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10 Best Adjustable-Rate Mortgage Lenders of 2021

These are among the best adjustable-rate mortgage lenders in 2021 for a variety of borrowing circumstances, as determined by NerdWallet research.

Dec 1, 2021

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Now that you've made the decision to shop for an adjustable-rate mortgage, it's time to decide which lenders to consider. NerdWallet has reviewed leading lenders that offer adjustable-rate mortgages and classified them based on individual loan needs. These ARM lenders are among the best available. Just choose your situation and click-through for even more information.

Best Adjustable-Rate Mortgage Lenders

Better
Learn more

at Better

Better: NMLS#330511

5.0

NerdWallet rating 
Better

Min. Credit Score

620

Min. Down Payment

3%
Learn more

at Better


Why we like it

Good for: tech-savvy borrowers who prefer an online experience.

Pros

  • An online process with human help as needed.

  • Makes it easy to see customized mortgage rates.

  • Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.

  • Appraisal guarantee promises the loan won’t change even if appraisal is lower than expected.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • Doesn't do VA or USDA loans.

  • Appraisal guarantee is limited to borrowers who use Better real estate agents.

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NBKC
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at NBKC

NBKC: NMLS#409631

5.0

NerdWallet rating 
NBKC

Min. Credit Score

620

Min. Down Payment

3%
Learn more

at NBKC


Why we like it

Good for: borrowers with solid credit who want to pay low rates and get an online experience with phone support. VA loans are an emphasis.

Pros

  • Offers low rates compared with other lenders, according to the latest data.

  • Extends full online capabilities, from application to loan tracking.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • Equity lines and construction loans are available only in the Kansas City metro area.

  • Doesn’t offer renovation loans.

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Rocket Mortgage, LLC
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at Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

4.0

NerdWallet rating 
Rocket Mortgage, LLC

Min. Credit Score

620

Min. Down Payment

3%
Learn more

at Rocket Mortgage, LLC


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.

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New American Funding
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at New American Funding

New American Funding: NMLS#6606

5.0

NerdWallet rating 
New American Funding

Min. Credit Score

620

Min. Down Payment

3%
Learn more

at New American Funding


Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

  • Uses manual underwriting to evaluate creditworthiness, in some cases.

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

Cons

  • Mortgage origination fees tend to be on the high end, according to the latest federal data.

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BNC National Bank
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at BNC National Bank

BNC National Bank: NMLS#418467

4.5

NerdWallet rating 
BNC National Bank

Min. Credit Score

640

Min. Down Payment

3%
Learn more

at BNC National Bank


Why we like it

Good for: First-time home buyers and others who want low-down-payment loan options.

Pros

  • Wide variety of loan types and products.

  • Improved online capabilities, and robust iOS and Android apps.

  • Considers alternative credit data, like cell phone payments.

Cons

  • Limited number of physical mortgage offices.

  • Limited rate information is available without starting an application or speaking with a loan officer.

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Bank of America
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at Bank of America

Bank of America: NMLS#399802

4.5

NerdWallet rating 
Bank of America

Min. Credit Score

620

Min. Down Payment

5%

National / Regional

National
Learn more

at Bank of America


National / Regional

National

Why we like it

Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.

Pros

  • Offers down payment and closing cost assistance programs.

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

  • Offers home equity line of credit, or HELOC.

Cons

  • Doesn't offer renovation loans that roll costs into a mortgage.

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loanDepot
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at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. Credit Score

620

Min. Down Payment

5%
Learn more

at loanDepot


Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has affiliated loan stores for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Does not offer home equity loans or lines of credit.

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Caliber: NMLS#15622

4.0

NerdWallet rating 
Caliber

Min. Credit Score

620

Min. Down Payment

3%

Why we like it

Good for: first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

  • Offers extensive educational resources for military borrowers.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time home buyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn’t offer home equity loans or lines of credit.

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SunTrust (Truist): NMLS#2915

4.5

NerdWallet rating 
SunTrust (Truist)

Min. Credit Score

620

Min. Down Payment

3%

Why we like it

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.

Pros

  • Offers a wide variety of loan options, including special programs for doctors.

  • Offers a complete suite of online mortgage application tools and loan tracking.

  • Sample rates and fees are easy to find on the website.

Cons

  • Customized rates aren't available online without starting an application.

  • Branches are limited mostly to the Southeast.

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BB&T (Truist): NMLS#399803

4.5

NerdWallet rating 
BB&T (Truist)

Min. Credit Score

620

Min. Down Payment

3%

Why we like it

Good for: borrowers in the Southeast who want the option of face-to-face service. BB&T is now part of Truist Financial Corp., which offers a full menu of home loans.

Pros

  • Offers a variety of home loans, including construction-to-permanent loans, physicians loans and jumbo loans.

  • Has a robust online mortgage application.

Cons

  • Branches limited to mostly the Southeast region.

  • Custom rates are only available if you speak with a representative.

Read Full Review

Last updated on December 1, 2021

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 Adjustable-Rate Mortgage Lenders of 2021