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9 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.

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

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/A

N/A

At U.S. Bank

Chase

Chase

at Chase

home equity lines of credit

N/A

N/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

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/A

N/A

At U.S. Bank

Chase

Chase

at Chase

home equity lines of credit

N/A

N/A

at Chase

Flagstar: NMLS#417490

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Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.

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.

Read Full Review

Bank of America: NMLS#399802

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

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

Citibank Mortgage: NMLS#413108

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National / Regional 
National 

Min. Down Payment 
3% 


Why we like it

Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.

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

Guild Mortgage: NMLS#3274

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Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

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.

Read Full Review
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at New American

New American Funding: NMLS#6606

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Min. Credit Score 
620 

Min. Down Payment 
3% 

at New American


Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

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.

Read Full Review
Logo

at Rocket Mortgage

Rocket Mortgage: NMLS#3030

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Min. Credit Score 
620 

Min. Down Payment 
3% 

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers a fully digital home loan experience with a large variety of mortgage products.

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

PennyMac: NMLS#35953

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Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers who want plenty of loan options, as well as advice and help over the phone. PennyMac offers a variety of mortgage types, boasts of its employees' communication skills and services its own loans.

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.

Read Full Review
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At U.S. Bank

US Bank: NMLS#402761

Logo
National / Regional 
National 

Max LTV 
90% 

At U.S. Bank


Why we like it

Ideal for borrowers who want low fees. No closing costs and annual fee is waived for HELOC borrowers with an eligible checking account

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
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at Chase

Chase: NMLS#399798

Logo
National / Regional 
National 

Max LTV 
80% 

at Chase


Why we like it

Ideal for homeowners who have a new or existing Chase checking account, where interest rate discounts are available on HELOCs. Chase also offers option to convert HELOC to fixed rate for up to 20 years.

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

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