase DreaMaker
12. Truist Home Mortgage
Truist Home Mortgage offers different types of mortgage choices. They are open to assisting, even if you have non-traditional credit. Their aim is to make home buying more accessible through various options. They are the best for affordable mortgage options.
Minimum Credit Score: 620
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, jumbo, FHA, VA, USDA, HELOC, Community Homeownership Incentive Program, doctor mortgage, construction-to-permanent mortgage.
13. Third Federal Savings and Loan Mortgage
Third Federal Savings and Loan Mortgage provides a range of mortgage solutions. They are supportive, even if you lack conventional credit. Their focus is to simplify home buying through a variety of options. They are also the best for low closing cost.
Minimum Down Payment: 3%
Types of Loans Offered
Conforming, Smart Rate Adjustable Mortgage, jumbo, bridge loan, HELOC, home equity loan.
Factors to Consider when Choosing a Mortgage Lender
What factors should someone take into consideration when choosing a mortgage lender? While it might seem obvious to choose the lowest interest rate, it’s important to consider other factors too. Think about who will provide the best service for your loan. Will making payments be easy?
Who will be there to help if you need a HELOC or want to refinance later? Some lenders may offer the lowest rates upfront but provide minimal support afterwards. It’s not necessary to pay a lot more for future services, but don’t always go for the absolute lowest rate. Sometimes, there’s a trade-off to consider.
Keep in mind that you’re not just selecting a mortgage lender – you’re assembling a team for your home-buying journey. In today’s competitive market, having a lender who can act swiftly and maintain clear communication with you and your real estate agent is crucial to securing your desired home.
How to Choose between a conventional mortgage vs. a government-backed mortgage?
How can you decide between a government-backed mortgage and conventional mortgage in the US?
An FHA mortgage can be a valuable choice if you have lower credit scores or a less smooth credit history. However, if your credit is excellent, a conventional mortgage might offer a better interest rate and lower mortgage insurance costs.
VA mortgages are exceptional offers. If you’re eligible for a VA loan, it’s a wise decision to pursue it. With no down payment and no mortgage insurance, along with competitive rates, it’s one of the most advantageous options available.
Helpful Mortgage Guide to help you choose:
- FHA Loan insured by the Federal Housing Administration
- VA Home Loan Buyer’s Guide, Program Benefits, Eligibility
- USDA Home Loan by United States Department of Agriculture
- Government-backed Mortgage Home Loan for First Time Buyers
- How to Calculate Debt-to-income Ratio for a Mortgage Application
The FHA loan is a popular government option accessible to almost everyone. People often choose FHA over a conventional loan for a few reasons. If their credit isn’t that great, perhaps under 700, they might prefer FHA. While you can qualify for a conventional loan with a score as low as 620, the mortgage insurance costs become quite high. The unique thing about FHA is that it treats everyone the same when it comes to mortgage insurance, regardless of how excellent or less-than-perfect their credit is.
Financial readiness to buy a home?
How can someone know whether they’re financially ready to buy a home? There are several ways to know that you are eligible to buy a house. First, you should ensure you still have money left after all expenses when buying a home. If you lack an emergency fund and down payment, you might not be ready for homeownership. Also, consider credit card debt – even if you can get a mortgage with debt and loans but minimal savings, it can be quite risky.
Being a homeowner requires setting aside a portion of your budget, and I’m not just talking about the mortgage. Owning a house means ongoing responsibilities, especially in the initial year. For instance, when we moved into our new home, we discovered the A/C was broken, and we had to spend $700 to repair it.
How to Choose the Best Mortgage Lenders for 2023/2024
To determine the leading mortgage lenders for August/September 2023, we evaluated five key aspects:
- Loan Variety: We assessed if lenders offer a range of mortgage types, including conventional, government-backed, and jumbo loans. Additionally, we considered their provision of specialized loans like renovation, home equity, HELOCs, and unique lender-specific mortgages.
- Customer Satisfaction: Lenders’ rankings in the J.D. Power 2022 Mortgage Origination Satisfaction Study were reviewed. If not available, we examined online customer reviews.
- Affordability: We analyzed minimum credit scores, down payment requirements, and the availability of government-backed loans. We also evaluated flexible credit guidelines, such as accommodating recent negative credit events and considering non-traditional credit.
- Ethics: Most of our top choices attained an A+ rating from the Better Business Bureau, reflecting their trustworthiness. We also investigated any recent scandals within the past three years.
- Appealing Features: While many mortgage lenders can help with home purchases, the best ones offer unique advantages like down payment assistance, rate matching, or the flexibility to select specific loan terms.
With these factors, we identified the foremost mortgage lenders for this period.
Top Mortgage Guide to help you choose:
- Minimum Down Payment on a Home Loan
- Refinancing Your Home: The Pros and Cons
- What is Conforming Loans, Rates and Mortgage
- Non-conforming loans rate, Underwriting Guidelines
- Jumbo Loan and Interest Rates: How to Qualify for it
