If you’re looking to buy a new home or refinance your current mortgage in 2024, it’s important to find the best mortgage lender for your specific needs. With hundreds of lenders to choose from, comparing options and finding the right fit can feel overwhelming. This comprehensive guide will walk you through the top mortgage lenders to consider this year based on critical factors like interest rates, fees, eligibility requirements, and more.
How to Choose the Best Mortgage Lender
Choosing the right mortgage lender is about more than just finding the lowest interest rate. Here are some key factors to consider as you shop around:
Interest Rates and Fees
Interest rates and fees can vary significantly from one lender to another. Getting rate quotes from multiple lenders on the same day allows you to compare options accurately. Be sure to factor in both interest rates and any upfront fees like origination charges. A lower rate may not always be the best deal once fees are included.
Loan Types and Programs
Consider which loan programs best suit your needs, whether it’s a conventional, FHA, VA, USDA, or jumbo loan. Look for lenders that offer a wide variety of mortgage products and down payment assistance programs if needed.
Eligibility and Documentation
Each lender sets their eligibility criteria based on factors like minimum credit score, debt-to-income ratio, and down payment percentage. Ask about their documentation requirements as well to ensure you have everything they need to process your application.
Customer Service and Reviews
Look at third-party reviews and complaints for lenders you’re considering. Strong customer service can make the application and approval process much smoother.
Online Experience
Many top lenders allow you to apply and upload documentation entirely online for added convenience. Look for user-friendly sites and mobile apps to manage your mortgage.
Top 10 Best Mortgage Lenders of January 2024
Based on the above criteria, here are 10 of the best mortgage lenders to consider right now:
1. Quicken Loans
With excellent customer service reviews and one of the largest mortgage origination volumes nationwide, Quicken Loans (Rocket Mortgage) is a top pick for many homebuyers. Their online Rocket Mortgage platform allows a completely digital application process.
Pros:Â Wide variety of mortgage programs, fast online process, great mobile app
 Cons: Reports of moderate fees
2. loanDepot
loanDepot is an online lender with a smooth application process, stellar mobile app, and discounts for repeat customers. Their Mello smartloan technology helps customize your rate and loan options.
Pros:Â Easy online/mobile experience, loyalty discounts, fast preapproval
 Cons: Higher interest rates than some competitors
3. Guaranteed Rate
One of the largest purchase mortgage lenders, Guaranteed Rate offers competitive pricing and excellent customer service. They have a huge variety of loan programs and down payment assistance.
Pros:Â Wide array of mortgage loan options, great rates, down payment help
 Cons: Reports of poor communication during underwriting stage
4. Navy Federal Credit Union
As a credit union, Navy Federal offers exceptional rates and fees to its members. They have a seamless online and mobile lending process. Navy Federal mortgages are best for active/veteran military members.
Pros:Â Fantastic rates and fees, easy online process, mortgage rate match guarantee
 Cons: Membership restricted to military families and DoD
5. Chase
Chase mortgage division offers solid rates, a smooth online application, and potential discounts for existing Chase customers. Their wide branch network provides in-person support.
Pros:Â Competitive pricing, branch locations nationwide, discounts for Chase customers
 Cons: Mixed reviews on customer service
6. NBKC
NBKC offers a fully online mortgage application process with low interest rates and origination fees. They are a leader in FHA, VA, and jumbo loans specifically.
Pros:Â Online process, great rates on VA/FHA/jumbo loans, low origination fees
 Cons: Limited brick-and-mortar locations for in-person help
7. Guild Mortgage
This private mortgage lender has an easy online application and specializes in VA and FHA home loans. They have flexible credit requirements and down payment options.
Pros:Â Specializes in VA/FHA mortgages, flexible credit/down payment options, online application
 Cons: Rates can be higher than some competitors
8. Fairway Independent Mortgage
Ideal for a more personalized touch, Fairway Independent Mortgage has local mortgage brokers across 50 states. Broker fees may apply but can net you a great customized rate.
Pros:Â Highly personalized service through local brokers, good rates
 Cons: Broker fees apply in addition to lender fees
9. Truist
Truist Bank offers competitive mortgage rates and a streamlined online application process. Discount pricing available for existing Truist customers.
Pros:Â Easy online/mobile access, discounts for Truist customers, responsive loan officers
 Cons: Mixed reviews on closing times
10. New American Funding
Rounding out the top 10 is New American Funding. Their state-of-the-art Mortgage Marketplace lets you easily compare quotes from different lenders in real time.
Pros:Â Real-time mortgage quote comparison tool, fast preapproval
 Cons: Rates not always the lowest
Tips for Finding the Best Mortgage Lender for You
While this list highlights top national mortgage lenders to consider, the right lender for you depends on your specific financial situation and preferences. Follow these tips to find your perfect match:
- Get preapproved with multiple lenders to compare rates and fees accurately. Apply on the same day for the most useful comparisons.
- Ask about discount programs for which you may qualify, like employee or customer discounts.
- Look for lenders offering the types of loans and programs you need, like FHA or VA loans.
- Compare minimum credit score and down payment requirements across lenders if your finances are limited.
- Research third-party reviews and complaints before choosing a lender.
- Give preference to lenders with strong online and mobile capabilities for added convenience.
- Consider smaller community banks and credit unions. Their rates may be higher but worth it for personalized service.
- If you value expert guidance, find a reputable local mortgage broker to shop rates across multiple lenders for you.
Find the Best Mortgage Lender for Your Needs
Purchasing or refinancing a home is one of the biggest financial decisions you can make. By comparing multiple lenders using the criteria above and consulting this list of top national mortgage lenders to consider in 2024, you can ensure you find the very best mortgage option for your unique situation.
Frequently Asked Questions
If you still have questions about finding and applying for a home loan this year, here are answers to some commonly asked questions:
What is the easiest mortgage lender to get approved with?
The easiest lenders to get approved with are often community banks and credit unions, as well as online lenders like Quicken Loans. Smaller lenders tend to have more flexible eligibility requirements compared to big banks. Government-backed FHA and VA loans also offer easier approvals for those with lower credit or incomes.
How do I choose between mortgage lenders?
Choosing a mortgage lender comes down to comparing interest rates and fees, available loan programs, and customer service. Look for lenders offering discounts and preapproval. Getting preapproved with several lenders allows you to make the most informed decision.
What are the top 5 mortgage lenders?
Based on loan volume and consumer reviews, the top mortgage lenders are Quicken Loans, loanDepot, Guaranteed Rate, Navy Federal Credit Union, and Chase. Consider alternatives like online lenders, credit unions, and community banks as well.
Is it better to apply directly or use a mortgage broker?
A mortgage broker shops your application around with wholesale lenders on your behalf. This saves you time but may cost an extra broker fee. Applying directly gets you lender-only rates but requires more legwork comparing options yourself.
How quickly can I get preapproved for a mortgage?
Many top online lenders like Better.com and loanDepot advertise preapprovals in as little as three minutes. More complex applications requiring extensive documentation will take a few days or weeks for underwriting. Get preapproved before you start home shopping.
