6 Best Online Mortgage Lenders of October 2023
Online mortgage lenders offer convenience, automation and digital tools. Browse our picks for the best online lenders.
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.
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
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
5.0 /5 | 620 | 3% | Top 3 most visited 🏆 Learn moreat Guaranteed Rateat Guaranteed Rate | |
4.5 /5 | 620 | 3% | ||
5.0 /5 | 620 | 3% | ||
5.0 /5 | 620 | 3% | ||
4.5 /5 | N/A | 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.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- 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 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.
- 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.
- 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.
- 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.
- Does not offer VA or USDA loans.
- Products available only to California residents.
San Diego County Credit Union: NMLS#580585
5%
Regional
- 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.
- No FHA, VA or USDA mortgages.
- Loans are available only in California.
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.
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..
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Last updated on October 2, 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 score highly in most dimensions of the mortgage application process, including an easily accessible online application, 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 Best Online Mortgage Lenders of October 2023
- Guaranteed Rate: Best for variety of loan types
- NBKC: Best for overall mortgage experience
- PNC: Best for traditional lending experience
- Flagstar: Best for variety of loan types
- Golden 1 Credit Union: Best for California residents
- San Diego County Credit Union: Best for credit union lending
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.
