Best Mortgage Lenders of November 2024

Truist, a result of the 2019 merger between SunTrust Mortgage Banks Inc. and BB&T Corp., presents customers with the opportunity to refinance mortgages through rate-and-term and cash-out refinancing options. They also provide HELOCs for individuals seeking to access home equity without changing their existing mortgage terms. A notable advantage for Truist customers is access to Operation HOPE Inside coaches. These coaches offer guidance either individually or in group sessions, covering various financial topics like accessing mainstream credit, enhancing savings, reducing debt, fostering entrepreneurship, and achieving homeownership. Availability Truist originates mortgages across all 50 states and Washington, D.C. Application Process Borrowers can conveniently apply online. Speed Applicants can obtain a same-day mortgage preapproval. The mortgage closing duration typically spans up to 30 days. Credit Requirements Truist mandates a minimum credit score of 620. Loan Offerings Truist's range of offerings includes fixed and adjustable-rate mortgages, VA, FHA, jumbo mortgages, and construction-to-permanent loans.

Rocket Mortgage provides standard rate-and-term refinancing and cash-out refinancing options. Their quick approval process can take as little as eight minutes, while the average refinance loan closing time stands at around 21 days. Customers should inquire about ongoing discounts and promotions, including special offers available during events like Cyber Monday. With flexible customer service hours and a widespread network of approximately 43,000 loan officers across 10,000 mortgage brokerages nationwide, borrowers have access to round-the-clock customer support. Availability Rocket Mortgage, an online lender, operates across all 50 states and maintains physical locations in Charlotte, Cleveland, Detroit, and Phoenix. Application Process Borrowers can conveniently apply online. Phone support is available from 5:00 a.m. PT to 5:00 p.m. PT, Monday through Friday, while chat support is accessible from 5:00 a.m. PT to 5:00 p.m. PT, seven days a week. Speed Rocket Mortgage offers rapid preapproval in as little as eight minutes. However, the loan closing process typically takes longer, averaging around 47 days. Credit Requirements For FHA and VA loans, Rocket Mortgage requires a minimum credit score of 580, while conventional mortgages necessitate a score of 620. Jumbo borrowers must have a minimum credit score of 680. The lender also considers alternative credit data, such as rent and utility payments, when evaluating mortgage applications. Loan Offerings Rocket Mortgage's product line includes fixed and adjustable-rate mortgages, conventional and jumbo mortgages, FHA loans, and VA loans. Notably, they offer YOURgage—a fixed-rate mortgage allowing custom term selections ranging from eight to 29 years. Additionally, their FHA Streamline product facilitates easier refinancing for existing FHA borrowers, requiring less paperwork and no appraisal. However, the lender doesn't provide USDA loans, home equity loans, or HELOCs.

Northpointe Bank offers a diverse range of home loans, beyond the standard mortgage options such as conventional, FHA, and VA loans. They specialize in doctor and professional loans, often requiring no down payment, as well as providing construction and vacant land loans. Their standout option is the down payment loan, which offers 100% financing, requiring only a minimum credit score of 680 for qualification. Additionally, Northpointe Bank provides jumbo mortgages of up to $3 million with as little as 10% down payment. Availability Operating across a majority of states, Northpointe Bank serves clients in Alabama, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Tennessee, Utah, Virginia, Washington, and Washington D.C. Application Process Borrowers can conveniently apply online. Speed Northpointe Bank offers preapproval within 24-48 hours, with an average closing duration of around 30 days. Credit Requirements Northpointe Bank mandates a minimum credit score of 620. Loan Offerings It's important to note that Northpointe Bank does not extend home equity loans or HELOCs.

New American Funding, headquartered in California, is dedicated to supporting borrowers by aiming to facilitate $25 billion in home loans for the Latino community by 2024. Additionally, the company endeavors to bridge the racial wealth gap by aspiring to extend $20 billion in new mortgages to Black borrowers by 2028. The lending options at New American Funding encompass various refinance choices, such as rate-and-term refinances, cash-out refinancing, and the less common cash-in refinancing. The latter allows borrowers to make a lump sum payment towards their principal balance while refinancing the mortgage with adjusted rates and/or terms. HELOCs are also part of their offerings. Availability New American Funding operates in most states and in Washington D.C., with the exception of New York and Hawaii. Application Process Borrowers can initiate their application online. Speed Applicants at New American Funding can obtain a same-day mortgage preapproval. The mortgage closing duration typically ranges between two weeks to 30 days. Credit Requirements New American Funding stipulates a minimum credit score of 620. Loan Offerings The array of loans offered includes 30-year and 15-year fixed-rate mortgages, VA and USDA loans, conventional loans, adjustable-rate mortgages (ARMs), FHA financing, reverse mortgages, an I CAN mortgage (allowing customization of loan terms from eight to 30 years), and a Buydown loan (permitting a reduction in mortgage payment rates).

Bank of America presents a variety of refinance options, encompassing fixed- and adjustable-rate loans, cash-out refinancing, and VA/FHA refinancing choices. Additionally, they extend HELOCs for homeowners seeking to tap into their home equity without altering their existing mortgage. Existing Bank of America customers may be eligible for origination fee reductions or interest rate reductions based on their specific eligibility criteria. For flexibility in the application process, Bank of America offers both online and in-person application options, leveraging their network of 4,300 financial centers across the U.S. Their online platform, the Bank of America Digital Mortgage Experience, provides customers with convenient online applications, electronic document signatures, and the ability to lock in rates online. Borrowers also have the option to connect with lending specialists digitally. Existing customers can benefit from various discounts, including potential closing-cost discounts of up to $600. Availability Bank of America's mortgage offerings do not extend to North and South Dakota, Nebraska, Wyoming, Idaho, West Virginia, Alabama, and Wisconsin. Application Process Borrowers have the choice of applying online or in person at Bank of America financial centers. Customer Support Phone support is accessible Monday through Friday, from 8 a.m. to 10 p.m. ET, and Saturdays from 8 a.m. to 6:30 p.m. ET. Speed Bank of America boasts a swift mortgage preapproval process, taking as little as 20 minutes, followed by a formal preapproval letter, according to a Bank of America representative. Their average closing period ranges between 30 to 45 days, aligning with industry standards. Credit Requirements Bank of America necessitates a minimum credit score of 620. Notably, the lender considers alternative credit data, such as rent and utility payments, to evaluate mortgage applications. This approach helps applicants with limited credit histories or certain credit report issues. Loan Offerings Bank of America's offerings include fixed- and adjustable-rate conventional and jumbo mortgages, FHA loans, and the Affordable Solution Mortgage requiring only a 3% down payment without private mortgage insurance. However, USDA loans are not part of their offerings.

PenFed Credit Union extends various refinancing options to borrowers, including rate-and-term refinancing, cash-out refinancing, and the VA Interest Rate Reduction Loan (IRRRL), a streamline refinance. Additionally, borrowers have the opportunity to access their home equity through a HELOC. For those mindful of savings, borrowers won't incur any lender fees, only being responsible for third-party expenses such as appraisal, title, credit report, and other necessary services for mortgage processing. While PenFed Credit Union typically averages 30 to 40 days for purchase closings, the institution strives to expedite closings upon request. Membership at PenFed Credit Union is open to all, without any mandatory military affiliation. However, every member is required to establish and maintain a share (savings) account with a minimum deposit of $5, representing ownership rather than a membership fee—a uniform requirement for all members. The Mortgage Member Benefits Program offers a straightforward three-tier lender credit of up to $2,500, with savings contingent upon the loan amount—larger loans translate to greater savings. Availability PenFed operates across all 50 states and provides both online application options and physical branches in several locations, including California, Florida, Georgia, Guam, Hawaii, Japan, Maryland, North Carolina, Nebraska, New Jersey, New Mexico, New York, Pennsylvania, Puerto Rico, Texas, Virginia, and Washington D.C. Application Process Borrowers can initiate their application online, while phone support is accessible Monday through Friday from 8 a.m. to 8 p.m. ET and Saturdays from 8 a.m. to 5 p.m. ET. Services are unavailable on Sundays. Speed Loan preapproval is accomplished in less than three days, and the average closing time is 35 days, notably shorter than the industry average. In select cases, closing periods can be as brief as 11 days. Credit Requirements PenFed mandates a minimum credit score of 620 for conventional and VA loans, while jumbo loans require a minimum credit score of 700. Loan Offerings PenFed provides fixed conventional, jumbo, and VA mortgage loans, alongside home equity loans and refinancing.

Prospective mortgage borrowers can anticipate competitive interest rates and average fees slightly below the national average when choosing Guaranteed Rate. The platform offers the convenience of receiving a preapproval letter within 24 to 48 hours, and an online prequalification process completed in just 15 minutes. For VA borrowers or those refinancing a VA mortgage, Guaranteed Rate eliminates all loan fees. Availability Guaranteed Rate operates across all 50 states through its online platform and boasts a network of over 300 branches nationwide. Application Process Borrowers have the flexibility to apply for a mortgage through both branch locations and online channels. The paperless application system allows for electronic paperwork submission and enables applicants to manage their application progress online. The application can be submitted online or in person at branch locations. Customer support for new loans operates by phone from Monday to Friday, 8:30 a.m. to 6:30 p.m. CT, while customer support for loans in process is available Monday through Friday, 8:30 a.m. to 5:30 p.m. CT. Speed While Guaranteed Rate's preapproval times aren't as swift as some other lenders, they generally offer a turnaround of one to two days for preapproval letters. Credit Requirements Guaranteed Rate sets a minimum credit score requirement of 620. Loan Offerings The platform provides a wide range of mortgage options for both buyers and refinancers. These include fixed- and adjustable-rate mortgages, conventional and jumbo mortgages, FHA, USDA, and VA loans, as well as interest-only mortgages. Guaranteed Rate doesn't extend offerings for home equity loans or HELOCs.

Better.com offers unparalleled convenience through its fully digital platform, enabling applicants to apply for and close on loans from anywhere globally. The preapproval process is swift, typically providing a rate quote and verified preapproval within about 20 minutes. An advantage of Better.com is its absence of commission or lender fees, which encompass application, underwriting, and origination fees. This commission-free approach, estimated to save approximately 1% of the loan amount, translates to an average lifetime savings of $19,000 for borrowers. Availability Better.com operates throughout the United States, with the exception of Hawaii, Nevada, and New Hampshire. Application Process Better.com solely facilitates online applications, necessitating email and phone correspondence for customer interactions due to the absence of physical locations. The platform offers 24/7 live support via phone and email. Speed For borrowers not required to provide additional information, Better.com typically achieves verified mortgage preapproval in under 20 minutes. However, if documentation like proof of self-employment income or details about monetary gifts or additional assets are necessary, the preapproval process might take longer. On average, expect a mortgage to close within three to six weeks after locking in your rate. Credit Requirements Better.com mandates a minimum credit score of 620. Loan Options Better.com provides fixed- and adjustable-rate conventional and jumbo mortgages, along with FHA loans. However, VA and USDA loans are not part of their offerings.

Chase consistently provides competitive interest rates, accompanied by exclusive discounts for existing Chase customers eligible for relationship benefits. These perks encompass reduced processing fees and lowered rates. As an illustration, individuals with combined assets in Chase deposit and investment accounts ranging from $150,000 to $499,999 qualify for a $500 deduction from the mortgage processing fee. Meanwhile, borrowers with $500,000 or more receive a substantial $1,500 reduction in processing fees. Moreover, Chase extends a rate discount of up to 0.25% for clients maintaining at least $1 million in deposits and investments with them. Coverage Area Chase extends its mortgage services to 48 states and Washington, D.C., although certain loan products may not be accessible in all states. Application Process Borrowers have the convenience of applying online, with customer support available by phone during the following hours: Monday to Friday, 8 a.m. to 8 p.m. ET; Saturday, 9 a.m. to 6 p.m. ET. The services are closed on Sundays. Speed of Processing Chase's preapproval procedure typically takes up to two days, with a minimum of three weeks required for the closing process. Credit Criteria A minimum credit score of 620 is mandated by Chase for loan approval. Variety of Loans Chase offers an array of loan options, including fixed- and adjustable-rate conventional and jumbo mortgages, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, and low down payment loans.

PNC operates across all 50 states, providing various refinancing options and access to home equity without affecting existing mortgages. Borrowers have choices like rate-and-term refinancing, cash-out refinancing, or opting for a second mortgage, ideal for maintaining a low interest rate on the first mortgage. The second mortgage entails a separate payment and places a lien on the property. For those seeking cash from their home without altering the existing mortgage, PNC offers adjustable- and fixed-rate HELOCs. The bank also offers a fully digital preapproval application, enabling borrowers to apply online and receive speedy approval within minutes. Accessible in All 50 States PNC maintains branches in states like Alabama, Delaware, District of Columbia, and others, catering to customers preferring in-person banking experiences. Application Process Borrowers can apply online or visit a bank location. Phone support is available Monday through Thursday from 8 a.m. to 10 p.m. ET, Friday from 8 a.m. to 6 p.m. ET, and on weekends from 8 a.m. to 5 p.m. ET. Speed Preapproval times range from as quick as 30 minutes to one day, with an average closing period of 45 days, aligning with industry standards. Some cases experience faster closings in as little as 30 days. Credit Requirements For conventional mortgages, a minimum credit score of 620 is necessary, while jumbo loans mandate a minimum score of 700. VA loans have no minimum credit score requirement.

Flagstar Bank provides a range of refinancing options, including rate-and-term refinancing and cash-out refinancing. Rates may vary based on location. Additionally, borrowers can tap into their equity without affecting their interest rate through a home equity line of credit (HELOC). For eligible borrowers, Flagstar offers various discount programs, including benefits for those whose employers have ties with the bank, incentives for returning customers, and discounts for first responders, active military personnel, and veterans. Operating in all 50 states, Flagstar Bank allows for an online application process across the nation. Applying for a mortgage with Flagstar is flexible: customers can apply online, visit a lender in person, or go to a branch location in Indiana, Michigan, Ohio, or Wisconsin. Customer support is available Monday through Friday, from 7:30 a.m. to 9 p.m. ET, and on Saturdays from 8:30 a.m. to 6 p.m. ET via email, phone, and online chat. Flagstar Bank boasts a speedy process: preapproval takes less than three days, and their average closing time ranges from 21 to 30 days, quicker than the industry average. Some cases even see closing occurring in as few as 15 days. To qualify, Flagstar Bank requires a minimum credit score of 680. They also consider alternative credit data, like rent and utility payments, when assessing mortgage applications—taking into account credit information not typically captured in the FICO score, such as utility bills, rent, and cell phone payments. The array of loan types offered by Flagstar includes fixed and adjustable-rate conventional and jumbo mortgages, FHA, VA, and USDA loans. They also provide construction and renovation loans, alongside specialty loans for multiple properties and high-cost areas. Home equity loans are available in select areas, and eligibility can be checked using your ZIP code on the Flagstar website.

Mr. Cooper stands out by providing loans to individuals with credit scores as low as 580 (for FHA loans) and 600 (for conventional loans), significantly lower than the average minimum required score. Additionally, Mr. Cooper extends various discounts, including a 'Close On Time Guarantee' for new home purchasers. Should Mr. Cooper fail to close on time, they commit to sending a check equivalent to the borrower’s full first month’s principal and interest payment. Availability Across States Originally Nationstar and founded in 1994, Mr. Cooper has expanded its non-bank mortgage operations to all 50 states. Despite its nationwide lending capabilities, Mr. Cooper does not maintain brick-and-mortar locations. Application Process To initiate a loan application, individuals are required to either call by phone or provide their contact information online for a customer service representative to follow up. Mr. Cooper does not facilitate online applications, which may present a challenge for modern borrowers accustomed to automated systems. Customer Support Phone-based customer support is available from Monday to Thursday, 7 a.m. to 8 p.m. CT, Friday from 7 a.m. to 6 p.m. CT, and Saturday from 8 a.m. to 2 p.m. CT. Processing Speed The preapproval process typically spans one to three days, while the closing period ranges from 30 to 45 days. Credit Requirements Mr. Cooper stipulates minimum credit scores as low as 580 for FHA loans and 600 for conventional loans. Offered Loan Variety Mr. Cooper offers mortgages for both buyers and refinancers, encompassing fixed and adjustable-rate conventional and jumbo mortgages, FHA loans, and VA loans. However, they do not provide USDA loans, home equity loans, or HELOCs.

LoanDepot, a major non-bank mortgage lender, boasts over 150 branches nationwide along with a robust online platform. Their array of loan products spans conventional mortgages, government-backed loans, and refinancing options. The lender’s innovative Mello Smartloan technology significantly streamlines the mortgage process. By minimizing paperwork and digitally validating assets, income, and debt, it slashes the closing time by an average of 17 days. Additionally, the technology facilitates digital title clearance and potentially waives the appraisal requirement, reducing both time and expenses associated with the mortgage. Coverage and Application Process Operating in all 50 states, LoanDepot allows borrowers to apply online or visit any of their 150+ branch locations across the U.S. With origination centers in Arizona, Tennessee, and California, they hold licenses across all states. Application and Customer Service Customers can easily apply online, followed by guidance from a loan officer for the next steps, encompassing income documentation and personal identification. Flexible customer service hours operate on weekdays from 8 a.m. to 10 p.m. ET and Saturday from 11 a.m. to 3 p.m. ET. Speed and Credit Requirements LoanDepot achieves a swift mortgage preapproval in about 20 minutes for most borrowers, with Mello Smartloan users potentially shortening the closing process by up to 17 days. Their credit score requirements align with industry standards, setting a minimum of 620 for conventional and VA loans, while FHA loans accept a less stringent 580 minimum. Jumbo loans, however, mandate a minimum credit score of 700. Offered Loan Types LoanDepot boasts a diverse range of loan options including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, jumbo loans, VA loans, and 203(k) loans. Notably, USDA loans are not part of their offerings.