Best Mortgage Lenders 2019

Affiliate Disclosure
Close
Rocket Mortgage by Quicken Loans

Rocket Mortgage

0 Review(s)

Editor's Take

Rocket Mortgage is one of the most tech-savvy home lenders available. It’s the online arm of Quicken Loans, which is the largest mortgage lender in the nation. With Rocket Mortgage, you can apply online or straight through the mobile app for a quick and easy process.

Applicants can apply for conventional loans, FHA loans, VA loans, and jumbo loans. It’s also possible to buy a second home or investment property using Rocket Mortgage. Residents of all 50 U.S. states can apply for a home loan using Rocket.

Loan Features

  • Minimum Credit Score
    580
  • Minimum Down Payment
    3%
  • Refinancing
    Yes

Details

  • Multiple mortgage types available
  • Apply through mobile app or online
  • Self-employed applicants ok

User Reviews

Company reviews by real customers like you

Load user reviews
New American Funding

Editor's Take

New American Funding is an online and physical mortgage lender that offers a wide range of home loans. They include FHA loans, conventional loans, USDA loans, and interest only loans. You can also select a fixed or adjustable rate and choose the preferred length of your loan term.

Loan Features

  • Minimum Credit Score
    620
  • Minimum Down Payment
    3%
  • Refinancing
    Yes

Details

  • Daily rates posted online
  • Offers conventional, FHA, USDA, and VA loans
  • A+ BBB rating

User Reviews

Company reviews by real customers like you

Load user reviews
Lenda

Lenda

0 Review(s)

Editor's Take

Lenda utilizes technology to create a fast, streamlined lending process that skips charging an origination fee. You can choose to either finance a home purchase or refinance an existing home loan through their online dashboard. They offer easy-to-use rate comparison tools so you know you’re getting the best loan possible. Lenda also offers refinancing to help you cash out, lower your rate, change your loan term, get a different type of loan, or drop your PMI. Plus, Lenda can typically close on a home loan of any kind in 30 days or less.

Loan Features

  • Minimum Credit Score
    500
  • Minimum Down Payment
    5%
  • Refinancing
    Yes

Details

  • Offers conventional and FHA loans
  • Get prequalified in 3 minutes
  • Completely online application process

User Reviews

Company reviews by real customers like you

Load user reviews

How to Pick the Best Lender

As you begin to weigh your options for a mortgage lender to help you buy your house, first choose the kind of experience you prefer. An online lender lets you complete most, if not all, of the steps online without having to spend a lot of time on the phone with your loan officer. For a more hands-on approach, you may prefer a traditional mortgage lender, such as from a local bank or credit union.

Another consideration when choosing a mortgage lender is what kind of mortgages they actually offer. Most offer conventional loans, but you may also consider government-backed programs such as an FHA, VA, or USDA loan.

Looking for a specialized home loan? Choose a lender with specific experience so they can smoothly guide you through the application process.

Finally, ask prospective mortgage lenders what their average time is for closing. Some lenders may be able to close in 30 days or less, while others average 45 days or more.

Steps to Closing on Your Mortgage

A good mortgage lender is clear and transparent every step of the way. Once you have an offer accepted from the seller of your dream home, you’ll typically pay an earnest money deposit that’s held in an escrow account until closing. At that time, it’s generally applied to any costs you owe.

Your lender will also request any outstanding documentation to complete your application. Common requests to verify your finances and employment include:

  • Bank statements
  • Paystubs
  • Tax returns

An appraisal will also be ordered, which confirms that the home’s value is equal to or greater than your purchase price. You can also order an inspection, which helps you assess the condition of the home and potentially negotiate repairs with the seller.

As your mortgage application goes through underwriting, you’ll be able to lock in an interest rate and receive a good faith estimate. This document outlines all the costs associated with the mortgage, including your interest, monthly payment, and how much cash you’ll need at closing.

Once all of these hurdles are passed, you’ll meet with your real estate agent and a notary to sign all of the loan paperwork. You’ll also need to bring a certified check to cover your down payment and any closing costs you’re responsible for.

Frequently Asked Questions

How do you know if you qualify?

Qualification standards differ based on both the individual lender and the specific type of mortgage you’re seeking. Some loan types require higher credit scores than others, for example. Down payment types can also vary program by program. Lenders also review your debt-to-income ratio to make sure you can afford monthly payments.

How long does it take to get to closing?

Home buyers can typically expect the mortgage process to take around 30 days. It could take longer during busy seasons when lenders have more loans to underwrite. Lenders with a particularly streamlined underwriting process, however, could get you to closing in under a month.

What’s the difference between getting pre-approved and pre-qualified?

Getting pre-approved for a mortgage is more formal than just being pre-qualified. Pre-qualification usually entails verbally telling a lender your financial overview to get an idea of how much house you can afford. To get pre-approved and make a firm offer on a home, you’ll need to undergo a credit check and submit financial documents for verification.

What documents do you need to buy a house?

This may vary by lender, but you’ll definitely need tax returns from the last two years, proof of income (like pay stubs or W-2s), and recent bank statements to confirm your assets. Your lender will also use your social security number to run a credit check.

How much money do you need to put down on a house?

It depends on your chosen type of home loan. You’ll need 5% for a conventional loan or 3.5% for an FHA loan. There are also relatively new programs that only require 3%. For a 0% down payment option, consider a VA loan if you’re a military member or veteran, or get a USDA loan if you don’t mind living in a more rural area.

Find the Best Mortgage Lender for Your Home Purchase

Buy your next house with the peace of mind that comes with a reputable lender.

Call Now! (800) 671-1544

with our top pick Rocket Mortgage by Quicken Loans

You are the one rating companies!

Thinking about buying a house? Let us know how it goes once you’ve gone through the mortgage process. Help other people with their upcoming home purchase by leaving a review of your chosen lender. Whether it’s good, bad, or a little bit of both, your honesty and feedback can help improve someone else’s home buying journey. A few moments of your time can make a big difference.

Our score:

Want to help make FundFirst Capital a better online resource? You can give us a score as well! We work hard to provide you with the best information available with analysis to help you make smart mortgage decisions. It’s a big job and an important one, so let us know what you think. Have ideas on what we could do better? We’d love to hear them so that we’re constantly serving up exactly what our readers are looking for.