Best Mortgage Lenders of November 2022

A mortgage is one of the biggest financial commitments you’ll ever make — and one you’ll be paying off for years. Finding a reputable lender and a loan that fits your needs is essential.

Before settling on a lender, it’s important to consider different loan programs and compare terms like mortgage rates, lender fees and closing times. There are approximately 11,000 mortgage lenders in the United States. To help you narrow the field, Money has selected the eight best mortgage lenders in America right now.

Our picks offer competitive interest rates and a range of loan products that cater to different needs. They also have simple mortgage pre-qualification, pre-approval and application processes and a strong customer satisfaction record.

Read on for our reviews of the best mortgage lenders in America.

Our Top Picks for Best Mortgage Lenders of November 2022

• Rocket Mortgage – Best Customer Service
• LendingTree – Best Marketplace
• Veterans United – Best Online Lender for Military Members
• Better Mortgage – Best for Fast Closing Time
• Guild Mortgage – Best for First-Time Homebuyers
• Navy Federal – Best In-person Lender for Military Members
• Caliber Home Loans – Best for Self-Employed Individuals
• Bank of America – Best National Bank

Best Mortgage Lender Reviews

Why we chose this company: Rocket Mortgage (NMLS: #3030), formerly known as Quicken Loans, stands out for its quality of customer experience. Customers in all 50 states can fully process their loan online but are also able to speak with one of the company’s 3,000+ mortgage bankers 24/7.

Moreover, Rocket services 99% of the mortgages it originates instead of handing customers off to another company as is the industry norm. This means customers get consistent support from start to finish.

Don’t just take our word for it: Rocket ranked second in customer satisfaction in J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study.

Rocket is the largest retail lender in the country by loan volume, offering a variety of mortgage options, including conventional mortgages, FHA, VA and jumbo loans. In addition to the usual 15- and 30-year mortgage term lengths, the lender offers flexible terms between eight and 29 years through its unique YOURgage program.

Finally, if you’re looking for a low down payment, Rocket has options — some loans allow first-time homebuyers to put as little as 3% down.

Why we chose this company: LendingTree’s (NMLS #1136) large network of lenders and straightforward quote comparison process make it our pick for the best marketplace.

LendingTree lets you compare mortgage products from over 1,500 lenders. You can compare offers online through a simple three-step process that consists of answering a series of questions, comparing offers side-by-side and discussing your options with a loan officer.

To start the process, you’ll need to provide your social security number and information about your income, assets, education, debts and work history. LendingTree then runs a soft credit check and uses your FICO score to match you with lenders. Finally, you’ll be contacted by up to five lenders with preliminary quotes.

LendingTree also offers plenty of educational resources regarding mortgages and loans, including a glossary of loan terminology, current rates for all types of home loans, several calculators and a national loan officer directory. It also features reviews so users can read about experiences other customers have had with each lender.

Why we chose this company: Veterans United’s (NMLS: #1907) robust online platform and online credit counseling program make it a solid choice for active-duty military members who may not have the ability to visit a physical branch.

Veterans United specializes in loans backed by the U.S. Department of Veterans Affairs and is a great option for service members and reservists, as well as veterans and their families.

Veterans United offers a free online credit counseling program called the Lighthouse Program. A credit specialist is assigned to each customer to help fix credit report errors and to map out a credit score improvement plan.

The lender’s mortgages are available in all 50 states and Washington D.C. However, Veterans United has physical branches in just 18 states: Alabama, Alaska, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Kentucky, Nebraska, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and Washington.

Unlike some of its VA loan competitors, Veterans United doesn’t offer home equity loans or home equity lines of credit (HELOCs). Though they do offer VA Cash-Out refinance.

Why we chose this company: Better Mortgage (NMLS: #330511) offers a fast and streamlined document submission process, which results in faster closing times for many customers.

Consumers can obtain a rate quote and a pre-approval letter in just a few minutes. Better also says that it has an average loan closing time of 32 days, which is faster than the national average of 50 days as of August 2022. While these claims are difficult to verify, customer reviews mention closing times between one and two months.

Better is an online alternative to brick-and-mortar lenders. Thanks to this business model, Better has lower operating costs, which it says translates to savings for consumers. Despite this focus on the digital, borrowers do gain access to a dedicated loan officer.

Lastly, Better offers a price guarantee, promising to match any valid competitor’s offer and credit you $100.

Why we chose this company: Guild Mortgage (NMLS: #3274) has low credit score requirements and down payment assistance programs that make it a great choice for first-time homebuyers.

In addition to conventional loans, Guild Mortgage offers government-backed FHA, VA and USDA loans and can help customers who need help coming up with a down payment find the right assistance programs.

According to the Mortgage Bankers Association (MBA), Guild is among the nation’s top lenders of FHA loans, making it an excellent option for qualifying borrowers with credit scores as low as 540 (provided they put at least 10% down).

Guild also offers an FHA Zero Down program for low to moderate-income homebuyers with below-average credit (generally under 700) and who don’t have enough saved up for a down payment.

While most FHA loans require at least 3.5% down, Guild’s Zero Down program allows applicants with credit scores as low as 640 to get an FHA home loan without a down payment.

Guild can originate loans in all but two states — New York and New Jersey. Additionally, the company can fully close mortgages online via its digital platform, MyMortgage, which can speed up the closing process.

Why we chose this company: With 324 branches nationwide, Navy Federal Credit Union (NMLS: #399807) is our pick for best in-person lender for military members.

Borrowers can also take advantage of NFCU’s rate loan match. If you find a better rate elsewhere, NFCU will match it or discount $1,000 from your closing costs.

First-time applicants have access to the Freedom Lock feature, which allows you to lock in a lower interest rate if one becomes available. Borrowers are allowed up to two locks with a minimum interest decrease of 0.50%.

Navy Federal’s HomeBuyers Choice program is a standout option in the company’s line of financial products. It offers 100% financing, a fixed interest rate, and a seller contribution of up to 6%.

NFCU also services every mortgage it originates in-house for the life of the loan, which means customers do business solely with their chosen lender. Navy Federal membership is open to active-duty military members as well as reservists, veterans, retirees and annuitants.

Why we chose this company: Caliber Home Loans (NMLS: #15622) offers a program tailored specifically for self-employed individuals that makes it much easier for borrowers to prove how much they earn even if they don’t have traditional income sources.

Caliber also has a low minimum credit score requirement and accepts non-traditional credit information when evaluating loan applications. Caliber says borrowers with this alternative credit data can secure down payments as low as 3% on conventional loans.

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

Why we chose this company: With more than 4,300 branches and 2,900 lending centers, Bank of America (NMLS: #399802) is one of the most accessible lenders on our list, especially for clients who prefer face-to-face interaction.

Bank of America’s diverse selection of mortgage options, competitive closing costs, interest rate estimates and broad reach makes it a solid lender choice overall. It can be an even better choice if you have existing accounts with Bank of America, as the bank may offer customers discounts on origination fees or other perks.

The bank also allows borrowers to apply and pre-qualify online. Bank of America’s Home Loan Navigator, which can be accessed through the bank’s mobile app, lets users sign, submit and track documents online.

Other mortgage lenders we considered

The following lenders were considered for our list, but ultimately didn’t make the cut:

Guaranteed Rate: Good for fully online loan applications

Guaranteed Rate (NMLS: #2611) is an online mortgage lender with a fully digital process that can be tracked via an interactive checklist. The lender also has more than 350 physical branches across all states.

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

• Loan Types – Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA
• Minimum Down Payment – 3%

Fairway Independent Mortgage Corporation: Good for online and offline resources

Fairway Independent (NMLS: #2289) has more than 400 branches across 48 states along with a comprehensive mobile app. Their FairwayNOW app helps streamline the document submission process while also providing calculators and direct communication with your loan officer.

Fairway offers flexible mortgage terms of 10, 15, 20, 25 or 30 years. Their most notable products are physician loans, which are designed to help physicians currently saddled with student loan debt.

While Fairway Independent receives overall favorable reviews, it doesn’t publish any of their rates, credit score requirements and minimum down payments online. Instead, you must reach out to an agent in order to access this information.

• Loan Types - Purchase, Jumbo, Refinance, ARM, FHA, Reverse Mortgage, USDA, VA
• Minimum Down Payment - 5%

PrimeLending: Good for home renovation loans

PrimeLending (NMLS: #13649) has a broad selection of loan products, including some unique options, such as pool escrow loans, energy-efficient mortgages and FHA 203(k) renovation loans. Additionally, 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 wide, the lender could be more transparent regarding its requirements for borrowers. Further, though the company touts its online availability, potential homebuyers must first speak with a loan officer before completing an application.

• Loan Types – Purchase, Jumbo loans, Refinance, Fixed, Adjustable, FHA, VA, USDA, Home Renovation, Manufactured Home

• Minimum Down Payment – 3%

Flagstar Bank: Good for loan variety

Though better known as a mortgage servicer than an originator, Flagstar Bank (NMLS: #417490) offers a full suite of loans, including home equity products and several specialty loans.

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

• Loan Types – Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA, Home Renovation, Manufactured Homes

• Minimum Down Payment – 3%

How Much Will I Pay for My Mortgage?

Mortgages Guide

Purchasing a home and taking on the mortgage loan can be intimidating, especially for first-time buyers. The process requires a firm knowledge of your personal finances and a long-term financial commitment. This basic information will help you start with confidence and find the best lender for you.

If you need more guidance, a professional mortgage banker or mortgage broker might be able to help.

How Do Mortgages Work?

Mortgages are secured loans that use the value of the home you’re buying as collateral.

Loans are secured with a down payment. Down payment requirements vary by lender. Borrowers typically need 20% of the purchase price to avoid private mortgage insurance. However, it is often possible to get a loan with as little as 3% down.

Mortgages are repaid over time with interest, and loan terms can run from eight to 30 years. Most Americans need a mortgage to afford a home. The drawback of a mortgage is if you’re unable to make your monthly payments, the lender can seize the property.

If you’re already a homeowner and thinking about refinancing your mortgage, check our mortgage refinance calculator and our list of the best mortgage refinance companies to get started.

Types of mortgage loans

To fit the diverse needs of homebuyers, mortgage companies offer products with a range of lengths, interest rates and payment structures.

Conventional loans: The most common type of mortgage loan, conventional loans are offered by private lenders and not part of any government-insurance programs. Conventional loans can be conforming or non-conforming.

• Conforming loans meet the standards to be purchased by Fannie Mae and Freddie Mac, which are government-sponsored mortgage investors.

• For 2022, the conforming loan limit is $647,200 in most places. In some expensive areas, the limit goes up to $970,800.

• Non-conforming loans are those that do not meet these standards and therefore stay on the private lender’s books.

Jumbo loans: Jumbo loans are a type of conventional, non-conforming loan for loans above the conforming loan limits of $970,800.

FHA loans: A Federal Housing Administration is a government-backed mortgage program popular with first-time buyers.

• The government offers the lender insurance on this type of loan, so FHA mortgage rates tend to be lower than conventional loans.

• You can also make a lower upfront down payment with this type of loan, typically as low as 3.5% of the purchase price.

VA loans: Another government-backed loan, VA loans are guaranteed by the US Veterans Affairs Department. VA loans are available to service members, veterans and eligible surviving spouses.

• They often come with lower interest rates and don’t require a down payment or private mortgage insurance. However, it requires a VA funding fee. For more information about VA loans, check out our guide to the best VA loans.

USDA loans: The US Department of Agriculture backs home loans for low-income borrowers purchasing real estate in rural and some suburban areas. No down payment is required, and the program offers competitive interest rates, flexible credit score requirements, and low monthly mortgage insurance.

Reverse mortgage: A reverse mortgage allows homeowners age 62 or older to convert their home equity into cash without having to sell their property.

• As long as the homeowners live in the house, they don’t have to pay back the loan — however, there are caveats, such as having homeowners insurance and maintaining the property in good condition.

• Instead of a reverse mortgage, homeowners under the age of 62 can also look into home equity loans, which are similar in concept, though with different repayment rules.

Type of mortgage rates

When looking for a loan, always look at the most current mortgage rates and the APR being offered by the lender to make sure you’re getting the best rate. Borrowers who can qualify for a lower rate will save money on their loan over time.

The annual percentage rate (APR) is a measure of both how much interest you will pay throughout the year and any applicable loan fees, including loan origination and underwriting costs. This is expressed as a percentage of your principal loan amount.

Lenders typically offer both fixed-rate mortgages and adjustable-rate mortgages.

Fixed-rate mortgages

Adjustable-rate mortgages (ARM)

How to Get a Mortgage Loan

Your first step toward getting a home mortgage loan is to determine your budget. Check our mortgage calculator and home affordability calculator to see how much you’ll be able to afford in monthly mortgage payments and get an estimate of your ideal purchase price.

Part of determining how much home you can afford is figuring out your down payment. As a general rule of thumb, a 20% down payment is recommended because you’ll avoid paying for private mortgage insurance (PMI) — a policy which will protect the lender in case you default on the loan. Most lenders, however, will accept a lower down payment.

Before applying for a mortgage, make sure to check your credit score. Lastly, check your debt-to-income ratio before applying. Lenders prefer borrowers with a debt-to-income ratio lower than 36%, and many lenders will not even consider borrowers with a ratio higher than 43%.

It is also important to compare mortgage lenders to make sure you find the one with terms that best fits your financial situation. Once you’ve decided on a lender, gather all the necessary paperwork to help streamline the application process.

Documents needed when submitting a mortgage application include:

1. Your two most recent pay stubs
2. Your most recent tax return
3. W-2 and/or 1099 (lenders may ask for two years, depending on your employment history)
4. A state-issued photo ID, such as your passport or driver’s license
5. Statements of all your assets (retirement accounts, investment accounts, checking and savings accounts, etc.)
6. Bankruptcy discharge documents (if applicable)
7. A recent credit report (typically obtained by the lender)
8. Records of any outstanding debts, such as credit cards and student loans
9. In some cases, lenders may require additional documentation, like a history of alimony payments and gift letters, so make sure to ask before applying

Lenders will perform hard credit inquiries when you apply, making sure there are no red flags in your credit history that may impact your chances of approval. If you apply with multiple lenders within 45 days, your score will not be affected. Credit reporting agencies recognize this as shopping around for the best mortgage rate.

Another good idea is getting a mortgage pre-approval before deciding on a property. Getting a pre-approval letter will save you time and make the mortgage process more manageable.

It is important to note that student loans count against your debt-to-income ratio, which can make applying for a mortgage a tricky proposition for many individuals. However, getting a mortgage when you have student loans is not uncommon, so make sure to thoroughly explore all of your bank’s options to secure the best rates.

Once you’ve submitted your application, the lender will generally provide you with a loan estimate within three business days. The loan estimate is a document that outlines the preliminary terms of the loan you have requested.

Latest News on Mortgage Lenders

Freddie Mac’s benchmark rate is hovering close to 7%. High rates are impacting both sellers and buyers.

With current mortgage rates at 20-year highs, buyers are adjusting to higher borrowing costs by settling for smaller homes to keep within their budgets. Homeowners who have locked in low mortgage rates in 2020 and 2021 are reluctant to sell now that rates are significantly higher.

As the lack of affordability pushes the dream of homeownership away for many buyers, sellers are slashing their listing prices at a record pace in order to attract those who are still active in the market.

As both buyers and sellers adjust to rising rates, the housing boom of the past two years looks like it may be over, according to market experts. Which means the fall housing market will be less active than usual.

Mortgage Lenders FAQ

To answer the questions in this section, we contacted Tim Lucas, managing editor for The Mortgage Reports; Jason Sharon, mortgage broker, US Navy Veteran, and owner of Home Loans, Inc; and Andy Harris, owner of Vantage Mortgage Group, Inc.

How We Chose the Best Mortgage Lenders

Our ranking methodology was determined based on the following categories:

• Types of loans offered: We favored companies that offer a variety of loan options, such as fixed- and adjustable-rate mortgages, different term-lengths, and both private loans and loans backed by government agencies.

• Customer experience: We favored companies that consider alternative credit data, provide a streamlined application process, offer at least two forms of customer service, and have a variety of resources and educational tools on their websites.

• Reputation and transparency: We evaluated consumer complaints with the Consumer Financial Protection Bureau and the number of regulatory actions filed with the Nationwide Multistate Licensing System

Over the course of our research, we consulted the following expert sources:

• The Mortgage Bankers Association
• Veterans Administration’s 2021 list of lenders by loan volume
• J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study
• Residential Originations Databook
• Consumer Financial Protection Bureau (CFPB)
• Nationwide Mortgage Licensing System (NMLS)

Summary of Money’s Best Mortgage Lenders of November 2022

COMPANY and SPECIALTY	MINIMUM CREDIT SCORE	MINIMUM DOWN PAYMENT
Rocket Mortgage - Best Customer Service	620	3%
LendingTree - Best Marketplace	~585 (recommended)	n/a
Veterans United - Best Online Lender for Military Members	620	0%
Guild Mortgage - Best for First-Time Homebuyers	620	0%
Navy Federal - Best In-Person Lender for Military Members	660	0%
Caliber Home Loans - Best for Self-employed Individuals	580	3%
Bank of America - Best National Bank	620	3%
Better Mortgage - Best for Fast Closing Time	620	3%