The 12 Best Mortgage Companies To Help You Realize Your Home Goals

Beautiful home

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

Home value

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

  • Regions Bank
  • Quicken Loans
  • SoFi
  • PNC
  • New American
  • LoanDepot
  • Veterans United
  • Rocket Mortgage
  • Lenda
  • Movement Mortgage
  • BNC National Bank
  • Citi
Regions Bank

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

  • Wide variety of programs
  • Competitive rates on all relevant products
  • Potential for low down payments

Cons

  • Geographically limited in scope
  • Lacks a comprehensive website

More Info

Click here for more info.

Quicken Loans

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

  • Operates in every state in the country
  • Allows borrowers to customize loans
  • Offers a variety of government programs

Cons

  • Doesn't offer the most competitive closing costs
  • Limited options for current homeowners

More Info

Click here for more info.

SoFi

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

  • Sleek online application process
  • No origination fee

Cons

  • High credit score requirement
  • Limited selection of loan programs

More Info

Click here for more info.

PNC

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

  • Great selection of conventional lending programs
  • Numerous equity-based options for borrowers hoping to refinance

Cons

  • No online application process
  • Sub-par customer service reputation

More Info

Click here for more info.

New American

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

  • Great option for borrowers with poor credit
  • Manual application process for personalized consideration of each applicant

Cons

  • Not available in New York or Hawaii

More Info

Click here for more info.

LoanDepot

Image via Loan​​Depot 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

  • Offers a variety of loans in all 50 states
  • Offers numerous options for FHA and VA borrowers
  • Possible down payment of 0%

Cons

  • Inadequately informative website
  • Applicants must speak with a loan officer in person

More Info

Click here for more info.

Veterans United

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

  • Excellent reputation for customer service
  • Recruits customer advocates from the military
  • Requires 0% down from qualified applicants

Cons

  • Doesn't offer home equity loans
  • Minimal branches for face-to-face consultation
  • Limited options for non-VA applicants

More Info

Click here for more info.

Rocket Mortgage

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

  • Easy-to-use app saves borrowers time
  • Shows users the loan amount they qualify for in minutes

Cons

  • In-person customer service is not a part of Rocket Mortgage's business model
  • No home equity loans

More Info

Click here for more info.

Lenda

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

  • Easy-to-use online platform for all stages of the loan process
  • Strong reputation for quality customer service

Cons

  • Lenda is only available in 12 states
  • Doesn't offer USDA or VA loans

More Info

Click here for more info.

Movement Mortgage

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

  • Great option for borrowers with low credit scores
  • Wide variety of government-subsidized loan programs

Cons

  • Deliberately uninformative website
  • Application process requires applicants to speak with a loan officer

More Info

Click here for more info.

BNC National Bank

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

  • Considers alternative credit history
  • Experienced with VA loans

Cons

  • Onerous lender fees
  • No online preapproval

More Info

Click here for more info.

​Citi

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

  • Low down payment options
  • Available nationwide
  • Takes alternative credit history into account

Cons

  • Charges an application fee
  • Charges variable origination fees
  • Can't complete the application online

More Info

Click here for more info.

The Verdict

Luxurious home

Image by paulbr75 via Pixabay

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.