Best Mortgage Lenders Of July 2022

Chase is one of the top mortgage lenders because of its competitive interest rates, loan programs for borrowers with smaller down payments and relatively speedy closing times.

The DreaMaker mortgage, a low down payment option with flexible credit and income requirements, is geared toward buyers on a budget who might have lower credit scores. Eligible DreaMaker borrowers may also get $500 after completing a homebuying education course.

Chase also offers relationship discounts for eligible existing Chase customers in the form of reduced processing fees and lower rates. For example, customers who have combined assets in Chase deposit and investment accounts totaling between $150,000 and $499,999 will get $500 off the mortgage processing fee. Borrowers with $500,000 or more will get a $1,500 reduction from the processing fees. Chase also offers a rate discount of up to 0.25% if you have at least $1 million in deposits and investments there.

Available in Most States

Chase mortgages are offered in 48 states and Washington, D.C.; they are not available in Hawaii or Alaska. However, some loan products might not be available in all states.

How to Apply

Borrowers can apply online.

Speed

Chase’s preapproval process can take up to two days.

Credit Requirements

Chase requires a minimum credit score of 620.

Loan Types Offered

Chase offers fixed- and adjustable-rate conventional and jumbo mortgages, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans and low down payment loans

Flagstar Bank offers all the major mortgage options (conventional, jumbo, construction and government-backed loans) both online and at its branch locations in Indiana, Michigan, Ohio and Wisconsin.

The lender has low minimum credit score requirements for some of its loans, which is helpful for first-time home mortgage borrowersor people who are repairing their credit.

The lender also offers several discount programs, including discounts for borrowers whose employers have a relationship with Flagstar, incentives for returning customers and discounts for first responders, active military and veterans.

Available in All 50 States

Online application process available in all states; in-person branches also are available in four Midwestern states.

How to Apply

Flagstar Bank offers several ways for customers to get a mortgage. They can apply online or visit a lender in person. They can also visit a branch location in Indiana, Michigan, Ohio and Wisconsin.

Customer support hours, including for email, phone and online chat, are Monday through Friday, 7:30 a.m. to 9 p.m. ET and Saturday 8:30 a.m. to 6 p.m ET.

Speed

Preapproval time is less than three days. Their average closing time is 35 days, which is shorter than the industry average. In some cases, the closing can occur in as few as 11 days.

Credit Requirements 

Flagstar Bank has mortgage products with minimum credit score requirements of 620.

The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications. Alternative credit data takes into account credit information that’s not usually captured in the FICO score, such as utility bills, and rent and cell phone payments.

Loan Types Offered

Flagstar Bank offers fixed and adjustable-rate (ARM) conventional and jumbo mortgages, FHA, VA and USDA loans. It also offers construction and renovation loans as well as specialty loans, which include loans for multiple properties and loans in high-cost areas. Home equity loans are available in limited areas. You can enter your ZIP code on the Flagstar website to find out if you qualify for a home equity loan.

Mr. Cooper is among the largest nonbank mortgage lenders in the country. Headquartered in Dallas, Mr. Cooper operates in all 50 states, offering the standard mortgage lineup: conventional, jumbo, FHA and VA loans.

Mr. Cooper offers customers an enhanced digital experience once the loan is secured, namely through its customer dashboard. Its Home Intelligence mobile app helps customers manage not just a mortgage but their broader financial well-being. The app gives customers insight into their home value, neighborhood trends and the current state of their home’s equity.

Mr. Cooper’s Digital Loan Tracker is another technology designed to make the home loan experience more streamlined, informative and easier to understand. The tracker provides customers with real-time dashboards to see the latest on their application status, as well as a unified system to submit documents and add transparency to the process.

Available in All 50 States

Prospective borrowers from all 50 states can apply online—Mr. Cooper offers no brick-and-mortar locations.

How to Apply

The entire application process takes place online. Customer support by phone is available Monday through Thursday from 7 a.m. to 8 p.m. CT, Friday from 7 a.m. to 6 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT.

Speed

Preapproval takes less than 5 hours, while closing time is between 30 and 45 days.

Credit Requirements 

Mr. Cooper requires a minimum credit score of 620. For FHA borrowers, the requirement is 580.

Loan Types Offered

Mr. Cooper offers both mortgages for buyers and refinancers. The lender offers fixed and adjustable-rate conventional and jumbo mortgages, FHA loans and VA loans. It doesn’t offer USDA loans, home equity loans or HELOCs.

PNC Bank operates in all 50 states and provides a wide range of mortgage products, including specialty loans for low- and moderate-income borrowers.

PNC offers an innovative online experience called Home Insight, which provides a deep dive into the homebuying process, enabling customers to determine the mortgage payment they can afford and start shopping for homes with real-time rate quotes and loan products. It also allows customers who have applied for a loan to follow along with the approval process and upload supporting documents. In addition, the customer can invite real estate agents into the process to monitor progress.

Home Insight combines a home affordability analysis, a monthly payment estimator that accounts for insurance and taxes and the ability to search for available home listings. It also connects unique budgets, real-time rates and loan products with a real estate listings search to help prospective home buyers better understand how much house they can afford.

PNC also offers a full digital pre-approval application, where borrowers may apply online and receive approval in a matter of minutes.

Available in All 50 States

PNC has branches for borrowers more comfortable with a brick-and-mortar experience in the following states: Alabama, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.

How to Apply

Borrowers can apply online or in person at a bank location. Customer support by phone is available Monday through Thursday from 8 a.m. to 9 p.m. ET, Friday from 8 a.m. to 5 p.m. ET and Saturday from 9 a.m. to 2 p.m. ET.

Speed

Preapproval can take as little as 30 minutes, or up to one day. The average closing time is 45 days, which is about the industry average. In some cases, the closing can be as short as 30 days.

Credit Requirements 

Borrowers must have a minimum credit score of 620. For jumbo loans, the minimum credit score is 700.

Loan Types Offered

Better.com delivers convenience in many ways. It’s completely digital, so you can apply and close from anywhere in the world. Preapproval time is quite fast—applicants can expect to get a rate quote and verified preapproval in about 20 minutes. The lender also has developed technology to automatically look for discounts customers might be eligible for, without any extra effort or cost on the borrower’s part.

It also doesn’t charge commission or lender fees—including application, underwriting and origination fees. According to a Better.com spokesperson, the commission-free business model saves approximately 1% of the loan amount. This equates to a savings of $19,000, on average, over the life of a loan.

Available in Most States

Better.com is available everywhere in the U.S. except Hawaii, Nevada and New Hampshire.

How to Apply

The application process is 100% online. In fact, in 2016 Better.com funded its first loan without a single phone call. For people who like automation, this is where Better.com shines.

Because there are no in-person locations, customers will have to rely on email and phone correspondence with loan professionals. Better offers 24/7 live support by phone and email.

Speed

Better.com mortgage verified preapproval time takes less than 20 minutes for borrowers who are not required to supply additional information. If you must provide proof of self-employment income, monetary gifts or additional assets, the preapproval time might be longer.

The lender’s average closing time is 32 days, which is 10 days faster than the industry average.

Credit Requirements

Better.com requires a minimum credit score of 620.

Loan Types Offered

Bettter.com offers fixed- and adjustable-rate conventional and jumbo mortgages and FHA loans. It doesn’t offer VA or USDA loans.

For basic loan options (you won’t find VA, FHA or USDA loans here), Ally offers competitive rates and standard lender fees, which range from 2% to 5% of the loan. Jumbo loanborrowers need to put just 10% down and private mortgage insurance (PMI)is not required. First-time buyers can take advantage of Fannie Mae’s HomeReady loan, which requires 3% down.

Qualified borrowers will get a lightning-fast preapproval letter—within three minutes—which is an advantage in a competitive market. Borrowers also can lock their rate within 10 minutes of being preapproved.

Ally customers can track their progress online, e-sign documents and upload files at any time and from anywhere. As long as you have an internet connection, you can do most of the work remotely.

If you have an Ally account, you’ll get $500 toward closing costs.

Available in Most States

Ally is available everywhere in the U.S. except Hawaii, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New York, Vermont, Virginia and Wyoming.

How to Apply

The application process is 100% online. Borrowers will meet in-person to sign closing documents.

Because Ally has no brick-and-mortar locations, customers will have to rely on phone correspondence for customer support. The only customer support option is by phone Monday through Friday, 9 a.m. to 9 p.m. ET and Saturday 10 a.m. to 6 p.m. ET.

Speed

Ally’s mortgage preapprovaltime is quick, taking about three minutes, though verified preapproval can take longer. Documents required include tax returns, credit report, identification (driver’s license or passport), monthly bank statements and monetary gift letter (if applicable).

For borrowers who are asked to supply additional information, such as proof of income for self-employed borrowers, monetary gifts or additional assets, the preapproval time might be longer. The lender’s average closing time is 36 days.

Credit Requirements 

Ally requires a minimum credit score of 620.

The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications. Alternative credit data takes into account payments you make that are not traditionally included in credit reports. This can help borrowers who might not have a long credit history or had a prior bankruptcy show a good track record with on-time payments in areas that are not usually counted in traditional credit data.

Loan Types Offered

Ally offers fixed- and adjustable-rate conventional and jumbo mortgages and HomeReady Loans. It doesn’t offer FHA, VA or USDA loans.

Bank of America stands out for its low down payment Affordable Loan Solution mortgage, which requires 3% down and no mortgage insurance.

For borrowers who want the flexibility of applying online or in person, Bank of America offers both as there are 4,300 financial centers in the U.S., in addition to its online mortgage options, which include the Bank of America Digital Mortgage Experience. This provides customers with online applications, electronic signatures for documents and online rate locks. Borrowers also can connect with a lending specialist online.

Bank of America offers lower-than-average mortgage rates and the convenience of applying in-person or online. Their Affordable Loan Solution mortgage requires a low down payment of just 3% and no mortgage insurance, which can save budget-minded borrowers hundreds of dollars per month.

For existing customers, there are several discounts available, including a $600 closing-costs discount.

Available in Most States

Mortgages are not available in North and South Dakota, Nebraska, Wyoming, Idaho, West Virginia, Alabama and Wisconsin.

How to Apply

Borrowers can apply online or in person.

Customer support via phone is available Monday through Friday, 8 a.m. to 10 p.m. ET and Saturday 8 a.m. to 6:30 p.m. ET.

Speed

You can win mortgage preapproval in as little as 20 minutes, with a letter to follow, according to a Bank of America spokesperson.

The lender’s average closing time is between 30 to 45 days, which is about the industry average.

Credit Requirements 

Bank of America requires a minimum credit score of 620.

The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications. Alternative credit data takes into account payments you make that are not traditionally included in credit reports. This can help borrowers who might not have a long credit history or had a prior bankruptcy show a good track record with on-time payments in areas that are not usually counted in traditional credit data.

Loan Types Offered

Bank of America offers fixed- and adjustable-rate conventional and jumbo mortgages, FHA loans and the Affordable Solution Mortgage, which requires just 3% down and no private mortgage insurance. The lender doesn’t offer USDA loans.

Mortgage borrowers can count on average fees and competitive interest rates, tracking just below the national average. Borrowers can also get a preapproval letter within 24 to 48 hours and they can get prequalified online within 15 minutes.

If you’re a VA borrower (or refinancing a VA mortgage), Guaranteed Rate waives all loan fees.

Available in All 50 States

Guaranteed Rate is available online everywhere in the U.S. and has more than 300 branches nationwide.

How to Apply

Guaranteed Rate offers both branch locations and online access to borrowers who want to apply for a mortgage. Its paperless application process allows borrowers to send paperwork electronically as well as apply and keep track of the application process online.

Borrowers can apply online or in person at one of its locations. Customer support is available by phone Monday through Friday, 8:30 a.m. to 5:30 p.m. CT.

Speed

Preapproval times are not as fast as other lenders, with a one- to two-day turnaround on preapproval letters.

Credit Requirements 

Guaranteed Rate requires a minimum credit score of 620.

Loan Types Offered

Guaranteed Rate offers both mortgages for buyers and refinancers. Its product line includes fixed- and adjustable-rate mortgages, conventional and jumbo mortgages, FHA, USDA and VA loans, as well as interest-only mortgages.

Guaranteed Rate doesn’t offer home equity loans or home equity lines of credit.

Northpointe Bank shoots ahead of the pack in terms of speed (both preapproval and closing times are swift compared to most other lenders) as well as the variety of home loans it offers. Along with the usual mortgage offerings (conventional, FHA, VA), Northpointe Bank also has doctor and professional loans (with no down payment in some cases), and construction and vacant land loans.

Its down payment loan is one of its most unique options, which gives borrowers 100% financing. Borrowers need only to have a minimum 680 credit score to qualify for its no down payment loan. Northpointe Bank also offers jumbo mortgages of up to $3 million with as little as 10% down.

Available in a Majority of States

Northpointe Bank operates in Alabama, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Tennessee, Utah, Virginia, Washington and Washington D.C.

How to Apply

Borrowers can apply online.

Speed

Preapproval times are between 24-48 hours and closing times average around 30 days.

Credit Requirements 

Northpointe Bank has a minimum credit score requirement of 620.

Loan Types Offered

Northpointe Bank doesn’t offer home equity loans or home equity lines of credit.

Established in 1935, PenFed is one of the country’s largest member-owned credit unions. PenFed doesn’t require that you be part of the military to join. For people outside of the military, membership requires a small donation ($10-$15) to a specified charity.

PenFed operates in all 50 states, Washington, D.C., Puerto Rico and Guam. The lender has a handful of branch locations in Maryland, Virginia and Washington D.C., but members also can apply online, too.

Mortgage borrowers will not have to pay any lender fees; they’re just responsible for third-party fees such as appraisal, title, credit report and any other service required to process the mortgage.

Although PenFed historically averages 30 to 40 days for purchase closings, the lender says it will make an effort to close in a shorter time frame, if needed.

The Mortgage Member Benefits Program is a simple, three-tier lender credit for up to $2,500. The amount you save is based on your loan amount, so the bigger the loan, the more the savings.

Available in All 50 States

Although you can apply online, PenFed also offers branches in Maryland, Virginia and Washington, D.C.

How to Apply

Borrowers can begin their application process online. Customer support by phone is available Monday through Friday from 8 a.m. to 8 p.m. ET, Saturday from 8 a.m. to 5 p.m. ET; they are closed on Sunday.

Speed

Loan preapproval takes less than three days. The average closing time is 35 days, which is shorter than the industry average. In some cases, closing can be as short as 11 days.

Credit Requirements

Borrowers must have a minimum credit score of 620 or higher for conventional and VA loans. For jumbo loans, the minimum credit score is 700.

Loan Types Offered

PenFed offers fixed conventional, jumbo and VA mortgage loans as well as home equity loans and refinancing.

Rocket Mortgage is one of the largest mortgage lenders in the U.S., offering a completely online experience.

With flexible customer service hours and a robust network of some 43,000 loan officers from about 10,000 mortgage brokerages across the country, borrowers can access customer service day and night.

One of its standout products is the YOURgage mortgage, which is a fixed-rate mortgage that allows you to choose a custom term from eight to 29 years. However, it requires a minimum FICO score of 620.

Available in All 50 States

Rocket Mortgage is an online lender with four branch locations in Charlotte, Cleveland, Detroit and Phoenix.

How to Apply

Borrowers can apply online. Phone support is available from 5:00 a.m. PT to 5:00 p.m. PT, Monday through Friday. Chat support is available from 5:00 a.m. PT to 5:00 p.m. PT, seven days a week.

Speed

Rocket Mortgage offers preapproval in as fast as eight minutes. The loan closing process is slower than average, taking about 47 days.

Credit Requirements 

Rocket Mortgage requires a minimum credit score of 580 for FHA and VA loans, and 620 for conventional mortgages. Jumbo borrowers must have a minimum credit score of 680.  The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications.

Loan Types Offered

Rocket Mortgage’s product line includes fixed and adjustable-rate mortgages, conventional and jumbo mortgages, FHA loans and VA loans. One of its unique offerings is YOURgage, a fixed-rate mortgage that allows you to choose a custom term from eight to 29 years. Finally, its FHA Streamlineproduct allows existing FHA borrowers to refinance at a lower rate with less paperwork and no appraisal required. The lender doesn’t offer USDA loans, home equity loans or HELOCs.

Truist, which was born from the SunTrust Mortgage Banks Inc. and BB&T Corp. merger in 2019, offers a wide range of loan options–including specialty loans like mortgages for doctors and construction-to-permanent loans, which is one of the highlights of this lender.

Available in Most States

Truist originates mortgages in 47 states and Washington, D.C.

How to Apply

Borrowers can apply online.

Speed

Applicants can get a same-day mortgage preapproval. Closing on a mortgage can take up to 30 days.

Credit Requirements 

Truist requires a minimum credit score of 620.

Loan Types Offered

Truist offers fixed and adjustable-rate mortgages, VA, FHA, jumbo mortgages, doctor loans and construction-to-permanent loans.

California-based New American Funding was founded by Rick and Patty Arvielo and is committed to helping borrowers by setting a goal of $25 billion in home loans for the Latino community by 2024. Additionally, it is committed to bridging the racial wealth gap by aiming to loan $20 billion in new mortgages to Black borrowers by 2028.

New American Funding also offers a no down payment mortgage. The I Can mortgage program is a flexible mortgage with terms between eight to 30 years for qualifying borrowers.

Available in Most States

New American Funding operates in most states and Washington D.C., except in Hawaii.

How to Apply

Borrowers can apply online.

Speed

Applicants can get a same-day mortgage preapproval. Closing on a mortgage can take up to 30 days.

Credit Requirements 

New American Funding requires a minimum credit score of 580.

Loan Types Offered

30-year fixed-rate mortgage, USDA loan, conventional loan, FHA, I CAN mortgage

(allows you to customize your loan terms from 8 to 30 years), Buydown loan

(allows you to reduce your mortgage payment rate), VA loan, ARM, 15-year fixed-rate and reverse mortgage.

loanDepot is one of the largest nonbank mortgage lenders in the U.S., with more than 150 branches across the country and a robust online presence. Its loan products include conventional mortgages, government-backed loans, refinances and home equity loans.

Customers who use the lender’s Mello Smartloan online technology can expect to reduce their closing time by 17 days by reducing paperwork and digitally connecting and verifying assets, income and debt.  Additionally, Mello Smartloan can digitally conduct title clearance, which is often one of the more time-intensive steps of the underwriting process.

Another benefit of this technology is that it also determines whether some borrowers can waive the appraisal requirement, which can shave time and a few hundred dollars off the cost of your mortgage.

Available in All 50 States

Borrowers can apply online or in more than 150 branch locations in the U.S. loanDepot currently has origination centers in Arizona, Tennessee and two in California and is currently licensed in 50 states.

How to Apply

loanDepot customers can apply online for a mortgage. Once they submit their application, a loan officer will call them to go through the next steps, which include submitting income documentation and personal identification.

Customer service hours are fairly flexible on weekdays, from 8 a.m. to 10 p.m. ET Monday through Friday and Saturday from 11 a.m. to 6 p.m. ET.

Speed

loanDepot’s mortgage preapproval time takes about 15 minutes for borrowers who are not required to supply additional information.

Borrowers who use its Mello Smartloan technology, which is said to cut down on the amount of paperwork applicants are required to submit—and, in some cases, even eliminate the need for a home appraisal—can shorten the closing process by up to 17 days.

Credit Requirements 

loanDepot requires a minimum credit score of 620 for conventional and VA home loans, which is the average requirement for most lenders. For FHA mortgages, the credit requirement is less stringent, dipping to a 580 minimum. Finally, jumbo borrowers must have a minimum score of 700.

Loan Types Offered

loanDepot offers fixed-rate mortgages, adjustable-rate mortgages, FHA loans, jumbo loans, VA loans and 203(k) loans. loanDepot does not offer USDA loans.