The 9 best online mortgage lenders for 2020
The very 9 best online mortgage lenders
Online mortgage lenders specialize in end-to-end digital applications. They let you get pre-approved, turn in your company loan documents, and sometimes even close the deal, all without having to be present in person.
Thanks to their low overhead costs, some online providers are also able to offer lower rates and fees than average. However , costs vary for each borrower, so make sure you shop around .
online mortgage lender reviews
Below you’ll find out why people chose each of the following companies to be included in the nine perfect online mortgage lenders.
But first, a couple things to keep in mind while browsing:
The numbers in this section use the most recent rate and also fee data, from 2019
Average origination charges along with median loan costs are a percentage of the transaction importance
VA home loans (guaranteed by the Department of Veterans Affairs) and USDA ones (backed by the Department of Agriculture) require a minimum down payment of 0%. But they are available to eligible borrowers. So , where appropriate, we’ve shown them all in brackets
The abbreviation “FRM” means “Fixed-Rate Mortgage”
1 . NBKC (National Bank of Kansas City)
Even though it’s the third-smallest lender on our list, NBKC secured highly across our criteria, including for mortgage plans and fees.
Better Mortgage did have lower fees — it’s hard to beat zero — but , NBKC’s likewise low rates and customer reviews nudged it into the future into top place. Here are the key numbers.
NBKC Loan provider rates and requirements:
Median rate for 30-year FRM: 3. 86%
Average origination charge: 0. 20%
Typical loan costs: 0. 83%
Minimum FICO credit score: 620
Minimum down payment: 3. 5% [0% for ANAVA loans]
Overall customer reviews score: 4. 87 out from 5
This is an outstanding online mortgage lender, well worth looking into spouse digital application.
And for clarity, don’t let the name “Bank of Kansas City” put you off.
Though NBKC mainly has physical branches in its home city, it’s upon and over the phone in all 50 states.
> > Read the full NBKC review
You can actually argue that Better Mortgage is an … um, better contributer than NBKC. Because it is, according to some of our criteria. There is zero lender fees and an easier credit threshold for just 580, for example.
However , Better is knocked affordable a peg by its customer reviews and its little range of mortgage types.
Only you can decide whether towards ignore those and grab its great rates in addition to zero origination fees.
Better Mortgage rates and conditions:
rate for 30-year FRM: 3. 86%
Standard origination charge: 0. 00% (not a misprint)
Mean loan costs: 0. 32%
Minimum FICO credit score: 580
Minimum down payment: 3. 0% [0% for SERA or USDA loans]
Overall customer reviews score: 3. 30 out of 5
Overall, Better Mortgage is another good — and affordable — lender, worthy of its name for some borrowers.
> > Work with Better Mortgage
Guaranteed Rate may have slightly higher standard rates than some others, but it still has plenty going for it all.
That includes low fees, excellent customer reviews, and a wide variety of loans, including those backed by both the VA and the USDA.