BEST OF

12 Best Online Mortgage Lenders of May 2022

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

NerdWallet
Mar 14, 2022

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Online mortgage and refinance companies offer convenience and automation. They can 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 to help you get the home loan with the best mortgage rate, term and fees.

Best Online Mortgage Lenders

Ally Bank
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at Ally Bank

Ally Bank: NMLS#181005

4.5

NerdWallet rating 
Ally Bank

Min. credit score

620

Min. down payment

3%
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at Ally Bank

Why we like it

Good for: home buyers and mortgage refinancers, including jumbo borrowers, who want a digital experience with attentive customer service.

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.

Read Full Review
NASB
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at NASB

NASB: NMLS#400039

4.5

NerdWallet rating 
NASB

Min. credit score

640

Min. down payment

0%
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at NASB

Why we like it

NASB couples competitive mortgage rates and reasonable fees with a good assortment of loan options.

Pros

  • Devotes much of its business to serving military families with VA loans.

  • Considers nontraditional income sources, in some cases.

  • Offers competitive rates and origination fees.

Cons

  • Does not offer home improvement mortgages.

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

Read Full Review
Reali Loans
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at Reali Loans

Reali Loans: NMLS#991397

4.5

NerdWallet rating 
Reali Loans

Min. credit score

620

Min. down payment

5%
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at Reali Loans

Why we like it

Good for: borrowers looking for an online mortgage application experience.

Pros

  • Offers a completely online application process.

  • Posts current interest rates for purchase and refinancing.

  • Provides customized rate quotes online.

Cons

  • Available in just 14 states.

  • Offers fewer loan types and products than other lenders.

Read Full Review
New American Funding
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at New American Funding

New American Funding: NMLS#6606

5.0

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: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

  • Uses manual underwriting to evaluate creditworthiness, in some cases.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

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

Read Full Review
Pennymac
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at Pennymac

Pennymac: NMLS#35953

4.5

NerdWallet rating 
Pennymac

Min. credit score

620

Min. down payment

3%
Learn more

at Pennymac

Why we like it

Pennymac excels in online capabilities and makes it easy to shop rates online. Average origination fees are higher than other lenders, and home equity lines of credit and jumbo mortgages were suspended due to the COVID-19 pandemic.

Pros

  • Offers a full range of online capabilities, including e-signatures and online loan process tracking.

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

Cons

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

  • Doesn't offer jumbo mortgages or home equity lines of credit.

Read Full Review
Better
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at Better

Better: NMLS#330511

5.0

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

  • An online process with human help as needed.

  • Makes it easy to see customized mortgage rates.

  • Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.

  • Appraisal guarantee promises the loan won’t change even if appraisal is lower than expected.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • Doesn't do VA or USDA loans.

  • Appraisal guarantee is limited to borrowers who use Better real estate agents.

Read Full Review
Carrington
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Carrington: NMLS#2600

4.5

NerdWallet rating 
Carrington

Min. credit score

620

Min. down payment

3%
Read review

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 and rent payments.

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

Cons

  • Doesn't offer home equity loans, HELOCs or renovation mortgages.

  • Lender fees and mortgage rates are on the high side, according to the latest data.

Read Full Review
Wells Fargo
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Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.

  • Scandals and government actions have damaged consumer trust in recent years.

  • No home improvement loans offered.

Read Full Review
Flagstar
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Flagstar: NMLS#417490

5.0

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.

  • Has a full suite of online conveniences.

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

Cons

  • Home equity lending is geographically limited.

Read Full Review
Golden 1 Credit Union
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Golden 1 Credit Union: NMLS#669333

5.0

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 some 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.

Read Full Review
LenderFI
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LenderFI: NMLS#133056

5.0

NerdWallet rating 
LenderFI

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

Good for: borrowers who want a completely online experience when buying or refinancing.

Pros

  • Has a full suite of online capabilities, including application, document uploading and process updates.

  • Site displays many combinations of loans and interest rates.

  • Rates and fees are lower than most lenders, according to the latest data.

Cons

  • Home equity loans and lines of credit, as well as purchase-renovation loans, aren't options.

  • VA loans are currently unavailable.

Read Full Review
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
Read review

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, home equity and jumbo mortgages, plus loans for second homes.

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

Cons

  • No FHA, VA, USDA or home improvement mortgages.

  • Loans are available only in California.

Read Full Review

What is an online mortgage lender?

An online mortgage lender is a bank, credit union or other lender that provides digital conveniences, allowing borrowers to check rates and apply online. Some online lenders do business strictly online while others also have brick-and-mortar branches.

» 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 March 14, 2022

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 nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have 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 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.

To recap our selections...

NerdWallet's Best Online Mortgage Lenders of May 2022

Frequently asked questions