BEST OF

10 Best Adjustable-Rate Mortgage Lenders of 2020

These are among the best adjustable-rate mortgage lenders in 2020 for a variety of borrowing circumstances, as determined by NerdWallet research.

NerdWalletJune 15, 2020
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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 lenders are among the best available. Just choose your situation and click-through for even more information.

Summary of Best Adjustable-Rate Mortgage Lenders of 2020

Logo

at Rocket Mortgage

Rocket Mortgage by Quicken Loans: NMLS#3030

4.5

NerdWallet rating 
Logo

Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage


Why we like it

Good for: borrowers who appreciate smartphone and online convenience for a fully digital home loan experience powered by Quicken Loans.

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.

  • Offers document and asset retrieval capabilities.

Cons

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

  • Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

Read Full Review
Logo

at Better.com

Better.com: NMLS#330511

Great for digital convenience

5.0

NerdWallet rating 
Logo

Min. Credit Score

620

Min. Down Payment

3%

at Better.com


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.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • Doesn't do FHA, VA or USDA loans.

Read Full Review
Logo

at BNC National Bank

BNC National Bank: NMLS#418467

4.0

NerdWallet rating 
Logo

Min. Credit Score

640

Min. Down Payment

3%

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.

  • No rate information is available without beginning an application.

Read Full Review
Logo

at NBKC Bank

NBKC: NMLS#409631

Great for first-time home buyers | digital convenience | customer service

5.0

NerdWallet rating 
Logo

Min. Credit Score

620

Min. Down Payment

3%

at NBKC Bank


Why we like it

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

Pros

  • Offers low rates and fees when compared with other lenders.

  • 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.

Read Full Review
Logo

at New American

New American Funding: NMLS#6606

4.5

NerdWallet rating 
Logo

Min. Credit Score

620

Min. Down Payment

3%

National / Regional

National

at New American


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.

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

Cons

  • Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.

Read Full Review

Caliber: NMLS#15622

3.5

NerdWallet rating 
Logo

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 homebuyer programs.

Cons

  • No mortgage rates displayed online.

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

Read Full Review

SunTrust: NMLS#2915

5.0

NerdWallet rating 
Logo

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, entrepreneurs and other professionals.

  • 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.

Read Full Review

Bank of America: NMLS#399802

5.0

NerdWallet rating 
Logo

Min. Credit Score

620

Min. Down Payment

3%


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

  • Allows borrowers to apply entirely online.

  • Offers down payment and closing cost assistance programs.

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

Cons

  • Does not offer renovation loans.

Read Full Review

BB&T: NMLS#399803

4.5

NerdWallet rating 
Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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

Pros

  • Offers a variety of low-down-payment mortgages as well as construction mortgages.

  • Website lets users estimate rates online by loan and property type, amount and location.

  • Has an online mortgage application.

Cons

  • Branches limited mostly to the Southeast region.

  • Does not offer FHA loans.

Read Full Review
Logo

at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating 
Logo

Min. Credit Score

620

Min. Down Payment

5%

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 over 200 affiliated loan stores nationwide 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.

Read Full Review

Last updated on June 15, 2020

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 2020