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Best Online Mortgage Lenders of August 2019

NerdWalletJuly 31, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Online mortgage lenders offer convenience, automation and digital tools. Browse our picks for the best online lenders.

Rocket Mortgage

at Rocket Mortgage

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
Better.com

at Better.com

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
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 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

  • 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.
Read full review
Min. Credit Score

600

Min. Down Payment

3%

Pros

  • Wide variety of terms, including 10-, 15-, 20-, 25- and 30-year fixed-rate mortgages and ARMs with 3/1, 5/1, 7/1 and 10/1 terms.
  • Offers Fannie Mae and Freddie Mac programs for low- to moderate-income home buyers.
  • VA lending is one-third of J.G. Wentworth’s business. A number of loan officers and other employees are former service members.
  • Focus on automation includes an entirely online loan application process, digital document uploads, loan tracking and signatures as well as pre-qualification letters by email.
  • Licensed in all states except for Hawaii, Missouri, Montana, Nevada and New York.

Cons

  • Does not offer home equity loans or lines of credit.
  • Physical locations in 14 states only.
  • Not licensed in Hawaii, Missouri, Montana, Nevada or New York.
Read full review
NBKC

at NBKC Bank

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Complete and track your application online, and sign documents electronically.
  • Free rate locks.
  • No lender fee for VA borrowers.
  • Mobile apps for iOS and Android.

Cons

  • Not the best choice for low-credit-score borrowers.
  • Mortgage origination fee for most borrowers.
  • In-person service available only in the Kansas City area.
Read full review
SoFi

at SoFi

National / Regional

Regional

Min. Down Payment

10%

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.
Read full review
Reali Loans

at Reali Loans

Min. Credit Score

620

Min. Down Payment

5%

Pros

  • Boasts of closing loans quickly.
  • No upfront origination or broker fees.
  • 24/7 access to your loan and its progress.
  • Transparent platform that automates (and shortens) the refinance process.

Cons

  • Currently operates in a limited number of states.
  • Doesn’t offer USDA government loans.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers a complete online suite of mortgage application tools and loan tracking.
  • Has plenty of loan options to choose from and competitive interest rates.
  • Provides customer service in its physical locations, online, via chat and by phone.
  • Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.

Cons

  • Has a limited number of physical branch locations in 11 states and Washington, D.C.
  • Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Read full review
National / Regional

National

Min. Down Payment

3%

Pros

  • A robust suite of loan products.
  • Licensed in all 50 states.
  • Close in as little as 10 days using the Fairway app.

Cons

  • Limited branch locations.
  • Mortgage rates not posted on website.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review

Summary of Best Online Mortgage Lenders of August 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

overall online lender

620

3%

at Rocket Mortgage

Better.com

Better.com

at Better.com

customer service

620

3%

at Better.com

Quicken Loans

Quicken Loans

at Quicken Loans

first-time home buyers

620

3%

at Quicken Loans

J.G. Wentworth

J.G. Wentworth

government loans

600

3%

Read review
NBKC

NBKC

at NBKC Bank

customer service

620

3%

at NBKC Bank

SoFi

SoFi

at SoFi

refinance

N/A

10%

at SoFi

Reali Loans

Reali Loans

at Reali Loans

refinance

620

5%

at Reali Loans

Guaranteed Rate

Guaranteed Rate

overall online lender

620

3%

Read review
SunTrust

SunTrust

first-time home buyers

620

3%

Read review
Fairway

Fairway

government loans

N/A

3%

Read review
Bank of America

Bank of America

traditional lender

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

overall online lender

620

3%

at Rocket Mortgage

Better.com

Better.com

at Better.com

customer service

620

3%

at Better.com

Quicken Loans

Quicken Loans

at Quicken Loans

first-time home buyers

620

3%

at Quicken Loans

J.G. Wentworth

J.G. Wentworth

government loans

600

3%

Read review
NBKC

NBKC

at NBKC Bank

customer service

620

3%

at NBKC Bank

SoFi

SoFi

at SoFi

refinance

N/A

10%

at SoFi

Reali Loans

Reali Loans

at Reali Loans

refinance

620

5%

at Reali Loans

Guaranteed Rate

Guaranteed Rate

overall online lender

620

3%

Read review
SunTrust

SunTrust

first-time home buyers

620

3%

Read review
Fairway

Fairway

government loans

N/A

3%

Read review
Bank of America

Bank of America

traditional lender

620

3%

Read review

Last updated on July 31, 2019

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Online Mortgage Lenders of August 2019