Mortgages can vary significantly from one lender to another. While some prioritize a quick preapproval process, others entice borrowers with lower interest rates or reduced closing costs. To facilitate your mortgage comparison journey, whether you're in the market to purchase a home or considering refinancing your existing mortgage in 2024, we have conducted an extensive comparison of numerous lenders. This has resulted in a detailed list designed to simplify the process of finding the right mortgage option for your needs.
Editorial Lead
Editor’s note: At WorkingCapital, our revenue is partly generated through commissions earned from affiliate links. It’s important to clarify that these commissions have no impact on the views or evaluations made by our editorial team.
Our editorial integrity is paramount. We offer unbiased evaluations and insights, unaffected by advertisers. Our method is based on a data-driven approach, guaranteeing uniform and equitable evaluation of all financial entities and products. To gain insight into our editorial principles and the particular criteria employed in our reviews, please consult our Evaluation Method.
BEST LENDER FOR APPLYING ONLINE
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
30-45 days
BEST LENDER FOR FLEXIBLE MORTGAGE TERMS
On Bankrate.com's Website
On Bankrate.com's Website
580
Same as national average
Average closing time is 36 days for a conventional mortgage; 21 days for a refinance
BEST LENDER FOR NO DOWN PAYMENT MORTGAGE
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
30 days
BEST LENDER FOR LOW MINIMUM CREDIT SCORES
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
30-35 days
BEST BIG BANK MORTGAGE LENDER
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
30 to 45 days
BEST LENDER FOR SAVING MONEY ON FEES
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
30 to 40 days for purchase closings, although the lender can accommodate shorter timeframes if needed.
BEST LENDER FOR ALTERNATIVE CREDIT DATA ELIGIBILITY
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
21 to 30 days
BEST ONLINE MORTGAGE LENDER
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
32 days
BEST LENDER FOR RELATIONSHIP DISCOUNTS
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
3 weeks
BEST LENDER FOR MEDICAL PROFESSIONALS
On Bankrate.com's Website
On Bankrate.com's Website
620; No minimum for VA loans
Lower than the national average
30-45 days
BEST LENDER FOR NEW HOME CONSTRUCTION MORTGAGES
On Bankrate.com's Website
On Bankrate.com's Website
620
Lower than the national average
21- to 30-day average
BEST MORTGAGE APP FOR BORROWERS
On Bankrate.com's Website
On Bankrate.com's Website
620
Above the national average
30 to 45 days
BEST LENDER FOR FAST CLOSING TIMES
On Bankrate.com's Website
On Bankrate.com's Website
620
Within 1 to 3 basis points above or below the national average
20 days
Company | Best For | Minimum Credit Score | Mortgage Rates |
---|---|---|---|
![]() Truist |
Best lender for applying online | 620 | Lower than the national average |
Rocket Mortgage |
Best lender for flexible mortgage terms | 580 | Same as national average |
Northpointe Bank |
Best lender for no down payment mortgage | 620 | Lower than the national average |
New American Funding |
Best lender for low minimum credit scores | 620 | Lower than the national average |
Bank of America |
Best big bank mortgage lender | 620 | Lower than the national average |
PenFed Credit Union |
Best lender for saving money on fees | 620 | Lower than the national average |
Guaranteed Rate |
Best lender for alternative credit data eligibility | 620 | Lower than the national average |
Better.com |
Best online mortgage lender | 620 | Lower than the national average |
Chase |
Best lender for relationship discounts | 620 | Lower than the national average |
PNC Bank |
Best lender for medical professionals | 620; No minimum for VA loans | Lower than the national average |
Flagstar Bank |
Best lender for new home construction mortgages | 620 | Lower than the national average |
Mr. Cooper |
Best mortgage app for borrowers | 620 | Above the national average |
LoanDepot |
Best lender for fast closing times | 620 | Within 1 to 3 basis points above or below the national average |
We conducted comprehensive reviews of over 50 mortgage lenders operating both online and in brick-and-mortar locations across the United States. These lenders include some of the highest-volume mortgage providers, encompassing banks, credit unions, and online lending platforms. Lenders that do not openly share their interest rates on their websites were excluded from our review.
At WorkingCapital, we assess lenders based on factors that significantly affect mortgage costs. These factors include borrower eligibility criteria, the diversity of available loan options, and loan features that influence the home purchasing experience.
The most exemplary lenders were ranked highest, with scoring based on the following weighted categories:
Our evaluation prioritizes affordability, accessibility, and critical aspects affecting the homebuying journey, such as the duration of preapproval and closing processes. We believe these elements align closely with what consumers value most when comparing mortgage lenders.