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10 Best Charlotte Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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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.

Charlotte, North Carolina, offers such a wide variety of mortgage lenders that it can be hard to pick one. NerdWallet evaluated Charlotte's leading mortgage companies in various categories to help you decide.

Whether you're buying a bungalow in Dilworth or refinancing a condo in Uptown, these national and local lenders are a solid place to start.

Summary of Best Charlotte Mortgage Lenders of 2020

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

Quicken Loans

at Quicken Loans

Best for FHA loans

620

3%

at Quicken Loans

Fairway Independent Mortgage

at Fairway

Best for FHA loans

620

3%

at Fairway

Bank of America

Best for refinancing

620

3%

Read review

Best for refinancing

620

3%

Read review

SunTrust

Best for jumbo loans

620

3%

Read review

loanDepot

at loanDepot

Best for FHA loans

620

3.5%

at loanDepot

Flagstar

Best for VA loans

620

3%

Read review

Best for first-time home buyers

620

3%

Read review

Navy Federal

Best for VA loans

N/A

0%

Read review

Best for first-time home buyers

620

3%

Read review
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at Quicken Loans

Quicken Loans: NMLS#3030

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Quicken Loans


Why we like it

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

  • Quicken Loans 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
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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway


Why we like it

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.

Read Full Review

Bank of America: NMLS#399802

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Min. Credit Score

620

National / Regional

National


Why we like it

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.

  • Allows borrowers to apply entirely online.

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

Cons

  • Does not offer renovation loans.

Read Full Review

BB&T: NMLS#399803

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal 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 mortgage options

  • 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

  • Branches limited mostly to the Southeast.

Read Full Review

SunTrust: NMLS#2915

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with fair credit or better. SunTrust, now a part of Truist Financial Corp., offers a variety of customer service options.

Pros

  • Offers a complete online suite of mortgage application tools and loan tracking.

  • Provides customer service in its physical locations, online, via chat and by phone.

  • Offers wide variety of loan options, including a loan program for licensed medical professionals

Cons

  • Customized rates not available on website without starting an application.

  • Branches limited to mostly the Southeast.

Read Full Review
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

3.5%

at loanDepot


Why we like it

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.

Read Full Review

Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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 several types of construction and renovation mortgages.

  • A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots 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 $1,295 in underwriting and processing fees.

Read Full Review

Caliber: NMLS#15622

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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

Navy Federal: NMLS#399807

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National / Regional

National

Min. Down Payment

0%


Why we like it

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.

  • Online application for preapproval with quick decision.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

Read Full Review

Vylla: NMLS#2600

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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.

Read Full Review

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.

  • 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.

  • 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.

  • 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.

  • 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 January 2, 2020

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 2020