Best of
Best Los Angeles Mortgage Lenders of 2019
NerdWalletJuly 3, 2019
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Looking for a Los Angeles mortgage lender? We've researched the city’s top lenders, selecting the best in five categories so you can have a first-rate experience and get the best mortgage rates.
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.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
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 seeks 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.
Cons
- Services not available in all 50 states.
Min. Credit Score
600
Min. Down Payment
3%
Ideal for borrowers looking for a wide variety of mortgage options, including fixed-rate home loans, adjustable-rate mortgages and VA loans.
Pros
- Wide variety of terms, including 10-, 15-, 20-, 25- and 30-year fixed-rate mortgages and ARMs with 3/1, 5/1, 7/1 and 10/1 terms.
- Offers Fannie Mae and Freddie Mac programs for low- to moderate-income home buyers.
- VA lending is one-third of J.G. Wentworth’s business. A number of loan officers and other employees are former service members.
- Focus on automation includes an entirely online loan application process, digital document uploads, loan tracking and signatures as well as pre-qualification letters by email.
- Licensed in all states except for Hawaii, Missouri, Montana, Nevada and New York.
Cons
- Does not offer home equity loans or lines of credit.
- Physical locations in 14 states only.
- Not licensed in Hawaii, Missouri, Montana, Nevada or New York.
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.
National / Regional
National
Max LTV
89%
Ideal for current Flagstar customers. Flagstar offers rate discounts for existing customers with high credit scores who withdraw at least $25,000 at closing.
Pros
- Multiple draw methods.
- Line amounts from $10,000 to $1,000,000.
- No prepayment penalty on home equity loans.
Cons
- Below average customer satisfaction, according to J.D. Power.
- Branch locations in only about half of U.S. states.
National / Regional
National
Max LTV
90% (HEL)
Ideal for Connexus members who want multiple home equity loan and HELOC options.
Pros
- Flexible payment options during HELOC draw period: interest-only or interest plus principal.
- No annual fee on HELOC.
- Home equity loan terms from 60 to 240 months.
Cons
- Borrower pays closing costs that range from $250 to $2,000.
- Branch locations in only four states.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
National / Regional
National
Ideal for refi borrowers with little time. Rocket Mortgage brings smartphone app convenience to the refinance process. And online income and asset verification speeds the process.
Pros
- Offers conventional and government-backed refinance mortgages.
- Customized loan recommendations based on refinance goals.
- Automatically fills in your application with public information.
- Helpful mortgage bankers are just a click away.
Cons
- Doesn’t consider alternative-credit info for refinances.
- No in-person customer service available.
- Must create an account to see personalized refinance rates.
Min. Credit Score
620
National / Regional
National
Ideal for homeowners who are looking to refinance into conventional, FHA or VA mortgages. Guaranteed Rate works with almost anyone with a good credit score and stable income.
Pros
- Apply and be approved for a refinance entirely online.
- Suggests refinance loan products based on your financial goals.
- No personal information required for customized refinance rate quotes.
Cons
- Charges some fees, such as a lender fee which includes an application fee.
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
0%
Ideal for first-time home buyers who qualify for membership, don't have much saved for a down payment and want to avoid mortgage insurance.
Pros
- First-time home buyers may put zero down and pay no mortgage insurance.
- Repeat homeowners may put down as little as 5% with no mortgage insurance.
- Mortgages are available for non-warrantable condominiums.
Cons
- No government-insured loans, such as FHA, VA or USDA.
- Brick-and-mortar locations in five states, so most borrowers' applications must be handled online or by phone.
- As it's a credit union, membership is limited.
Summary of Best Los Angeles Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Vylla at Vylla | first-time home buyers | 620 | 3% | at Vylla |
New American Funding at New American | first-time home buyers | 620 | 3% | at New American |
 J.G. Wentworth | veterans | 600 | 3% | Read review |
 Navy Federal | veterans | N/A | 0% | Read review |
 Flagstar | home equity loans | N/A | N/A | Read review |
 Connexus | home equity loans | N/A | N/A | Read review |
Rocket Mortgage at Rocket Mortgage | refinancing | 620 | 3% | at Rocket Mortgage |
 Guaranteed Rate | refinancing | 620 | 3% | Read review |
Quicken Loans at Quicken Loans | customer service | 620 | 3% | at Quicken Loans |
 Alliant | customer service | N/A | 0% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Vylla at Vylla | first-time home buyers | 620 | 3% | at Vylla |
New American Funding at New American | first-time home buyers | 620 | 3% | at New American |
J.G. Wentworth | veterans | 600 | 3% | Read review |
Navy Federal | veterans | N/A | 0% | Read review |
Flagstar | home equity loans | N/A | N/A | Read review |
Connexus | home equity loans | N/A | N/A | Read review |
Rocket Mortgage at Rocket Mortgage | refinancing | 620 | 3% | at Rocket Mortgage |
Guaranteed Rate | refinancing | 620 | 3% | Read review |
Quicken Loans at Quicken Loans | customer service | 620 | 3% | at Quicken Loans |
Alliant | customer service | N/A | 0% | Read review |
» MORE: See the best California mortgage lenders
Local mortgage lenders in Los Angeles
If you prefer a local mortgage experience, these Los Angeles lenders are among the highest-volume lenders in the city, though NerdWallet hasn’t reviewed them yet.
SCHOOLS FIRST FEDERAL CREDIT UNION
- Ideal for California school employees and their families.
- Down payments as low as 3%.
- Reduced closing costs and fees.
- Low- or no-mortgage-insurance loan options.
- Online mortgage application.
- Multiple Southern California branch locations.
UNION BANK
- Ideal for borrowers who want affordable loan options.
- Multiple low-down-payment loans.
- Loan options with no closing costs and no mortgage insurance.
- Mobile app available.
- Multiple branch locations in Los Angeles.
GOLDEN EMPIRE MORTGAGE
- Ideal for borrowers who need down payment assistance.
- Offers FHA, HomePath, Home Possible and MyCommunity mortgages.
- Down payment assistance search tool.
- Full online loan application.
- Many California branch locations.
FREMONT BANK
- Ideal for borrowers who want help comparing loan products.
- Dedicated loan officers to help you choose the right mortgage.
- Offers affordable FHA and HomeReady loans, as well as a no-closing-cost option.
- Free email alerts let you know when rates drop.
- Digital document upload and application tracking.
PARAMOUNT RESIDENTIAL MORTGAGE GROUP
- Ideal for borrowers who prefer a homegrown lender.
- Offers a full selection of loans, including FHA, VA, USDA, home equity loans and reverse mortgages.
- Connects borrowers with California down payment assistance programs.
- Headquartered in Corona, California.
Last updated on July 3, 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 Los Angeles Mortgage Lenders of 2019
- Vylla: Best for first-time home buyers
- New American Funding: Best for first-time home buyers
- J.G. Wentworth: Best for veterans
- Navy Federal: Best for veterans
- Flagstar: Best for home equity loans
- Connexus: Best for home equity loans
- Rocket Mortgage: Best for refinancing
- Guaranteed Rate: Best for refinancing
- Quicken Loans: Best for customer service
- Alliant: Best for customer service
