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.
Simplist is an online marketplace of mortgage lenders; human guidance is optional. You’ll make payments to a loan servicer, not to Simplist. Loans are not available in every state.
Home loans overall
NerdWallet rating
4.5
What we like
Loan origination process can be completed online.
Offers government-backed FHA and VA loans.
Offers module that compares mortgage rates among other lenders.
What we don't like
Offers loans in many states and Washington, D.C., but not nationwide.
Does not offer home equity loans or lines of credit.
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.
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.
About these rates: The lenders whose rates appear on this table are NerdWallet's advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender's site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner's assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Explore historical mortgage rate trends
See how rates have changed over time to understand past patterns and economic fluctuations
On Friday morning, January 23, 2026, the average interest rate on a 30-year fixed-rate mortgage fell 14 basis points to 7.27% APR, compared to yesterday.
The average rate on a 15-year fixed-rate mortgage fell 12 basis points to 6.69% APR. The average rate on a 5-year adjustable-rate mortgage rose 22 basis points to 6.73% APR.
The 30-year fixed-rate mortgage rate is 14 basis points higher than one week ago and 89 basis points higher than one year ago.
A basis point is one hundredth of a percent, or 0.01%. We describe mortgage rates’ ups and downs in basis points because they simplify comparisons.
NerdWallet’s rates are expressed as an annual percentage rate, or APR, and our mortgage rates data comes from Zillow.
DATA: What's the Homebuying Climate this month?
NerdWallet's Homebuying Climate Index puts a familiar weather label on how favorable conditions are for home buyers.
For August, our analysis puts the Climate Index at 53.2 out of 100, keeping the index in Partly Cloudy territory for the 49th straight month as most variables hold relatively steady.
Read more about the factors affecting this month's index to gauge how they might affect your homebuying plans.
A second home, sometimes referred to as a vacation home, is a property you own in addition to your primary residence. A second home mortgage is the loan used to purchase or refinance it.
From a lender's perspective, a property counts as a second home if:
It's a single-family residence where you stay for some portion of the year.
You have exclusive control over it, deciding who stays there, when and for how long.
It's suitable for year-round occupancy.
It's not a timeshare, nor does a management company control occupancy.
You don't rent it out year-round, and you don't use any rental income to qualify for the mortgage.
The requirements are both vague and specific, so let's dig in a little deeper.
How long is "some portion of the year"?
For the IRS, it's 14 days. Rules governing deductions for rental property income also govern what's considered a vacation home versus a rental property. If you reside in the home for at least 14 days during the year, or for more than 10% of the time the property is rented, it's a vacation property.
This distinction matters beyond determining what type of home loan you can use because it also has substantial tax implications. If you're considering buying a second home that you sometimes rent out, you'll probably want to consult a tax pro to understand how the numbers could play out.
Lenders also view these properties differently. If you rent the place out year-round or use rental income to qualify for the mortgage, a lender is likely to consider it an investment property instead of a second home. Investment properties often require larger down payments, higher credit scores, more cash reserves, and carry higher mortgage interest rates than loans for second homes.
How to find today's second home mortgage rates
NerdWallet’s mortgage comparison tool can help you find competitive second home mortgage rates. Enter details about the loan you’re looking for at the top of this page, and you can see rate quotes without providing personal information.
You may find that specifying a larger down payment in the mortgage comparison tool will yield more rate quotes.
How second home mortgages are different
In general, mortgages for second homes require bigger down payments than mortgages for primary residences. To be eligible for purchase by Fannie Mae or Freddie Mac, a second home must have a down payment of at least 10%. But lenders can, and often do, require even bigger down payments than Fannie and Freddie require.
Fannie and Freddie charge higher fees on second home mortgages. Instead of requiring these fees to be paid upfront, lenders usually build the fees into their interest rates. As a result, mortgage rates on second homes tend to be higher.
In most scenarios, you can't buy a second home with a government-backed loan. FHA loans and VA loans are intended to be used for primary residences — someone who is on the mortgage needs to occupy the home year-round.
Using home equity to buy a second home
If the lender requires a big down payment on a second home, you might be able to tap the equity in your primary home to come up with that sum. This would entail borrowing against the equity in your primary residence with a home equity line of credit or home equity loan.
The lender for your second home will require you to show that you can afford to pay all of your debts: the mortgage on the primary home, the home equity loan or credit line and the mortgage on the second home. It's also vital to recognize that borrowing against your home equity puts your primary residence at risk, because if you find yourself unable to pay the loan, your home is the collateral.
