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
  • Displays interest rates online for easy rate-shopping
  • Three-minute preapprovals
Cons
  • No government-insured loans
  • No home equity products
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
  • No fees
  • Three-minute preapprovals
Cons
  • No USDA loans
  • No home equity products
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
  • Average closing in 15 days
  • High marks from borrowers on Bankrate
Cons
  • No online preapproval
  • Slightly higher credit score requirement on conventional loans
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
  • Apply via app or online
  • Offers same- or next-day preapprovals
Cons
  • Not available in New York
  • Some loan officers not licensed nationally
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
  • Can complete underwriting in 24 hours
  • Offers down payment assistance
Cons
  • Branches only in some states
  • Not available in two states
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
  • Apply via app or online
  • Available everywhere
Cons
  • Charges fees
  • No USDA loans
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
  • Dedicated initiative toward financing for minority borrowers
  • Displays interest rates online for easy rate-shopping
Cons
  • Limited upfront information regarding fees
  • Not available in New York
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
  • Offers online platform to accept and process applications
Cons
  • Limited upfront information regarding rates and fees
  • No home equity products
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
  • Closing guarantee and homebuying rebate
  • Fast online prequalification
Cons
  • No government-insured loans
  • Membership required to take advantage of home loan offerings
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
  • Displays interest rates online for easy rate-shopping
  • Lengthy rate locks and minimal fees
Cons
  • No USDA loans
  • No refinancing
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.