Best Los Angeles Mortgage Lenders of 2019

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.

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 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.

Why we like it

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.

• Online application for preapproval with quick decision.

Cons

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

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.

Why we like it

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.

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.

Why we like it

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.

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

• 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 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.