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Going online to look for a mortgage is routine these days. That’s because companies — both new online mortgage lenders and traditional players — are doing more on the web. And talking to loan officers and gathering paperwork can be expensive. Online lenders instead put their money into making their online product easy to use, and may be able to offer lower rates.
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 credit score, minimum down payment, and strength of online offerings to help you find the lender that’s right for you.
Rating methodology:
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.
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