Whether you’re buying a home the traditional way, applying for a rent-to-own home, or refinancing a mortgage, it can have a significant impact on your finances. That’s why it’s essential to choose a mortgage lender that offers all the things you need.
One of the best ways to find the perfect mortgage lender for you is by shopping around and looking at offers from various companies.
Some of the things you should consider are the mortgage rate and terms such as customer service offerings, loan and application tracking online, time to close, and included fees. Making an informed decision is a great way to save money as you invest in a home or other property.
Below, we’ll share some of the top mortgage lenders in the United States. We’ll also give you information that helps you choose which is best for your specific needs.
Wells Fargo is a major player in the world of mortgages, which means they provide a large number of home equity and mortgage options in 36 states (1). In addition to conventional loans, they also offer refinancing, jumbo, US Department of Agriculture (USDA), US Department of Veterans Affairs (VA), Federal Housing Administration (FHA), and adjustable-rate (ARM) loans.
The minimum FICO score needed for Well Fargo isn’t disclosed, but they require a down payment of at least 3%. Borrowers can choose from many mortgage options, including specialized loans to meet specific needs. In addition, you can apply and find out if you’re prequalified entirely online.
Another of the largest banks in the US is PNC Bank, which serves over 12 million customers in every state (2). Since this is a full-service lender, almost all mortgage loans are provided by the financial institution. This includes home equity, refinancing, VA, FHA, ARM, and conventional loans.
The minimum down payment for PNC Bank is 3%, and you will need a credit score of 620 or higher. PNC is best known for its vast number of loans available across the entire US. It also features some mortgages with a low down payment requirement. There is also a homeownership cost tool for potential buyers on the company website.
Carrington Mortgage Services
Founded in 2007, Carrington Mortgage Services provides many refinancing and mortgage options for those looking for government-based or conventional loans (3). Its parent company, Carrington Holding Co., began in 2003 and offers many types of real estate services. This company is based in California, with offices in Maryland, Florida, Arizona, Indiana, and Connecticut.
The loans available from Carrington include refinancing, ARM, VA, FHA, and conventional mortgages. A down payment of 3% is the minimum, and you will need a credit score of at least 620. These loans start at low down payments for those with less than perfect credit scores, and buyers can choose several loan options.
AmeriSave Mortgage Corp. is an online lender that has been offering mortgages since 2002 (4). It was one of the first digital offsite mortgage options available for home buyers. The company indicates it has financed nearly 400,000 homes since it started. It’s headquartered in Atlanta, GA, and offers loans in 49 states and Washington DC.
The types of mortgages provided by AmeriSave include refinancing, VA, FHA, ARM, and conventional loans. You’ll need a 3% down payment and at least 620 as a credit score to qualify. When considering this company, prequalification is available without a hard credit inquiry. In addition, most of the applications can be completed online.
Based out of Dallas, Texas, PrimeLending is a quality mortgage provider which offers many loan options for its clients (5). You can choose from jumbo loans, refinance loans, conventional loans, and government-backed loans. This particular lender is a subsidiary of PlainsCapital Bank.
For those who want a USDA, jumbo, VA, FHA, refinancing, ARM, fixed-rate, or conventional mortgage, PrimeLending is one to consider. It requires a credit score of 620 or higher and a 3% or higher down payment. Home loans from this lender are available across the United States, and both closing cost and down payment help are available.
Founded in 2000, Axos Bank is based in San Diego as a digital financial services company (6). This full-service financial institution offers everything from personal and business savings and checking accounts to home and auto loans. For those with a checking account with Axos Bank, you can expect to completely avoid fees or reduce fees and earn cashback by making mortgage payments.
The types of loans available from Axos include refinancing, home equity line of credit (HELOC), home equity, VA, FHA, ARM, and conventional loans. Anyone who is buying a single-family home is guaranteed on-time closing. In addition, the lender has consultants who can help you decide your financing needs.
Caliber Home Loans
Based out of Coppell, TX, Caliber Home Loans provides nationwide mortgage options. Options include the VA, the USDA, FHA, refinancing, jumbo, ARM, and conventional loans (7). The mortgage provider has been in business since 2008 and focuses only on home lending.
When choosing Caliber Home Loans, you will need 3% down and a credit score of 620 or higher. This institution provides FreddieMac’s HomeOne loans for those buying their first home. In addition, this loan company offers mortgage products to the District of Columbia and all 50 states.
Veterans United Home Loans
Available in Washington DC and every state, Veterans United Home Loans focuses on loans related to the Department of Veterans Affairs (VA) (8). Since 2016, this home loan provider has offered the largest amount of VA loans per year in the United States. This lender is based in Columbia, MO, and was founded in 2002.
While VA loans are prioritized, this lender also offers jumbo, FHA, fixed, and conventional loans. Your credit score should be 620 or better, and there is no minimum down payment that needs to be paid ahead of time. In addition, there is no minimum loan amount when you choose this lender.
Many of the top mortgage lenders are listed above with the information you need to narrow down your options. It’s always a good idea to do more research to save as much money as possible. Get quotes from several lenders and then narrow things down from there.
Compare numbers based on the interest rate and annual percentage rate, as well as any special needs you have. After you know your preferences and needs, you’re sure to find the lender that best meets your criteria.
(1) – Wells Fargo
(2) – PNC Bank
(4) — AmeriSave Mortgage Corp.
(5) – PrimeLending
(6) – Axos Bank
(7) – Caliber Home Loans