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10 Best 15-Year Fixed-Rate Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

If you're looking for a 15-year fixed-rate mortgage, NerdWallet has selected some of the best 15-year, fixed-rate lenders of 2020 in a variety of categories.

Summary of Best 15-Year Fixed-Rate Mortgage Lenders of 2020

LenderBest For

Minimum Credit Score

National/RegionalLearn More
Reali Loans

Reali Loans

at Reali Loans

refinancing

620

Regional

at Reali Loans

Chase

Chase

at Chase

refinancing

620

National

at Chase

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

National

at Rocket Mortgage

Guaranteed Rate

Guaranteed Rate

online experience

620

National

Read review
Bank of America

Bank of America

Best 15-year fixed-rate mortgage lenders for face-to-face service

620

National

Read review
Chase

Chase

at Chase

Best 15-year fixed-rate mortgage lenders for face-to-face service

620

National

at Chase

New American Funding

New American Funding

at New American

borrowers with bad credit

620

National

at New American

Vylla

Vylla

borrowers with bad credit

620

N/A

Read review
Connexus

Connexus

credit unions

600

National

Read review
Alliant

Alliant

credit unions

N/A

National

Read review
LenderBest For

Minimum Credit Score

National/RegionalLearn More
Reali Loans

Reali Loans

at Reali Loans

refinancing

620

Regional

at Reali Loans

Chase

Chase

at Chase

refinancing

620

National

at Chase

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

National

at Rocket Mortgage

Guaranteed Rate

Guaranteed Rate

online experience

620

National

Read review
Bank of America

Bank of America

Best 15-year fixed-rate mortgage lenders for face-to-face service

620

National

Read review
Chase

Chase

at Chase

Best 15-year fixed-rate mortgage lenders for face-to-face service

620

National

at Chase

New American Funding

New American Funding

at New American

borrowers with bad credit

620

National

at New American

Vylla

Vylla

borrowers with bad credit

620

N/A

Read review
Connexus

Connexus

credit unions

600

National

Read review
Alliant

Alliant

credit unions

N/A

National

Read review
Logo

at Reali Loans

Reali Loans: NMLS#991397

Logo

Min. Credit Score

620

National / Regional

Regional

at Reali Loans


Why we like it

Ideal for refinance customers in the states it serves. Reali Loans doesn’t charge upfront origination or broker fees on refinance loans, which close in around 36 days.

Pros

  • No upfront origination or broker fees.

  • A shorter, more transparent refinance process.

  • Online platform lets you track your refinance every step of the way.

Cons

  • No FHA, VA or USDA refinance products.

  • Account required to see personalized refinance rates.

Read Full Review
Logo

at Chase

Chase: NMLS#399798

Logo

Min. Credit Score

620

National / Regional

National

at Chase


Why we like it

Ideal for refinancing any way you want: in person, online or over the phone. With branch locations in 22 states, Chase has a strong face-to-face presence, but refinancers can apply through other channels, too.

Pros

  • Fixed- and adjustable-rate refinance options.

  • Aims to close all refinance transactions in 60 days or less.

  • Customized rate quotes available online without providing personal info.

Cons

  • Physical locations not available in all states.

  • Charges an origination fee as well as other third-party fees for refinances.

  • You must speak with a mortgage banker to be approved.

Read Full Review
Logo

at Rocket Mortgage

Rocket Mortgage: NMLS#3030

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers a fully digital home loan experience with a large variety of mortgage products.

Pros

  • The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.

  • With your authorization, accesses asset statements from 98% of U.S. financial institutions.

  • Tells you the loan amount you’ll qualify for within minutes.

  • Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Read Full Review

Guaranteed Rate: NMLS#2611

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.

  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.

  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.

  • Offers many products, which might confuse or overwhelm borrowers.

  • Several click-throughs required for personalized rates.

Read Full Review

Bank of America: NMLS#399802

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

Pros

  • Allows borrowers to apply entirely online.

  • Offers down payment and closing cost assistance programs.

  • Accepts alternative credit data for some loan types.

  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Charges an application fee of $1,170, on average.

  • Has a high volume of consumer complaints, even for a big national bank.

Read Full Review
Logo

at Chase

Chase: NMLS#399798

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Chase


Why we like it

Ideal for first-time home buyers who want to talk to a loan officer in person or on the phone, and for homeowners who want to refinance their mortgages in 60 days or less. Chase offers a full line of mortgage products and account management tools.

Pros

  • Allows electronic submission and tracking of documents.

  • Existing Chase customers can get discounts.

  • Offers a wide selection of purchase and refinance mortgages.

Cons

  • Charges rate lock, origination and underwriting fees.

  • You have to speak with a mortgage banker to get complete info on products and requirements.

Read Full Review
Logo

at New American

New American Funding: NMLS#6606

Logo

Min. Credit Score

620

Min. Down Payment

3%

at New American


Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

Pros

  • Uses manual underwriting to evaluate creditworthiness.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

Read Full Review

Vylla: NMLS#2600

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.

Pros

  • Low minimum credit score.

  • Online application, loan tracking and document upload.

  • Free rate locks.

Cons

  • No online preapproval.

  • No presence in Massachusetts or North Dakota.

Read Full Review

Connexus: NMLS#649316

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Min. Credit Score

600

Min. Down Payment

3%


Why we like it

Ideal for first-time home buyers who want a low-down-payment mortgage without getting an FHA loan.

Pros

  • Offers a range of fixed-rate and adjustable-rate mortgages in all states but Alaska and Hawaii.

  • Customer support is available across a variety of channels despite limited physical locations.

  • May consider alternative credit data.

Cons

  • Does not offer FHA, VA or USDA loans.

  • Just 13 branch locations in four states (Minnesota, New Hampshire, Ohio and Wisconsin).

Read Full Review

Alliant: NMLS#197185

Logo

National / Regional

National

Min. Down Payment

0%


Why we like it

Ideal for first-time home buyers who qualify for membership, don't have much saved for a down payment and want to avoid mortgage insurance.

Pros

  • First-time home buyers may put zero down and pay no mortgage insurance.

  • Repeat homeowners may put down as little as 5% with no mortgage insurance.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Only one public branch location in Chicago.

  • As it's a credit union, membership is limited.

Read Full Review

Last updated on January 2, 2020

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best 15-Year Fixed-Rate Mortgage Lenders of 2020