10 Best California Mortgage Lenders of 2022
If you’re looking to buy or refinance a home in California in 2022, NerdWallet can help you choose from some of the best mortgage lenders in the state.
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Whether you’re shopping for a condo on the coast, a classic suburban ranch or a low-rate refinance, these California mortgage lenders reviewed by NerdWallet can get you there.
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.
10 Best California Mortgage Lenders of 2022
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 3% | See Offers at Rate | ||
580 | N/A | See Offers at New American Funding | ||
 Better: NMLS#330511 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
620 | 1% | See Offers at Rocket Mortgage, LLC | ||
 SoFi: NMLS#696891 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Bank of America: NMLS#399802 Compare More Lenders on NerdWallet | 660 | 5% | Compare More Lenders on NerdWallet | |
620 | 3% | See Offers at Veterans United | ||
 loanDepot: NMLS#174457 Compare More Lenders on NerdWallet | 520 | 5% | Compare More Lenders on NerdWallet | |
 Citibank: NMLS#412915 Compare More Lenders on NerdWallet | N/A | 3% | Compare More Lenders on NerdWallet | |
 Chase: NMLS#399798 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet |
- 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 itNew American Funding offers a large menu of loan products, as well as programs like first-time home buyer assistance, but personalized mortgage rates aren't available on its website.Pros
- Offers a wide variety of purchase and refinance mortgages, as well as unique buyer assistance programs.
- Its home equity line of credit can be used for a primary residence or second home.
ConsRead full review- Average origination fees are on the high side, according to the latest federal data.
- Personalized mortgage rates are not available on the website without providing contact information.
- Why we like itOnline-only lender Better offers a range of mortgage types and a one-stop shopping experience, though some borrowers may be turned off by the lender’s lack of chat support or a mobile app.Pros
- Borrowers can apply, lock in a rate and receive a commitment letter within one day.
- Offers both HELOCs and home equity loans with a high borrowing limit of 90% CLTV.
- Offers mortgages for manufactured homes, as well as financing for self-employed borrowers.
ConsRead full review- No mobile app; customer service is by email or phone only.
- Borrower must provide contact information to see customized rates.
- Does not offer renovation or construction loans.
- 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 itSoFi offers standard purchase and refinance mortgage options, but not construction or renovation loans, and stands out for its convenient one-stop-shopping setup.Pros
- Offers a credit up to $10,000 if closing exceeds the contract date and the lender is at fault.
- Sample mortgage rates are highly customizable.
- HELOC borrowers may access up to 90% of their home equity.
ConsRead full review- Borrowers may experience difficulty with customer service.
- Why we like itBank of America offers low interest rates, in-person service and plenty of loan options. Current banking customers may be eligible for additional perks.Pros
- Interest rates are lower than most lenders, according to the latest federal data.
- Offers up to $10,000 in down payment assistance to qualified borrowers.
- Banking customers can get discounted interest rates or fees.
ConsRead full review- Mortgage origination fees are on the high side, according to the latest federal data.
- Rate estimator tool doesn’t personalize by credit score.
- Why we like itVeterans United is the largest VA loan lender in the country, accounting for nearly a third of all VA loan originations. Most likely to appeal to veterans and servicemembers.Pros
- 24/7 customer service line supports servicemembers stationed internationally.
- Niche VA products, including refinances, EEMs and VA jumbo loans.
- Maintains a network of real estate agents experienced with VA borrowers.
ConsRead full review- No HELOCs or home equity loans.
- No renovation loans.
- No live chat feature on website.
- Why we like itGood for: borrowers who want an easy online application and a variety of loan types to explore.Pros
- Has branches across the country for customers who prefer face-to-face service.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Mortgage interest rates tend to be on the lower end, according to the latest federal data.
ConsRead full review- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Doesn't offer home equity loans or lines of credit.
- Why we like itCiti offers solid customer support and a highly rated mobile app. Borrowers need to contact the lender for a customized rate quote or preapproval — but average mortgage rates are among the lowest of lenders we review.Pros
- Very low average interest rates compared to other lenders, according to the latest federal data.
- Closing cost credits and interest rate discounts available.
- Highly rated mobile app.
ConsRead full review- Preapproval and application require a phone call to complete.
- Must contact the lender for customized rate quote.
- Doesn’t offer renovation or construction-to-permanent loans.
- Why we like itGood for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates.Pros
- Carries a wide variety of mortgage types and products, including mortgages with down payments as low as 3%.
- Offers low rates compared with other lenders, according to the latest federal data.
- Offers a customizable mortgage calculator for personalized rate and payment estimates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
ConsRead full review- Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
- You have to speak with a home loan adviser to complete the application.
- Home equity lines of credit (HELOC) are currently unavailable.
Best California mortgage lenders by city
We took an even closer look to find lenders in major California cities. See our picks for best mortgage lenders in your area.
More from NerdWallet:
Last updated on January 6, 2022
Frequently asked questions
The median price of a home in California in 2020 hovered near $700,000, according to the California Association of Realtors. And while home prices vary widely depending on the region, Los Angeles, San Diego, San Jose, San Francisco and Sacramento were the least affordable areas for first-time buyers among the 50 largest metros in the U.S. in the fourth quarter of 2020, according to a NerdWallet affordability report.
The California mortgage lender that’s right for you will depend on your financial situation and your needs. Search for lenders offering loans that suit your needs, then be sure to compare interest rates. If you are a first-time buyer, California offers programs that can help you find a lender with favorable rates as well assist with a down payment and closing costs.
While the mortgage you get will depend more on the cost of the home and your situation, you can compare lenders by region as well. NerdWallet has compiled lists of the top lenders in San Francisco, Los Angeles and San Diego to help you find the right mortgage for your financial situation and needs.
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.
NerdWallet's Best California Mortgage Lenders of 2022
- Rate: Best for online experience
- New American Funding: Best for borrowers with bad credit
- Better: Best for first-time home buyers
- Rocket Mortgage, LLC: Best for online experience
- SoFi: Best for first-time home buyers
- Bank of America: Best for face-to-face service
- Veterans United: Best for borrowers with bad credit
- loanDepot: Best for refinancing
- Citibank: Best for face-to-face service
- Chase: Best for refinancing
