7 Best Mortgage Lenders of 2021

Quicken is our best overall mortgage lender for two reasons:

• Their nationwide reach
• Their excellent customer service.

Rated "Among the Best" according to JD Power's Primary Mortgage Origination Satisfaction Study, Quicken has consistently ranked highest in customer satisfaction for loan originations with JD Power for ten consecutive years.

Quicken's YOURgage program sets it apart from the pack. YOURgage allows borrowers to choose the term of their fixed-rate mortgage and get a loan of up to $510,400. First-time homebuyers can pay as little as 3% down, which is especially helpful for first-time homebuyers who may not have 20% saved for a down payment.

Finally, as Quicken has completed 96% of all electronic mortgage closings in the country, the company has a wealth of experience completing the process online, which is highly convenient for most applicants these days.

LATEST NEWS AS OF JANUARY 2021

Quicken Loans COVID-19 Response

Quicken Loans clients who have been impacted by COVID-19 can fill out an application for assistance by visiting RocketMortgage.com. The company offers an initial 3-month forbearance, extendable up to 12 months, which temporarily stops their mortgage payments. Once the crisis is over, Quicken Loans will work with clients to determine the best course of action when they are ready to resume monthly payments. Clients won't experience an impact to their credit as a result of the forbearance.

As for closings and appraisals, Quicken is taking precautionary measures to ensure that their real estate signing agents and appraisers do not have COVID-19. According to their statement, in some cases, they are not required to enter your home for the time being.

Guild offers government-backed FHA, VA, and USDA loans, as well as programs that specialize in down-payment assistance. That's why Guild's range of credit options made it our top pick as the best mortgage lender for first-time homebuyers. 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 credit score of 600.

For first-time homebuyers who think their credit scores 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 a nifty incentive that accepts a minimum 3% down payment and awards borrowers a $2,000 Home Depot gift card and a $1,500 grant that can be used for the loan's down payment or closing costs.

LATEST NEWS AS OF JANUARY 2021

Guild Mortgage COVID-19 Response

The Federal Housing Finance Agency (FHFA) has extended a moratorium on foreclosures and evictions on enterprise-backed (Freddie Mac and Fannie Mae), single-family mortgages through June 30, 2020. Guild Mortgage is actively monitoring the COVID-19 situation and will not adversely report customer loans to credit bureaus through March, April, and May, as well as waiving late charges for all borrowers for April and May. If you expect COVID-19 to impact you for a while, Guild Mortgage offers an initial forbearance option and hardship assistance in partnership with investors.

Veterans United Home Loans (VU) is the country's top VA loan originator and, because of the strength of its online tools and resources, is also our top online lender of VA loans.

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 and services some of its loans, it does offer competitive rates.

With branches in only 18 states, the My Veterans United online mortgage application makes it easy to get a quote in a matter of minutes and get pre-approval without having to set foot in a branch office. Veterans United will assign a team of loan specialists to work with each customer to streamline the application process.

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 and will help fix errors on credit reports, map out a plan for improving a score, and keep advising the borrower until they reach their credit score goal, regardless of how long that may take.

LATEST NEWS AS OF JANUARY 2021

Veterans United COVID-19 Response

For customers who are experiencing financial hardship due to the COVID-19 pandemic, Veterans United is offering up to an initial 180 days of forbearance, which temporarily suspends monthly mortgage payments of their mortgage. If necessary, borrowers have the option of being able to extend that period for an additional 180 days.

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

Once the forbearance period ends, Veterans United will work with individual borrowers to establish either a repayment plan or a loan modification, whichever option works best for their needs. More information about forbearance can be found on Veterans United’s COVID-19 Mortgage Relief Resource Center.

As the world's largest credit union, the sixth-ranking VA loan originator in the country, and one of the best mortgage lenders by customer satisfaction according to J.D. Power, Navy Federal Credit Union (NFCU) is one of our two top picks for military service members. Not only that, but with their 324 branches, 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 the lender they have researched and chosen.

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.

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

LATEST NEWS AS OF JANUARY 2021

Navy Federal COVID-19 Response

Navy Federal is offering eligible members a forbearance plan, which temporarily suspends monthly mortgage payment requirements. Members will also be provided with options to make payments missed during forbearance.

"We understand that some Navy Federal members are going through an unprecedented experience right now. Our commitment has been and will continue to be to support our members the best we can," said Janelle Allison, Vice President of the Mortgage and Equity Resolutions Branch at Navy Federal. The latest details on NFCU's forbearance for mortgage borrowers can be found on NavyFederal.org's website by clicking on the COVID-19 Response button near the top of the main page.

Additionally, closing a mortgage loan may take longer than usual, but Navy Federal is honoring initial locked rates in light of COVID-19. For more information regarding other personal loans, checks or transfers, visit their COVID-19 response blog.

One of the highest-volume lenders in the country, Caliber Home Loans stands out for a number of reasons, most notably for how easy they make it for people with poor credit history to get a mortgage.

For some of its loan programs, Caliber will accept applicants with credit scores of as low as 580. The company also considers alternative credit data during the application process, offering low down payments of 3% in some cases.

The low entry barrier and a program specifically tailored towards self-employed individuals make it much easier for them to take out a loan with Caliber. Those who are self-employed generally have a harder time finding loan programs that will accept their application. This is because it’s harder to prove how much you earn when you do not have a regular salary.

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

LATEST NEWS AS OF JANUARY 2021

Caliber Home Loans COVID-19 Response

Caliber offers both short-term and long-term solutions for those struggling to pay their mortgage due to the COVID-19 pandemic. The first option is to establish a forbearance plan, which will postpone their monthly payments. This can give clients the time and flexibility that they need to recover from their current financial challenges.

If forbearance is not enough, clients have several other options depending on the type of loan and financial situation. A repayment plan may be established 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 or sell their home. Alternatively, modifications can be made to a client’s loan to make it more manageable for them.

Although not a lender itself, LendingTree is the go-to solution for browsing and comparing mortgage products from multiple lenders. The company is the country’s largest online loan marketplace and is partnered with over 1,500 different lenders.

Compare lender offers through a straightforward 3-step process, which consists of answering a series of questions, looking at offers side by side, and reaching an agreement with a loan officer or simply applying online.

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 of others with each lender.

Users who sign up for a LendingTree account will be shown their credit score and may receive suggestions on how to improve it. Users can also download the LendingTree app to keep tabs on their credit score. The app will automatically look for deals and notify homeowners when refinancing their loan could produce savings in the long run.

LATEST NEWS AS OF JANUARY 2021

LendingTree COVID-19 Response

LendingTree’s wealth of mortgage resources includes a detailed explanation of the 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. Additionally, it has a section on mortgage relief scams.

Bank of America is one of the world’s largest banks and has been recognized as one of the country’s best banks. The bank’s diverse selection of mortgage products and competitive closing costs and interest rate estimates combined with its broad reach makes it a solid lender choice overall. It’s an even better choice for existing members, as the bank may offer greater discounts on mortgage lender origination fees.

Accessibility is one of the bank’s strong points, with choices for both clients who prefer face-to-face interaction and 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 receives more official complaints than some other lenders due to the size and reach. However, the company still boasts excellent customer satisfaction rates. It ranked second in J.D. Power’s 2020 Mortgage Origination Satisfaction Study and an A+ rating with the Better Business Bureau.

LATEST NEWS AS OF JANUARY 2021

Bank of America COVID-19 Response

Bank of America is currently extending payment deferral and payment forbearance options to those experiencing financial hardship associated with 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 based on the owners or insurers of the loan. If Bank of America owns the loan, both deferral and forbearance options will be available. However, 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 while extending a forbearance program to the client.