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6 Best Mortgage Lenders with No Origination Fee of 2020

Hal M. Bundrick, CFPAugust 9, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

It’s hard to find a lender that doesn’t charge an origination fee. But NerdWallet has done the research and found highly-rated loan providers without lender fees.

It’s a real challenge to find a lender that doesn’t charge an origination fee. And when it comes to the closing costs you’ll face when signing the paperwork for your loan, the mortgage origination fee can be a significant number. It’s often 1% of your total loan amount — or more.

NerdWallet constantly surveys mortgage providers about their origination fee and any other lender charges that will be included in your overall closing costs.

Here are our choices for highly-rated lenders in different borrower categories that don’t levy a loan origination fee.

NerdWallet tip: Even for lenders that have no origination fee loans, it may not be automatically offered — you may have to ask for loan terms that exclude an origination fee.

Summary of Best Mortgage Lenders with No Origination Fee of 2020

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at Better.com

Better.com: NMLS#330511

Great for digital convenience

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Min. Credit Score

620

Min. Down Payment

3%

at Better.com


Why we like it

Good for: Better.com shines 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 FHA, VA or USDA loans.

Read Full Review
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at Reali Loans

Reali Loans: NMLS#991397

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Min. Credit Score

620

Min. Down Payment

5%

at Reali Loans


Why we like it

Good for: borrowers looking for an online mortgage application experience.

Pros

  • Offers a completely online application process.

  • Provides customized rate quotes online.

Cons

  • Available only in a dozen states.

  • Loan selection is limited.

Read Full Review
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at Network Capital

Network Capital: NMLS#11712

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Min. Credit Score

620

Min. Down Payment

3%

at Network Capital


Why we like it

Good for: borrowers looking for a lender with online convenience and mortgage banker assistance.

Pros

  • A web application supports the loan process.

  • A good selection of loan products, including all government-backed mortgages.

  • Offers jumbo loans up to $5 million.

Cons

  • Doesn't lend in all states.

  • Website doesn’t provide customized mortgage rates.

Read Full Review

Fast Forward Home Loans: NMLS#224149

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for veterans, doctors and self-employed borrowers, Fast Forward Home Loans offers online conveniences and no fees.

Pros

  • Charges no origination fees.

  • Borrowers work with a dedicated loan officer until underwriting.

  • Offers digital conveniences including an online application and regular updates on the loan process.

Cons

  • Must contact a loan officer for a rate quote.

  • Not available in all 50 states.

  • Doesn't offer home equity loans or HELOCs.

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NASB: NMLS#400039

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: active military members and veterans, as well as for borrowers with less-than-perfect credit or nontraditional income sources.

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.

Read Full Review

PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

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.

  • Doesn't offer home equity products.

Read Full Review

Last updated on August 10, 2020

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 with No Origination Fee of 2020