You’re ready to buy your first home - high five! Now that you’re serious, as a first time home buyer it may be overwhelming since there are many mortgage lender options. You’ll want to work with a lender who can, most importantly, tell you how much home you can afford. Your ideal lender will also be the one that can give you the best rate, the right term and the lowest closing costs as quickly and efficiently as possible.
To make sure you’re finding the best deal, apply to several lenders rather than just one. That way you can compare all-in costs. Once you have multiple offers in your hand, you can compare loan terms such as fees, rates, time to close, the availability of online application and loan tracking, and customer service offerings.
We’ve highlighted standout features below like minimum down payment, minimum credit score, special deals for first time home buyers and their strength of online offerings to help you find the lender that’s right for you.
Ideal for anyone who appreciates smartphone app service, support and timesavings. Rocket Mortgage offers a fully digital home loan experience with a large variety of mortgage products.
Ideal for first-time home buyers, especially those who want to talk to a loan officer face-to-face or over the phone. Chase has branch locations in 22 states.
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.
Ideal for first-time homebuyers with questions. Navigating the homebuying process can be a lot easier using Quicken's online application technology. And mortgage advisors are available with a tap. Quicken Loans is the largest mortgage lender in the U.S.
Ideal for young professionals looking for a lender that considers more than a credit score. In one sitting, SoFi gives you an upfront, underwritten loan approval, showing potential sellers that you’ve been vetted as a trustworthy and highly qualified buyer with the financial ability to purchase a home.
Ideal for tech-savvy borrowers that prefer an online experience. Better Mortgage provides a seamless and easy-to-navigate application process. And best yet: Better charges no origination fee.
Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.
NerdWallet’s star ratings for mortgage lenders are awarded 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.