10 Best Los Angeles Mortgage Lenders of 2022 - NerdWallet Advertiser disclosure
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Looking for a Los Angeles mortgage lender? We've researched the city’s top lenders, selecting the best in five categories so you can have a first-rate experience and get the best mortgage rates.NerdWallet Jan 6, 2022 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. Los Angeles is home to many different financial institutions. If the idea of sorting through them all to find the right mortgage lender feels overwhelming, don’t worry — NerdWallet can give you a head start. Although they serve borrowers across the country, these lenders are among the most popular mortgage providers in Los Angeles. Whether you’re looking to buy a house in Silver Lake, refinance your Laurel Canyon bungalow or tap the equity in your Echo Park townhouse, these national and local mortgage lenders are a great place to start. Los Angeles is home to many different financial institutions. If the idea of sorting through them all to find the right mortgage lender feels overwhelming, don’t worry — NerdWallet can give you a head start. Although they serve borrowers across the country, these lenders are among the most popular mortgage providers in Los Angeles. Whether you’re looking to buy a house in Silver Lake, refinance your Laurel Canyon bungalow or tap the equity in your Echo Park townhouse, these national and local mortgage lenders are a great place to start. Best Los Angeles 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 New American Funding NMLS#6606Learn more at New American Funding 4.5/5 Best for first-time home buyers620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:6203%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.Learn more at New American Funding Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.5/5 Best for refinancing620 CASHOUT:620FHA:580CONVENTIONAL:620VA:620JUMBO:N/AN/ALearn more at Rocket Mortgage, LLC Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for refinancing620 FHA:600VA:600USDA:620JUMBO:N/ACONVENTIONAL:620N/ALearn more at Guaranteed Rate Quicken Loans NMLS#3030Learn more at Quicken Loans 4.0/5 Best for customer service620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:6203%On conventional loans, Quicken offers down payments as low as 3%.Learn more at Quicken Loans 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 review Wells Fargo NMLS#399801Read review 4.5/5 Best for in-person service620 USDA:620VA:620JUMBO:N/AFHA:620CONVENTIONAL:6203%Wells Fargo accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.Read review Navy Federal NMLS#399807Read review 3.5/5 Best for veterans N/A0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families.Read review Flagstar NMLS#417490Read review 5.0/5 Best for home equity loans680 HEL:680HELOC:680N/ARead review Connexus NMLS#649316Read review 4.0/5 Best for home equity loans640 HELOC:640HEL:640N/ARead review Alliant NMLS#197185Read review 4.5/5 Best for customer service N/A3% Alliant Credit Union offers conventional loans with as little as 3% down.Read reviewLearn more at New American Funding New American Funding NMLS#6606
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 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:620 Min. down payment3% New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. View details Learn moreat New American Funding View details Why we like it Good for: First-time home buyers and other borrowers looking for a broad array of loan choices. Pros Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities. Its home equity line of credit can be used for an owner-occupied or second home. Offers a program to enable buyers to make cash offers. Cons Mortgage origination fees tend to be on the high end, according to the latest federal data.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
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 CASHOUT:620FHA:580CONVENTIONAL:620VA:620JUMBO:N/A National / regionalNational 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 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 FHA:600VA:600USDA:620JUMBO:N/ACONVENTIONAL:620 National / regionalNational 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 Quicken Loans Quicken Loans 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:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% On conventional loans, Quicken offers down payments as low as 3%. View details Learn moreat Quicken Loans 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 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 ReviewRead review Wells Fargo NMLS#399801
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 USDA:620VA:620JUMBO:N/AFHA:620CONVENTIONAL:620 Min. down payment3% Wells Fargo accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program. View details Read reviewView details Why we like it Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates. Pros Provides numerous online conveniences, including loan application and process updates. Current rates clearly posted for various loan products. Offers a wide variety of loan types and products. Cons Home equity loans and lines of credit suspended due to COVID-19 are still unavailable. Scandals and government actions have damaged consumer trust in recent years. No home improvement loans offered.Read Full ReviewRead review Navy Federal NMLS#399807
3.5NerdWallet 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.National / regionalNational Min. down payment0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families. View details Read reviewView details Why we like it Good for: military members and their families looking for low-down-payment mortgages. Pros Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members. Offers HELOCs and home equity loans. Offers low rates compared with most lenders, according to the latest federal data. Cons Website does not provide customized mortgage rates based on credit score or other factors before you apply. Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.Read Full ReviewRead review Flagstar NMLS#417490
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.National / regionalNational Max LTV89% Min. credit score680 HEL:680HELOC:680 View details Read reviewView details Min. credit score 680 Why we like it Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone. Pros Offers a wide range of loan types and products, including FHA, VA and USDA. Has a full suite of online conveniences. Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable. Cons Home equity loans are geographically limited.Read Full ReviewRead review Connexus NMLS#649316
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.National / regionalNational Max LTVN/A Min. credit score640 HELOC:640HEL:640 View details Read reviewView details Min. credit score 640 Why we like it Connexus boasts low-down-payment conventional loans and makes mortgage rate information readily accessible online, but doesn't offer government-backed mortgages. Pros Offers a range of fixed-rate and adjustable-rate mortgages in most states. Displays sample rates for its entire array of loan products, and you don't need to provide personal information to get a custom rate quote. Cons Doesn't offer FHA, VA or USDA loans. Lacks document upload and online loan tracking capabilities.Read Full ReviewRead review Alliant NMLS#197185
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.National / regionalNational Min. down payment3% Alliant Credit Union offers conventional loans with as little as 3% down. View details Read reviewView details Why we like it Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process. Pros Low- or no-down-payment options with no mortgage insurance. Offers a home equity line of credit, or HELOC. Mortgages are available for non-warrantable condominiums. Cons Doesn't offer government-backed mortgages, like FHA or VA loans. Mortgage origination fees are on the high side, according to the latest federal data.Read Full Review » MORE: See the best California mortgage lenders Local mortgage lenders in Los Angeles
If you prefer a local mortgage experience, these Los Angeles lenders are among the highest-volume lenders in the city, though NerdWallet hasn’t reviewed them yet. SCHOOLS FIRST FEDERAL CREDIT UNION
Ideal for California school employees and their families. Down payments as low as 3%. Reduced closing costs and fees. Low- or no-mortgage-insurance loan options. Online mortgage application. Multiple Southern California branch locations. UNION BANK
Ideal for borrowers who want affordable loan options. Multiple low-down-payment loans. Loan options with no closing costs and no mortgage insurance. Mobile app available. Multiple branch locations in Los Angeles. GOLDEN EMPIRE MORTGAGE
Ideal for borrowers who need down payment assistance. Offers FHA, HomePath, Home Possible and MyCommunity mortgages. Down payment assistance search tool. Full online loan application. Many California branch locations. FREMONT BANK
Ideal for borrowers who want help comparing loan products. Dedicated loan officers to help you choose the right mortgage. Offers affordable FHA and HomeReady loans, as well as a no-closing-cost option. Free email alerts let you know when rates drop. Digital document upload and application tracking. PARAMOUNT RESIDENTIAL MORTGAGE GROUP
Ideal for borrowers who prefer a homegrown lender. Offers a full selection of loans, including FHA, VA, USDA, home equity loans and reverse mortgages. Connects borrowers with California down payment assistance programs. Headquartered in Corona, California. More from NerdWallet How much house can you afford? Compare California mortgage rates Calculate your mortgage payment Last updated on January 6, 2022 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 Los Angeles Mortgage Lenders of 2022
New American Funding: Best for first-time home buyersRocket Mortgage, LLC: Best for refinancingGuaranteed Rate: Best for refinancingQuicken Loans: Best for customer serviceCarrington: Best for first-time home buyersWells Fargo: Best for in-person serviceNavy Federal: Best for veteransFlagstar: Best for home equity loansConnexus: Best for home equity loansAlliant: Best for customer service About the author
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