Best of
Best Arizona Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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NerdWallet has researched Arizona's leading mortgage lenders and identified some of the best ones in five different categories to help you choose.
at Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all the services your neighborhood lender does — with online convenience.
Pros
- Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
- Instantly verifies employment and income for more than 60% of working Americans.
- Offers custom fixed-rate loan terms that are between eight and 30 years.
- Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.
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.
National / Regional
National
Min. Down Payment
3%
Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.
Pros
- Low down payment options.
- Discounts for Citibank customers.
- Looks at alternative credit data like rent history and child support payments.
- Available in all 50 states.
Cons
- Charges a mortgage application fee.
- Did not disclose origination fees, which may vary.
- Can't complete loan online.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. 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.
Min. Credit Score
620
Min. Down Payment
3%
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.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
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 seeks 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.
Cons
- Services not available in all 50 states.
at Vylla
at Vylla
Min. Credit Score
620
Min. Down Payment
3%
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.
at US Bank
at US Bank
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Full line of conventional and government loan products.
- Considers alternative credit data, like utility bills, in some cases.
- Offers construction and investment-property loans in some areas.
Cons
- No personalized rates available online.
- Not all loan products offered are listed on its website.
at Chase
at Chase
Min. Credit Score
620
Min. Down Payment
3%
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.
Summary of Best Arizona Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
 Citibank Mortgage | first-time home buyers | N/A | 3% | Read review |
loanDepot at loanDepot | refinancing | 620 | 3.5% | at loanDepot |
 Bank of America | refinancing | 620 | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online lenders | 620 | 3% | at Rocket Mortgage |
 Guaranteed Rate | online lenders | 620 | 3% | Read review |
New American Funding at New American | low credit | 620 | 3% | at New American |
Vylla at Vylla | low credit | 620 | 3% | at Vylla |
US Bank at US Bank | face-to-face service | 620 | 3% | at US Bank |
Chase at Chase | face-to-face service | 620 | 3% | at Chase |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
Citibank Mortgage | first-time home buyers | N/A | 3% | Read review |
loanDepot at loanDepot | refinancing | 620 | 3.5% | at loanDepot |
Bank of America | refinancing | 620 | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online lenders | 620 | 3% | at Rocket Mortgage |
Guaranteed Rate | online lenders | 620 | 3% | Read review |
New American Funding at New American | low credit | 620 | 3% | at New American |
Vylla at Vylla | low credit | 620 | 3% | at Vylla |
US Bank at US Bank | face-to-face service | 620 | 3% | at US Bank |
Chase at Chase | face-to-face service | 620 | 3% | at Chase |
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 Arizona Mortgage Lenders of 2019
- Quicken Loans: Best for first-time home buyers
- Citibank Mortgage: Best for first-time home buyers
- loanDepot: Best for refinancing
- Bank of America: Best for refinancing
- Rocket Mortgage: Best for online lenders
- Guaranteed Rate: Best for online lenders
- New American Funding: Best for low credit
- Vylla: Best for low credit
- US Bank: Best for face-to-face service
- Chase: Best for face-to-face service
