Best of

Best Oregon Mortgage Lenders of 2019

NerdWalletJuly 2, 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.

Here are the best Oregon mortgage lenders for a variety of needs.

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Embraces FHA-backed home loans.
  • Offers three construction loan offerings.
  • A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
  • Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
  • Offers home equity loans and home equity lines of credit.

Cons

  • Charges an average $1,000 origination fee.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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
National / Regional

National

Min. Down Payment

3%

Pros

  • Low down payment options.
  • Discounts for Citibank customers.
  • Looks at alternative credit data like rent history and child support payments.
  • Available in all 50 states.

Cons

  • Charges a mortgage application fee.
  • Did not disclose origination fees, which may vary.
  • Can't complete loan online.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Works with loan programs offered by state and local housing agencies.
  • Specializes in mortgages for first-time home buyers.
  • Almost half of its loans are low-down-payment government mortgages.
  • Considers alternative credit, such as history of payments on rent and utilities.

Cons

  • With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
  • Jumbo borrowers may find that banks are more competitive when it comes to large-amount loans.
Read full review
New American Funding

at New American

at New American

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Uses manual underwriting to evaluate creditworthiness.
  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

  • Services not available in all 50 states.
Read full review
J.G. Wentworth

at JG Wentworth

4.0

NerdWallet rating 

at JG Wentworth

Min. Credit Score

600

Min. Down Payment

3%

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 entire 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.
Rocket Mortgage

at Rocket Mortgage

at Rocket Mortgage

Min. Credit Score

620

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Well-trained loan officers.
  • No minimum income requirement.
  • Online loan support, including electronic document submissions.
  • A relatively short refinance process.
  • Free rate locks.

Cons

  • Not available in New York.
  • Limited number of branch locations.
  • May charge an appraisal deposit fee.
  • May charge an application fee.
Read full review
US Bank

At U.S. Bank

At U.S. Bank

National / Regional

National

Max LTV

90%

Pros

  • Equity borrowing available from $15,000 to $750,000 (up to $1 million for properties in California), depending on credit history, property's equity and monthly debts.
  • With a variable-rate HELOC up to three fixed-rate options can be locked.
  • Originates loans in all 50 states with loan officers physically present in 28 states.
  • Mortgage options include a "piggyback" or 80/10/10 loan.
  • Alternative credit sources can be used In some cases.
  • No closing costs with a cash-out refinance.

Cons

  • Limited opportunities for face-to-face banking with offices in only 28 of 50 states.
  • Average score in J.D. Power 2017 consumer satisfaction survey (US Bank has 3 stars out of 5).
  • Online capabilities are currently limited.
Read full review
Chase

at Chase

at Chase

National / Regional

National

Max LTV

80%

Pros

  • Get a 0.25% rate discount for having Chase personal checking or 0.5% rate discount with a Premier Platinum checking account.
  • Convert all or part of the credit line's outstanding balance into a fixed rate and term.
  • Discount introductory interest rate when taking an initial draw of $30,000 or more.

Cons

  • Carries $50 annual fee unless you have a Chase Premier, Premier Plus or Premier Platinum checking account.
  • Has a $50 origination fee.
  • HELOCs not available in Alaska, Hawaii or South Carolina.
Read full review

Summary of Best Oregon Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Flagstar

Flagstar

low down payments

620

3%

Read review
Bank of America

Bank of America

low down payments

620

3%

Read review
Citibank Mortgage

Citibank Mortgage

first-time home buyers

N/A

3%

Read review
Guild Mortgage

Guild Mortgage

first-time home buyers

620

3%

Read review
New American Funding

New American Funding

at New American

low credit scores

620

3%

at New American

J.G. Wentworth

J.G. Wentworth

NerdWallet rating 

at JG Wentworth

low credit scores

600

3%

at JG Wentworth

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online mortgage lender

620

3%

at Rocket Mortgage

PennyMac

PennyMac

online mortgage lender

620

3%

Read review
US Bank

US Bank

At U.S. Bank

home equity lines of credit

N/AN/A

At U.S. Bank

Chase

Chase

at Chase

home equity lines of credit

N/AN/A

at Chase

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Flagstar

Flagstar

low down payments

620

3%

Read review
Bank of America

Bank of America

low down payments

620

3%

Read review
Citibank Mortgage

Citibank Mortgage

first-time home buyers

N/A

3%

Read review
Guild Mortgage

Guild Mortgage

first-time home buyers

620

3%

Read review
New American Funding

New American Funding

at New American

low credit scores

620

3%

at New American

J.G. Wentworth

J.G. Wentworth

NerdWallet rating 

at JG Wentworth

low credit scores

600

3%

at JG Wentworth

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online mortgage lender

620

3%

at Rocket Mortgage

PennyMac

PennyMac

online mortgage lender

620

3%

Read review
US Bank

US Bank

At U.S. Bank

home equity lines of credit

N/AN/A

At U.S. Bank

Chase

Chase

at Chase

home equity lines of credit

N/AN/A

at Chase

Last updated on July 2, 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 Oregon Mortgage Lenders of 2019