7 Best Mortgage Lenders of June 2021

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA

MINIMUM DOWN PAYMENT: 3%

Quicken offers Conventional, ARM FHA, VA, and Jumbo mortgages. Aside from the traditional 15- and 30-year mortgages, the lender also has some loans with flexible terms between 8 and 29 years,

Quicken's YOURgage program sets it apart from other online lenders by allowing borrowers to choose the term of their fixed-rate mortgage and get a loan of up to $548,250. First-time homebuyers can pay as little as 3% down, which is especially helpful if you haven’t been able to save the 20% benchmark for a down payment.

Quicken is our Best Overall Mortgage Lender for two reasons:

• High reach nationwide
• Excellent customer service

LATEST NEWS AS OF JUNE 2021

Quicken Loans COVID-19 Response

Quicken Loans clients impacted by COVID-19 can fill out an online application for assistance by visiting RocketMortgage.com. The company offers an initial 3-month forbearance, extendable up to 12 months, which temporarily stops mortgage payments.

Once the crisis is over, Quicken Loans will work with clients to determine the best course of action when they’re ready to resume monthly payments. Clients won't experience an impact to their credit as a result of the forbearance.

LOAN TYPES: Purchase, Jumbo, Refinance, Reverse, Fixed, Adjustable, FHA, VA, USDA

MINIMUM DOWN PAYMENT: 3%

Guild offers government-backed FHA, VA, and USDA loans, as well as programs that specialize in down-payment assistance. According to the Mortgage Bankers Association Report (MBA), Guild is among the nation's top five lenders of FHA loans, making it a great option for qualifying borrowers with a minimum credit score of 600.

For first-time homebuyers who believe their credit score or down payment amounts aren't enough to get a mortgage, the lender offers a program specifically designed for borrowers who meet low-income requirements or live in low-income areas. It features an incentive that accepts a minimum 3% down payment and awards borrowers a $2,000 Home Depot gift card, as well as a $1,500 grant that can be used for the loan's down payment or closing costs.

Guild Mortgage is our Best for First-time Home Buyers mortgage lender for two reasons:

• Top 5 lender for FHA loans nationwide
• Specific programs for low-income borrowers available

LATEST NEWS AS OF JUNE 2021

Guild Mortgage COVID-19 Response

Guild Mortgage is actively monitoring the COVID-19 situation and won’t adversely report customer loans to credit bureaus. If you expect COVID-19 to continue impacting you, Guild Mortgage offers an initial forbearance option and hardship assistance in partnership with investors, as well assistance extensions depending on your case. This relief isn’t automatic, however, so remember to ask about these options if COVID-19 has impacted you financially.

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA

MINIMUM DOWN PAYMENT: 0%

VU specializes in loans backed by the U.S. Department of Veterans Affairs, making it a great option for those looking into this type of mortgage. Although it doesn't offer home equity loans or HELOCs, it does offer competitive rates.

Veterans United also offers a free online credit counseling program for veterans and service members with low credit scores called the Lighthouse Program. A credit specialist is assigned to each customer to help fix errors on credit reports, map out a score improvement plan, and keep advising the borrower until they reach their credit score goal.

Veterans United is our Best for Military Members (Online) mortgage lender for two reasons:

• Competitive rates
• Online credit counseling program available

LATEST NEWS AS OF JUNE 2021

Veterans United COVID-19 Response

Veterans United is offering an initial forbearance period of up to 180 days, temporarily suspending monthly mortgage payments. If necessary, borrowers have the option to extend that period for an additional 180 days.

While the loan is in a forbearance program, VU won’t assess any late payment fees or accrue any additional interest on the loan. Entering into a forbearance plan won’t affect a borrower’s credit score. When this period ends, Veterans United will work with individual borrowers to establish either a repayment plan or a loan modification.

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA

MINIMUM DOWN PAYMENT: 0%

With their 324 branches, Navy Federal Credit Union (NFCU) ranks as our best lender for in-person assistance. NFCU services all of its mortgages in-house for the life of the loans, which can be important for customers looking to do business solely with their chosen lender. Furthermore, the lender charges less in mortgage points to allow borrowers access to its lowest interest rate.

VA loans are government-backed, so they don't feature the same interest rate across lenders. However, borrowers looking into mortgage products through NFCU can take advantage of its rate loan match. If you find a better rate elsewhere, NFCU will match it or give you a deduction of $1,000 off your closing costs.

Aside from VA loans, Navy Federal also offers Conventional, FHA, Jumbo and Interest-only loans.

Membership is open to active-duty military members as well as reservists, veterans, retirees, and annuitants.

Navy Federal is our Best for Military Members (In-person) mortgage lender for two reasons:

• 324 branches nationwide
• Rate loan match available

LATEST NEWS AS OF JUNE 2021

Navy Federal COVID-19 Response

Navy Federal is offering eligible members a forbearance plan which temporarily suspends monthly mortgage payment requirements for a total of up to 18 months . Members will also be provided with options to make payments missed during forbearance, including a loan modification or a deferral. While closing a mortgage loan may take longer than usual, Navy Federal is honoring initial locked rates in light of COVID-19.

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA

MINIMUM DOWN PAYMENT: 3%

Caliber’s low entry barrier and a program specifically tailored towards self-employed individuals make it much easier for them to prove how much they earn even without a regular salary. The company considers alternative credit data during the mortgage application process, in some cases offering low down payments of 3%.

This lender has one of the largest selections of mortgage products of all the companies on our list, including: Conventional, FHA, VA, USDA, ARM, Refinance, Bond, Renovation, Freddie Mac HomeOne, Freddie Mac Home Possible, and Fannie Mae HomeReady.

Caliber’s online application process is another standout feature. Customers can apply online by answering a few questions about themselves, their finances, and their budget. A representative will contact applicants shortly after, a process that may take as little as 15 minutes.

Caliber Home Loans is our Best for Self-Employed Individuals mortgage lender for two reasons:

• Some loan programs have low credit score options
• Program available for self-employed customers

LATEST NEWS AS OF JUNE 2021

Caliber Home Loans COVID-19 Response

Caliber offers both short- and long-term solutions for those struggling to pay their mortgage due to COVID-19. First is a forbearance plan which postpones monthly payments. Clients also have other options depending on the type of loan and their financial situation.

A repayment plan is available to gradually catch up on paying the amounts postponed by their forbearance, and a deferral plan can keep the payments suspended until clients reach the end of their loan. Alternatively, and upon request, modifications can be made to a client’s loan to make it more manageable.

LOAN TYPES: Purchase, Jumbo, Refinance, Reverse, Fixed, Adjustable, FHA, VA, USDA (specifics depend on the lender)

MINIMUM DOWN PAYMENT: Depends on the lender

LendingTree is the go-to solution for browsing and comparing mortgage products from over 1,500 different lenders. You can compare lender offers online through a 3-step process that consists of answering a series of questions, comparing offers side by side, and reaching an agreement with a loan officer.

LendingTree also has a wealth of resources regarding mortgages and loans such as an expansive glossary of loan terminology, current rates for all types of home loans, several calculators, and a national loan officer directory. It also features numerous reviews so users can see the experiences others have had with each lender.

Lending Tree is our Best Marketplace mortgage lender for two reasons:

• Compare lenders in minutes
• Various home loan learning sources available

LATEST NEWS AS OF JUNE 2021

LendingTree COVID-19 Response

LendingTree’s wealth of mortgage resources includes a detailed explanation of various coronavirus pandemic mortgage relief programs. It also features information about federal mortgage relief programs, instructions on finding your current loan services, and summaries of several lender relief programs. It also has a section on mortgage relief scams.

LOAN TYPES: Purchase, Jumbo, Refinance, Reverse, Fixed, Adjustable, FHA, VA

MINIMUM DOWN PAYMENT: 3%

Bank of America’s diverse selection of mortgage products, competitive closing costs, interest rate estimates, and broad reach makes it a solid lender choice overall. It’s an even better choice for existing members, as the bank may offer them greater discounts on origination fees.

Accessibility is one of the bank’s strong points, with choices for both clients who prefer face-to-face interaction or an end-to-end digital experience. Bank of America features a staggering 4,300 retail financial centers and 2,900 lending centers. The bank also allows borrowers to apply and pre-qualify entirely online.

Bank of America is our Best National Bank mortgage lender for two reasons:

• Greater discount option may be available for existing customers
• 4,300 retail financial centers, and 2,900 lending centers available nationwide

LATEST NEWS AS OF JUNE 2021

Bank of America COVID-19 Response

Bank of America is currently extending payment deferral and forbearance options to those experiencing financial hardship due to the COVID-19 pandemic. In both cases, payment due dates will be delayed but not forgiven or erased. The company will work with its clients on repayment options, and there won't be any late charges.

Eligibility for these programs varies depending on the owners or insurers of the loan product. If Bank of America owns the loan, both deferral and forbearance options will be available. Only those who have a single due payment on their loans can apply for a deferral. If a third-party owns or is insuring the loan, Bank of America will follow their guidelines.

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable

MINIMUM DOWN PAYMENT: 3%

Better.com aims to make home ownership easy through a transparent process. Since the company is fully online, it can afford to forego some of the fees charged by traditional brick and mortar lenders. Despite this focus on the digital, borrowers gain access to a dedicated loan officer

Aside from its quick application and pre-approval processes, on-demand rate lock, and instant loan estimate, Better affirms it can close mortgages in as little as 14 days.

On the downside, the lender currently has a limited selection, as it doesn’t offer any government-backed loan products.

LATEST NEWS AS OF JUNE 2021

BETTER.COM COVID-19 RESPONSE

Better is currently offering relief to its borrowers experiencing hardship as a result of COVID-19. This includes loan forbearance, waiting late and overdraft fees, suspending foreclosure for all borrowers whose loan it services, and suspending credit reporting in accordance with Fannie Mae guidelines.

Further, Better has had to modify its mortgage offerings and eligibility requirements for some loan products.

• They’ve increased their minimum FICO credit score requirement for cash-out refinance loans to 680. The minimum requirement for loans for purchase or rate-and-term refinance is still 620.
• Their Jumbo loan offerings are restricted and they cannot currently complete a Jumbo loan with a loan-to-value (LTV) ratio over 80%.

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA

MINIMUM DOWN PAYMENT: 3%

Guaranteed Rate is another online mortgage lender that allows for a fully digital process that can be tracked via an interactive checklist. That said, borrowers who also want a physical branch can enjoy access to one of the lender’s 300 branches across 46 states.

Guaranteed Rate has a full suite of comprehensive educational resources, including a Know Your Neighborhood feature (under Research), that gives borrowers the ability to view market and population trends by zip code, as well as school data and taxes.

While this lender provides a mortgage affordability calculator, it doesn’t specify whether the low rates also take into account that the borrower has bought mortgage points.

LATEST NEWS AS OF JUNE 2021

GUARANTEED RATE COVID-19 RESPONSE

Guaranteed Rate is currently extending payment deferral and forbearance options to those experiencing financial hardship due to the COVID-19 pandemic. This includes loan modifications, forbearance plans, and suspension of credit reporting for borrowers in forbearance programs, repayments, or trial period programs.

Further, Guaranteed Rate has modified its self-employed borrower requirements for Fannie, Freddie, FHA, and Jumbo loans.

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA, Home Renovation, Manufactured Homes

MINIMUM DOWN PAYMENT: Not disclosed

PrimeLending has one of the widest range of loan products of all the companies on our list, including some unique options, such as pool escrow loans, energy-efficient mortgages, and FHA 203(k) renovation loans. What’s more, with its Neighborhood Edge program, low- to moderate-income borrowers can receive up to $2,000 in closing credits, based on income and area.

While PrimeLending’s selection is certainly wide, the lender could be more transparent regarding its requirements for borrowers.

Further, though the company touts its online availability, potential home buyers must first speak with a loan officer before completing an application.

LATEST NEWS AS OF JUNE 2021

PRIMELENDING COVID-19 RESPONSE

PrimeLending had a mortgage forbearance program in place in 2020, but there is currently no information related to COVID-19 programs, other than some informative posts on the page’s blog. We recommend contacting your loan officer directly.

LOAN TYPES: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA, Renovation, Construction, Home Equity

MINIMUM DOWN PAYMENT: 3%

More well known as a mortgage servicer than an originator, Flagstar nonetheless has a full suite of loans on offer, including home equity products and several specialty loans.

Some examples of the latter include the Professional loan, made with recent graduates with high earning potential in mind. In some cases, Flagstar may even exclude some student loan debt from its DTI calculation.

LATEST NEWS AS OF JUNE 2021

Flagstar COVID-19 RESPONSE

PrimeLending is currently offering a three-month forbearance plan, extendable in further three-month implements. The company has also suspended foreclosures, evictions and repossessions as per investor/insurer guidelines, or longer if authorized by state or federal law.