When you’re shopping for a mortgage, you have many options, from big banks to online lenders to local credit unions. We’ve researched and evaluated many types of lenders across several Bankrate Score criteria to select the very best. Here are our picks for best mortgage lenders in March 2024.

Best mortgage lenders

Lender Credit requirements Down payment minimum Bankrate Score
Bethpage Federal Credit Union 620 for conventional loans, 500 for FHA loans 3% for conventional loans, 3.5% for FHA loans 4.9
Veterans United Home Loans 620 for conventional and VA loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.9
Cardinal Financial 580 for conventional loans, 550 for FHA and VA loans, 580 for USDA loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8
First Mortgage Direct 620 for conventional loans, 580 for FHA and VA loans 3% conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8
New American Funding 620 for conventional loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8
USAA 640 for VA loans None for VA loans 4.8
U.S. Bank 620 for conventional loans, 740 for jumbo loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8
Wells Fargo 620 for conventional loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8

Bethpage Credit Union logo

Bethpage Federal Credit Union

Rating: 4.9 stars out of 5
4.9
Learn morein our Bankrate review

Veterans United Home Loans

Veterans United Home Loans

Rating: 4.9 stars out of 5
4.9
Learn morein our Bankrate review

Cardinal Financial logo

Cardinal Financial

Rating: 4.8 stars out of 5
4.8
Learn morein our Bankrate review

First Mortgage Direct

First Mortgage Direct

Rating: 4.8 stars out of 5
4.8
Learn morein our Bankrate review

New American Funding

New American Funding

Rating: 4.8 stars out of 5
4.8
Learn morein our Bankrate review

USAA

USAA

Rating: 4.8 stars out of 5
4.8
Learn morein our Bankrate review

U.S. Bank

U.S. Bank

Rating: 4.8 stars out of 5
4.8
Learn morein our Bankrate review

Wells Fargo logo

Wells Fargo

Rating: 4.8 stars out of 5
4.8
Learn morein our Bankrate review

How to compare mortgage lenders

Your first step to finding the best mortgage lender is to comparison shop. Borrowers who do more upfront research tend to save more money than those who go with the first lender they find. It’s best to get quotes from three lenders, at minimum. Because rates fluctuate frequently, it’s best to get these quotes on the same day so you have an accurate basis of comparison.

As you compare loan estimates, look at the APR (annual percentage rate) and interest rate quoted by each lender. Consider what’s important to you as far as experience, too. For some, how fast a lender can turn around a preapproval letter or close a loan is critical. If you have specific needs or financing preferences — for example, you want an FHA loan — you might also want to focus on the top mortgage lenders who specialize in those products.

Once you determine what your needs and preferences are, get started by comparing mortgage rates and finding a lender in your area through Bankrate.

Current mortgage rates

Bankrate regularly publishes mortgage rates for home purchases and refinances based on our latest lender surveys. They include: 

FAQ about mortgages

  • There are several types of mortgage loans: conventional conforming loans; jumbo loans; FHA, VA and USDA loans; and fixed- and adjustable-rate mortgages. Conventional loans, offered by private financial institutions, are ideal for borrowers with strong credit scores. Jumbo loans are for higher-priced homes that exceed Federal Housing Finance Agency borrowing limits. FHA, VA and USDA loans are either government-guaranteed or government-insured and designed for borrowers with lower credit scores and low or no down payment, military members (VA loans) or those buying in a rural area (USDA loans). Fixed-rate mortgages have the same interest rate for the life of the loan, while the rate on an adjustable-rate mortgage (ARM) can fluctuate.
  • Before applying for a mortgage, it’s important to bolster your credit score and savings and have a clear understanding of how much you can afford and what type of loan would best fit your needs. In addition, gather documentation about your finances so you’re prepared to complete a mortgage application when the time comes. Once you’ve taken these initial steps, begin comparing mortgage lenders based on factors such as annual percentage rate (APR), fees and your overall experience. It’s best to get rate quotes from at least three different lenders. When you know which lender you want to work with, get preapproved so you can start house-hunting with financing in hand.
  • The minimum down payment requirement varies based on loan type. If you qualify, you can obtain a 3 percent-down conventional loan, a 3.5 percent-down FHA loan or a no-down payment VA or USDA loan. If you want to avoid paying mortgage insurance, however, you’ll need to make a down payment of 20 percent.
  • To determine the best mortgage lenders overall, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best mortgage lenders overall generally have a Bankrate Score of 4.8 stars or higher. Learn more about our methodology.