Image source/GettyImages; Illustration: Hunter Newton/Bankrate
When looking for a mortgage, you have a variety of options, from big banks to online lenders to local credit unions. To help you choose, we’ve researched and ranked the top lenders in terms of availability, affordability and borrower experience. Here are the best mortgage lenders for September 2024.
Best Mortgage Lenders
| Lender | Bankrate Score | Credit Requirements | Minimum down payment |
|---|---|---|---|
| Bethpage Federal Credit Union | 4.9 | 620 for conventional loans and 500 for FHA loans | 3% for conventional loans and 3.5% for FHA loans |
| Veterans United Home Loan | 4.9 | 620 for conventional and VA loans | 3% for conventional loans, 3.5% for FHA loans, and none for VA and USDA loans. |
| Cardinal Financial | 4.8 | 580 for conventional loans, 550 for FHA and VA loans, 580 for USDA loans | 3% for conventional loans, 3.5% for FHA loans, and none for VA and USDA loans. |
| First Mortgage Direct | 4.8 | 620 for conventional loans, 580 for FHA and VA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans |
| New American funds | 4.8 | 620 for regular loans | 3% for conventional loans, 3.5% for FHA loans, and none for VA and USDA loans. |
| America | 4.8 | 620 for a conventional loan and 640 for a VA loan | 3% for conventional loans, none for VA loans |
| Bank of America | 4.8 | 620 for regular loans and 740 for jumbo loans | 3% for conventional loans, 3.5% for FHA loans, and none for VA and USDA loans. |
| Wells Fargo | 4.8 | 620 for regular loans | 3% for conventional loans, 3.5% for FHA loans, and none for VA and USDA loans. |
How to rate Bethpage Federal Credit Union
Bethpage Federal Credit Union has an overall good reputation due to its competitive interest rates and long-standing reputation. However, the credit union does not offer all types of mortgages and does not work with borrowers in Texas.
How Veterans United Home Loans are evaluated
Veterans United Home Loans is rated the best for VA loan rates, reputation, and an information-packed website that can answer all your VA loan questions. This lender also offers other types of mortgages, and their customer support team is available 24/7.
How Cardinal Financial is valued
Cardinal Financial has earned a reputation for offering competitive interest rates on a wide variety of mortgage loans that meet a variety of credit qualification requirements. The lender has excellent reviews with the Better Business Bureau and Trustpilot, and it also has a great website.
How First Mortgage Direct is rated
First Mortgage Direct has earned a strong reputation for offering no origination fees and a variety of loan options to borrowers across the United States.
How New American Funding is evaluated
New American Funding has earned high marks for offering lower-than-average interest rates on conventional and non-QM loan options, as well as a fee-free refinance option for refinancing borrowers. The lender also offers ancillary benefits like a relocation concierge and insurance services.
How USAA is evaluated
USAA is rated top for the experience it provides to military borrowers and their families, providing top-notch customer service 24/7 and showcasing the latest interest rates on its website.
How U.S. Bank is rated
U.S. Bank has earned a strong reputation for affordable loans because of the variety of homebuying assistance and discounts it offers its bank customers. Like other major banks, it is available to borrowers nationwide. It also has an above-average customer satisfaction rating from J.D. Power.
How we value Wells Fargo
Wells Fargo receives perfect scores for affordability and availability thanks to its competitive advertised rates, wide range of loan offerings, and large branch network.
How to Compare Mortgage Providers
The first step in finding the best mortgage lender is to compare. Borrowers who do their research up front tend to save more money than those who choose the first lender they find. It’s best to get quotes from at least three lenders. Interest rates change often, so it’s best to get these quotes on the same day.
When comparing loan quotes, look at the APR (annual percentage rate) and interest rates offered by each lender. Consider what’s important to you in terms of experience, too. For some people, it’s how quickly a lender can issue a pre-approval letter or close a loan. If you have specific needs or financing preferences (for example, if you’re seeking an FHA loan), you’ll want to focus on top mortgage lenders that specialize in those loans.
Once you have determined what your needs and preferences are, start by comparing mortgage interest rates.
