Best Mortgage Lenders of July 2025
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Before buying a home or tapping equity, shop around to find the best mortgage lenders for your circumstances.
A mortgage is a big financial decision. Comparing mortgage rates and other loan elements among at least three lenders can help you find the best deal.
When choosing a lender, look at:
Mortgage rates
Fees & loan terms
Time to close
Online application & loan tracking
Customer service
Taking the time to make an informed decision can save you thousands of dollars over the life of your loan.
NerdWallet’s editorial team has picked some of the best lenders across categories to help you find the home loan that's right for you.
You can find more of our picks for best mortgage lenders here:
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our 2025 Best-Of Award Winner
Best Mortgage Lenders of July 2025
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Lender | NerdWallet Rating | Min. credit score | Min. down payment | Learn more |
|---|---|---|---|---|
 Rocket Mortgage, LLC: NMLS#3030 | 620 | 1% | ||
 NBKC: NMLS#409631 | 620 | 3% | ||
 Rate: NMLS#2611 | 5.0 /5Home loans overall Best for first-time home buyers, FHA loans, home equity loans and borrowers with low credit | 620 | 3% | |
 First Federal Bank: NMLS#408902 | 620 | 3% | ||
 FourLeaf Federal Credit Union: NMLS#449104 | 670 | N/A | ||
 Veterans United: NMLS#1907 | 620 | 0% | ||
 Northpointe: NMLS#447490 | 620 | 3% | ||
 Pennymac: NMLS#35953 | 580 | 3.5% | ||
 PenFed: NMLS#401822 | 620 | 0% | ||
 Network Capital: NMLS#11712 | 620 | 3% | ||
 Navy Federal: NMLS#399807 | N/A | 0% | ||
 U.S. Bank: NMLS#402761 | N/A | N/A | ||
 Flagstar: NMLS#417490 | N/A | 5% | ||
 PNC Bank: NMLS#446303 | 620 | 3% | ||
 Better: NMLS#330511 | 680 | N/A | ||
 Truist: NMLS#399803 | 660 | N/A | ||
 Wells Fargo: NMLS#399801 | 640 | 3.5% | ||
 State Employees' Credit Union: NMLS#430055 | N/A | 0% | ||
 Guild Mortgage: NMLS#3274 | 680 | N/A |
Explore all of our lender picks by category
- Why we like itRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
ConsRead full review- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
- Why we like itNBKC has a user-friendly website and low average rates, but the mobile app is not aimed at mortgage borrowers and browsing customized mortgage rates requires supplying your name and contact information.Pros
- Mortgage rates are on the low side compared to other lenders, according to the latest federal data.
- VA loans represent more than a quarter of purchase volume, a larger share than many lenders NerdWallet reviews.
- Offers a variety of loan types for purchase and refinance, including fixed- and adjustable-rate loans and government options
ConsRead full review- HELOCs and no-down-payment loans are available only in the Kansas City metro area.
- Mobile app focuses on online banking, not mortgages.
- You’ll need to share contact information to see customized mortgage rates.
- Why we like itRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
ConsRead full review- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
- Why we like itFirst Federal Bank Mortgage Lenders stands out for its focus on government loan lending, and will likely appeal to FHA, VA and other niche loan borrowers.Pros
- Over 40% of all loans last year were FHA, VA or USDA loans.
- Average mortgage rates are on the lower side, according to the latest federal data.
- Offers 15-, 20-, 25-, and 30-year repayment terms, which is unusually flexible.
ConsRead full review- No dedicated mobile app for mortgage borrowers.
- Some loans (including home equity products) are geographically limited.
- Why we like itFourLeaf HELOC borrowers don’t pay closing costs (as long as the line is open for more than three years) and can get an introductory rate below the prime rate.Pros
- No closing costs
- Easy-to-join credit union.
- Fixed introductory rate is below the prime rate.
ConsRead full review- Must pay back closing costs if the line is open for three years or less.
- Why we like itVeterans United is the largest VA loan originator in the country by far, according to the latest federal data.Pros
- Specializes in working with military borrowers.
- Offers VA refinancing.
- Sample interest rates are posted online.
ConsRead full review- Interest rates are on the higher end compared to other VA lenders.
- Does not offer VA renovation loans.
- Why we like itIn addition to standard options like conventional and government-backed loans, including FHA loans, Northpointe Bank’s mortgage portfolio includes rarer offerings like doctor loans, condominium loans, investment property loans and loans for borrowers with credit challenges.Pros
- Closing may be available within 15 business days.
- Offers loans and programs aimed at making homeownership more accessible.
- Offers mortgages for investment properties, including jumbo loans.
ConsRead full review- Average mortgage origination fees are on the high side, according to the latest data.
- Bank’s mobile app isn’t useful for mortgage borrowers.
- Why we like itPennymac, known for its government loans, stands out for a refreshingly transparent digital experience. Competitive perks and cash back ease the cost of borrowing, too.Pros
- Easy to personalize a quote and apply online.
- Can lock in a rate before you’re under contract, earlier than most lenders.
- Perks include a 1% interest rate buydown and “refinance later” cash bonus.
ConsRead full review- Origination fees are on the higher end, according to the latest federal data.
- Online chat is available only in the logged-in experience.
- No renovation loans.
- Why we like itPenFed offers VA refinancing and offers low interest rates for VA loans.Pros
- Offers VA refinancing.
- Interest rates are low compared to other VA lenders.
ConsRead full review- Does not offer VA renovation loans.
- Customer service score is on the lower end compared to other VA lenders.
- Why we like itNetwork Capital stands out for its wide range of mortgage offerings, including niche products like physician loans, non-QM loans, ITIN loans and mortgages for manufactured homes.Pros
- Reported average time to close is 20 days, far below the industry average.
- Products like non-QM loans and ITIN loans make borrowing more accessible.
- HELOCs offer long draw terms, up to 30 years.
ConsRead full review- The lender’s website offers limited loan details.
- HELOCs have a minimum loan amount of $50,000.
- Why we like itNavy Federal Credit Union stands out for having exceptionally low VA interest rates and fees.Pros
- Best-scoring VA lender for interest rates and fees.
- Offers VA refinancing.
- Specializes in working with military borrowers.
ConsRead full review- Does not offer VA renovation loans.
- Why we like itU.S. Bank stands out for online convenience and impressive mortgage options, from government-backed loans to boutique mortgages. Home improvement loans and borrower assistance are available.Pros
- Offers up to $17,500 in down payment and closing cost assistance.
- Wide variety of mortgage types.
- Experienced with construction-to-permanent and renovation loans.
ConsRead full review- Assistance programs limited to select cities and states.
- Online rate tool doesn’t customize by credit score.
- Why we like itFlagstar Bank stands out for its range of accessible loans and programs, including loans with flexible requirements and down payment grant options. Its mortgage operations were acquired by Mr. Cooper in 2024.Pros
- Conventional loan terms extend to 40 years, which is unusually flexible.
- Offers options for high-balance mortgages.
- Offers specialized mortgages for professionals, such as doctors and lawyers, starting their careers.
- Reported average time to close (20-30 days) is faster than industry standard.
ConsRead full review- The lender’s mobile app is focused on banking, not mortgages.
- Conventional fixed-rate mortgages require a 5% minimum down payment, higher than some competitors.
- Why we like itPNC Bank has a variety of appealing mortgage options, including jumbo loans, programs for first-time home buyers and home equity lines of credit.Pros
- Low-down-payment loan options include FHA, VA, USDA and PNC Community Loan.
- Jumbo loans available with minimum down payments of 5%.
- Customizable mortgage rates are posted online.
ConsRead full review- Average mortgage rates are on the high side, according to the latest federal data.
- In-person service is not available in every state.
- You’ll have to supply personal data or account info to get answers by phone.
- Why we like itBetter home equity loans stand out for having high borrowing limits and a convenient digital application.Pros
- Maximum borrowing limit is higher than industry standard.
- Borrowers can apply online or via mobile app.
- Home equity loans are available for second homes.
ConsRead full review- Info about home equity loans is very limited on Better’s website.
- Why we like itTruist is a large HELOC lender, with a generous borrowing limit, the option to fix the rate on all or part of the loan balance, and no origination fees.Pros
- Choice of 5, 10, 15, 20 or 30-year repayment terms for borrowers with fixed rates.
- No initial draw required.
- No origination fees or prepayment penalties.
ConsRead full review- $50 annual fee.
- Rates are not posted online.
- Fixed-rate draws must be at least $5,000.
- Why we like itWhile Wells Fargo earns solid scores in our rankings, its consumer trust track record is rough. The lender focuses its mortgage lending on banking customers and borrowers in underserved communities.Pros
- Low average FHA interest rates compared to other lenders.
- Sample rates and details are shown for various loan products.
- Offers generous down payment and closing cost assistance programs for qualified borrowers.
ConsRead full review- Home loans business is broadly focused on existing bank customers.
- Scandals and government actions have damaged consumer trust in recent years.
- Why we like itState Employee's Credit Union in North Carolina has some of the lowest average mortgage rates of lenders we review, as well as generous grants and specialty loans for first time home buyers who meet its membership criteria.Pros
- Offers a no-down-payment mortgage without private mortgage insurance.
- Participates in multiple first-time buyer assistance programs.
- Very low average mortgage rates, according to the latest federal data.
ConsRead full review- Credit union membership eligibility is limited.
- Loans only available in five states.
- Doesn’t offer government-backed mortgages.
- Why we like itGuild home equity loans have a high borrowing limit and no appraisal requirements for loans under $250,000, but borrowers will have to pay an origination fee.Pros
- Maximum borrowing limit is higher than industry standard.
- No appraisal required for loans under $250,000.
- No application fee.
ConsRead full review- Origination fee of $595.
- Home equity loan rates are not posted online.
How does a mortgage work?
A mortgage is a loan to buy a home. You repay it monthly with interest over a number of years (often 15, 20 or 30). If you can’t repay, the lender may take the home through a process known as foreclosure.
Who offers mortgages? Banks, credit unions and lenders.
How do you apply? Fill out an application and share your financial details.
What do lenders check? Your income, debt, and credit score determine if you qualify and the terms offered.
» MORE: What is a mortgage?
Types of mortgages
There are different types of mortgages. Here is a simple breakdown of your options.
Fixed vs. adjustable rates
✅ Fixed-rate mortgage: the interest rate stays the same for the entire loan.
✅ Adjustable-rate mortgage (ARM): the interest rate stays the same for a certain period (up to 10 years), then adjusts at a specific interval (usually every six months).
15-, 20- and 30-year mortgages
✅ 30-year mortgages are the most common.
✅ 15- and 20-year loans are also available.
✅ Payments are spread over the loan term. Once fully paid, you own the home free and clear.
Government-backed mortgages
These loans are insured by the federal government:
🏠 FHA loans: Backed by the Federal Housing Administration
3.5% down payment required
Lower credit score requirement than other loans
Mortgage insurance required
🏠 USDA loans: Backed by the U.S. Department of Agriculture
For rural home buyers
No down payment required
Upfront and annual guarantee fees apply (similar to mortgage insurance)
🏠 VA loans: Backed by the Department of Veterans Affairs
For veterans and active military
No down payment required
One-time VA funding fee (can be added to the loan)
Conventional loans
Conventional loans are mortgages that are not backed by the federal government. Some require as little as 3% down, but private mortgage insurance (PMI) is needed if the down payment is under 20%.
There are two types of conventional loans:
🏠 Conforming loans: Must stay within loan limits set by the Federal Housing Finance Agency (FHFA). They follow rules from Fannie Mae and Freddie Mac, which buy these loans.
🏠 Nonconforming loans: Do not follow these limits or guidelines.
Jumbo loans are a type of nonconforming loan that exceed loan limits. They often require higher credit scores and stricter approval criteria.
What’s the credit score needed for a home loan?
The credit score needed to buy a home depends on the type of loan and the lender. Most borrowers have scores in the high 600s to 700s. FHA loans generally have the most lenient credit score requirements.
How to compare mortgage rates
Check current mortgage rates to see the average offers.
Get online quotes from lenders based on:
Your location
Loan term
Purchase price
Down payment
Other factors
To get a more personalized quote, apply for preapproval. During preapproval, the lender will check your credit score and verify your financial information, such as income, assets and debts.
How to shop for a mortgage lender
The best time to shop for a mortgage lender is before you start house hunting.
Get preapproved: This shows real estate agents and sellers that you’re a serious buyer.
Compare Loan Estimates: Request estimates from multiple lenders.
Review key details: Look at loan terms, monthly payments, and estimated closing costs.
By comparing lenders, you can find the best deal and save money over time.
Home equity loans and lines of credit
Homeowners can access their home equity without refinancing or selling by taking out a second mortgage.
Provides a lump sum based on home value
Best for home upgrades or repairs that add value
Repaid over a fixed time period
🏠 HELOC (Home Equity Line of Credit)
Works like a credit card with a borrowing limit
Allows multiple withdrawals over a set period
Payments are made over time
Important: Both options use your home as collateral. If you miss payments, you could lose your home.
More from NerdWallet:
Fact-checked as of May 1, 2025
Last updated on June 9, 2025
Frequently asked questions
The answer depends on your needs. Mortgage lenders vary by the types of loans and services they offer as well as their credit score minimums and other requirements for borrowers. The best mortgage lender is the one that offers the products you need, has requirements you can meet and charges the lowest mortgage rates and fees.
Some lenders post mortgage rates on their websites and include tools to see how much your rate might be. But those are just estimates. You'll need to get preapproved for a mortgage to get a rate offer based on your credit score and other financial information.
Closing costs are the various fees and expenses you pay to finalize the mortgage. Closing costs typically run between about 2% and 5% of the loan amount. That means on a $300,000 home loan, you could pay $6,000 to $15,000 in closing costs.
Most state housing finance agencies offer first-time home buyer programs, which can include closing cost and down payment assistance. The assistance can come in the form of a grant, a forgivable loan or a deferred-payment loan. To qualify, you need to work with a lender approved by the state agency.
You should shop for a lender first and get preapproved for a mortgage before shopping for a house. A mortgage preapproval shows sellers and their real estate agents that you're a serious buyer. It also indicates how much you can borrow, which will help you determine how much home you can afford.
Methodology
NerdWallet's editorial team selected the mortgage lenders that appear on this page from our lists of best mortgage lenders for: first-time home buyers, borrowers with low credit, FHA loans, VA loans, home equity lines of credit (HELOCs) and home equity loans. In each category, the highest-scoring lenders were selected. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. Read more about how we rate mortgage lenders here.
NerdWallet's Best Mortgage Lenders of July 2025
- Rocket Mortgage, LLC: Best for first-time home buyers
- NBKC: Best for first-time home buyers
- Rate: Best for first-time home buyers, FHA loans, home equity loans and borrowers with low credit
- First Federal Bank: Best for borrowers with low credit, FHA loans
- FourLeaf Federal Credit Union: Best for HELOCs
- Veterans United: Best for VA loans
- Northpointe: Best for first-time home buyers
- Pennymac: Best for FHA and VA loans
- PenFed: Best for VA loans
- Network Capital: Best for borrowers with low credit
- Navy Federal: Best for home equity loans, HELOCs, and VA loans
- U.S. Bank: Best for HELOCs and mortgage lending overall
- Flagstar: Best for borrowers with low credit, FHA loans, VA loans
- PNC Bank: Best for first-time home buyers, HELOCs
- Better: Best for home equity loans
- Truist: Best for HELOCs
- Wells Fargo: Best for FHA loans
- State Employees' Credit Union: Best for borrowers with low credit
- Guild Mortgage: Best for home equity loans
