If you are considering purchasing a home, whether for the first time or the fourth time, you have likely been a bit overwhelmed by the number of mortgage companies out there. It is important to survey the best mortgage companies to find the one best suited to your needs and your geographic location.
Below we have provided an analysis of the best mortgage companies in the country alongside a description of the services they offer borrowers with specific needs.
Product FAQ
1. What Are The Best Mortgage Companies?
2. What Do The These Mortgage Companies Offer?
3. What Are The Key Differences Between The Companies?
How We Reviewed
Image by nattanan23 via Pixabay
We surveyed the following mortgage companies by reviewing information available from the mortgage companies themselves in concert with coverage from publications that cover the industry and reviews from customers who had used each of the companies.
We assessed each company based on the types of loans they offered, the minimum credit score required to qualify for a loan, and mechanisms by which each company provides customer service.
What We Reviewed
Image via Regions Bank website
Description
With branches in 15 states across the country, Regions Bank is one of the best mortgage companies for aspirational homeowners in the South and the Midwest.
Regions offers a wide variety of programs at competitive rates and a rock-bottom 3% down payment for new professionals and employees from qualifying industries.
Example Programs
Regions offers construction-to-permanent loans and repair-and-renovation loans that transition to conventional mortgages upon completion of the relevant project.
Credit Score Requirement
Regions bank will work with borrowers with credit scores as low as 620.
Pros
Cons
More Info
Click here for more info.
Image via Quicken Loans website
Description
Quicken Loans is the second largest mortgage loan servicer in the country. They offer a wide variety of programs for Americans in almost any home-buying situation and boast one of the best customer service track records in the industry.
Example Programs
The YOURgage program allows home buyers to choose any term they would like between 8 and 29 years and, depending on the credit score of the applicant, pay as little as 3% of the home's value up front.
Credit Score Requirement
The minimum credit score for borrowers with Quicken Loans is 620.
Pros
Cons
More Info
Click here for more info.
Image via SoFi website
Description
SoFi has grown into a mortgage company from a student loan refinancing company. In the ethos of their roots, SoFi looks beyond credit scores to the degrees their applicants hold and the earning potential commensurate with those degrees.
Example Programs
SoFi offers conventional 15- and 30-year mortgages as well as 7/1 and 5/1 ARM loans. Their programs are limited to loans for first and second homes as they have no programs intended for investment properties.
Credit Score Requirement
The minimum credit score required to qualify for a loan with SoFi is 680.
Pros
Cons
More Info
Click here for more info.
Image via PNC website
Description
PNC Bank is one of the best mortgage companies for home buyers in the Midwest and Northeast regions of the country. PNC offers mortgages in 19 states with a wide variety of programs for clients who want to buy and those who want to refinance.
Example Programs
Home equity rapid refinance is a program unique to PNC Bank whereby borrowers can refinance their present mortgage for cash or finance renovation and repair as needed.
Credit Score Requirement
PNC loans to borrowers with credit scores as low as 620.
Pros
Cons
More Info
Click here for more info.
Image via New American website
Description
New American Funding is one of the best mortgage companies for borrowers with low credit or borrowers who are self-employed.
This is because, unlike most algorithm-based application processes, New American Funding reviews each application manually to assess whether each applicant's reliability as a borrower is truly reflected in their credit score.
Example Programs
New American Funding will manually underwrite loans for low-income families and veterans, allowing borrowers with bad credit the opportunity to purchase a home and improve their credit by making consistent payments.
Credit Score Requirement
New American Funding offers loans to borrowers with credit scores as low as 580.
Pros
Cons
More Info
Click here for more info.
Image via LoanDepot website
Description
With a massive volume of loans in all 50 states and a user-friendly application process for a full menu of loan programs at competitive rates, LoanDepot is one of the best mortgage companies in the country, especially for first-time home-buyers.
Example Programs
LoanDepot facilitates loans for FHA and VA applicants with as little as 0% to 3.5% down; furthermore, FHA applicants can refinance based on their home's equity to finance repairs and improvements.
Credit Score Requirement
LoanDepot requires a credit score of at least 620 in order to qualify for a loan.
Pros
Cons
More Info
Click here for more info.
Image via Veterans United website
Description
With branches in 18 states and the licensure to loan in any state, Veterans United is one of the best mortgage companies in the country for servicemen and women as well as FHA and USDA applicants.
Veterans United operates a fully online application process focused on the VA side of the business.
Example Programs
While Veterans United specializes in VA loans, they offer a selection of conventional and FHA products as well. However, as a non-bank lender, Veterans United does not offer equity loans or lines of credit.
Credit Score Requirement
Veterans United requires a credit score of at least 620 in order to qualify for a loan.
Pros
Cons
More Info
Click here for more info.
Image via Rocket Mortgage website
Description
Rocket Mortgage is the fully mobile mortgage tool that Quicken Loans rolled out to take lending on the go. Rocket Mortgage allows potential lenders to review each step of the process as quickly or slowly as they like while learning the loan amount they would qualify for in minutes.
For borrowers who want to examine the lending process on their schedule with powerful mobile tools, Rocket Mortgage is one of the best mortgage companies in the country.
Example Programs
Like the other non-bank lenders we reviewed for this article, Rocket Mortgage does not offer equity loans or lines of credit. Outside of equity loans, Rocket Mortgage offers just about every imaginable lending product on the market, including FHA, VA, and USDA loans.
Credit Score Requirement
Rocket Mortgage lends to borrowers with credit scores as low as 620.
Pros
Cons
More Info
Click here for more info.
Image via Lenda website
Description
Similar to Rocket Mortgage, Lenda is one of the best mortgage companies for borrowers who prefer an online borrowing experience. Lenda offers a seamless user experience that circumnavigates the paperwork challenges commensurate with most mortgage applications and a concierge customer service from start to finish.
Example Programs
Like most of the non-bank lenders we reviewed for this article, Lenda offers the whole gamut of conventional mortgage loans but is unable to offer its clients home equity loans and lines of credit. Lenda also does not offer USDA or VA loans.
Credit Score Requirement
Lenda loans to borrowers with credit scores as low as 620.
Pros
Cons
More Info
Click here for more info.
Image via Movement Mortgage website
Description
Based on the company's growing loan volume and myriad options for borrowers with minimal excess capital or poor credit, Movement Mortgage is one of the best mortgage companies in the country for borrowers in need of a budget option.
The company offers loans in nearly every category, including options that require as little as 3% down.
Example Programs
Movement Mortgage deals in all the traditional government subsidized programs in addition to the Fannie Mae HomeReady program, which offers low down payments without a lifetime's worth of PMI payments.
Credit Score Requirement
Borrowers with credit scores as low as 580 can qualify for mortgages through Movement Mortgage.
Pros
Cons
More Info
Click here for more info.
Image via BNC National Bank website
Description
Despite the bank's roots in its home state of North Dakota, BNC National Bank is licensed to lend in all 50 states and, as a major national bank, BNC offers the whole gamut of loan programs.
BNC also offers its customers a comprehensive online application, making it one of the best mortgage companies for young, digitally literate borrowers.
Example Programs
BNC offers its customers conventional loans and loans subsidized by various arms of the federal government. BNC does not offer construction loans, but it does offer mortgages intended to subsidize home improvement.
Credit Score Requirement
The lowest credit score accepted by BNC National Bank is 620.
Pros
Cons
More Info
Click here for more info.
Image via Citi website
Description
The mortgage branch of Citibank, CitiMortgage, is a large-scale, nationally relevant lender with a comprehensive selection of mortgage products. Citibank is most renowned for its willingness to consider "non-traditional" credit in reference to an application.
The application process can be started online, over the phone, or in-person at any of CitiMortgage's numerous locations, but the application must be completed in a loan officer's office.
Example Programs
CitiMortgage's low down payment options go beyond the purview of FHA and USDA subsidies, and applicants may pay as little as 3% down through the company's HomeRun mortgage plan.
Credit Score Requirement
Citibank operates programs with a variety of minimum credit score requirements.
Pros
Cons
More Info
Click here for more info.
The Verdict
As you choose a company to service your mortgage, it is essential to take into account exactly what you need. If you are a veteran or an individual that qualifies for a government-subsidized loan, you should find a mortgage company that caters to that specific need.
In terms of customer service and the application process, some companies have transitioned to an entirely online process while others require in-person engagement with a loan officer. It is important to choose a company that uses a process with which you are comfortable.
Featured image by Milly Eaton via Pexels.
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