Finding the right mortgage for your new home is as important as choosing the right property.
The credit requirements, fees and interest rates of lenders, as well as the loan terms and product offerings, can vary greatly. This can have a significant impact on your mortgage costs.
Reviewing your loan options is important. You want to ensure that you choose the best product for your needs, with the lowest possible rate and fees.
Our eight top mortgage lenders are listed below to help you choose the right one for you.
Rocket Mortgage
What makes Rocket Mortgage stand out: You can apply for an online home loan and track the status from your mobile or computer. Rocket Rewards allows you to earn points and save on closing costs.
Fresh Start helps improve your credit score, which can increase your chances of getting a better rate or qualifying for a mortgage.
Rocket mortgage in a glance
|
Availability |
National |
|
Credit requirements |
Conventional, FHA and VA: 580 to 620 depending on the circumstances Jumbo: 680 |
|
A Notable Feature |
Yourgage(r), a program that offers flexible loan terms with fixed rates, is available. |
Rocket Mortgage Reviews: Read customer reviews.
Movement Mortgage
Why Movement Mortgage is different: If you qualify, Movement Mortgage will provide a fully underwritten preapproval in advance — typically within six hours. The company advertises that most of its loans will be processed in seven days or less. You can apply for a variety of loan terms online or by phone.
Movement Mortgage offers FHA loans with just a 3.5% down payment — the required minimum down payment. You can also use gift money to cover all 3.5%. FHA loans are less strict than conventional mortgages because they’re backed up by the government.
Mortgage Movement at a Glance
| Availability | National |
| Credit requirements |
FHA: 620 VA: 580 and 680 depending on the loan amount, term, and interest rate Other loan types not disclosed |
| A Notable Feature | Mortgage options include low downpayment loans, renovation loans and loans with no or little downpayment. |
Reviews about Movement Mortgage Home Loans.
Navy Federal Credit Union is the best for VA loans
Why Navy Federal Credit Union is different:Navy Federal Credit Union has served military members since 1932. You can always get help from the 24/7 customer service no matter where you are stationed.
If you purchase a home using Navy Federal RealtyPlus, you will receive up to $9,000 in cash to cover closing costs and a guarantee that the rate is matched. If the company cannot match the rate of a competing lender, they will give you $1,000 when you close your loan with them.
HomeSquad’s mobile app or online banking portal allows you to get preapproved and receive step-bystep guidance, as well as check the status of your loan.
Navy Federal Credit Union Mortgages in a nutshell
| Availability | National |
| Credit requirements | Not disclosed |
| A Notable Feature | Home equity loans and other options available for investors |
Review Navy Federal Credit Union Home Loans.
Freedom Mortgage
What makes Freedom Mortgage stand out: Freedom Mortgage offers USDA purchase loans and USDA streamline refinance loans. Prequalification is available, so that you can get an estimate of your rate and term without impacting your credit score. Freedom Mortgage offers a purchase guarantee that guarantees your mortgage will be closed on time, or you will receive $1,000.
When you are approved and close your loan with Freedom Mortgage’s Eagle Eye program, you will be notified when the interest rate drops or if the value of your house increases. This allows you to decide whether refinancing makes sense for you.
Freedom Mortgage in a nutshell
| Availability | National |
| Credit requirements |
USDA: 640 FHA and VA: Conventional loans: 620 |
| A Notable Feature | Partner companies offer homeowners discounts and insurance on home security systems |
Reviews about Freedom Mortgage Home Loans.
HSBC is the best for jumbo loan:
Why HSBC is different:HSBC provides jumbo loans up to $10,000,000, depending on the relationship you have with the bank. The company offers products to finance the purchase of primary residences or investment properties. Non-occupant immediate family members can also provide financial assistance. HSBC offers a credit for closing costs on certain loans.
HSBC Mortgages in a Glimpse
| Availability | Except Alaska and West Virginia, the entire nation |
| Credit requirements |
Family-assisted financing: 700 Other loan types not disclosed |
| A Notable Feature | First-time homebuyers have many options. |
You can read reviews on HSBC Mortgage Loans.
Cross Country Mortgage
Why Cross Country Mortgage stands out:Cross Country mortgage refinances a variety of mortgages including conventional loans and VA, USDA, FHA, and HARP. You can refinance the entire loan or take cash out.
Cross Country Mortgage claims it can close the majority of loans in as little time as 21 days.
Cross Country mortgage at a glance
| Availability | National |
| Credit requirements | Not disclosed |
| A Notable Feature | There are many types of home loans available, including HELOCs and renovation loans |
Cross Country Mortgage reviews: Read customer reviews.
The best for first-time buyers: Chase
Why Chase Bank stands out:Chase Bank provides first-time homebuyers with low down payments and flexible income limits, as well as flexible credit guidelines. Homebuyer grants are available to eligible applicants. You can also receive $500 towards closing costs if you complete a homebuyer’s education course.
The tool will help you find local and state programs that offer down payment assistance, as well as other forms of assistance. This can make purchasing a house as affordable as possible.
Chase Mortgages in a glance
| Availability | National |
| Credit requirements | Not disclosed |
| A Notable Feature | Find downpayment assistance and other assistance from local or state agencies with the Homebuyer Assistance Finder tool |
Check out reviews of Chase Mortgage.
Cardinal Financial
Why Cardinal Financial is different: Cardinal Financial offers a variety of less common mortgages, such as condo, 203k, 203b, and unique home loans (e.g. manufactured, tiny or container). Get a quote online and use Octane, the company’s loan origination system, to track your application, upload documents and get notifications when you reach a milestone.
Cardinal Financial Mortgages in a Glimpse
| Availability | National |
| Credit requirements |
Conventional: 620 FHA, USDA, VA: 580 Jumbo: 660 Unique home: 620 Other loan types not disclosed |
| A Notable Feature | Home loans include construction loans and a wide range of options. |
Reviews about Cardinal Financial Mortgage Loans.
How do I apply for a home loan
You should prepare your finances for buying a home before applying for a loan.
- Check out your credit. When lenders review your application, they will consider your credit score. Higher credit scores are more likely to qualify for a lower rate and get a loan. Before applying for a home loan, you should correct any errors on your credit report.
- Reduce your debt. The debt-to-income (DTI) ratio is one of the ways lenders determine your ability to pay your monthly mortgage. DTI requirements differ by lender and loan types, but in general you need to have a DTI between 36% and 43% — or less — to qualify.
- Establish your budget. Use online mortgage calculators in order to find out how much you can comfortably spend on a house. Include property taxes, homeowners’ insurance and private mortgage coverage (if applicable) in your monthly mortgage costs.
- Collect your documents. When you apply for an home loan, your loan representative will require a number of documents, including your tax returns, proofs of income, bank statements and investment statements as well as gift letters, photo identification and your rental history (if applicable).
Does it make sense to obtain a mortgage from a bank, or another lender?
Your financial situation will determine the type of loan that you can get. The lending criteria of banks are usually more strict than those of other lenders. However, the only way to find out if you meet these requirements and to determine what interest rate you will receive is to submit an application.
It’s best to compare quotes from several lenders before choosing one. This is because credit requirements, interest rates, and mortgage fees vary. Credit-scoring models count multiple inquiries made within a certain timeframe as one inquiry to minimize the effect rate shopping can have on your credit.
Which type of mortgage is the easiest to obtain?
Government-backed loans, like FHA, USDA and VA, have a less strict credit requirement than conventional loans if you are eligible.
How we selected these home loans
Our top picks were chosen after we reviewed over 40 mortgage lenders. We looked at factors like credit requirements, prequalification, application options, timelines, and other features which may save applicants money.