10 Best California Mortgage Lenders of 2020

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

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.