Easy Preapproval: 10 Best Online Mortgage Lenders of September 2024
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NerdWallet’s top-rated online mortgage lenders all have well-designed websites, mobile apps and online applications that make it easy to shop around for mortgage rates and get preapproved. We’ve included a mix of traditional banks, nonbank lenders and credit unions, online and brick and mortar, that invest in technology and digital tools for customers.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Easy Preapproval: 10 Best Online Mortgage Lenders of September 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
 Andrews Federal Credit Union: NMLS#410421 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | N/A | 5% | LEARN MORE on NerdWallet | |
620 | 3% | Top 3 most visited 🏆 Learn more at Guaranteed Rate | ||
 PNC: NMLS#446303 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
620 | 3% |
Explore all of our lender picks by category
Andrews Federal Credit Union: NMLS#410421
620
3%
- Caters to first-time home buyers with incentives and education.
- Provides extra support for military borrowers, including branches near bases in Germany, Belgium and the Netherlands.
- Offers HELOCs and home equity loans at competitive interest rates.
- Physical branches in the U.S. are limited to Maryland, New Jersey, Virginia and Washington, D.C.
- Does not offer renovation or construction home loans.
- Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
- Offers home equity loans and lines of credit.
- Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
- Interest rates are on the low side relative to other lenders, according to the latest federal data.
- Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
- Home equity loans are not available in all locations served by Flagstar.
- In 2022, the lender was fined for violating laws regarding properties in flood zones.
Guaranteed Rate: NMLS#2611
620
3%
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
- Offers several low-down-payment loan options, including FHA, VA, USDA and the PNC Community Loan.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Mortgage rates are lower than the industry average, according to the latest federal data.
- Jumbo loans available with 5% down payment.
- Doesn't offer renovation mortgages or home equity loans.
- In-person service is not available in every state.
- You’ll have to create an account or supply personal data to get answers by phone.
- 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.
- HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
- Rates are on the low side, according to the latest federal data.
- An online tool makes it easy to customize a rate quote online, with no contact information required.
- “Lock & Shop” lets you secure a rate for up to 90 days while you house-hunt, and switch to a lower one if rates drop while you shop.
- Origination fees are on the higher end, according to the latest federal data.
- Doesn't offer home equity lines of credit or renovation loans.
- Online chat is available only in the logged-in experience.
OneUnited Bank: NMLS#405795
620
3%
- Website offers detailed, customizable mortgage interest rates.
- A full mortgage application can be completed online.
- Offers Community Land Trust loans, helping lower-income home buyers in costly areas.
- Lending is limited to fixed-rate, conventional mortgages.
- Home loans are only available in a few counties in California, Florida and Massachusetts.
- Mortgage preapproval isn't available, so potential borrowers may need to use another lender to get an offer accepted.
- Borrowers can apply entirely online. The lender is also very transparent about what borrowers can expect from the process, including nontraditional customers.
- Borrowers do not need to become members of the credit union until they’ve reached the closing process, meaning that interested home buyers can apply and get rate offers without committing to membership.
- Offers customized rate quotes, including a detailed breakdown of estimated closing costs.
- Doesn’t offer renovation loans.
- Joining the credit union adds a step to the application process.
- Borrowers can receive a customized rate quote by entering their information (home price, credit score etc.) into a tool on Ally’s website.
- Offers Fannie Mae’s HomeReady loan, which has flexible lending requirements and requires just 3% down.
- Interest rates are on the low side relative to competitors, according to the latest federal data.
- Borrowers must be preapproved before applying for a loan.
- Does not offer FHA, VA or USDA loans.
- Origination fees are on the high side, according to the latest federal data.
Wintrust Mortgage: NMLS#449042
620
3%
- Offers a broad variety of government-backed mortgages and other loans.
- Participates in first-time home buyer assistance programs in Illinois and Wisconsin.
- Sample rates for some loan products are available only by contacting a loan officer.
- Physical locations aren't available in all states.
Can you get a mortgage completely online?
Yes, it’s more convenient than ever to get a mortgage online. Almost all mortgage lenders have websites, and most offer online applications. But the best online lenders go a step further with transparent, self-service tools that put the customer in control, from mortgage preapproval to closing. (Keep reading to see how NerdWallet scores online mortgage lenders.)
What is an online mortgage lender?
An online mortgage lender is a bank, credit union or other lender that provides self-service digital tools to get a mortgage. Note that some online lenders do business strictly online, while others also have brick-and-mortar branches.
NerdWallet’s editorial team took a deep dive into more than 50 mortgage lenders’ websites, mobile apps and other digital tools to see which lenders come out on top. To earn a spot on this list, lenders must:
Post mortgage rates online in an easy-to-find spot — no digging through fine print — with details clearly spelled out.
Allow people to personalize their quote with factors that can affect their mortgage rate, such as credit score or location. (See what credit score you need to buy a house.)
Offer a fully online, self-service mortgage application.
Provide customer service through online chat and over the phone.
Have a highly rated mobile app.
Do online mortgage lenders have better rates?
Some online lenders have reduced overhead costs and pass the savings along to you through lower rates and fees. But the best way to get the lowest mortgage rate is to comparing mortgage rates from multiple lenders. However, not all mortgage lenders post rates online. Some require potential borrowers to complete a contact form or make a phone call first.
The best online mortgage lenders (featured on this page) allow borrowers to see sample rates online, as well as customize rates by location and credit score. That makes it easier for you to shop and compare. Learn how to get the best mortgage rate.
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: Tips for first-time home buyers
More from NerdWallet:
Last updated on August 1, 2024
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 score highly in most dimensions of the mortgage application process, including an easily accessible online application and numbers for phone support, online chat and a highly rated mobile app. Lenders must also post rates online that are easily accessible without digging through fine print and can be personalized by location and credit score. Displayed rates must have at least two details or assumptions, such as APR, discount points, down payment amount, closing costs and fees 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 the latest Home Mortgage Disclosure Act data for origination volume, origination fee, rate spread and share-of-product data.
NerdWallet's Easy Preapproval: 10 Best Online Mortgage Lenders of September 2024
- Andrews Federal Credit Union: Best for first-time home buyers
- Flagstar: Best for overall mortgage experience
- Guaranteed Rate: Best for first-time home buyers
- PNC: Best for jumbo loans
- NBKC: Best for VA loans
- Pennymac: Best for FHA loans
- OneUnited Bank: Best for lower-income borrowers
- Alliant: Best for jumbo loans
- Ally Bank: Best for low rates
- Wintrust Mortgage: Best for government-backed loans overall
Frequently asked questions
- How do I find online mortgage lenders?
Most lenders have some online capabilities. Look for a lender that offers the type of mortgage and the services you need and does business in your area. Even if you're just looking for online convenience, location matters. Some top online mortgage lenders aren't available to borrowers in every state.
- What types of online mortgages can I get?
Offerings vary by lender, but with a bit of searching, you can find an online mortgage lender for virtually any type of home loan, including those geared to first-time home buyers, veterans and borrowers with low credit scores.
- How do I choose an online lender?
Compare rates and fees among lenders that offer the type of mortgage you want. Check out customer service options to make sure they meet your needs, and apply for preapproval with at least three lenders. Choose the lender that offers the best rate at the lowest cost.
- Can I get an online mortgage loan with bad credit?
It's possible to get an online mortgage with a low or "bad" credit score, but you'll want to look at lenders’ minimum credit scores before submitting an application.
