Best of

Best Adjustable-Rate Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

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.

These are among the best adjustable-rate mortgage lenders in 2019 for a variety of borrowing circumstances, as determined by NerdWallet research.

Rocket Mortgage

at Rocket Mortgage

at Rocket Mortgage

Min. Credit Score

620

Min. Down Payment

3%

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
Better.com

at Better.com

4.5

NerdWallet rating 

at Better.com

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Claims a three-minute application process for initial preapproval.
  • An online process with human help as needed.
  • Loan officers aren't paid commissions, they are strictly available for "support, not sales."
  • For higher-value homes, offers 10% down with no mortgage insurance on jumbo loans.
  • Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • Doesn't do VA or USDA loans.
  • Not available in all 50 states.
BNC National Bank

at BNC National Bank

at BNC National Bank

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Loan officers are well-versed in VA loan process.
  • Low minimum credit score for government loans.
  • Down payments as low as 3% on conventional loans.
  • Considers alternative credit data, like cell phone payments.

Cons

  • No online preapproval.
  • Typically charges a $1,095 lender fee.
  • Limited number of physical mortgage offices.
Read full review
NBKC

at NBKC Bank

4.5

NerdWallet rating 

at NBKC Bank

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Complete and track your application online, and sign documents electronically.
  • Free rate locks.
  • No lender fee for VA borrowers.
  • Mobile apps for iOS and Android.

Cons

  • Not the best choice for low-credit-score borrowers.
  • Mortgage origination fee for most borrowers.
  • In-person service available only in the Kansas City area.
New American Funding

at New American

at New American

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Uses manual underwriting to evaluate creditworthiness.
  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

  • Services not available in all 50 states.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Participates in some down payment assistance programs.
  • Offers educational resources for military borrowers.
  • Provides digital tools for a streamlined application process.

Cons

  • No mortgage rates displayed online.
  • Must work with a loan officer for pre-qualification and preapproval.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers a complete online suite of mortgage application tools and loan tracking.
  • Has plenty of loan options to choose from and competitive interest rates.
  • Provides customer service in its physical locations, online, via chat and by phone.
  • Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.

Cons

  • Has a limited number of physical branch locations in 11 states and Washington, D.C.
  • Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Considers alternative credit history on certain loans.
  • Offers construction loans to build a home or make significant renovations to an existing home.
  • Flexible borrowing and payment options for home equity loans and lines of credit.
  • Full suite of online capabilities.

Cons

  • Available mostly in the Southeast; not available nationwide.
  • Creating an account is mandatory if you want to apply online.
Read full review
loanDepot

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

Pros

  • Offers digital income, asset and employment verification.
  • Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
  • One of the nation’s most active lenders of FHA and VA loans.

Cons

  • Published mortgage rates include up to three points of prepaid interest and fees.
  • Does not offer home equity loans or lines of credit.
Read full review

Summary of Best Adjustable-Rate Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

3%

at Rocket Mortgage

Better.com

Better.com

NerdWallet rating 

at Better.com

online experience

620

3%

at Better.com

BNC National Bank

BNC National Bank

at BNC National Bank

veterans

620

3%

at BNC National Bank

NBKC

NBKC

NerdWallet rating 

at NBKC Bank

veterans

620

3%

at NBKC Bank

New American Funding

New American Funding

at New American

borrowers with bad credit

620

3%

at New American

Caliber

Caliber

borrowers with bad credit

620

3%

Read review
SunTrust

SunTrust

first-time home buyers

620

3%

Read review
Bank of America

Bank of America

face-to-face service

620

3%

Read review
BB&T

BB&T

face-to-face service

620

3%

Read review
loanDepot

loanDepot

at loanDepot

first-time home buyers

620

3.5%

at loanDepot

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

3%

at Rocket Mortgage

Better.com

Better.com

NerdWallet rating 

at Better.com

online experience

620

3%

at Better.com

BNC National Bank

BNC National Bank

at BNC National Bank

veterans

620

3%

at BNC National Bank

NBKC

NBKC

NerdWallet rating 

at NBKC Bank

veterans

620

3%

at NBKC Bank

New American Funding

New American Funding

at New American

borrowers with bad credit

620

3%

at New American

Caliber

Caliber

borrowers with bad credit

620

3%

Read review
SunTrust

SunTrust

first-time home buyers

620

3%

Read review
Bank of America

Bank of America

face-to-face service

620

3%

Read review
BB&T

BB&T

face-to-face service

620

3%

Read review
loanDepot

loanDepot

at loanDepot

first-time home buyers

620

3.5%

at loanDepot

Last updated on July 2, 2019

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 Adjustable-Rate Mortgage Lenders of 2019