12 Best Conventional Mortgage Lenders of 2022

at NBKC

5.0

Best for digital convenience

620

at NBKC

NASB: NMLS#400039

at NASB

5.0

Best for first-time home buyers

620

at NASB

Better: NMLS#330511

at Better

5.0

Best for refinancing

620

at Better

New American Funding: NMLS#6606

at New American Funding

4.5

Best for nontraditional credit histories

620

at New American Funding

Bethpage Federal Credit Union: NMLS#449104

at Bethpage Federal Credit Union

4.5

Best for credit union lending

620

at Bethpage Federal Credit Union

Network Capital: NMLS#11712

at Network Capital

4.0

Best for variety of loan types

620

at Network Capital

Ally Bank: NMLS#181005

4.5

Best for digital convenience

620

Golden 1 Credit Union: NMLS#669333

4.5

Best for rate transparency

620

Wells Fargo: NMLS#399801

4.5

Best for first-time home buyers

620

Alliant: NMLS#197185

4.5

Best for variety of loan types

N/A

San Diego County Credit Union: NMLS#580585

5.0

Best for rate transparency

N/A

Flagstar: NMLS#417490

4.5

Best for refinancing

620

at NBKC

NBKC: NMLS#409631

5.0

Min. credit score

620

Min. down payment

at NBKC

Why we like it

Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis.

Pros

Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
Offers low rates and fees compared with other lenders, according to the latest Federal data.
Displays customized rates, with fee estimates, without requiring contact information.

Cons

HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

at NASB

NASB: NMLS#400039

5.0

Min. credit score

620

Min. down payment

at NASB

Why we like it

Good for: active military members and veterans and first-time home buyers.

Pros

Devotes much of its business to serving military families with VA loans.
Offers a mortgage tailored to self-employed borrowers.
Offers low rates and fees compared with other lenders, according to the latest federal data.

Cons

Doesn’t offer home improvement mortgages.
Doesn't offer home equity loans or lines of credit.

at Better

Better: NMLS#330511

5.0

Min. credit score

620

Min. down payment

at Better

Why we like it

Good for: tech-savvy borrowers who prefer an online experience.

Pros

Offers a cash guarantee that qualifying mortgages will close on time.
Makes it easy to see customized mortgage rates.
Average interest rates are on the low end compared to other lenders, according to the latest federal data.
Allows qualifying buyers to make cash offers.

Cons

Doesn't offer VA or USDA loans.
Doesn't offer home equity loans or HELOCs.

at New American Funding

New American Funding: NMLS#6606

4.5

Min. credit score

620

Min. down payment

at New American Funding

Why we like it

Good for: First-time home buyers and other borrowers looking for a broad array of loan choices.

Pros

Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
Its home equity line of credit can be used for an owner-occupied or second home.
Offers a program to enable buyers to make cash offers.

Cons

Mortgage origination fees tend to be on the high end, according to the latest federal data.

at Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

4.5

Min. credit score

620

Min. down payment

at Bethpage Federal Credit Union

Why we like it

Bethpage has a good selection of loan options but no USDA mortgages or renovation loans. And while it offers multiple online conveniences, you have to contact the lender for customized rates.

Pros

Offers a full array of online conveniences, including loan process updates.
Offers financing for cooperatives, a type of home that’s common on the East Coast.
Sample mortgage rates available for a variety of loan products.

Cons

In-person service available only in Queens and on Long Island, New York.
USDA loans are not available.
Customized rates not available online.

at Network Capital

Network Capital: NMLS#11712

4.0

Min. credit score

620

Min. down payment

at Network Capital

Why we like it

Good for: borrowers looking for a lender with online convenience and mortgage banker assistance.

Pros

A good selection of loan products, including government-backed FHA and VA mortgages.
Provides “same-as-cash” loan that allows borrowers to compete with cash offers.
Online application process is clear and simple to follow.

Cons

Doesn't lend in all states.
Website doesn’t provide customized mortgage rates.
Lender fees are on the high side, according to the latest federal data.

Ally Bank: NMLS#181005

4.5

Min. credit score

620

Min. down payment

Why we like it

Good for: home buyers and mortgage refinancers, including jumbo borrowers, who want a digital experience with limited guidance.

Pros

Excels in online convenience, with document upload, loan tracking and e-signatures.
Offers good rate transparency; rate shoppers can see customized interest rates.

Cons

Limited variety of loan products: FHA, VA and USDA loans are unavailable.
Doesn't offer home equity loans and lines of credit.

Golden 1 Credit Union: NMLS#669333

4.5

Min. credit score

620

Min. down payment

Why we like it

Golden 1 offers a cost-saving real estate agent program, plus a range of loan types, including jumbos.

Pros

Offers a variety of purchase and refinance loans, including jumbo mortgages.
Has a preferred real estate agent program that can save a borrower money on closing costs.
Offers some flexibility on guidelines for loan qualification.

Cons

Does not offer VA or USDA loans.
Products available only to California residents.

Wells Fargo: NMLS#399801

4.5

Min. credit score

620

Min. down payment

Why we like it

Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.

Pros

Sample rates clearly posted for various loan products.
Offers a wide variety of loan types and products.
Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.

Cons

Doesn’t offer home improvement loans, or home equity loans or lines of credit.
Scandals and government actions have damaged consumer trust in recent years.
You’ll have to make contact with the lender to see customized rates.

Alliant: NMLS#197185

4.5

National / regional

National

Min. down payment

Why we like it

Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process.

Pros

Low- or no-down-payment options with no mortgage insurance.
Offers a home equity line of credit, or HELOC.
Mortgages are available for non-warrantable condominiums.

Cons

Doesn't offer government-backed mortgages, like FHA or VA loans.
Mortgage origination fees are on the high side, according to the latest federal data.

San Diego County Credit Union: NMLS#580585

5.0

Min. down payment

National / regional

Regional

Why we like it

Good for: Californians who are looking for a conventional or jumbo mortgage and who want to shop rates online.

Pros

Offers purchase, refinance and jumbo mortgages, plus loans for second homes and home equity products.
Provides customized rate and fee quotes without requiring contact information.

Cons

No FHA, VA or USDA mortgages.
Loans are available only in California.

Flagstar: NMLS#417490

4.5

Min. credit score

620

Min. down payment

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

Offers a wide range of loan types and products, including FHA, VA and USDA.
Borrowers can apply and track loan status online.
Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

Home equity loans are geographically limited.
Origination fees are on the high side compared with other lenders, according to the latest federal data.