Top 10 Mortgage Lenders in the U.S.

The best mortgage lenders for you will be those who supply your mortgage when you need it, without unnecessarily raising the interest rate, and will give you good loan terms. You’re undoubtedly spending too much if you’re not currently doing comparison shopping for lenders and brokers who agree to charge you a reasonable lenders fee.

What is a fair mortgage lender’s fee? Numerous expenses associated with the mortgage approval and acceptance procedure are referred to as “lender fees.” Included are possible origination, processing, application, and underwriting fees.

In addition to the lender’s fees, you might also have to pay for title insurance, document preparation, an appraisal, a title search, and other things. Lender fees can cost you an additional $1,387 on average, according to ValuePenguin. Some lenders might waive particular fees or give discounts.

Because all of these aspects are crucial to take into account when selecting a lender, we examined dozens of lenders to create this thorough list of the top mortgage lenders

Our methodology: the borrower’s ability to obtain a loan, affordability, loan options, and funding speed. By providing you with information on the lenders who stand out in these categories, we hope to make your comparison shopping easier. 

Top Mortgage Lenders in 2022

Many of our top picks boast high marks in J.D. Power’s customer satisfaction survey for primary mortgage origination, and they’re all well-established and financially secure.

1.  Bank of America – Best Traditional Bank Mortgage Lender

Pros

• Low-down payment options are available
• Both online and in-person applications are available to borrowers.
• Several mortgage discount programs

Cons

• No USDA loans

Bank of America is one of the biggest traditional banks in the U.S. and provides homebuyers and homeowners with mortgages, refinancing, and home equity lines of credit (HELOCs). They offer various mortgage options, including fixed-rate and adjustable-rate mortgages (ARMs), and government-backed loans like FHA and V.A. loans.

Bank of America outperforms rival mortgage lenders because of its Affordable Loan Solution mortgage, which only takes a 3 percent down payment and doesn’t require mortgage insurance.

The bank provides preapproval and prequalification for mortgages, with speedy preapproval available to internet applicants. Timelines for prequalification and closure, however, differ depending on documentation requirements. But, the lender’s closing time is between 30 and 45 days, which is approximately average for the industry.

You can apply for a mortgage online, in person at a branch, or over the phone. Existing clients are eligible for several benefits, including a $600 closing-costs discount.

The 2021 U.S. Primary Mortgage Origination Happiness Study from J.D. Power places Bank of America at No. 6 regarding customer satisfaction.

2.  Chase- Best Mortgage Lender for Relationship Discounts

Pros

• Existing Chase customers may be eligible for discounts.
• Low down payment loans are available
• Particular loans have flexible credit and income requirements.

Cons

• Chase currently doesn’t offer home equity loans, and new HELOC applications are on halt.

Chase is the mortgage arm of one of the largest banks in the U.S., JPMorgan Chase. It provides various mortgage products, including fixed-rate and adjustable-rate mortgages (ARMs) and government-backed loans like FHA and V.A.

Chase is a top mortgage lender because of its competitive rates, relatively speedy closing times, customer service, and loan programs for borrowers with smaller down payments. Additionally, Chase provides relationship discounts in the form of lower rates and processing costs to qualifying current Chase clients.

For instance, there will be a $1,500 discount on processing fees for borrowers with a balance of $500,000 or more. If you have at least $1 million in deposits and investments with Chase, they will also give you a rate discount of up to 0.25 percent. You can apply for a mortgage online and get approved in two days.

Chase ranked and earned a five out of five Power Circle Rating in J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study.

3.  PNC Bank- Best Mortgage Lender for First-time Homebuyers

Pros

• Quick preapproval time
• Low minimum credit scores required

Cons

• No renovation loans

PNC Bank is a Pittsburgh, Pennsylvania-based financial institution that offers a wide range of banking products and services, including mortgages. The bank provides specialty loans for low- and moderate-income borrowers. For first-time homebuyers, PNC has a HomeReady program that requires a lower down payment than most conventional loans.

PNC is a top mortgage lender because of its low down payment requirements, flexible credit score guidelines, and generous allowances for debt-to-income ratios. You can apply for a mortgage online, in person at a branch, or over the phone.

Preapproval might happen immediately or take up to a day. The typical closing period is 45 days, which is standard for the sector. The closing may take as little as 30 days in specific circumstances.

PNC Bank came fourth in J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study and earned a five out of five Power Circle Rating.

4.  Rocket Mortgage- Best Mortgage Lender for Digital Experience

Pros

• Competitive interest rates
• Long customer service hours

Cons

• It does not provide HELOCs or home equity loans
• It does not provide loans for buying foreclosures or land

Rocket Mortgage is the online and mobile-friendly mortgage application process of Quicken Loans.

Rocket Mortgage is a top mortgage lender because of its speed and convenience. You can apply for a mortgage online and get approved in as little as eight minutes. The YOURgage mortgage, a fixed-rate loan with a unique term range of eight to 29 years, is one of its highlight products. However, a FICO score of 620 is the absolute minimum.

Rocket Mortgage is the recipient of J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Award and earned a five out of five Power Circle Rating.

5.  Guaranteed Rate- Best Mortgage Lender for Low Rates

Pros

• Available everywhere
• Tariffs are advertised online for simple comparison
• Modern digital tools make the application procedure simple.

Cons

• No home equity loans

Guaranteed Rate is a Chicago, Illinois-based mortgage lender with more than 500 branch locations across the U.S. The lender offers various mortgage products, including fixed-rate and adjustable-rate mortgages (ARMs) and jumbo loans.

Guaranteed Rate is a top mortgage lender because of its competitive interest rates and various loan products. You can apply for a mortgage online. Guaranteed Rate will not charge you any loan costs if you are a V.A. borrower (or refinancing a V.A. mortgage).

6.  Wells Fargo- Best Mortgage Lender for Customer Service

Pros

• Shows mortgage rates online
• Large-scale branch network
• Provides choices for low-down payments to help borrowers with modest incomes

Cons

• Customer satisfaction scores are below average

Wells Fargo is a San Francisco, California-based financial institution that offers a wide range of banking products and services, including mortgages.

Wells Fargo is a top mortgage lender because of its customer service, a wide range of loan products, and convenient application process.

Wells Fargo ranked second in J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study and earned a five out of five Power Circle Rating.

7.  Mr. Cooper- Best Mortgage App

Pros

• Low required minimum credit scores
• Several discount programs offered

Cons

• No physical locations

Mr. Cooper, a Dallas-based mortgage lenders that operates in all 50 states, provides the usual range of mortgage products, including conventional, jumbo, FHA, and V.A. loans.

Once the loan is secured, Mr. Cooper provides consumers with an improved digital experience through its customer dashboard. Customers can control their overall financial well-being as well as their mortgage with the use of its Home Intelligence smartphone app.

Closing time is between 30 and 45 days, while preapproval takes less than 5 hours.

8.  Ally- Best Mortgage for Fast Approvals

Pros

• Fast preapproval
• Discounts applied towards closing costs

Cons

• No FHA, VA, or USDA loans

Ally is an online bank that offers a wide range of banking products and services, including mortgages. Ally provides both fixed-rate and adjustable-rate mortgages (ARMs), as well as jumbo loans.

Ally is a top mortgage lender because of its fast approval process. Within three minutes, qualified borrowers will receive a lightning-quick preapproval letter, which is advantageous in a competitive market. Within 10 minutes after receiving preapproval, borrowers can also lock in their Rate.

9.  PenFed Credit Union- Best Mortgage Lender for Veterans

Pros

• No origination fees
• Low mortgage rates available

Cons

• A limited selection of mortgage products

You don’t have to be in the military to join PenFed. However, the membership fee is $10–$15 if you’re not in the army (this goes to a designated charity.)

With PenFed, mortgage borrowers are only responsible for third-party expenses such as appraisal, title, credit report, and any other services needed to process the mortgage; they are not obligated to pay lender fees.

Preapproval of a loan happens in less than three days. The closing period is shorter than the industry norm, at 35 days on average. Closing may take as little as 11 days in rare circumstances.

10.              New American Funding- Best For Low Minimum Credit Scores

Pros

• Low minimum credit score
• High maximum debt-to-income ratio

Cons

• Only available in 41 states

New American Funding is a family-owned direct mortgage lender that offers a wide range of loan products, including FHA, VA, and conventional loans.

New American Funding is a top mortgage lender for those with low credit scores. For borrowers who meet the requirements, the I Can mortgage program offers customizable terms ranging from eight to thirty years. Additionally, New American Funding provides no down payment mortgages.

Conclusion

The ideal mortgage lender for you will depend on your circumstances. However, these ten lenders are all great options to consider if you’re in the market for a new mortgage.