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10 Best Los Angeles Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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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.

Los Angeles is home to many different financial institutions. If the idea of sorting through them all to find the right mortgage lender feels overwhelming, don’t worry — NerdWallet can give you a head start.

We compared leading home loan lenders and identified the best ones for borrowers in the City of Angels.

Whether you’re looking to buy a house in Silver Lake, refinance your Laurel Canyon bungalow or tap the equity in your Echo Park townhouse, these national and local mortgage lenders are a great place to start.

Although they serve borrowers across the country, these lenders are among the most popular mortgage providers in Los Angeles.

Summary of Best Los Angeles Mortgage Lenders of 2020

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 New American

New American Funding: NMLS#6606

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Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

at New American


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.

Read Full Review

Wells Fargo: NMLS#399801

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers looking for a national lender with a wide selection of mortgage products for home buyers in all financial stages.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • New applications for home equity lines of credit suspended during COVID-19 crisis.

  • Government actions and scandals have damaged consumer trust in recent years.

Read Full Review

Navy Federal: NMLS#399807

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National / Regional

National

Min. Down Payment

0%


Why we like it

Good for: Military members and their families looking for low-down-payment mortgages.

Pros

  • Offers a wide range of affordable mortgage products designed for military members.

  • Has an online application for preapproval.

  • Offers low rates compared with most lenders.

Cons

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

  • Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Read Full Review

Flagstar: NMLS#417490

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National / Regional

National

Max LTV

89%


Why we like it

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.

Read Full Review

Connexus: NMLS#649316

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National / Regional

National

Max LTV

90% (HEL)


Why we like it

Ideal for Connexus members who want multiple home equity loan and HELOC options.

Pros

  • Well-qualified homeowners can borrow up to 90% of their home's equity.

  • Home equity loan terms from 60 to 240 months.

Cons

  • Borrower pays closing costs that range from $175 to $2,000.

  • Home equity products are not available to residents of Maryland, Texas, Hawaii and Alaska.

Read Full Review
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at Rocket Mortgage

Rocket Mortgage by Quicken Loans: NMLS#3030

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Min. Credit Score

620

National / Regional

National

at Rocket Mortgage


Why we like it

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.

Read Full Review

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

National / Regional

National


Why we like it

Good for homeowners who are looking to refinance conventional, FHA or VA mortgages.

Pros

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

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

Cons

  • Charges some fees, such as a lender fee which includes an application fee.

Read Full Review
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at Quicken Loans

Quicken Loans: NMLS#3030

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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

Alliant: NMLS#197185

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National / Regional

National

Min. Down Payment

0%


Why we like it

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

  • Only one public branch location in Chicago.

  • As it's a credit union, membership is limited.

Read Full Review

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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

More from NerdWallet

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 Los Angeles Mortgage Lenders of 2020