BEST OF

12 Best Online Mortgage Lenders of February 2023

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

By Abby Badach Doyle  

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Online mortgage and refinance companies offer convenience and automation. They might even save you money. And if you want to see a friendly face before you close a deal, online lenders can often provide that, too.

To help you choose an online mortgage lender, NerdWallet has picked some of the best in a variety of categories.

Best Online Mortgage Lenders

NBKC
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at NBKC

NBKC: NMLS#409631

5.0

NerdWallet rating 
NBKC

Min. credit score

620

Min. down payment

3%
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at NBKC

Why we like it

Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis.

Pros

  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.

  • Offers low rates and fees compared with other lenders, according to the latest federal data.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

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New American Funding
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at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating 
New American Funding

Min. credit score

620

Min. down payment

3%
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at New American Funding

Why we like it

Good for: First-time home buyers and other borrowers looking for a broad array of loan choices.

Pros

  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.

  • Its home equity line of credit can be used for an owner-occupied or second home.

  • Offers a program to enable buyers to make cash offers.

Cons

  • Mortgage origination fees tend to be on the high end, according to the latest federal data.

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Pennymac
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at Pennymac

Pennymac: NMLS#35953

4.5

NerdWallet rating 
Pennymac

Min. credit score

620

Min. down payment

3%
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at Pennymac

Why we like it

Good for: borrowers seeking a government-backed mortgage who want to rate-shop online.

Pros

  • Offers a wide variety of loan products, including government-backed and refinance options.

  • Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range.

  • “Lock & Shop” lets you secure a rate for up to 60 days, even if you don’t have a purchase contract yet.

Cons

  • Origination fees are on the higher end, according to the latest federal data.

  • Doesn't offer home equity products or renovation loans.

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Better
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at Better

Better: NMLS#330511

4.5

NerdWallet rating 
Better

Min. credit score

620

National / regional

National
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at Better

Why we like it

Good for: tech-savvy borrowers who prefer an online experience.

Pros

  • Offers a program allowing qualifying buyers to make cash offers.

  • Makes it easy to see customized mortgage rates.

  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.

Cons

  • Doesn’t offer USDA loans.

  • VA loans are not available in every state.

  • Doesn't offer home equity loans.

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PNC
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at PNC

PNC: NMLS#446303

5.0

NerdWallet rating 
PNC

Min. credit score

620

Min. down payment

3%
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at PNC

Why we like it

Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

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

  • Doesn't offer renovation mortgages.

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

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Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Guaranteed Rate

Min. credit score

620

Min. down payment

3%
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at Guaranteed Rate

Why we like it

Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience.

Pros

  • Displays detailed sample rates for many of its loan products.

  • Offers a wide variety of loans, including jumbo and interest-only products.

  • Offers low rates compared with other lenders, according to the latest federal data.

Cons

  • Doesn't offer home equity loans.

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Ally Bank
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Ally Bank: NMLS#181005

4.5

NerdWallet rating 
Ally Bank

Min. credit score

620

Min. down payment

3%
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Why we like it

Good for: home buyers and mortgage refinancers, including jumbo borrowers, who want a digital experience with limited guidance.

Pros

  • Excels in online convenience, with document upload, loan tracking and e-signatures.

  • Offers good rate transparency; rate shoppers can see customized interest rates.

Cons

  • Limited variety of loan products: FHA, VA and USDA loans are unavailable.

  • Doesn't offer home equity loans and lines of credit.

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Carrington
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Carrington: NMLS#2600

4.5

NerdWallet rating 
Carrington

Min. credit score

620

Min. down payment

5%
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Why we like it

Good for: first-time home buyers or credit-challenged borrowers interested in government loan products.

Pros

  • Offers multiple low-down-payment loan programs.

  • May consider alternative credit data, such as bank statements.

  • You can view customized rates for purchasing a home and apply online.

Cons

  • Doesn't offer home equity lines of credit.

  • Lender fees are on the high side, according to the latest federal data.

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Golden 1 Credit Union
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Golden 1 Credit Union: NMLS#669333

4.5

NerdWallet rating 
Golden 1 Credit Union

Min. credit score

620

Min. down payment

3%
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Why we like it

Golden 1 offers a cost-saving real estate agent program, plus a range of loan types, including jumbos.

Pros

  • Offers a variety of purchase and refinance loans, including jumbo mortgages.

  • Has a preferred real estate agent program that can save a borrower money on closing costs.

  • Offers some flexibility on guidelines for loan qualification.

Cons

  • Does not offer VA or USDA loans.

  • Products available only to California residents.

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San Diego County Credit Union
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San Diego County Credit Union: NMLS#580585

5.0

NerdWallet rating 
San Diego County Credit Union

Min. down payment

5%

National / regional

Regional
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Why we like it

Good for: Californians who are looking for a conventional or jumbo mortgage and who want to shop rates online.

Pros

  • Offers purchase, refinance and jumbo mortgages, plus loans for second homes and home equity products.

  • Provides customized rate and fee quotes without requiring contact information.

Cons

  • No FHA, VA or USDA mortgages.

  • Loans are available only in California.

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Alliant
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Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

National / regional

National

Min. down payment

3%
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Why we like it

Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process.

Pros

  • Low- or no-down-payment options with no mortgage insurance.

  • Offers a home equity line of credit, or HELOC.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Doesn't offer government-backed mortgages, like FHA or VA loans.

  • Mortgage origination fees are on the high side, according to the latest federal data.

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Flagstar
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Flagstar: NMLS#417490

4.5

NerdWallet rating 
Flagstar

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Borrowers can apply and track loan status online.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

Read Full Review

What is an online mortgage lender?

An online mortgage lender is a bank, credit union or other lender that provides digital convenience, for example, the ability to apply for a mortgage or track your application online. Most lenders offer some degree of online capability, but the best online lenders go a step further.

Online lenders also make it easy for borrowers to get preapproved for a mortgage online through a mobile-friendly website or app. Some online lenders do business strictly online while others also have brick-and-mortar branches.

Can an online mortgage lender get me a better rate?

Comparing mortgage rates from multiple lenders is the best way to secure the lowest rate, but not all mortgage lenders post rates online. Some require potential borrowers to complete a contact form or make a phone call for sample rates. The best online mortgage lenders on this page allow borrowers to see sample rates online, as well as customize rates by location and credit score. Learn how to get the best mortgage rate.

» MORE: Get an overview of the homebuying process

How does an online mortgage lender work?

Generally, an online mortgage lender should allow you to get rate quotes, fill out an application and upload documents from your computer or mobile device. In some cases, you may not even need to dig up all of the documents yourself.

Many lenders can access necessary information from government agencies, financial institutions and employers with your permission, and take days off the closing process. And with e-closings, you can even close the loan remotely in a little as 15 minutes.

» MORE: Applying for a mortgage, step by step

More from NerdWallet:

Last updated on January 3, 2023

Methodology

The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.

The lenders on this page are chosen using this methodology:

NerdWallet reviewed more than 50 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

For inclusion in this roundup, lenders must have an app or mobile-friendly website which allow customers to apply for mortgage preapproval, upload documents, electronically sign documents and track loan progress. Lenders must also post rates online that are easily accessible and can be personalized by location and credit score. Displayed rates must have at least two assumptions, such as down payment amount, discount points, closing costs or other details, clearly spelled out.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2021 Home Mortgage Disclosure Act data for origination volume, origination fee, rate spread and share-of-product data.

To recap our selections...

NerdWallet's Best Online Mortgage Lenders of February 2023

Frequently asked questions