10 Best California Mortgage Lenders of 2022

4.5

Best for face-to-face service

660

National

Better: NMLS#330511

5.0

Best for first-time home buyers

620

National

Chase: NMLS#399798

4.0

Best for refinancing

620

National

Citibank: NMLS#412915

4.5

Best for face-to-face service

N/A

National

Guaranteed Rate: NMLS#2611

5.0

Best for online experience

620

National

loanDepot: NMLS#174457

4.0

Best for refinancing

620

National

New American Funding: NMLS#6606

at New American Funding

4.5

Best for borrowers with bad credit

620

National

at New American Funding

Rocket Mortgage, LLC: NMLS#3030

at Rocket Mortgage, LLC

4.5

Best for online experience

620

National

at Rocket Mortgage, LLC

SoFi: NMLS#1484615

4.0

Best for first-time home buyers

620

Regional

Veterans United: NMLS#1907

4.0

Best for borrowers with bad credit

620

National

Bank of America: NMLS#399802

4.5

Min. credit score

660

Min. down payment

National / regional

National

National / regional

National

Why we like it

Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit.

Pros

Offers down payment and closing cost assistance programs.
May give existing customers a discount on mortgage lender origination fees and HELOC interest rates.
Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

Doesn't offer renovation loans that roll costs into a mortgage.

Better: NMLS#330511

5.0

Min. credit score

620

Min. down payment

Why we like it

Good for: tech-savvy borrowers who prefer an online experience.

Pros

Offers a program allowing qualifying buyers to make cash offers.
Makes it easy to see customized mortgage rates.
Average interest rates are on the low end compared to other lenders, according to the latest federal data.

Cons

Doesn’t offer USDA loans.
VA loans are not available in every state.
Doesn't offer home equity loans.

Chase: NMLS#399798

4.0

Min. credit score

620

National / regional

National

Why we like it

Good 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.

Cons

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.

Citibank: NMLS#412915

4.5

National / regional

National

Min. down payment

Why we like it

Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option.

Pros

Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.
Offers low rates compared with other lenders, according to the latest data.
Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

Requires help from a loan officer to complete an online mortgage application.
Customized mortgage rates not available without making contact.
Doesn’t offer renovation loans, or home equity loans or lines of credit.

Guaranteed Rate: NMLS#2611

5.0

Min. credit score

620

Min. down payment

Why we like it

Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience.

Pros

Displays detailed sample rates for many of its loan products.
Offers a wide variety of loans, including jumbo and interest-only products.
Offers low rates compared with other lenders, according to the latest federal data.

Cons

Doesn't offer home equity loans.

loanDepot: NMLS#174457

4.0

Min. credit score

620

National / regional

National

Why we like it

Good 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.

Cons

Mortgage rates aren't available online; you'll need to contact a loan officer.
Doesn't offer home equity loans or lines of credit.

at New American Funding

New American Funding: NMLS#6606

4.5

Min. credit score

620

Min. down payment

at New American Funding

Why we like it

Good for: First-time home buyers and other borrowers looking for a broad array of loan choices.

Pros

Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
Its home equity line of credit can be used for an owner-occupied or second home.
Offers a program to enable buyers to make cash offers.

Cons

Mortgage origination fees tend to be on the high end, according to the latest federal data.

at Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

4.5

Min. credit score

620

Min. down payment

at Rocket Mortgage, LLC

Why we like it

Good for: borrowers who appreciate a fully digital home loan experience with mortgage rates lower than other lenders’.

Pros

Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
Mortgage interest rates are on the low side compared to other lenders, according to the latest federal data.
Offers the option to work with loan officers by phone if desired.

Cons

Getting a customized interest rate requires a credit check, which can affect your credit score.
Doesn't offer home equity lines of credit.
Origination fees are on the high side compared with other lenders, according to the latest federal data.

SoFi: NMLS#1484615

4.0

Min. credit score

620

Min. down payment

Why we like it

Good for: borrowers seeking an entirely digital application process for conventional purchase mortgages or refinancing.

Pros

Borrowers with an existing loan or investment account from SoFi may qualify for a $500 discount on mortgage fees.
Mortgage rates tend to be on the low side, according to the latest federal data.
Offers jumbo loans with a minimum down payment of 10%.

Cons

Does not offer government-backed loans, such as FHA or VA.
Requires users to create an account to see customized mortgage rates.
SoFi conforming mortgages are unavailable in Hawaii.

Veterans United: NMLS#1907

4.0

Min. credit score

620

Min. down payment

Why we like it

Good for: veterans, active-duty service members and eligible reservists looking for VA loans.

Pros

Offers 24/7 customer service over the phone.
Offers a free credit counseling service.
Mortgage rates are on the low side, according to the latest federal data.

Cons

Doesn’t offer home equity loans or HELOCs.
Veterans United has physical branch offices in only 17 states.
Focus on VA loans, so may not be the strongest choice for those seeking other loan types.