Best of

Best Los Angeles Mortgage Lenders of 2019

NerdWalletJuly 3, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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.

Vylla

at Vylla

at Vylla

Min. Credit Score

620

Min. Down Payment

3%

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
New American Funding

at New American

at New American

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
J.G. Wentworth

at JG Wentworth

4.0

NerdWallet rating 

at JG Wentworth

Min. Credit Score

600

Min. Down Payment

3%

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 entire 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%

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.
Read full review
National / Regional

National

Max LTV

89%

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
National / Regional

National

Max LTV

90% (HEL)

Pros

  • Flexible payment options during HELOC draw period: interest-only or interest plus principal.
  • No annual fee on HELOC.
  • Choose a home equity loan term of 60 to 240 months.

Cons

  • Borrower pays closing costs that range from $250 to $2,000.
  • Branch locations in only four states.
Read full review
Rocket Mortgage

at Rocket Mortgage

at Rocket Mortgage

Min. Credit Score

620

National / Regional

National

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
Min. Credit Score

620

National / Regional

National

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.
Read full review
Quicken Loans

at Quicken Loans

at Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
National / Regional

National

Min. Down Payment

0%

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.
Read full review

Summary of Best Los Angeles Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Vylla

Vylla

at Vylla

first-time home buyers

620

3%

at Vylla

New American Funding

New American Funding

at New American

first-time home buyers

620

3%

at New American

J.G. Wentworth

J.G. Wentworth

NerdWallet rating 

at JG Wentworth

veterans

600

3%

at JG Wentworth

Navy Federal

Navy Federal

veterans

N/A

0%

Read review
Flagstar

Flagstar

home equity loans

N/AN/ARead review
Connexus

Connexus

home equity loans

N/AN/ARead review
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

refinancing

620

3%

at Rocket Mortgage

Guaranteed Rate

Guaranteed Rate

refinancing

620

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

customer service

620

3%

at Quicken Loans

Alliant

Alliant

customer service

N/A

0%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Vylla

Vylla

at Vylla

first-time home buyers

620

3%

at Vylla

New American Funding

New American Funding

at New American

first-time home buyers

620

3%

at New American

J.G. Wentworth

J.G. Wentworth

NerdWallet rating 

at JG Wentworth

veterans

600

3%

at JG Wentworth

Navy Federal

Navy Federal

veterans

N/A

0%

Read review
Flagstar

Flagstar

home equity loans

N/AN/ARead review
Connexus

Connexus

home equity loans

N/AN/ARead review
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

refinancing

620

3%

at Rocket Mortgage

Guaranteed Rate

Guaranteed Rate

refinancing

620

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

customer service

620

3%

at Quicken Loans

Alliant

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