10 Best North Carolina 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 more than 60% of working Americans.

• Offers custom fixed-rate loan terms that are between eight and 30 years.

• Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

• Quicken Loans 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

• Offers digital income, asset and employment verification.

• Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.

• One of the nation’s most active lenders of FHA and VA loans.

Cons

• Published mortgage rates include up to three points of prepaid interest and fees.

• Does not offer home equity loans or lines of credit.

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

• Wide range of affordable mortgage products designed for military members.

• Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.

• Online application for preapproval with quick decision.

Cons

• Website does not provide customized mortgage rates based on credit score or other factors before you apply.

Why we like it

Pros

• Offers a variety of low-down-payment mortgage options

• Offers construction loans to build a home or make significant renovations to an existing home.

• Flexible borrowing and payment options for home equity loans and lines of credit.

• Full suite of online capabilities.

Cons

• Branches limited mostly to the Southeast.

Why we like it

Pros

• Considers nontraditional credit history like rent payments.

• Online tools help you estimate mortgage payments and track application progress.

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

Cons

• It's not possible to complete the entire mortgage process online.

• Offers mortgage loans nationwide, but has branches in only about two dozen states.

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

• Low minimum credit score.

• Online application, loan tracking and document upload.

• Free rate locks.

Cons

• No online preapproval.

• No presence in Massachusetts or North Dakota.

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

• 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.