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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Best mortgage lenders
Better
Availability Loans offered Credit requirements Down payment minimum Where to find Available in all U.S. states Conventional, jumbo, FHA 620 for conventional and FHA loans 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans Online No fees Can close as fast as three weeks No VA or USDA loans No home equity lines of credit (HELOCs) or home equity loans (second mortgages) Direct Home Lending
Availability Loans offered Credit requirements Down payment minimum Where to find Available in AZ, CA, CO, CT, FL, GA, OR, PA, SC, TX and WA Conventional, jumbo, FHA, VA 620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 600 for VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA loans Branch locations and online Can close as fast as two weeks No USDA loans No HELOCs or home equity loans Fairway Independent Mortgage
Availability Loans offered Credit requirements Down payment minimum Where to find Available in all U.S. states Conventional, jumbo, FHA, VA, USDA 620 for conventional and USDA loans; 680-720 for jumbo loans; 600 for FHA and VA loans 3%-5% for conventional loans; 20% for jumbo loans; 3.5% for FHA loans; none for VA or USDA loans Branch locations and online Navy Federal Credit Union
Availability Loans offered Credit requirements Down payment minimum Where to find Available in all U.S. states Conventional, jumbo, VA 620 for conventional and VA loans 5% for conventional loans; none for VA loans Branch locations and online Can close as fast as 30-35 days No FHA or USDA loans No HELOCs or home equity loans Limited to armed forces members and families Optimum First Mortgage
Availability Loans offered Credit requirements Down payment minimum Where to find 620 for conventional loans 5% for conventional loans; 10% for jumbo loans; 3.5% for FHA loans Online Veterans United Home Loans
Availability Loans offered Credit requirements Down payment minimum Where to find Available in all U.S. states Conventional, jumbo, FHA, VA, USDA 620 for conventional and VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Branch locations and online Can close as fast as 30-45 days No HELOCs or home equity loans Ally Bank
Availability Loans offered Credit requirements Down payment minimum Where to find Conventional, jumbo 620 for conventional loans; 700 for jumbo loans 3%-5% for conventional loans; 10% for jumbo loans Online No fees Can close as fast as 25-45 days No FHA, VA or USDA loans No HELOCs or home equity loans Bank of America
Availability Loans offered Credit requirements Down payment minimum Where to find Available in all U.S. states Conventional, jumbo, FHA, VA 620 for conventional loans; 680 for jumbo loans 3%-5% for conventional loans Branch locations and online Can close as fast as 30-45 days No USDA loans Offers HELOCs eClick Lending
Availability Loans offered Credit requirements Down payment minimum Where to find Available in 49 U.S. states (not available in NY) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Online Can close as fast as two weeks No HELOCs or home equity loans LowRates com
Availability Loans offered Credit requirements Down payment minimum Where to find Available in 48 U.S. states (not available in GA or MA) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Online No fees Can close as fast as 20 days Offers HELOCs and home equity loans Old National Bank
Availability Loans offered Credit requirements Down payment minimum Where to find Available in 46 U.S. states (not available in AK, HI, MD and NJ) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Branch locations and online Can close as fast as three weeks Offers HELOCs and home equity loans Sage Mortgage
Availability Loans offered Credit requirements Down payment minimum Where to find 620 for conventional loans 5% for conventional loans Online Can close as fast as 27 days Broker with access to multiple wholesalers Wyndham Capital Mortgage
Availability Loans offered Credit requirements Down payment minimum Where to find Available in 47 U.S. states (not available in HI, MA or NY) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans; 580 for FHA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Online No fees Can close as fast as 20 days Offers home equity loans Summary Best mortgage lenders of November 2022
Lender Credit requirements Down payment minimum Bankrate review Better 620 for conventional and FHA loans 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans Direct Home Lending 620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 600 for VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA loans Fairway Independent Mortgage 620 for conventional and USDA loans; 680-720 for jumbo loans; 600 for FHA and VA loans 3%-5% for conventional loans; 20% for jumbo loans; 3.5% for FHA loans; none for VA or USDA loans Navy Federal Credit Union 620 for conventional and VA loans 5% for conventional loans; none for VA loans Optimum First Mortgage 620 for conventional loans 5% for conventional loans; 10% for jumbo loans; 3.5% for FHA loans Veterans United Home Loans 620 for conventional and VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Ally Bank 620 for conventional loans; 700 for jumbo loans 3%-5% for conventional loans; 10% for jumbo loans Bank of America 620 for conventional loans; 680 for jumbo loans 3%-5% for conventional loans eClick Lending 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans LowRates com 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Old National Bank 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Sage Mortgage 620 for conventional loans 5% for conventional loans Wyndham Capital Mortgage 620 for conventional loans; 580 for FHA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans How to compare mortgage lenders
Your first step to is to comparison shop. Borrowers who do more upfront research tend to than those who go with the first lender they find. It’s best to get quotes from three lenders, at minimum, so you know your options based on your credit and financial situation. Because rates fluctuate frequently, it’s best to get these quotes on the same day so you have an accurate basis of comparison. As you , look at the APR (annual percentage rate) and interest rate quoted by each lender. Consider what’s important to you as far as experience, too. For some, how fast a lender can turn around a preapproval letter or close a loan is critical. If you have specific needs — for example, you want an FHA loan — you might also want to look for the best mortgage lenders who specialize in those products. Once you determine what your needs and preferences are, get started by comparing mortgage rates and through Bankrate. Current mortgage rates
For a purchase, the average 30-year fixed mortgage rate is currently based on Bankrate’s latest lender survey, while the average 15-year fixed rate is currently . The average 30-year fixed refinance rate is currently and the average 15-year fixed refinance rate is currently . FAQ about mortgages
What are the different types of mortgages
There are five main : conventional loans; jumbo loans; government-insured loans (FHA, VA and USDA loans); and fixed- and adjustable-rate mortgages. Conventional loans aren’t backed by the federal government and are ideal for borrowers with strong credit scores. Jumbo loans are for higher-priced homes that exceed Federal Housing Finance Agency . FHA, VA and USDA loans are backed by the government and designed for borrowers with lower credit scores and low or no down payment, or military members (VA loans) or those buying in a rural area (USDA loans). Fixed-rate mortgages have the same interest rate for the life of the loan, while the rate on an adjustable-rate mortgage (ARM) can fluctuate.
How do you get a mortgage
Before , it’s important to bolster your credit score and savings and have a clear understanding of and what type of loan would best fit your needs. In addition, gather documentation about your finances so you’re prepared to complete a mortgage application when the time comes. Once you’ve taken these initial steps, begin comparing mortgage lenders based on factors such as annual percentage rate (APR), fees and your overall experience. It’s best to get rate quotes from at least three different lenders. When you know which lender you want to work with, get so you can start house-hunting with financing in hand.
How much money do you need for a down payment
The minimum varies based on loan type. If you qualify, you can obtain a 3 percent-down conventional loan, a 3.5 percent-down FHA loan or a no-down payment VA or USDA loan. If you want to avoid paying mortgage insurance, however, you’ll need to make a down payment of 20 percent. Methodology
To determine the best mortgage lenders, Bankrate evaluated more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Based on this , the best mortgage lenders generally have a Bankrate Score of 4.9 stars or higher. Note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices. SHARE: Ruben Çağınalp is an associate writer for Bankrate, focusing on mortgage topics. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. John Stearns, CMC, CRMS is a Senior Mortgage Loan Originator with American Fidelity Mortgage.