Best of
Best Adjustable-Rate Mortgage Lenders of 2019
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These are among the best adjustable-rate mortgage lenders in 2019 for a variety of borrowing circumstances, as determined by NerdWallet research.
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.
at Better.com
4.5
NerdWallet ratingat 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.
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.
at NBKC Bank
4.5
NerdWallet ratingat 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.
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.
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.
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.
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.
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.
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.
Summary of Best Adjustable-Rate Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
Better.com NerdWallet rating at Better.com | online experience | 620 | 3% | at Better.com |
BNC National Bank at BNC National Bank | veterans | 620 | 3% | at BNC National Bank |
NBKC NerdWallet rating at NBKC Bank | veterans | 620 | 3% | at NBKC Bank |
New American Funding at New American | borrowers with bad credit | 620 | 3% | at New American |
 Caliber | borrowers with bad credit | 620 | 3% | Read review |
 SunTrust | first-time home buyers | 620 | 3% | Read review |
 Bank of America | face-to-face service | 620 | 3% | Read review |
 BB&T | face-to-face service | 620 | 3% | Read review |
loanDepot at loanDepot | first-time home buyers | 620 | 3.5% | at loanDepot |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
Better.com NerdWallet rating at Better.com | online experience | 620 | 3% | at Better.com |
BNC National Bank at BNC National Bank | veterans | 620 | 3% | at BNC National Bank |
NBKC NerdWallet rating at NBKC Bank | veterans | 620 | 3% | at NBKC Bank |
New American Funding at New American | borrowers with bad credit | 620 | 3% | at New American |
Caliber | borrowers with bad credit | 620 | 3% | Read review |
SunTrust | first-time home buyers | 620 | 3% | Read review |
Bank of America | face-to-face service | 620 | 3% | Read review |
BB&T | face-to-face service | 620 | 3% | Read review |
loanDepot at loanDepot | first-time home buyers | 620 | 3.5% | at loanDepot |
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Last updated on July 2, 2019
Methodology
To recap our selections...
NerdWallet's Best Adjustable-Rate Mortgage Lenders of 2019
- Rocket Mortgage: Best for online experience
- : Best for online experience
- BNC National Bank: Best for veterans
- : Best for veterans
- New American Funding: Best for borrowers with bad credit
- Caliber: Best for borrowers with bad credit
- SunTrust: Best for first-time home buyers
- Bank of America: Best for face-to-face service
- BB&T: Best for face-to-face service
- loanDepot: Best for first-time home buyers
