9 Best VA Mortgage Lenders for Streamline Refinance (IRRRL) of 2020

Why we like it

Pros

• Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.

• Instantly verifies employment and income for more than 60% of working Americans.

• Offers custom fixed-rate loan terms that are between eight and 30 years.

• Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

• Quicken Loans 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

• A robust suite of loan products.

• Licensed in all 50 states.

• Close in as little as 10 days using the Fairway app.

Cons

• Limited branch locations.

• Mortgage rates not posted on website.

Why we like it

Pros

• Also offers FHA, USDA and conventional loans.

• Offers 24/7 customer service.

• You can complete a loan application and pre-qualify online.

• Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.

• Offers free credit score education and assistance.

• Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.

Cons

• Doesn’t offer home equity loans or HELOCs.

• Loans are available in all 50 states, but Veterans United has offices in only about half.

Why we like it

Pros

• Offers the ability to securely upload and digitally sign loan documents.

• Displays detailed sample rates for many of its loan products.

Cons

• Doesn't offer home equity loans or lines of credit.

Why we like it

Pros

• Specializes in VA loans and working with military borrowers.

• Offers several low-down-payment government loan options so borrowers can choose the best fit.

• Website helps borrowers estimate their VA loan fees.

Cons

• You can’t get an instant rate quote online.

• Doesn’t offer conventional home loans.

• Has only five loan centers in a handful of Western states.

Why we like it

Pros

• Allows borrowers to apply entirely online.

• Offers down payment and closing cost assistance programs.

• May give existing customers a discount on mortgage lender origination fees.

Cons

• Does not offer renovation loans.

Why we like it

Pros

• Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.

• Provides customizable mortgage rates on its website.

• Offers low rates and fees compared with other lenders.

Cons

• Charges a mortgage application fee.

• Requires help from a mortgage loan officer to complete the loan application online.

Why we like it

Pros

• Offers a wide range of affordable mortgage products designed for military members.

• Has an online application for preapproval.

• Offers low rates compared with most lenders.

Cons

• Website does not provide customized mortgage rates based on credit score or other factors before you apply.

• Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Why we like it

Pros

• Offers an ITIN qualification path for undocumented immigrant borrowers.

• Has a digital application process.

• Offers several mortgage options for low- to moderate-income borrowers.

• Has a full Spanish-language version of its website and bilingual loan officers.

• Borrowers can qualify with income from self-employment and other nontraditional sources.

Cons

• No mortgage rates published online.

• Doesn't lend in all states.

• No home equity loans or lines of credit.