Skip to contentNerdwallet icon
Mortgages
Best Lenders for Second Home Loans
Advertiser disclosure

Best Lenders for Second Home Loans

Georgia Rose
Dawnielle Robinson-Walker
Georgia Rose
+1
Written by 

Georgia Rose

,  Edited by 

Dawnielle Robinson-Walker

Written by 

Georgia Rose

 and 
1 other
Last updated 05/01/2026
Looking to buy another property? Here are NerdWallet’s best lenders for second home loans in 2026.
 

This service is free and will not affect your credit score.

Compare the best debt consolidation loans for you, in one place

Sort by:

Best for borrowers in North Carolina

State Employees' Credit Union

NMLS#430055

NerdWallet rating

5.0

Home loans overall
Min. credit score

N/A

Min. down payment

0%

GET MY RATE

Our take on State Employees' Credit Union

The Nerdy headline

State Employees’ Credit Union in North Carolina is worth checking out for those in the Southeast who meet its narrow membership criteria — especially first-time home buyers eligible for generous grants and specialty loans. But it doesn’t offer government-backed mortgages.

What we like
  • Offers a zero-down mortgage without private mortgage insurance.
  • Participates in multiple first-time buyer assistance programs.
  • Low average mortgage rates and fees, according to the latest federal data.
What we don't like
  • Credit union membership eligibility is limited.
  • Loans only available in five states.
  • Doesn’t offer government-backed mortgages.
Read our full review of State Employees' Credit Union

Best for low rates and fees

Truist

NMLS#399803

NerdWallet rating

5.0

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on Truist

The Nerdy headline

If you prefer people to tech, Truist might be a good fit for you. Preapproval and customer care happen mostly offline, and for details on less-common loan types or custom rates you'll need to talk to a person.

What we like
  • Offers a wide range of mortgage options focused on affordability.
  • Convenient online application.
  • Generous grants for qualifying home buyers in select locations.
What we don't like
  • Getting custom rates and applying for mortgage preapproval both require human contact.
  • Customer care leans heavily on phone and in-person service.
  • HELOCs are not available in most states, though home loans are available everywhere in the U.S. except Alaska, Arizona and Hawaii.
Read our full review of Truist

Best for home loans overall and rate transparency

Alliant

NMLS#197185

NerdWallet rating

5.0

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on Alliant

The Nerdy headline

Alliant Credit Union allows you to see a wide range of customized mortgage rates without sharing your contact information, and offers competitive loan products for first-time home buyers.

What we like
  • Offers a competitive combination of low rates and fees.
  • Mortgage borrowers do not need to become members of the credit union until reaching the closing process.
  • Sample rates are displayed upfront, and it's easy to get detailed, personalized rates without providing any personally identifying information.
What we don't like
  • Mobile banking app doesn't offer mortgage features.
Read our full review of Alliant

Best for mobile banking

U.S. Bank

NMLS#402761

NerdWallet rating

4.5

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on U.S. Bank

The Nerdy headline

U.S. Bank offers a broad selection of mortgages, including some niche options. Rates and fees are middle of the road, per federal data. The bank offers helpful tech for rate shopping and live chat, though its online application could be smoother.

What we like
  • Wide variety of mortgages, including some harder-to-find types.
  • Experience in construction and renovation loans.
  • Offers up to $17,500 in assistance (income/location requirements apply).
What we don't like
  • Rates shown online don’t reflect your credit score.
  • Contact form interrupts online application before you can complete it.
  • Few mortgage options for borrowers with low/bad credit.
Read our full review of U.S. Bank

Best for rate transparency

Northpointe

NMLS#447490

NerdWallet rating

4.5

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on Northpointe

The Nerdy headline

In addition to conventional and government-backed loans, Northpointe Bank’s mortgage portfolio includes rarer offerings like doctor loans, condo loans and investment property loans. However, average fees and rates tend to be comparatively high.

What we like
  • Offers mortgages for investment properties.
  • Reported average closing time is faster than many competitors.
What we don't like
  • The lender's combination of rates and fees are on the high side, according to the latest data.
  • Bank’s mobile app isn’t useful for mortgage borrowers.
Read our full review of Northpointe

Best for cashout refinances

Wells Fargo

NMLS#399801

NerdWallet rating

5.0

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on Wells Fargo

The Nerdy headline

Wells Fargo has significantly shrunk its mortgage business in recent years, but still offers a range of government-backed and speciality loans, as well as assistance for first-time home buyers.

What we like
  • Borrowers can see customized mortgage rate estimates online.
  • Offers relatively low interest rates and fees, according to the latest federal data.
  • Discounts may be available for existing Wells Fargo customers.
What we don't like
  • Does not offer home equity loans or HELOCs.
  • Borrowers need at least $250,000 in assets with the bank to qualify for a rate discount.
  • Prospective borrowers may be put off by the lender’s past legal issues.
Read our full review of Wells Fargo

Best for accessibility and rate transparency

PNC Bank

NMLS#446303

NerdWallet rating

5.0

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on PNC Bank

The Nerdy headline

PNC Bank offers a wide selection of loans and refinance options, with a streamlined digital experience and comprehensive rates tool.

What we like
  • Solid variety of mortgage types, both standard and harder-to-find.
  • Online rate quotes are informative and easy to customize.
  • Offers down payment grants and no-PMI loans for low-income borrowers.
What we don't like
  • Mobile app has limited mortgage features.
  • In-person service not available in all states.
  • Construction loans are only available in AL, AZ, CA, CO, FL, GA, NJ, NM, NC, OH, PA, SC, TN, TX, VA and WA.
Read our full review of PNC Bank

Best for customer service

Rocket Mortgage, LLC

NMLS#3030

NerdWallet rating

4.5

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on Rocket Mortgage, LLC

The Nerdy headline

Rocket Mortgage is the Goliath of home loans in the U.S. It's the largest mortgage lender by volume, and keeps expanding its reach. Fortunately for borrowers, Rocket is a gentle giant, offering affordable borrowing options including a 1% down payment loan.

What we like
  • Offers down payment and closing cost assistance.
  • Largest lender, by volume, of FHA loans in 2025.
  • Borrowers can apply via mobile app.
What we don't like
  • Average origination fees are on the higher side, according to the latest federal data.
  • No HELOCs.
  • No physical branches.
Read our full review of Rocket Mortgage, LLC

Best for loan volume and fast closing time

Chase

NMLS#399798

NerdWallet rating

5.0

Home loans overall
Min. credit score

620

Min. down payment

3%

GET MY RATE

Our take on Chase

The Nerdy headline

Chase mortgage has an above-average reputation for consumer satisfaction, and offers a number of programs that can make home buying more affordable and accessible.

What we like
  • Offers a wide range of loan types, including options with low down payment requirements.
  • Home buyer grants up to $5,000 may apply for qualified borrowers.
  • Receives above-average ratings for customer satisfaction, according to J.D. Power and Zillow.
What we don't like
  • Borrowers must create an account or speak with a home loan expert before completing an online application.
  • Parts of the prequal and preapproval process cannot be done solely online.
Read our full review of Chase

Best for loan type expertise and rate transparency

Tomo

NMLS#2059741

NerdWallet rating

4.5

Home loans overall
Min. credit score

600

Min. down payment

3%

GET MY RATE

Our take on Tomo

The Nerdy headline

Tomo, established in 2020, is an online-only lender with a focus on digital efficiency and purchase loans. We’re impressed with its customizable mortgage rate tool. However, you won’t find home equity products. Mortgages are available in 41 states and counting.

What we like
  • Online rate tool is user-friendly and customizable.
  • Accepts borrowers with credit scores below 600.
What we don't like
  • Mortgages not available in all states.
  • No renovation or home equity loans.
  • No mobile app.
Read our full review of Tomo

How we chose the best lenders for second home loans

Our team of mortgage experts follows an objective, consumer-first methodology to assess lenders that offer loans for second homes and pick the best.

40+

Lenders reviewed

We review more than 40 lenders, including major banks, credit unions, and online lenders operating across multiple states.

7

Categories assessed

Each lender is evaluated across seven weighted categories including loan volume, overall share of the loan market, rates and fees, rate transparency and customer experience

11,000+

Data points analyzed

Our team tracks and reassesses thousands of data points annually for reviewed lenders, ensuring up-to-date, accurate comparisons.

Star rating categories

We evaluate the following categories and carefully weigh how each factor impacts your experience. Read more about how we determine those ratings.
For inclusion on this list, lenders must score highly for both second home loans and home loans overall. The star ratings on this page reflect each lender's rating for home loans overall.
NerdWallet rates mortgage lenders based on what matters most to borrowers: rates and fees, product accessibility, customer experience, rate transparency and the range of loan options.
We review more than 40 lenders and score them using a weighted system that prioritizes affordability and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, making loans widely available, clearly displaying rate information and supporting borrowers from application through closing.
We use a mix of lender-provided information, publicly available data and our own research and analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.

Shopping loans for second homes

A second home can be anything from a rental unit to a vacation property. Not all lenders offer financing for second homes, and the type of loans available can differ based on the property’s use. Rates, fees, eligibility requirements and customer service are just a few of the factors you should consider when comparing lenders.

Key features of loans for second homes

Financing a second home can be a little more complicated than financing a primary residence. Your finances, as well as the loan type and how you plan to use the property, can impact your options.
Eligibility: The more debt you take on, the riskier you can appear to lenders. This is why loans for second homes often come with steeper eligibility requirements, such as higher credit scores, lower debt-to-income ratios and higher minimum down payments.
Property use: How you plan to use the property can also affect your eligibility. Some lenders may ask for a larger down payment on rental properties, compared to vacation homes, for example. Plus, you may need to prove how you’re going to use the property before qualifying for the loan.
Loan type: The type of loan available to you may be governed by the type of property you are buying. For example, a condo may not be eligible for a non-agency loan, such as a jumbo loan, if it’s a rental property.

How to find the best lender for second home loans

1. Choose the right loan type

Before you start filling out preapproval applications, make sure you’re going after the right type of loan for your situation. Here are four common ways to finance a second property.
  • Jumbo loan: If your second property is pricey, you may want to consider a jumbo loan. Just be mindful of the higher down payment requirements that can come with this loan type.
  • Conventional loan: These loans are guaranteed by government sponsored enterprises (GSEs) — more commonly known as Fannie and Freddie — so they’re considered less risky for both lenders and borrowers.  
  • Home equity loan: Using a home equity loan as a down payment on a second home may be easier than coming up with the cash yourself, but you’ll essentially be taking out three loans on two properties. Make sure you take into account any upfront fees and repayment requirements before taking this route.
  • Cashout refinance: Refinancing your primary home’s mortgage and pulling out cash for a down payment on a second property can make sense if you’re able to secure a lower interest rate — the savings from the lower rate can help offset some of the increased loan amount. 
🤓

Nerdy Tip

In general, you can’t use a government-backed loan, like a FHA or VA loan, to finance a second home if it’s not going to be your primary residence.

Search for lenders online and IRL

Online search tools and lender websites can help you narrow down your search quickly — just be wary of vague marketing language (and always read the small print).
Asking friends and family about their real-life experiences and looking at customer reviews can help round out your findings.

Don’t skip over local lenders

Your local lender may not be as visible as national banks and institutions, but it doesn’t mean you should pass them by. NC SECU, for example, achieves a very high NerdWallet rating for second home loans, but only services North Carolina, so it may not be at the top of every “best of” list.

Compare these key features

Hone in on at least three lenders that offer the loan type you’re after, and compare these important features.
  1. Eligibility requirements: Do you meet credit score, debt-to-income ratio and down payment requirements? 
  2. Interest rates: Which lender has the lowest rates, and are they fixed or adjustable? Fixed rates stay the same throughout the length of the loan while adjustable rates fluctuate with the market. 
  3. Fees: Does the lender charge origination fees or other fees associated with the loan type? If so, do the benefits of the loan outweigh the costs? 
While fees and rates should be the top priority, there are other important factors to consider when shopping for a second home loan.
  • Online accessibility: Are you someone who enjoys doing most of your admin online? If so, you’ll likely want a lender with a comprehensive mobile app and chat support. If you favor in-person support, choose a lender with branches nearby.
  • Lender size: Working with a large national bank can offer consistency and familiarity. Alternatively, a smaller, local institution may offer a more personalized service that better fits your needs. 
  • Lender expertise: How much of a lender's business is dedicated to a particular loan type can give you an idea of how experienced or competent they are with that product. 

Get preapproved and start shopping

Once you’ve found the lender you like, submit an application for preapproval and start your search for a second home.