Best Mortgage Lenders of September 2019 for Jumbo Loans

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

Ideal for tech-savvy home buyers and refinancers in its multi-state lending territory. Reali Loans has an automated lending platform that offers round-the-clock access to application and loan-management tools.

Pros

• Boasts of closing loans quickly.

• No upfront origination or broker fees.

• 24/7 access to your loan and its progress.

• Transparent platform that automates (and shortens) the refinance process.

Cons

• Currently operates in a limited number of states.

• Doesn’t offer USDA government loans.

Why we like it

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 helps 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.

• Home equity lending sets it apart from most non-bank lenders.

Cons

• Services not available in all 50 states.

Why we like it

Ideal for young professionals and self-employed borrowers looking for a lender that considers nontraditional income.

Pros

• Provides an entirely digital mortgage application to make the process easier for borrowers.

• Considers nontraditional income, such as restricted stock units, and works with self-employed borrowers.

• Does not require private mortgage insurance for jumbo loans.

Cons

• Doesn't offer government-backed loans, like FHA or VA.

• Does not offer home equity loans or HELOCs.

Why we like it

Ideal for tech-savvy borrowers who prefer an online experience. Better.com provides an easy-to-navigate digital application process and charges no origination fee.

Pros

• Claims a three-minute application process for initial preapproval.

• An online process with human help as needed.

• Loan officers aren't paid commissions, they are strictly available for "support, not sales."

• For higher-value homes, offers 10% down with no mortgage insurance on jumbo loans.

• Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.

Cons

• Doesn't offer home equity loans or HELOCs.

• Doesn't do VA or USDA loans.

• Not available in all 50 states.

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.

Why we like it

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.

Why we like it

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.