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The best mortgage lenders of October 2020


Best Mortgage Lenders 4x3

Summary List Placement Table of Contents: Masthead StickyThe best mortgage lenders of October 2020

Mortgage lender
Min. credit score
Min. down payment
Next steps

620
3%
Quicken Loans Rocket Mortgage by Quicken Loans

660
0%
Navy Federal Credit Union Navy Federal Credit Union Mortgage

660
0%
Veterans United Veterans United Mortgage

620
3%
Fairway Independent Fairway Independent Mortgage

600
3%
Guild Mortgage Guild Mortgage

640
3%
New American Funding New American Funding

620
3%
NBKC Bank NBKC Bank Mortgage

620
3%
Bank of America Bank of America Mortgage

620
3%
PNC Bank PNC Bank Mortgage

640
3%
Carrington Mortgage Services Carrington Mortgage Services

620
3%
Chase Chase Mortgage

620
3%
US Bank US Bank Mortgage

*Minimum credit scores are for conventional loans, or for VA loans from Navy Federal and Veterans United. If you qualify for another type of loan, you might be able to secure a loan with a lower score.

Choosing the right mortgage lender plays a big part in getting the best deal on your mortgage.

We’ve chosen lenders that offer a variety of mortgage types and have received an A+ in trustworthiness from the Better Business Bureau. Many of our top picks also thrive in customer satisfaction and accept alternative forms of credit if you don’t have a credit score, making it easier to qualify.

Learn more about the best mortgage lenders

Editor’s rating
4.5 / 5

Minimum credit score
620

Minimum down payment
3%

Types of mortgages
Conventional, FHA, USDA, VA, ARM, jumbo, refinance

Quicken Loans Rocket Mortgage by Quicken Loans

The pros of Rocket Mortgage:

Wide range of home loans
“Among the Best” in the JD Power 2019 Primary Mortgage Origination Satisfaction Survey

A+ rating in trustworthiness from the BBB
Quick, easy online experience

The cons of Rocket Mortgage:

No home equity loans, HELOCs, construction loans, or reverse mortgages
Doesn’t accept alternative credit data — you must show your credit score to get a mortgage

Editor’s rating
3.75 / 5

Minimum credit score
660

Minimum down payment
0%

Types of mortgages
Conventional, VA, ARM, jumbo, Military Choice, Homebuyers Choice, refinance

Navy Federal Credit Union Navy Federal Credit Union Mortgage

The pros of Navy Federal:

Plenty of options for military members, including VA loans, Military Choice loans, and Homebuyers Choice loans
“Among the Best” in the JD Power 2019 Primary Mortgage Origination Satisfaction Survey (Navy Federal doesn’t qualify to rank because it doesn’t meet certain criteria, but JD Power notes that the credit union would rank as “Among the Best” if it were eligible)
A+ rating in trustworthiness from the BBB
Accepts alternative credit data, such as utility bills

The cons of Navy Federal:

Limited options for non-military mortgages; no home equity loans, HELOCs, FHA loans, USDA loans, construction loans, or reverse mortgages
You can only become a member of Navy Federal Credit Union if you or your family is affiliated with the military

Editor’s rating
4.5 / 5

Minimum credit score
660

Minimum down payment
0%

Types of mortgages
Conventional, FHA, USDA, VA, ARM, jumbo, refinance

Veterans United Veterans United Mortgage

The pros of Veterans United:

“Among the Best” in the JD Power 2019 Primary Mortgage Origination Satisfaction Survey (Veterans United doesn’t qualify to rank because it doesn’t meet certain criteria, but JD Power notes that the credit union would rank as “Among the Best” if it were eligible)
A+ rating in trustworthiness from the BBB
Accepts alternative forms of credit
Physical locations in 18 US states, but you can apply online from around …read more

Source:: Business Insider

      

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