10 Best Los Angeles Mortgage Lenders of 2020

Why we like it

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

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

Pros

• Loan programs to educate and assist first-time home buyers, union members and others.

• Relocation and employee mortgage programs for many large companies.

• Accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.

Cons

• Government actions and scandals have damaged consumer trust.

Why we like it

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

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

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.

Why we like it

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

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

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.

Why we like it

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.