Best mortgage lenders of November 2023

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When you set out to get a mortgage, you’ll find many options, from well-known banks to online lenders. Here are Bankrate’s picks for the best mortgage lenders in November 2023, including borrower requirements — so you know which you might qualify for — and loan terms, so you can figure where you might get the best deal.
Best mortgage lenders
PNC Bank
Availability | All U.S. states |
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Loans offered | Conventional, jumbo, FHA, VA, USDA |
Credit requirements | 620 for conventional, jumbo and FHA loans; 640 for USDA loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans |
Where to find | Branch locations and online |
Cardinal Financial
Cardinal Financial mortgage review
Availability | All U.S. states |
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Loans offered | Conventional, jumbo, FHA, VA, USDA |
Credit requirements | 580 for conventional and USDA loans; 550 for FHA and VA loans |
Down payment minimum | 3% for conventional loans; 10% for jumbo loans; 3.5% for FHA loans; none for VA and USDA loans |
Where to find | Branch locations and online |
NBKC Bank
Availability | All U.S. states |
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Loans offered | Conventional, jumbo, FHA, VA |
Credit requirements | 620 for conventional, FHA and VA loans; 680 for jumbo loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
Where to find | Branch locations (limited) and online |
U.S. Bank
Availability | All U.S. states |
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Loans offered | Conventional, jumbo, FHA, VA, USDA |
Credit requirements | 620 for conventional loans; 740 for jumbo loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans |
Where to find | Branch locations and online |
Valley Bank
Availability | All U.S. states |
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Loans offered | Conventional, jumbo, FHA, VA, USDA |
Credit requirements | Undisclosed |
Down payment minimum | 3%-5% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans |
Where to find | Branch locations (limited) and online |
Veterans United Home Loans
Veterans United Home Loans review
Availability | All U.S. states |
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Loans offered | Conventional, jumbo, FHA, VA, USDA |
Credit requirements | 620 for conventional and VA loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans |
Where to find | Branch locations and online |
Summary: Best mortgage lenders of November 2023
Lender | Credit requirements | Down payment minimum | Bankrate review |
---|---|---|---|
PNC Bank | 620 for conventional, jumbo and FHA loans; 640 for USDA loans | 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans | PNC Bank mortgage review |
Cardinal Financial | 580 for conventional and USDA loans; 550 for FHA and VA loans | 3% for conventional loans; 10% for jumbo loans; 3.5% for FHA loans; none for VA and USDA loans | Cardinal Financial mortgage review |
NBKC Bank | 620 for conventional, FHA and VA loans; 680 for jumbo loans | 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans | NBKC Bank mortgage review |
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 | U.S. Bank mortgage review |
Valley Bank | Undisclosed | 3%-5% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans | Valley Bank mortgage review |
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 | Veterans United Home Loans 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 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 purchases and refinances, based on its latest lender surveys. They include:
- Current 30-year mortgage rates
- Current 15-year mortgage rates
- Current 30-year refinance rates
- Current 15-year refinance rates
FAQ about mortgages
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There are several types of mortgage loans: conventional 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.
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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.
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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.
Methodology
To determine the best mortgage lenders, Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Based on this methodology, the best mortgage lenders generally have a Bankrate Score of 4.9 stars or higher. Note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices.