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9 Best Pennsylvania Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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These mortgage lenders rose to the top for products, services and customer experience in the Keystone State in 2020.

Shopping for a mortgage in the Keystone State? You’ll want to work with lenders that have been screened and rated for customer service, online experience, products, features and more.

From Erie to Philly, these nine lenders rose to the top in NerdWallet’s lender research and reviews for five key categories: government-backed home loans, refinancing, first-time homebuyers, jumbo lending and online lending platforms.

Summary of Best Pennsylvania Mortgage Lenders of 2020

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

Bank of America: NMLS#399802

Best for government-backed loans

620

3%

Read review

Guaranteed Rate: NMLS#2611

Best for government-backed loans and jumbo loans

620

3%

Read review

loanDepot: NMLS#174457

at LoanDepot

Best for refinancing

620

3.5%

at LoanDepot

Veterans United: NMLS#1907

at Veterans United

Best for refinancing

660

0%

at Veterans United

Vylla: NMLS#2600

Best for first-time home buyers

620

3%

Read review

Rocket Mortgage: NMLS#3030

at Rocket Mortgage

Best for first-time home buyers

620

3%

at Rocket Mortgage

SoFi: NMLS#1484615

Best for jumbo loans

N/A

10%

Read review

Network Capital: NMLS#11712

at Network Capital

Best for online lending

620

3%

at Network Capital

PNC: NMLS#446303

Best for online lending

620

3%

Read review

Bank of America: NMLS#399802

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Min. Credit Score

620

Min. Down Payment

3%


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.

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

Cons

  • Does not offer renovation loans.

Read Full Review

Guaranteed Rate: NMLS#2611

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

  • Doesn't offer home equity loans or lines of credit.

Read Full Review
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at LoanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

National / Regional

National

at LoanDepot


Why we like it

Ideal for anyone who wants online convenience with face-to-face options. Loan Depot has affiliated locations nationwide and is well-rated for low customer complaint volume.

Pros

  • Offers conventional and government-backed refinance mortgages.

  • Offers a “lifetime guarantee” on future refinances: no lender fees and reimbursal of appraisal cost.

  • Advertises a "no steering" policy for refinance loans.

Cons

  • Must provide personal information to get a customized refinance rate quote.

  • Has fewer high-tech refinance tools than other lenders, such as no mobile app.

Read Full Review
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at Veterans United

Veterans United: NMLS#1907

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Min. Credit Score

660

National / Regional

National

at Veterans United


Why we like it

Ideal for military-connected customers looking to refinance. Veterans United's streamline VA refis require a lot less paperwork with lower closing costs.

Pros

  • Offers VA IRRRL, or “Streamline,” and cash-out refinance loans.

  • Online application and prequalification available.

  • Offers 24/7 customer service.

Cons

  • Doesn’t publish refinance rates on its website.

  • Must provide some personal information for a customized refinance rate quote.

  • Physical locations not available in all states.

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
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at Rocket Mortgage

Rocket Mortgage: NMLS#3030

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Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers 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.

Read Full Review

SoFi: NMLS#1484615

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National / Regional

Regional

Min. Down Payment

10%


Why we like it

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

Pros

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

  • Considers non-traditional 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.

Read Full Review
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at Network Capital

Network Capital: NMLS#11712

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Min. Credit Score

620

Min. Down Payment

3%

at Network Capital


Why we like it

Ideal for cost-conscious borrowers looking for a lender with no origination fees and online convenience with mortgage banker assistance.

Pros

  • Charges no lender fees.

  • A good selection of loan products, including all government-backed mortgages.

  • Offers jumbo loans up to $3 million.

Cons

  • Offers no home equity products.

  • Doesn't lend in all states.

Read Full Review

PNC: NMLS#446303

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with low-to-moderate incomes or limited down payments. PNC offers a low-down-payment loan with no mortgage insurance.

Pros

  • Considers nontraditional credit history like rent payments.

  • Online tools help you estimate mortgage payments and track application progress.

  • Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • It's not possible to complete the entire mortgage process online.

  • Offers mortgage loans nationwide, but has branches in only about two dozen states.

Read Full Review

Last updated on January 2, 2020

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Pennsylvania Mortgage Lenders of 2020