Best Mortgage Lenders

Rocket Mortgage is our choice as the best overall mortgage lender because of its high customer satisfaction ratings, its mortgage options, and its convenient online application process. 

J.D. Power ranked Rocket second in its 2021 U.S. Primary Mortgage Origination Satisfaction Study. The study evaluated and ranked 23 leading lenders based on application processes, loan options, communication, and loan closings.

Rocket Mortgage has several mortgage options, including conventional loans and jumbo loans. It’s also a provider of government-backed loans, like FHA and VA mortgages. 

In general, borrowers need a credit score of 620 or higher to qualify for a conventional loan, but borrowers with lower scores may be eligible for a Rocket FHA loan. On average, loans close within 26 days—faster than many other lenders. 

Although Rocket Mortgage could be a convenient option for many home buyers, the lender doesn’t offer USDA loans, and its fees may be higher than you’d get from other lenders. Rocket doesn’t disclose its fees on its website, and a company representative told us fees can vary based on the loan structure.

Fairway is a national mortgage lender that offers multiple mortgage products. Fairway can be especially helpful for first-time homebuyers since the lender offers FHA loans as well as conventional loans with a minimum down payment of just 3%. 

Borrowers can also take advantage of Fairway’s CrediTools program, where a Fairway team member will create a personalized credit improvement plan for you. You can boost your credit score over time, making it easier to qualify for a loan and get a lower interest rate.

Fairway doesn’t list its minimum credit score requirements on its site, but a loan officer told us the minimum score for most loans is usually 620. FHA loans have a minimum score requirement of 580.

Fairway may have a longer time to closing than some other lenders, but it has robust educational resources to help new homebuyers make informed decisions.

Caliber Home Loans is a lender best suited for borrowers looking for mortgage solutions for particular situations. The lender offers conventional and government-backed loans—including FHA, VA, and USDA loans—but it also has unique products specifically designed for certain borrowers. For example, self-employed borrowers can take advantage of the lender’s SmartSelf loan and qualify for a mortgage with their bank statements rather than needing two years of tax returns. With this option, borrowers can finance up to $3 million. 

Caliber has loans for renovations and new construction, as well as mortgage programs with low down payment requirements. Eligible borrowers can qualify for a loan with just 3% down, and some programs have flexible credit requirements. 

The lender doesn’t list its rates or fees online, so you need to work with a loan officer to discuss your situation for those details. 

Caliber’s customer satisfaction ratings are slightly lower than leading competitors. In the J.D. Power U.S. Primary Mortgage Origination Satisfaction Study, Caliber was ranked 11 out of 23 lenders, with a score just below the industry average.

If you’re more comfortable working with a large bank than a smaller lender, Bank of America could be a good choice. If you’re a BofA customer or have a Merrill investment account, you could qualify for valuable interest rate discounts on your mortgage. 

Bank of America has several loan programs for borrowers with small down payments and less-than-perfect credit. Borrowers with low or moderate incomes could qualify for a mortgage with as little as 3% down and less expensive mortgage insurance. Plus, some borrowers may be eligible for grants that will help cover a portion of your closing costs or down payment. 

Bank of America doesn’t offer all types of government-backed loans. For example, borrowers looking for a USDA loan to purchase property in rural areas will have to work with other lenders. And Bank of America doesn’t disclose its average time to close or its lender fees. 

Bank of America is a multinational company that operates retail financial centers throughout the country.

Prosperity Home Mortgage is a useful option for borrowers with bad credit because of its low minimum credit score requirement and homebuyer assistance options. 

The company doesn’t disclose its minimum credit score online, but a company representative shared that its minimum for conventional loans is generally 600—a lower minimum than many other lenders require. And because it offers FHA loans, you may be able to get a mortgage even if your score is lower than that. 

Prosperity doesn’t list its terms online, so you need to submit an application or work with an agent to see its rates and fees. 

Struggling to get a mortgage with poor credit? See our picks for the best mortgage lenders for bad credit for some other options.

Cherry Creek Mortgage is our pick for the best lender for military members because of its low down payment options for active servicemembers, Reservists, honorably-discharged veterans, and eligible surviving spouses. 

With a Cherry Creek VA loan, eligible borrowers can buy a home with 0% down and no private mortgage insurance. VA mortgages usually have funding fees—ranging from 1.4% to 3.6% of the loan amount—but Cherry Creek allows you to roll the funding fee into your mortgage rather than having to pay it upfront. 

Cherry Creek Mortgage is based in Colorado, and it’s licensed to issue mortgages in 41 states. Cherry Creek doesn’t list its interest rates or lender fees online. However, a company spokesperson told us the typical lender fee is $995. For detailed information about rates and fees in your area, you must work with a Cherry Creek loan officer.

Primary Residential Mortgage is our pick for the best online lender because of its easy application process. As you fill out a loan application, you can get help by contacting a loan officer or by using the live chat feature. 

Primary Residential Mortgage has a range of mortgage options, including loan types that other lenders don’t offer. For example, not all lenders issue mortgages for manufactured homes, new construction, or fixer-uppers, but Primary Residential has several options for those property types. 

It has low down payment options, with some loans requiring just 3% down. And its VA and USDA loans require 0% down, making homeownership more accessible. 

Primary Residential Mortgage is available in 49 states; the only exception is New York. And while the company has an easy online application, its website can be difficult to navigate. It’s best for borrowers that know what kind of loan they want and don’t need a lot of educational resources to guide them.