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Best Mortgage Lenders of June 2024

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.

Picture of William Stern
William Stern

Editor, Working Capital Staff

November 20, 2023

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 Mortgage Loans

BEST LENDER FOR APPLYING ONLINE

Truist

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

30-45 days

Why We Picked It
Pros & Cons

BEST LENDER FOR FLEXIBLE MORTGAGE TERMS

Rocket Mortgage

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

580

Mortgage Rates

Same as national average

Days To Close

Average closing time is 36 days for a conventional mortgage; 21 days for a refinance

Why We Picked It
Pros & Cons

BEST LENDER FOR NO DOWN PAYMENT MORTGAGE

Northpointe Bank

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

30 days

Why We Picked It
Pros & Cons

BEST LENDER FOR LOW MINIMUM CREDIT SCORES

New American Funding

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

30-35 days

Why We Picked It
Pros & Cons

BEST BIG BANK MORTGAGE LENDER

Bank of America

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

30 to 45 days

Why We Picked It
Pros & Cons

BEST LENDER FOR SAVING MONEY ON FEES

PenFed Credit Union

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

30 to 40 days for purchase closings, although the lender can accommodate shorter timeframes if needed.

Why We Picked It
Pros & Cons

BEST LENDER FOR ALTERNATIVE CREDIT DATA ELIGIBILITY

Guaranteed Rate

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

21 to 30 days

Why We Picked It
Pros & Cons

BEST ONLINE MORTGAGE LENDER

Better.com

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

32 days

Why We Picked It
Pros & Cons

BEST LENDER FOR RELATIONSHIP DISCOUNTS

Chase

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

3 weeks

Why We Picked It
Pros & Cons

BEST LENDER FOR MEDICAL PROFESSIONALS

PNC Bank

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620; No minimum for VA loans

Mortgage Rates

Lower than the national average

Days To Close

30-45 days

Why We Picked It
Pros & Cons

BEST LENDER FOR NEW HOME CONSTRUCTION MORTGAGES

Flagstar Bank

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Lower than the national average

Days To Close

21- to 30-day average

Why We Picked It
Pros & Cons

BEST MORTGAGE APP FOR BORROWERS

Mr. Cooper

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Above the national average

Days To Close

30 to 45 days

Why We Picked It
Pros & Cons

BEST LENDER FOR FAST CLOSING TIMES

LoanDepot

Compare Rates

On Bankrate.com's Website

Compare Rates

On Bankrate.com's Website

Minimum Credit Score

620

Mortgage Rates

Within 1 to 3 basis points above or below the national average

Days To Close

20 days

Why We Picked It
Pros & Cons
CompanyBest ForMinimum Credit ScoreMortgage Rates
Truist

Truist

Best lender for applying online620Lower than the national average
Rocket Mortgage

Rocket Mortgage

Best lender for flexible mortgage terms580Same as national average
Northpointe Bank

Northpointe Bank

Best lender for no down payment mortgage620Lower than the national average
New American Funding

New American Funding

Best lender for low minimum credit scores620Lower than the national average
Bank of America

Bank of America

Best big bank mortgage lender620Lower than the national average
PenFed Credit Union

PenFed Credit Union

Best lender for saving money on fees620Lower than the national average
Guaranteed Rate

Guaranteed Rate

Best lender for alternative credit data eligibility620Lower than the national average
Better.com

Better.com

Best online mortgage lender620Lower than the national average
Chase

Chase

Best lender for relationship discounts620Lower than the national average
PNC Bank

PNC Bank

Best lender for medical professionals620; No minimum for VA loansLower than the national average
Flagstar Bank

Flagstar Bank

Best lender for new home construction mortgages620Lower than the national average
Mr. Cooper

Mr. Cooper

Best mortgage app for borrowers620Above the national average
LoanDepot

LoanDepot

Best lender for fast closing times620Within 1 to 3 basis points above or below the national average
Evaluation Method

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:

  • Interest Rate: 20%
  • Down Payment Requirements: 20%
  • Minimum Credit Score Requirements: 20%
  • Consideration of Alternative Credit Data: 10%
  • Preapproval Timeframe: 10%
  • Closing Timelines: 10%
  • Variety of Loan Types: 10%
  • Lender Discounts Offered: 5 Bonus Points


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.