Best of
Best Charlotte 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.
If you’re looking for a mortgage in the Charlotte, North Carolina, metro area, you have many lenders to choose from. Here are the best options for you.
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 borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.
Pros
- A robust suite of loan products.
- Licensed in all 50 states.
- Close in as little as 10 days using the Fairway app.
Cons
- Limited branch locations.
- Mortgage rates not posted on website.
Min. Credit Score
620
National / Regional
National
Ideal for borrowers who like options. Bank of America offers multiple refinance loans, including FHA, VA and cash-out.
Pros
- Offers refinance mortgages with fixed and adjustable rates.
- Apply for a refinance loan online, in-person or over the phone.
- Customized refinance rates available without providing personal info.
- Fee discounts for Preferred Rewards customers.
Cons
- Online complaints indicate inconsistent communication.
- Time to process and close a refinance may be slower than other lenders.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers in the Southeast who want face-to-face service at one of more than 2,000 financial centers.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, including those with little money saved for a down payment. SunTrust's online portal offers information and tools in English and in Spanish.
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.
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 those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.
Pros
- Embraces FHA-backed home loans.
- Offers three construction loans.
- A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
- Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
- Offers home equity loans and home equity lines of credit.
Cons
- Charges an average $1,000 origination fee.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.
Pros
- Participates in some state 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.
National / Regional
National
Min. Down Payment
0%
Ideal for military members and their families. Navy Federal Credit Union offers a wide range of mortgage products, an online application and considers alternative credit data for certain loan types.
Pros
- Wide range of affordable mortgage products designed for military members.
- Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.
- Lower minimum loan amounts than many other lenders.
- Online application for preapproval with quick decision.
- $1,000 mortgage rate match program.
- Operates nationwide.
Cons
- Charges application and underwriting fees.
- Origination charge on a typical conventional loan is 1% of the loan amount.
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.
Summary of Best Charlotte Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | FHA loans | 620 | 3% | at Quicken Loans |
 Fairway | FHA loans | N/A | 3% | Read review |
 Bank of America | refinancing | 620 | 3% | Read review |
 BB&T | refinancing | 620 | 3% | Read review |
 SunTrust | jumbo loans | 620 | 3% | Read review |
loanDepot at loanDepot | FHA loans | 620 | 3.5% | at loanDepot |
 Flagstar | VA loans | 620 | 3% | Read review |
 Caliber | first-time home buyers | 620 | 3% | Read review |
 Navy Federal | VA loans | N/A | 0% | Read review |
Vylla at Vylla | first-time home buyers | 620 | 3% | at Vylla |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | FHA loans | 620 | 3% | at Quicken Loans |
Fairway | FHA loans | N/A | 3% | Read review |
Bank of America | refinancing | 620 | 3% | Read review |
BB&T | refinancing | 620 | 3% | Read review |
SunTrust | jumbo loans | 620 | 3% | Read review |
loanDepot at loanDepot | FHA loans | 620 | 3.5% | at loanDepot |
Flagstar | VA loans | 620 | 3% | Read review |
Caliber | first-time home buyers | 620 | 3% | Read review |
Navy Federal | VA loans | N/A | 0% | Read review |
Vylla at Vylla | first-time home buyers | 620 | 3% | at Vylla |
Local mortgage lenders in Charlotte
These mortgage lenders are based in or near Charlotte and are among the metro area's most active mortgage providers. They have not been reviewed by NerdWallet.
Movement Mortgage
- Homegrown lender that now has a national presence.
- Mobile app lets you start your application and sync bank statements and tax software, reducing paperwork.
- Aims to deliver a loan decision within six hours.
- Offers low-down-payment, jumbo, FHA, VA and USDA mortgages, plus condo loans up to $3 million.
Allen Tate Mortgage
- One of Charlotte's best-known brands for homebuying and refinancing.
- Lets you track loan status online, plus get email notifications of milestones such as receipt of appraisal.
- "Second Look" program encourages rate-shopping from people who have been preapproved by competing lenders; posts mortgage rates on its site.
- Offers 15- and 30-year fixed-rate mortgages and 5/1 ARMs as well as jumbo, FHA, VA and USDA loans.
Sharonview Federal Credit Union
- No lender fees for application, processing or documentation for most loans.
- More-personalized mortgage rates are available on the site with no registration required.
- Fixed-rate loans with terms from 30 to 10 years, plus 5/1 and 5/5 ARMs, and possible 100% financing.
- Schedule a callback from a loan officer within four-hour windows.
- Borrowers must meet membership eligibility requirements.
Cardinal Financial Company
- Offers conventional, jumbo, FHA, VA and USDA loans.
- Get a conventional loan with a down payment as low as 3%.
- Jumbo loans are available for up to $3 million.
More from NerdWallet
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 Charlotte Mortgage Lenders of 2019
- Quicken Loans: Best for FHA loans
- Fairway: Best for FHA loans
- Bank of America: Best for refinancing
- BB&T: Best for refinancing
- SunTrust: Best for jumbo loans
- loanDepot: Best for FHA loans
- Flagstar: Best for VA loans
- Caliber: Best for first-time home buyers
- Navy Federal: Best for VA loans
- Vylla: Best for first-time home buyers
