BEST OF
12 Best Mortgage Lenders of March 2021
Before you buy a home or refinance your mortgage, shop around to find the best mortgage lenders of 2020. NerdWallet has selected some of the best mortgage lenders across a variety of categories.
When you buy a home, you're in it for the long haul. You'll have a mortgage payment for years, so it makes sense to find the best mortgage lender you can. To do that, shop for offers from at least three lenders.
Compare mortgage rates and other loan terms such as fees, time to close, the availability of online application and loan tracking, and customer service offerings. Taking the time to make an informed decision can save you thousands of dollars over the life of your loan.
You should still get preapproved before you house shop, make sure your credit history is accurate, check your credit score and evaluate how much home you can afford before you take the plunge.
To help you choose a mortgage lender, NerdWallet has picked some of the best out there in a variety of categories to help you get the home loan with the best mortgage rate, term and fees.
When you buy a home, you're in it for the long haul. You'll have a mortgage payment for years, so it makes sense to find the best mortgage lender you can. To do that, shop for offers from at least three lenders.
Compare mortgage rates and other loan terms such as fees, time to close, the availability of online application and loan tracking, and customer service offerings. Taking the time to make an informed decision can save you thousands of dollars over the life of your loan.
You should still get preapproved before you house shop, make sure your credit history is accurate, check your credit score and evaluate how much home you can afford before you take the plunge.
To help you choose a mortgage lender, NerdWallet has picked some of the best out there in a variety of categories to help you get the home loan with the best mortgage rate, term and fees.
Summary of Best Mortgage Lenders of March 2021
Lender | NerdWallet Rating | Minimum Credit Score | National / Regional | Learn More |
---|---|---|---|---|
Best for refinancing | 620 | National | at Better.com | |
Best for nontraditional credit histories | 620 | National | at New American Funding | |
Best for customer satisfaction | 620 | National | at Quicken Loans | |
Best for online experience and refinancing | 620 | National | at Guaranteed Rate | |
Best for overall mortgage experience, first-time home buyers and veterans | 620 | National | at NASB | |
Best for first-time home buyers and jumbo loans | 620 | National | at Chase | |
Best for home equity lines of credit | 640 | National | Read review | |
Best for FHA loans | N/A | Regional | Read review | |
Best for FHA loans | 580 | National | Read review | |
Best for jumbo loans | N/A | National | Read review | |
Best for VA loans | N/A | National | Read review | |
Best for online experience | 620 | National | Read review |
at Better.com
at Better.com
Min. Credit Score
620
National / Regional
National
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 do FHA, VA or USDA loans.
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 Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
- Instantly verifies employment and income for many working Americans.
- Offers custom fixed-rate loan terms that are between eight and 30 years.
- Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.
Cons
- Quicken Loans doesn't offer home equity loans or HELOCs.
- Quicken's lender fees can be stout and they don't offset those fees with particularly low mortgage rates.
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 NASB
at NASB
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Devotes much of its business to serving military families with VA loans.
- Considers nontraditional income sources, in some cases.
- Offers competitive rates and origination fees.
Cons
- No online loan process updates or tracking.
- No home improvement mortgages or home equity loan products.
at Chase
at Chase
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Allows electronic submission and tracking of loan documents.
- Carries a wide variety of mortgage types and products.
- Generally offers good rates and charges reasonable fees.
Cons
- Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
- You have to speak with a home loan advisor to complete the application.
National / Regional
National
Pros
- Offers both traditional and interest-only HELOCs.
- Displays sample rates for its entire array of loan products, and you don't need to provide personal information to get a custom rate quote.
Cons
- Lacks document upload and online loan tracking capabilities.
Min. Down Payment
3.5%
National / Regional
Regional
Pros
- Offers an ITIN qualification path for undocumented borrowers.
- Has a digital application process.
- Offers several mortgage options for low- to moderate-income borrowers.
- Borrowers can qualify with income from self-employment and other nontraditional sources.
Cons
- No mortgage rates published online.
- No home equity loans or lines of credit.
- Generally has higher rates and fees than other lenders.
- Branch offices not available in all states.
Min. Credit Score
580
Min. Down Payment
3.5%
Pros
- Full online application includes document uploads and automated loan updates.
- Offers a "float-down" interest rate lock.
- Offers a proprietary closing-cost assistance program.
Cons
- No online mortgage rates — you have to contact the lender for info.
Min. Credit Score
N/A
Min. Down Payment
10%
Pros
- Has a full suite of online conveniences.
- Does well with rate transparency, and monthly payment estimates add mortgage insurance, when applicable.
Cons
- Availability of some loan products may be geographically limited.
National / Regional
National
Min. Down Payment
0%
Pros
- Offers a wide range of affordable mortgage products designed for military members.
- Has an online application for preapproval.
- Offers low rates compared with most lenders.
Cons
- Website does not provide customized mortgage rates based on credit score or other factors before you apply.
- Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Provides numerous online conveniences, including loan application and process updates.
- Current rates clearly posted for various loan products.
- Offers a wide variety of loan types and products.
Cons
- New applications for home equity lines of credit suspended during COVID-19 crisis.
- Government actions and scandals have damaged consumer trust in recent years.
More from NerdWallet:
Last updated on March 2, 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 Mortgage Lenders of March 2021
- Better.com: Best for refinancing
- New American Funding: Best for nontraditional credit histories
- Quicken Loans: Best for customer satisfaction
- Guaranteed Rate: Best for online experience and refinancing
- NASB: Best for overall mortgage experience, first-time home buyers and veterans
- Chase: Best for first-time home buyers and jumbo loans
- Connexus: Best for home equity lines of credit
- Alterra: Best for FHA loans
- PrimeLending: Best for FHA loans
- Flagstar: Best for jumbo loans
- Navy Federal: Best for VA loans
- Wells Fargo: Best for online experience