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11 Best Online Mortgage Lenders of October 2019

NerdWalletOctober 1, 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.

Summary of Best Online Mortgage Lenders of October 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

NBKC

NBKC

at NBKC Bank

customer service

620

3%

at NBKC Bank

SoFi

SoFi

at SoFi

refinance

N/A

10%

at SoFi

J.G. Wentworth

J.G. Wentworth

at JG Wentworth

government loans

600

3%

at JG Wentworth

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

NBKC

NBKC

at NBKC Bank

customer service

620

3%

at NBKC Bank

SoFi

SoFi

at SoFi

refinance

N/A

10%

at SoFi

J.G. Wentworth

J.G. Wentworth

at JG Wentworth

government loans

600

3%

at JG Wentworth

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
Logo

at Rocket Mortgage

Rocket Mortgage

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers a fully digital home loan experience with a large variety of mortgage products.

Rating and Review

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
Logo

at Better.com

Better.com

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 

at Better.com


Why we like it

Ideal for tech-savvy borrowers who prefer an online experience. Better.com provides an easy-to-navigate digital application process and charges no origination fee.

Rating and Review

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
Logo

at Quicken Loans

Quicken Loans

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 

at Quicken Loans


Why we like it

Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all the services your neighborhood lender does — with online convenience.

Rating and Review

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
Logo

at NBKC Bank

Min. Credit Score 
620 

Min. Down Payment 
3% 

at NBKC Bank


Why we like it

Ideal for those seeking an online experience with personal support. NBKC offers a wide range of loans, a mobile app and VA loan expertise.

Rating and Review

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
Logo

at SoFi

National / Regional 
Regional 

Min. Down Payment 
10% 

at SoFi


Why we like it

Ideal for young professionals and self-employed borrowers looking for a lender that considers nontraditional income.

Rating and Review

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
Logo

at JG Wentworth

J.G. Wentworth

Logo
Min. Credit Score 
600 

Min. Down Payment 
3% 

at JG Wentworth


Why we like it

Ideal for borrowers looking for a wide variety of mortgage options, including fixed-rate home loans, adjustable-rate mortgages and VA loans.

Rating and Review

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
Logo

at Reali Loans

Reali Loans

Logo
Min. Credit Score 
620 

Min. Down Payment 
5% 

at Reali Loans


Why we like it

Ideal for tech-savvy home buyers and refinancers in its multi-state lending territory. Reali Loans has an automated lending platform that offers round-the-clock access to application and loan-management tools.

Rating and Review

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

Guaranteed Rate

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.

Rating and Review

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

SunTrust

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for first-time home buyers, including those with little money saved for a down payment. SunTrust's online portal offers information and tools in English and in Spanish.

Rating and Review

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

Fairway

Logo
National / Regional 
National 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.

Rating and Review

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

Bank of America

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

Rating and Review

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

Last updated on October 1, 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 October 2019