9 Best Pennsylvania Mortgage Lenders of 2021 - NerdWallet Advertiser disclosure
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These mortgage lenders rose to the top for products, services and customer experience in the Keystone State in 2021.NerdWallet Jan 26, 2021 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Shopping for a mortgage in the Keystone State? You’ll want to work with lenders that have been screened and rated for customer service, online experience, products, features and more. From Erie to Philly, these nine lenders rose to the top in NerdWallet’s lender research and reviews for five key categories: government-backed home loans, refinancing, first-time homebuyers, jumbo lending and online lending platforms. Shopping for a mortgage in the Keystone State? You’ll want to work with lenders that have been screened and rated for customer service, online experience, products, features and more. From Erie to Philly, these nine lenders rose to the top in NerdWallet’s lender research and reviews for five key categories: government-backed home loans, refinancing, first-time homebuyers, jumbo lending and online lending platforms. Best Pennsylvania Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more PNC NMLS#446303Learn more at PNC 5.0/5 Best for online lending620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:6203%Minimum down payment varies by mortgage loan type.Learn more at PNC Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for government-backed loans and jumbo loans620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more at Guaranteed Rate Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for first-time home buyers620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:6203%Rocket Mortgage offers conventional mortgages with as little as 3% down.Learn more at Rocket Mortgage, LLC Veterans United NMLS#1907Learn more at Veterans United 4.0/5 Best for refinancing620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620N/ALearn more at Veterans United Network Capital NMLS#11712Learn more at Network Capital 4.0/5 Best for online lending620 CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:640VA:5803%Network Capital offers conventional loans with as little as 3% downLearn more at Network Capital loanDepot NMLS#174457Read review 4.0/5 Best for refinancing620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:620N/ARead review Bank of America NMLS#399802Read review 3.0/5 Best for government-backed loans600 CONVENTIONAL:660FHA:600JUMBO:720VA:6203.5%Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program.Read review SoFi NMLS#1484615Read review 4.0/5 Best for online lending620 JUMBO:700CONVENTIONAL:6203%SoFi requires a 3% down payment from first-time home buyers for mortgage loans.Read review Carrington NMLS#2600Read review 4.5/5 Best for first-time home buyers620 VA:500CONVENTIONAL:620FHA:500JUMBO:N/AUSDA:5505%Carrington Mortgage Services offers conventional loans for as little as 5% down.Read reviewLearn more at PNC PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:620 Min. down payment3% Minimum down payment varies by mortgage loan type. View details Learn moreat PNC View details Why we like it Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance. Pros Posts current mortgage rates on its website. Has an online application for mortgage preapproval and a digital tool to track application progress. Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan. Cons Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment3% Guaranteed Rate offers conventional loans with as little as 3% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% Rocket Mortgage offers conventional mortgages with as little as 3% down. View details Learn moreat Rocket Mortgage, LLC View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at Veterans United Veterans United NMLS#1907
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620 National / regionalNational View details Learn moreat Veterans United View details Why we like it Good for: veterans, active-duty service members and eligible reservists looking for VA loans. Pros Offers 24/7 customer service over the phone. Offers a free credit counseling service. Mortgage rates are on the low side, according to the latest federal data. Cons Doesn't offer home equity loans or HELOCs. Veterans United has physical branch offices in only 17 states. Focus on VA loans, so may not be the strongest choice for those seeking other loan types.Read Full ReviewLearn more at Network Capital Network Capital NMLS#11712
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:640VA:580 Min. down payment3% Network Capital offers conventional loans with as little as 3% down View details Learn moreat Network Capital View details Why we like it Good for: borrowers looking for a lender with online convenience and mortgage banker assistance. Pros A good selection of loan products, including government-backed FHA and VA mortgages. Provides “same-as-cash” loan that allows borrowers to compete with cash offers. Online application process is clear and simple to follow. Cons Doesn't lend in all states. Website doesn’t provide customized mortgage rates. Lender fees are on the high side, according to the latest federal data.Read Full ReviewRead review loanDepot NMLS#174457
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:620 National / regionalNational View details Read reviewView details Why we like it Good for: borrowers who want an easy online application and a variety of loan types to explore. Pros Has branches across the country for customers who prefer face-to-face service. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Mortgage interest rates tend to be on the lower end, according to the latest federal data. Cons Mortgage rates aren't available online; you'll need to contact a loan officer. Doesn't offer home equity loans or lines of credit.Read Full ReviewRead review Bank of America NMLS#399802
3.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score600 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment3.5% Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program. View details Read reviewView details Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full ReviewRead review SoFi NMLS#1484615
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:700CONVENTIONAL:620 Min. down payment3% SoFi requires a 3% down payment from first-time home buyers for mortgage loans. View details Read reviewView details Why we like it Good for: borrowers seeking an entirely digital application process for conventional purchase mortgages or refinancing. Pros Borrowers with an existing loan or investment account from SoFi may qualify for a $500 discount on mortgage fees. Mortgage rates tend to be on the low side, according to the latest federal data. Offers jumbo loans with a minimum down payment of 10%. Cons Does not offer government-backed loans, such as FHA or VA. Requires users to create an account to see customized mortgage rates. SoFi conforming mortgages are unavailable in Hawaii.Read Full ReviewRead review Carrington NMLS#2600
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:500CONVENTIONAL:620FHA:500JUMBO:N/AUSDA:550 Min. down payment5% Carrington Mortgage Services offers conventional loans for as little as 5% down. View details Read reviewView details Why we like it Good for: first-time home buyers or credit-challenged borrowers interested in government loan products. Pros Offers multiple low-down-payment loan programs. May consider alternative credit data, such as bank statements. You can view customized rates for purchasing a home and apply online. Cons Doesn't offer home equity lines of credit. Lender fees are on the high side, according to the latest Federal data.Read Full Review More from NerdWalletCompare Pennsylvania mortgage rates Calculate your Pennsylvania mortgage payment See Pennsylvania first-time home buyer programs Last updated on January 26, 2021 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best Pennsylvania Mortgage Lenders of 2021
PNC: Best for online lendingGuaranteed Rate: Best for government-backed loans and jumbo loansRocket Mortgage, LLC: Best for first-time home buyersVeterans United: Best for refinancingNetwork Capital: Best for online lendingloanDepot: Best for refinancingBank of America: Best for government-backed loansSoFi: Best for online lendingCarrington: Best for first-time home buyers About the author
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