10 Best Oregon Mortgage Lenders of 2020

Why we like it

Pros

• Embraces FHA-backed home loans.

• Offers several types of construction and renovation mortgages.

• A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots 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 $1,295 in underwriting and processing fees.

Why we like it

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.

Why we like it

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.

Why we like it

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 loan amounts.

Why we like it

Pros

• Uses manual underwriting to evaluate creditworthiness.

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

• Home equity lending sets it apart from most non-bank lenders.

Cons

• Services not available in all 50 states.

Why we like it

Pros

• Loan programs to educate and assist first-time home buyers, union members and others.

• Relocation and employee mortgage programs for many large companies.

• Accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.

Cons

• Government actions and scandals have damaged consumer trust.

Why we like it

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.

Why we like it

Pros

• Provides a single point of contact during loan processing.

• Customized rate estimates are available before registering.

• Electronic document submissions and online updates.

• Services its loans after closing.

Cons

• Mobile app is only for current borrowers and can't be used to apply for a new loan.

• No retail branches.

• Charges an origination fee, which it says is typically $1,100.

Why we like it

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.

Why we like it

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.