Pennymac offers several different home loan options for borrowers with a down payment of less than 20%. As for VA loans, the NASB offers down payments as low as 0%. New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. Today there are more lenders online than ever.
As more people become comfortable doing business digitally (that's an elegant way of putting it from the couch), they want the convenience and speed of online mortgage lenders. Better is available throughout the United States. Except Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, Vermont and Virginia. If you are a VA borrower (or are refinancing a VA mortgage), the Guaranteed Rate exempts you from all loan fees.
For first-time borrowers or people with lower than perfect credit scores, the minimum requirements are lower than average. For example, FICO's minimum requirement for a compliant USDA mortgage and loan is $620, and only $600 for FHA and VA mortgages. The guaranteed rate is available online throughout the U.S. UU.
And it has more than 300 branches across the country. The guaranteed rate offers branches and online access to borrowers who want to apply for a mortgage. Its electronic application process allows borrowers to submit documentation electronically, as well as request and track the online application process. The guaranteed rate offers mortgages for both buyers and refinancers.
Its product line includes fixed-rate and adjustable (ARM) mortgages, conventional and jumbo mortgages, FHA, USDA and VA loans, and interest-only mortgages. The guaranteed rate does not offer home equity loans or home equity lines of credit. PNC Bank operates in all 50 states and offers a wide range of mortgage products, including special loans for low- and moderate-income borrowers. Home Insight combines an analysis of home affordability, a monthly payment calculator that takes into account insurance and taxes, and the ability to search for listings for available homes.
It also connects unique budgets, real-time rates, and loan products with a search for real estate listings to help prospective homebuyers better understand how much they can afford. For basic loan options (you won't find VA, FHA, or USDA loans here), Ally offers competitive rates and standard lender fees, ranging from 2% to 5% of the loan. First-time buyers can take advantage of Fannie Mae's HomeReady loan, which requires a 3% down payment. Ally customers can track their progress online, sign documents electronically, and upload files anytime, from anywhere.
As long as you have an Internet connection, you can do most of the work remotely. Ally is available throughout the United States. Except Hawaii, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New York, Vermont, Virginia and Wyoming. Because Ally has no physical locations, customers will have to rely on telephone correspondence for customer service.
The only customer service option is by phone Monday through Friday, from 9 to. m. The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications. Alternative credit data takes into account payments you make that are not traditionally included in credit reports.
This can help borrowers who may not have an extensive credit history or who have had a previous bankruptcy to show a good history of timely payments in areas that are not usually counted in traditional credit data. Ally offers conventional and jumbo mortgages with fixed and adjustable rates and home-ready loans. Does not offer FHA, VA or USDA loans. LoanDepot is one of the largest non-bank mortgage lenders in the U.S.
Its credit products include conventional mortgages, government-backed loans and refinancing. Customers using the lender's Mello Smartloan online technology can expect to reduce their closing time by 17 days by reducing paperwork and digitally connecting and verifying assets, income and debts. In addition, Mello Smartloan can digitally liquidate securities, which is usually one of the slowest steps in the underwriting process. Another benefit of this technology is that it also determines if some borrowers can waive the appraisal requirement, which can save time and a few hundred dollars on the cost of their mortgage.
Borrowers can apply online or at more than 150 branches in the U.S. LoanDepot currently has origination centers in Arizona, Tennessee and two in California and is currently licensed in 50 states. LoanDepot customers can apply for a mortgage online. Once they submit their application, a loan officer will call them to take the next steps, including submitting income documentation and personal identification.
LoanDepot requires a minimum credit score of 620 for conventional and VA home loans, which is the average requirement for most lenders. For FHA mortgages, the credit requirement is less stringent and is reduced to a minimum of 580. Finally, giant borrowers must have a minimum credit score of 700. LoanDepot offers fixed-rate mortgages, adjustable rate mortgages (ARM), FHA loans, jumbo loans, VA loans and 203 (k) loans.
LoanDepot does not offer USDA loans. Competitive mortgage rates are one of the main advantages offered by Quicken Loans. Quicken's average interest rates are currently above the national average. Quicken Loans is an online lender, with four branches in Charlotte, Cleveland, Detroit and Phoenix.
The Quicken Loans product line includes fixed-rate and adjustable (ARM) mortgages, conventional and jumbo mortgages, FHA loans and VA loans. One of its unique offerings is YourGage, a fixed-rate mortgage that allows you to choose a custom term of eight to 29 years. Finally, its FHA Streamline product allows current FHA borrowers to refinance at a lower rate with less paperwork and no need for fees. The lender does not offer USDA loans, home equity loans, or HELOC.
Guild Mortgage offers in-person and online mortgage services. With offices in 31 states, borrowers who prefer to do business face-to-face can visit a branch. In contrast, borrowers from 48 states (except those in New York and New Jersey) can apply online through the MyMortgage digital mortgage program. Guild Mortgage is an excellent option for borrowers with lower credit scores, as its minimum requirement is 600, about 20 points lower than the average lender requires.
Applying for a home loan through Guild Mortgage is also relatively easy and quick, making it a great option for people who can't afford to wait. With advanced technology, Guild Mortgage offers services such as automatic customer search with the help of state and local programs for the down payment, which is ideal for people who may not have time to do the research themselves. Guild Mortgage is available online throughout the United States. Except in New York and New Jersey.
There are branches in 31 states, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming. Guild Mortgage offers branches and online access to borrowers who want to apply for a mortgage. Pre-approval deadlines aren't as fast as other lenders, with a delivery time of 1 to 3 days for pre-approval letters. However, Guild Mortgage offers a 17-day closing guarantee, which may be attractive to borrowers who need to close quickly.
Guild Mortgage does not offer home equity loans or home equity lines of credit. Cooper is a good choice for borrowers with credit scores as low as 580 (FHA loans) and 600 (conventional loans), which is significantly lower than the required average minimum score. Cooper also offers customers an improved digital experience once the loan is secured, that is, through its strong customer panel. Its Home Intelligence mobile app helps customers manage not only a mortgage, but also their broader financial well-being.
The app provides customers with information about the value of their home, neighborhood trends and the current state of their home equity. Cooper's Digital Loan Tracker is another technology specifically designed with the customer in mind to make the home loan experience more streamlined, informative and easy to understand. The tracker provides customers with real-time control panels to see the latest on the status of their requests, as well as a unified system for sending documents and adding transparency to the process. The application process is completely digital, since Mr.
Cooper offers mortgages to both buyers and refinancers. The lender offers conventional and jumbo fixed and adjustable rate (ARM) mortgages, FHA loans and VA loans. Does not offer USDA loans, home equity loans, or HELOC. The best lenders received a score of four stars or more and represented outstanding performance or services in one or more areas.
A non-bank lender or an online lender are terms used to describe financial institutions that offer limited services, such as personal loans or mortgages, and that generally do not offer deposit services, such as checking or savings accounts. A traditional bank, on the other hand, offers a range of financial products for its customers. Traditional banks also have branches where customers can apply for loans in person. Sometimes, traditional banks have mortgage discounts for existing customers.
Because online or non-bank lenders focus on lending, they often develop high-tech solutions to accelerate approval times and streamline application processes, which can save borrowers time and money. Plus, because they don't have branch overheads, they can transfer those savings to customers in the form of lower interest rates. Private mortgage insurance, also known as PMI, protects the lender if you don't pay your mortgage. Generally, if you make a down payment of less than 20% of the purchase price of your home, you will be required to pay the PMI.
The amount you'll pay for this insurance will vary depending on factors including the amount of your down payment and your credit score. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards to ensure that happens. Our editors and reporters thoroughly check editorial content to ensure that the information you are reading is accurate. We maintain a firewall between our advertisers and our editorial team.
Our editorial team does not receive direct compensation from our advertisers. Bankrate's editorial team writes on behalf of YOU, the reader. Our goal is to provide you with the best advice to help you make smart personal financial decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers.
Our editorial team does not receive direct compensation from advertisers and our content is thoroughly checked to ensure accuracy. So, whether you're reading an article or a review, you can trust that you'll get credible and reliable information. Ally Bank is a bank and lender that offers online products and services, including home loans in 43 states and Washington, D.C. AmeriSave Mortgage Corporation is an online mortgage lender licensed in 49 states and Washington, DC, DC.
Lower is an online mortgage lender licensed in 42 states and Washington, DC, C. SoFi's financial services include mortgages, available in 47 states and in Washington, DC, DC. Wyndham Capital Mortgage is an online mortgage lender licensed in 47 states and Washington, DC, DC. An online mortgage is a mortgage loan originated by a fully online-based lender, with a comprehensive digital experience from application to closing, or a physical company with in-person locations and online services.
In recent years, many banks have developed their capabilities to include a digital mortgage platform, but most mortgages also come from non-banking institutions. Non-banking institutions include companies such as LoanDepot and Rocket Mortgage, while banks include well-known brands such as Bank of America and Wells Fargo. By simplifying these steps and, in the case of a digital lender, not having offices or overheads, online mortgages tend to have lower overall rates and costs, which can save borrowers thousands of dollars. Fairway Independent may be a good option for you if you need to apply for alternative forms of credit.
Cooper's application process is quick and simple. It offers a digital mortgage loan tracking tool, which allows you to manage the application process in a more streamlined way. Like Rocket Mortgage, it could also be an excellent lender for first-time homebuyers or for people looking to refinance. New American Funding also helps first-time homebuyers, connecting them to programs such as down payment assistance so they can afford their homes.
It also offers a wealth of educational resources to keep shoppers informed while they shop. If you prefer face-to-face interactions with loan officers during the homebuying process, it's best to go to a local bank or credit union. Mortgage brokers work with several lenders and connect borrowers like you to these lenders. They can save you time looking for the best rates and help you if you have a unique situation, such as a lower credit score.
However, if you already have a relationship with a direct lender, you may get better rates and terms by working with a company you know. In addition, you have more control over the overall application process with direct lenders. Are you going to buy your first home? Check out Rocket, Better, New American Funding and more of our top lender picks. Plus, get answers to your mortgage questions.
With that in mind, we've researched the top mortgage companies to bring you our picks of the best online mortgage lenders. See our shortlist below, as well as a summary of some of the most important things to know about the online mortgage industry. The guaranteed rate does a great job thanks to its ease of use, as it provides comprehensive information about loans during the research phase, as well as the option to securely upload and digitally sign loan documents when you're ready to apply for them. Online mortgage brokers, sometimes referred to as “robotic advisors,” allow you to carry out most of the mortgage comparison and application process online, without talking to a mortgage broker in person or on the phone.
Online lenders are popular in the home loan market because they offer a simple application process and fast delivery times. Benzinga has compiled a list of some of the best online mortgage lenders available. Long-term fixed-rate mortgages can add stability and predictability to your monthly mortgage payments. Online mortgages can be further simplified and automated and therefore less expensive to process than traditional mortgages.
So, you don't want to rush the process, it's smart to spend enough time looking for the best mortgage lender and the type of mortgage product for you. Rocket Mortgage is the online lender for Quicken Loans and is one of the largest mortgage lenders in the U.S. An online mortgage lender is one that allows you to do most (or all) of the online mortgage application process. Wells Fargo accepts down payments of just 3% on fixed-rate mortgages through its YourFirst Mortgage program.
We consulted mortgage and financial experts to report on these choices and provide their ideas about mortgage lenders. Angel Oak Home Loans is a full-service mortgage lender that offers traditional and portfolio mortgage loans not related to QM. In addition, the National Mortgage Licensing System (NMLS) Registry & has a database of authorized mortgage brokers, where you can find information about licensing and disciplinary measures against you. However, there is still paperwork to review and human mortgage brokers will always be used at some point in the process to ensure that your application is correct and legally binding.
We ranked the Detroit-based company as one of the best mortgage lenders because of its simple online application process, the low level of consumer complaints, the transparency and accessibility of its rates and fees, and the company's wide range of home loan products. Mortgage borrowers should choose a mortgage lender by examining the characteristics that are important to them and then conducting a parallel analysis. . .
