Best online mortgage lenders in 2023

The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
Whether it’s your first or fifth mortgage, the single best step you can take is to compare different loan offers from various types of lenders, including banks and online shops. To help you in your search, we’ve rounded up our top online mortgage lender selections below. Consider these and others as you shop around for the best rates.
Bankrate’s picks for best online mortgage lenders
Online lender | Bankrate rating | Credit score minimum | Down payment minimum |
---|---|---|---|
Ally Bank | 4.9 | 620 for conventional loans; 700 for jumbo loans | 3%-5% for conventional loans; 10% for jumbo loans |
Better | 5 | 620 for conventional loans and FHA loans | 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans |
eClick Lending | 4.8 | 620 for conventional loans | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
Homefinity | 5 | 620 for conventional loans; 600 for FHA loans and VA loans | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
LowRates.com | 4.8 | 620 for conventional loans and jumbo loans; 500 for FHA loans and VA loans | 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans |
Mr. Cooper | 4.8 | 620 for conventional loans; 580 for FHA loans; 600 for VA loans | 5% for conventional loans; 3.5% for FHA loans; none for VA loans |
New American Funding | 4.8 | 620 for conventional loans | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
Sebonic Financial | 4.8 | 580 for conventional loans; 550 for FHA loans | 5% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans |
SoFi | 4.9 | 620 for conventional loans | 3%-5% for conventional loans |
Tomo | 4.8 | 620 for conventional loans; 580 for FHA loans | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
-
To determine the best online mortgage lenders, Bankrate evaluated more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. Based on this methodology, the best online mortgage lenders in 2023 generally have a Bankrate Score of 4.8 stars or higher, and are available in all or most U.S. states.
Ally Bank
Bankrate Score | 4.9 |
---|---|
Availability | Available in all U.S. states |
Loans offered | Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing |
Credit requirements | 620 for conventional loans; 700 for jumbo loans |
Down payment minimum | 3%-5% for conventional loans; 10% for jumbo loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | Ally Bank mortgage review |
Better
Bankrate Score | 5 |
---|---|
Availability | Available in all U.S. states |
Loans offered | Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; bridge loans |
Credit requirements | 620 for conventional loans and FHA loans |
Down payment minimum | 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | Better mortgage review |
eClick Lending
Bankrate Score | 4.8 |
---|---|
Availability | Available in all U.S. states except New York |
Loans offered | Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; investment property |
Credit requirements | 640 for conventional loans; 580 for FHA loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | eClick Lending mortgage review |
Homefinity
Bankrate Score | 5 |
---|---|
Availability | Available in all U.S. states except Nevada and New York |
Loans offered | Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; physician loans |
Credit requirements | 620 for conventional loans; 600 for FHA loans and VA loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | Homefinity mortgage review |
LowRates.com
Bankrate Score | 4.8 |
---|---|
Availability | Available in all U.S. states except Georgia and Massachusetts |
Loans offered | Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC); home equity loan; construction and renovation loans; investment property; reverse mortgage |
Credit requirements | 620 for conventional loans and jumbo loans; 500 for FHA loans and VA loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans |
Where to find | Some branch locations and online |
Pros |
|
Cons |
|
Bankrate review | LowRates.com mortgage review |
Mr. Cooper
Bankrate Score | 4.8 |
---|---|
Availability | Available in all U.S. states |
Loans offered | Conventional, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; investment property |
Credit requirements | 620 for conventional loans; 580 for FHA loans; 600 for VA loans |
Down payment minimum | 5% for conventional loans; 3.5% for FHA loans; none for VA loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | Mr. Cooper mortgage review |
New American Funding
Bankrate Score | 4.8 |
---|---|
Availability | Available in all U.S. states except Hawaii and New York |
Loans offered | Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC); investment property; flex-term; non-QM; reverse mortgages |
Credit requirements | 620 for conventional loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | New American Funding mortgage review |
Sebonic Financial
Bankrate Score | 4.8 |
---|---|
Availability | Available in all U.S. states |
Loans offered | Conventional, jumbo, FHA, VA, USDA, fixed-rate; refinancing |
Credit requirements | 580 for conventional loans; 550 for FHA loans |
Down payment minimum | 5% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | Sebonic Financial mortgage review |
SoFi
Bankrate Score | 4.9 |
---|---|
Availability | Available in all U.S. states except Hawaii |
Loans offered | Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity loan; investment property |
Credit requirements | 620 for conventional loans |
Down payment minimum | 3%-5% for conventional loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | SoFi mortgage review |
Tomo
Bankrate Score | 4.8 |
---|---|
Availability | Available in Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Washington, D.C. and Wisconsin |
Loans offered | Conventional, jumbo, FHA, VA; investment property |
Credit requirements | 620 for conventional loans |
Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA loans |
Where to find | Online |
Pros |
|
Cons |
|
Bankrate review | Tomo mortgage review |
How to find the best online mortgage lender for you
Getting financing for a home is a process, so many borrowers are attracted to online mortgage lenders simply for their convenience, efficiency and speed. These are important factors to consider when looking for the best online mortgage lender, but it’s also crucial to compare costs for your individual situation, and take the time to read mortgage lender reviews to learn what to expect from the online experience. When comparing digital lenders, look for:
- The kinds of loans they offer
- Credit and down payment requirements
- Application and origination fees
- Rate-lock and other perks
- What support options are available
FAQ about online mortgages
-
An online mortgage is a home loan originated by a lender based either entirely online, with a digital end-to-end experience from application to closing, or a brick-and-mortar company with in-person locations and online services. While several big banks have built out their capabilities to include a digital mortgage platform, many mortgages are also being originated by non-bank institutions, like loanDepot and Rocket Mortgage.
-
With an online mortgage, all or many of the steps in the lending process can be completed electronically, whether through an app or online portal. These steps might include: preapproval or prequalification; application and document upload; loan processing and underwriting; and closing (sometimes called an e-closing). By streamlining these steps — and, in the case of a digital lender, having no offices and overhead — online mortgages tend to have lower rates and overall costs.
-
There are several benefits to getting an online mortgage, including: lower mortgage rates and fees due to low overhead; online preapproval or prequalification, often in minutes, and shorter timelines overall; and real-time status updates. The downsides, however, include the fact that you can’t always connect with a human for questions or support or learn what rates you qualify for without getting preapproved. Another drawback: the chance of a breach or fraud.
Related Articles




Related Articles



