Best of
Best Oregon Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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Here are the best Oregon mortgage lenders for a variety of needs.
Min. Credit Score
620
Min. Down Payment
3%
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 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.
Min. Credit Score
620
Min. Down Payment
3%
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.
National / Regional
National
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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-amount loans.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
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 seeks 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.
Cons
- Services not available in all 50 states.
at JG Wentworth
4.0
NerdWallet ratingat JG Wentworth
Min. Credit Score
600
Min. Down Payment
3%
Ideal for borrowers looking for a wide variety of mortgage types and products, including fixed-rate home loans with terms of from 10 to 30 years, adjustable-rate products with 3/1, 5/1, 7/1 and 10/1 terms in addition to expertise with VA and low-to-moderate income lending.
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.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. 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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for low-income borrowers. PennyMac is one of the largest nonbank mortgage loan providers in the country, offering a wide variety of loans with no minimum income requirement and convenient online loan support.
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.
At U.S. Bank
At U.S. Bank
National / Regional
National
Max LTV
90%
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.
at Chase
at Chase
National / Regional
National
Max LTV
80%
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.
Summary of Best Oregon Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Flagstar | low down payments | 620 | 3% | Read review |
 Bank of America | low down payments | 620 | 3% | Read review |
 Citibank Mortgage | first-time home buyers | N/A | 3% | Read review |
 Guild Mortgage | first-time home buyers | 620 | 3% | Read review |
New American Funding at New American | low credit scores | 620 | 3% | at New American |
J.G. Wentworth NerdWallet rating at JG Wentworth | low credit scores | 600 | 3% | at JG Wentworth |
Rocket Mortgage at Rocket Mortgage | online mortgage lender | 620 | 3% | at Rocket Mortgage |
 PennyMac | online mortgage lender | 620 | 3% | Read review |
US Bank At U.S. Bank | home equity lines of credit | N/A | N/A | At U.S. Bank |
Chase at Chase | home equity lines of credit | N/A | N/A | at Chase |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Flagstar | low down payments | 620 | 3% | Read review |
Bank of America | low down payments | 620 | 3% | Read review |
Citibank Mortgage | first-time home buyers | N/A | 3% | Read review |
Guild Mortgage | first-time home buyers | 620 | 3% | Read review |
New American Funding at New American | low credit scores | 620 | 3% | at New American |
J.G. Wentworth NerdWallet rating at JG Wentworth | low credit scores | 600 | 3% | at JG Wentworth |
Rocket Mortgage at Rocket Mortgage | online mortgage lender | 620 | 3% | at Rocket Mortgage |
PennyMac | online mortgage lender | 620 | 3% | Read review |
US Bank At U.S. Bank | home equity lines of credit | N/A | N/A | At U.S. Bank |
Chase at Chase | home equity lines of credit | N/A | N/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
- Flagstar: Best for low down payments
- Bank of America: Best for low down payments
- Citibank Mortgage: Best for first-time home buyers
- Guild Mortgage: Best for first-time home buyers
- New American Funding: Best for low credit scores
- : Best for low credit scores
- Rocket Mortgage: Best for online mortgage lender
- PennyMac: Best for online mortgage lender
- US Bank: Best for home equity lines of credit
- Chase: Best for home equity lines of credit
