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Best mortgage lenders of August 2022

A row of houses
Image by Shutterstock/Illustration by Bankrate
A row of houses
Image by Shutterstock/Illustration by Bankrate
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When you set out to get a mortgage, you’ll find many options, from well-known banks to online lenders and more. Here are Bankrate’s picks for the best mortgage lenders, including borrower requirements and other information so you know which you might qualify for and where you might get the best deal.

Best mortgage lenders

Better

Better mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in all U.S. states Conventional, jumbo, FHA 620 for conventional and FHA loans 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans Online
  • No fees
  • Can close as fast as three weeks
  • No VA or USDA loans
  • No home equity lines of credit (HELOCs) or home equity loans (second mortgages)

Direct Home Lending

Direct Home Lending mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in AZ, CA, CO, CT, FL, GA, OR, PA, SC, TX and WA Conventional, jumbo, FHA, VA 620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 600 for VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA loans Branch locations and online
  • Can close as fast as two weeks
  • No USDA loans
  • No HELOCs or home equity loans

Fairway Independent Mortgage

Fairway Independent Mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in all U.S. states Conventional, jumbo, FHA, VA, USDA 620 for conventional and USDA loans; 680-720 for jumbo loans; 600 for FHA and VA loans 3%-5% for conventional loans; 20% for jumbo loans; 3.5% for FHA loans; none for VA or USDA loans Branch locations and online
  • No HELOCs or home equity loans

Navy Federal Credit Union

Navy Federal Credit Union mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in all U.S. states Conventional, jumbo, VA 620 for conventional and VA loans 5% for conventional loans; none for VA loans Branch locations and online
  • Can close as fast as 30-35 days
  • No FHA or USDA loans
  • No HELOCs or home equity loans
  • Limited to armed forces members and families

Optimum First Mortgage

Optimum First Mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in AZ, CA, CO, FL, GA, ID, IL, MI, NC, OH, OR, PA, SC, TX, VA and WA Conventional, jumbo, FHA, VA 620 for conventional loans 5% for conventional loans; 10% for jumbo loans; 3.5% for FHA loans Online
  • Credits to offset fees
  • Can close as fast as 10 days
  • No USDA loans
  • No HELOCs or home equity loans

Veterans United Home Loans

Veterans United Home Loans mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in all U.S. states Conventional, jumbo, FHA, VA, USDA 620 for conventional and VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Branch locations and online
  • Can close as fast as 30-45 days
  • No HELOCs or home equity loans

Ally Bank

Ally Bank mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in 45 U.S. states (not available in AK, HI, NH, NV or NY) Conventional, jumbo 620 for conventional loans; 700 for jumbo loans 3%-5% for conventional loans; 10% for jumbo loans Online
  • No fees
  • Can close as fast as 25-45 days
  • No FHA, VA or USDA loans
  • No HELOCs or home equity loans

Bank of America

Bank of America mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in all U.S. states Conventional, jumbo, FHA, VA 620 for conventional loans; 680 for jumbo loans 3%-5% for conventional loans Branch locations and online
  • Can close as fast as 30-45 days
  • No USDA loans
  • Offers HELOCs

eClick Lending

eClick Lending mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in 49 U.S. states (not available in NY) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Online
  • Can close as fast as two weeks
  • No HELOCs or home equity loans

First Midwest Bank

First Midwest Bank mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in 46 U.S. states (not available in AK, HI, MD and NJ) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Branch locations and online
  • Can close as fast as three weeks
  • Offers HELOCs and home equity loans

LowRates.com

LowRates.com mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in 48 U.S. states (not available in GA or MA) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Online
  • No fees
  • Can close as fast as 20 days
  • Offers HELOCs and home equity loans

Sage Mortgage

Sage Mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in 26 U.S. states Conventional, jumbo 620 for conventional loans 5% for conventional loans Online
  • Can close as fast as 27 days
  • Broker with access to multiple wholesalers

Wyndham Capital Mortgage

Wyndham Capital Mortgage review

Availability Loans offered Credit requirements Down payment minimum Where to find
Available in 47 U.S. states (not available in HI, MA or NY) Conventional, jumbo, FHA, VA, USDA 620 for conventional loans; 580 for FHA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Online
  • No fees
  • Can close as fast as 20 days
  • Offers home equity loans

Summary: Best mortgage lenders of August 2022

Lender Credit requirements Down payment minimum Bankrate review
Better 620 for conventional and FHA loans 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans Better mortgage review
Direct Home Lending 620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 600 for VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA loans Direct Home Lending review
Fairway Independent Mortgage 620 for conventional and USDA loans; 680-720 for jumbo loans; 600 for FHA and VA loans 3%-5% for conventional loans; 20% for jumbo loans; 3.5% for FHA loans; none for VA or USDA loans Fairway Independent Mortgage review
Navy Federal Credit Union 620 for conventional and VA loans 5% for conventional loans; none for VA loans Navy Federal Credit Union mortgage review
Optimum First Mortgage 620 for conventional loans 5% for conventional loans; 10% for jumbo loans; 3.5% for FHA loans Optimum First Mortgage review
Veterans United Home Loans 620 for conventional and VA loans 5% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Veterans United Home Loans review
Ally Bank 620 for conventional loans; 700 for jumbo loans 3%-5% for conventional loans; 10% for jumbo loans Ally Bank mortgage review
Bank of America 620 for conventional loans; 680 for jumbo loans 3%-5% for conventional loans Bank of America mortgage review
eClick Lending 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans eClick Lending review
First Midwest Bank 620 for conventional loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans First Midwest Bank mortgage review
LowRates.com 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans LowRates.com mortgage review
Sage Mortgage 620 for conventional loans 5% for conventional loans Sage Mortgage review
Wyndham Capital Mortgage 620 for conventional loans; 580 for FHA loans 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans Wyndham Capital Mortgage 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, so you know your options based on your credit and financial situation. 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 — for example, you want an FHA loan — you might also want to look for the best 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

For a purchase, the average 30-year fixed mortgage rate is currently 5.550% based on Bankrate’s latest lender survey, while the average 15-year fixed rate is currently 4.920%. The average 30-year fixed refinance rate is currently 5.520% and the average 15-year fixed refinance rate is currently 4.850%.

Methodology

To determine the best mortgage lenders, Bankrate evaluated 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.

Written by
Ruben Caginalp
Associate writer
Ruben Çağınalp is an associate writer for Bankrate, focusing on mortgage topics.
Edited by
Mortgage editor
Reviewed by
Senior mortgage loan originator, American Fidelity Mortgage
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Part of  Guide to Comparing Mortgage Lenders