Best of
Best California Mortgage Lenders of 2019
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If you’re looking to buy or refinance a home in California in 2019, NerdWallet can help you choose from some of the best mortgage lenders in the state.
at Better.com
at Better.com
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Claims a three-minute application process for initial preapproval.
- An online process with human help as needed.
- Loan officers aren't paid commissions, they are strictly available for "support, not sales."
- For higher-value homes, offers 10% down with no mortgage insurance on jumbo loans.
- Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.
Cons
- Doesn't offer home equity loans or HELOCs.
- Doesn't do VA or USDA loans.
- Not available in all 50 states.
at SoFi
at SoFi
National / Regional
Regional
Min. Down Payment
10%
Pros
- Provides an entirely digital mortgage application to make the process easier for borrowers.
- Considers nontraditional income, such as restricted stock units, and works with self-employed borrowers.
- Does not require private mortgage insurance for jumbo loans.
Cons
- Doesn't offer government-backed loans, like FHA or VA.
- Does not offer home equity loans or HELOCs.
at LoanDepot
at LoanDepot
Min. Credit Score
620
National / Regional
National
Pros
- Offers conventional and government-backed refinance mortgages.
- Offers a “lifetime guarantee” on future refinances: no lender fees and reimbursal of appraisal cost.
- Advertises a "no steering" policy for refinance loans.
Cons
- Must provide personal information to get a customized refinance rate quote.
- Has fewer high-tech refinance tools than other lenders, such as no mobile app.
at Chase
at Chase
Min. Credit Score
620
National / Regional
National
Pros
- Fixed- and adjustable-rate refinance options.
- Aims to close all refinance transactions in 60 days or less.
- Customized rate quotes available online without providing personal info.
Cons
- Physical locations not available in all states.
- Charges an origination fee as well as other third-party fees for refinances.
- You must speak with a mortgage banker to be approved.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
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.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
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.
- Home equity lending sets it apart from most non-bank lenders.
Cons
- Services not available in all 50 states.
at Veterans United
at Veterans United
Min. Credit Score
620
Min. Down Payment
0%
Pros
- Also offers FHA, USDA and conventional loans.
- Offers 24/7 customer service.
- You can complete a loan application and pre-qualify online.
- Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.
- Offers free credit score education and assistance.
- Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.
Cons
- Doesn’t offer home equity loans or HELOCs.
- Loans are available in all 50 states, but Veterans United has offices in only about half.
National / Regional
National
Min. Down Payment
3%
Pros
- Low down payment options.
- Discounts for Citibank customers.
- Looks at alternative credit data like rent history and child support payments.
- Available in all 50 states.
Cons
- Charges a mortgage application fee.
- Did not disclose origination fees, which may vary.
- Can't complete loan online.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Allows borrowers to apply entirely online.
- Offers down payment and closing cost assistance programs.
- Accepts alternative credit data for some loan types.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Charges an application fee of $1,170, on average.
- Has a high volume of consumer complaints, even for a big national bank.
Summary of Best California Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Better.com at Better.com | first-time home buyers | 620 | 3% | at Better.com |
SoFi at SoFi | first-time home buyers | N/A | 10% | at SoFi |
loanDepot at LoanDepot | refinancing | 620 | 3.5% | at LoanDepot |
Chase at Chase | refinancing | 620 | 3% | at Chase |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
 Guaranteed Rate | online experience | 620 | 3% | Read review |
New American Funding at New American | borrowers with bad credit | 620 | 3% | at New American |
Veterans United at Veterans United | borrowers with bad credit | 620 | 0% | at Veterans United |
 Citibank Mortgage | face-to-face service | N/A | 3% | Read review |
 Bank of America | face-to-face service | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Better.com at Better.com | first-time home buyers | 620 | 3% | at Better.com |
SoFi at SoFi | first-time home buyers | N/A | 10% | at SoFi |
loanDepot at LoanDepot | refinancing | 620 | 3.5% | at LoanDepot |
Chase at Chase | refinancing | 620 | 3% | at Chase |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
Guaranteed Rate | online experience | 620 | 3% | Read review |
New American Funding at New American | borrowers with bad credit | 620 | 3% | at New American |
Veterans United at Veterans United | borrowers with bad credit | 620 | 0% | at Veterans United |
Citibank Mortgage | face-to-face service | N/A | 3% | Read review |
Bank of America | face-to-face service | 620 | 3% | Read review |
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.
- Best Los Angeles mortgage lenders
- Best San Diego mortgage lenders
- Best San Francisco mortgage lenders
More from NerdWallet
Last updated on July 2, 2019
Methodology
To recap our selections...
NerdWallet's Best California Mortgage Lenders of 2019
- Better.com: Best for first-time home buyers
- SoFi: Best for first-time home buyers
- loanDepot: Best for refinancing
- Chase: Best for refinancing
- Rocket Mortgage: Best for online experience
- Guaranteed Rate: Best for online experience
- New American Funding: Best for borrowers with bad credit
- Veterans United: Best for borrowers with bad credit
- Citibank Mortgage: Best for face-to-face service
- Bank of America: Best for face-to-face service
