BEST OF

10 Best California Mortgage Lenders of 2021

If you’re looking to buy or refinance a home in California in 2021, NerdWallet can help you choose from some of the best mortgage lenders in the state.

NerdWalletAug 30, 2021

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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.

Summary of Best California Mortgage Lenders of 2021

Lender	NerdWallet Rating	Min. Credit Score	Min. Down Payment	Learn More
Better: NMLS#330511 Learn more at Better	5.0/5 Best for first-time home buyers	620	3%	Learn more at Better
New American Funding: NMLS#6606 Learn more at New American Funding	4.5/5 Best for borrowers with bad credit	620	3%	Learn more at New American Funding
Rocket Mortgage by Quicken Loans: NMLS#3030 Learn more at Rocket Mortgage by Quicken Loans	4.5/5 Best for online experience	620	3%	Learn more at Rocket Mortgage by Quicken Loans
Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate	5.0/5 Best for online experience	620	3%	Learn more at Guaranteed Rate
loanDepot: NMLS#174457 Learn more at loanDepot	3.5/5 Best for refinancing	620	N/A	Learn more at loanDepot
Veterans United: NMLS#1907 Learn more at Veterans United	4.5/5 Best for borrowers with bad credit	640	0%	Learn more at Veterans United
Chase: NMLS#399798 Learn more at Chase	4.5/5 Best for refinancing	620	N/A	Learn more at Chase
SoFi: NMLS#1484615 Learn more at SoFi	3.5/5 Best for first-time home buyers	620	5%	Learn more at SoFi
Citibank: NMLS#412915 Read review	5.0/5 Best for face-to-face service	N/A	3%	Read review
Bank of America: NMLS#399802 Read review	5.0/5 Best for face-to-face service	620	5%	Read review

Learn more

at Better

Better: NMLS#330511

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Better

Why we like it

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

Pros

An online process with human help as needed.
Makes it easy to see customized mortgage rates.
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.

Read Full Review

Learn more

at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

Uses manual underwriting to evaluate creditworthiness.
Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.

Read Full Review

Learn more

at Rocket Mortgage by Quicken Loans

Rocket Mortgage by Quicken Loans: NMLS#3030

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Rocket Mortgage by Quicken Loans

Why we like it

Good for: borrowers who appreciate smartphone and online convenience for a fully digital home loan experience powered by Quicken Loans.

Pros

Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
Estimates the loan amount you’ll qualify for within minutes.
Offers document and asset retrieval capabilities.

Cons

If you’re a “look me in the eye” type of customer, you’re out of luck.
Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

Read Full Review

Learn more

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

Offers the ability to securely upload and digitally sign loan documents.
Displays detailed sample rates for many of its loan products.

Cons

Doesn't offer home equity loans or lines of credit.

Read Full Review

Learn more

at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at loanDepot

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

Offers digital income, asset and employment verification.
Offers multiple renovation loan options.
Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

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

Read Full Review

Learn more

at Veterans United

Veterans United: NMLS#1907

4.5

NerdWallet rating

Min. Credit Score

640

Min. Down Payment

Learn more

at Veterans United

Why we like it

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

Pros

Offers 24/7 customer service over the phone.
Has online application and pre-qualification.
Offers a free credit counseling service.
Employs advisors from each branch of the armed forces.

Cons

Doesn’t offer home equity loans or HELOCs.
Veterans United has physical branch offices in only 18 states.
Information on FHA, USDA and conventional loans is harder to find on their website.
Charges higher rates and fees than some other lenders.

Read Full Review

Learn more

at Chase

Chase: NMLS#399798

4.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at Chase

Why we like it

Good for: refinancers who want a name-brand bank, with offices in more than half the states, that charges lower rates and fees than many other lenders.

Pros

Fixed- and adjustable-rate refinance options.
Customized refinance rate quotes available online without providing personal info.

Cons

You have to speak with a home loan advisor to complete the application.

Read Full Review

Learn more

at SoFi

SoFi: NMLS#1484615

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at SoFi

Why we like it

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

Pros

Provides an entirely digital mortgage application.
May consider vested restricted stock units as income.
SoFi members may qualify for a $500 discount on mortgage fees.

Cons

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

Read Full Review

Read review

Citibank: NMLS#412915

5.0

NerdWallet rating

National / Regional

National

Min. Down Payment

Read review

Why we like it

Good for: borrowers wanting to compare mortgage rates online for a variety of loan options.

Pros

Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.
Provides customizable mortgage rates on its website.
Offers low rates and fees compared with other lenders.

Cons

Charges a mortgage application fee.
Requires help from a mortgage loan officer to complete the loan application online.

Read Full Review

Read review

Bank of America: NMLS#399802

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

National / Regional

National

Read review

National / Regional

National

Why we like it

Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.

Pros

Allows borrowers to apply entirely online.
Offers down payment and closing cost assistance programs.
May give existing customers a discount on mortgage lender origination fees.

Cons

Does not offer renovation loans.

Read Full 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.

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.

To recap our selections...

NerdWallet's Best California Mortgage Lenders of 2021

Better: Best for first-time home buyers
New American Funding: Best for borrowers with bad credit
Rocket Mortgage by Quicken Loans: Best for online experience
Guaranteed Rate: Best for online experience
loanDepot: Best for refinancing
Veterans United: Best for borrowers with bad credit
Chase: Best for refinancing
SoFi: Best for first-time home buyers
Citibank: Best for face-to-face service
Bank of America: Best for face-to-face service

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.