10 Best Nonbank Mortgage Lenders of 2020

Why we like it

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.

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

• 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.

Why we like it

Pros

• Offers a robust suite of loan products, including a variety of renovation loans.

• Has a digital application that can be completed in 10 minutes.

• Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

• Mortgage rates aren't posted online.

Why we like it

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.

Why we like it

Pros

• Offers a completely online application process.

• Provides customized rate quotes online.

Cons

• Available only in a dozen states.

• Loan selection is limited.

Why we like it

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.

Why we like it

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.

Why we like it

Pros

• Posts current mortgage rates on its website.

• Has an online application for mortgage preapproval and a digital tool to track application progress.

• Offers several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

• Can't complete a full mortgage application online.

• Doesn't offer renovation mortgages.

• In-person service is not available in every state.

Why we like it

Pros

• Offers a full array of mortgage products, including government and renovation loans.

• Has loans for most purposes, including purchase, refinance and jumbo mortgages.

• Online portal keeps borrowers up-to-date on the loan application's progress.

Cons

• Doesn't post interest rates on its site.

• Doesn’t offer home equity loans or lines of credit.