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.
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.
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 | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for first-time home buyers | 620 | 3% | at Better.com | |
Best for online experience | 620 | 3% | at Rocket Mortgage by Quicken Loans | |
Best for online experience | 620 | 3% | at Guaranteed Rate | |
Best for borrowers with bad credit | 620 | 3% | at New American Funding | |
Best for refinancing | 620 | 5% | at loanDepot | |
Best for borrowers with bad credit | 640 | 0% | at Veterans United | |
Best for refinancing | 620 | 3% | at Chase | |
Best for first-time home buyers | 660 | 10% | at SoFi | |
Best for face-to-face service | N/A | 3% | Read review | |
Best for face-to-face service | 620 | 3% | Read review |
at Better.com
at Better.com
Min. Credit Score
620
Min. Down Payment
3%
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 FHA, VA or USDA loans.
at Rocket Mortgage by Quicken Loans
at Rocket Mortgage by Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
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.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
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.
at New American Funding
at New American Funding
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
- Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
at loanDepot
at loanDepot
Min. Credit Score
620
National / Regional
National
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.
at Veterans United
at Veterans United
Min. Credit Score
640
Min. Down Payment
0%
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.
at Chase
at Chase
Min. Credit Score
620
National / Regional
National
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.
at SoFi
Min. Credit Score
660
Min. Down Payment
10%
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 eight states.
National / Regional
National
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
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 27, 2021
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.com: Best for first-time home buyers
- Rocket Mortgage by Quicken Loans: Best for online experience
- Guaranteed Rate: Best for online experience
- New American Funding: Best for borrowers with bad credit
- 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
