Best Mortgage Lenders of December 2024

The best mortgage lenders tend to have a few things in common, such as personalized quotes, transparent rate information, and a wide variety of loan types available. If you’re ready to become a homeowner, or you want to refinance your existing home, then a good mortgage company will guide you through the application and approval process.

Top lenders like Rocket Mortgage, Navy Federal Credit Union, and Figure can help you achieve your home ownership goals.

The best mortgage lenders of December 2024

Here are the seven best mortgage lenders on the market:

• Rocket Mortgage: Best for first-time homebuyers
• Navy Federal Credit Union: Best for military members
• Figure: Best for HELOC
• Better Mortgage: Best for fast, easy service
• New American Funding: Best customer service
• Veterans United: Best for VA Loans
• PNC Bank: Best for jumbo loans

Compare the best mortgage lenders

Company	Types of loans	Learn more
Rocket Mortgage	Fixed-rate, adjustable rate, jumbo, FHA, VA, HELOC	Visit Rocket Mortgage
Navy Federal Credit Union	Fixed-rate, adjustable-rate, jumbo, VA, Military Choice, Homebuyers Choice, HELOC	Visit Navy Federal Credit Union
Figure	HELOC	Visit Figure
Better Mortgage	Fixed-rate, adjustable-rate, jumbo, FHA, VA, HELOC	Visit Better Mortgage
New American Funding	Fixed-rate, FHA, VA	Visit New American Funding
Veterans United	Fixed-rate. adjustable-rate, jumbo, VA, USDA	Visit Veterans United
PNC Bank	Fixed-rate, adjustable-rate, jumbo, FHA, VA, USDA, reverse, HELOC	Visit PNC Bank

Rocket Mortgage: Best for first-time homebuyers

Pros: Online application and tools Great for first-time homebuyers Highly rated customer service team

Cons: No brick-and-mortar locations Doesn’t offer some loan types

Rocket Mortgage is an online mortgage tool from Quicken Loans, America’s largest mortgage lender. The company’s streamlined online service allows anyone to easily apply for a home mortgage loan, get competitive loan estimates, and manage their account online — 24 hours a day, seven days a week. With a highly rated customer service team and more than 10 years of experience connecting homebuyers with mortgages, this company is a great one to work with for tech-savvy first-time homebuyers.

Rocket Mortgage offers a variety of loan products, including conventional loans, Federal Housing Administration loans, Veterans Affairs loans, and even jumbo loans. Here are some of the recommended requirements to qualify:

• Down payment requirements: Recommended that borrowers have at least 3% of the home’s purchase price ready for a down payment.
• Credit score requirements: Typically require a credit score of at least 580.

In addition to traditional mortgage products, the company also offers various refinancing packages. Because Rocket Mortgage is managed by Quicken Loans, an online lender, this lending experience is best for tech-savvy borrowers who are comfortable completing transactions remotely.

Visit Rocket Mortgage

Read our Rocket Mortgage review

Navy Federal Credit Union: Best for military members

Pros: Serves exclusively military members and their families Operates as a credit union (rather than a bank) Been around since 1933

Cons: Doesn’t serve civilians No easy access to personalized rates

The Navy Federal Credit Union was founded in 1933 by seven Navy servicepeople who wanted to help themselves and their colleagues reach their financial goals. Today the focus of the Navy Federal Credit Union is much the same: to provide a secure banking and lending service exclusively for military members, veterans, Department of Defense employees, and their families.

The company offers a wide range of loan options, including adjustable-rate mortgages, fixed-rate mortgages, VA loans, and a Military Choice loan for active-duty military personnel who have exhausted their VA loan benefit.

Navy Federal is a credit union vs. a bank, which means the company is member-owned and not-for-profit. That also means you get to keep even more of your money as all surplus funds are returned to credit union members in the form of dividends.

Visit Navy Federal

Read our Navy Federal Credit Union review

Figure: Best for HELOC

Pros: Online application process Short turnaround times

Cons: Not all properties are eligible Not graded by the BBB

If you’re looking to get a home equity line of credit (HELOC) or you want to refinance your mortgage, then you might want to consider this lender. Figure, a San Francisco finance company run by blockchain technology, is one of the newest and fastest solutions for borrowers looking to access cash or renegotiate their existing mortgage terms. The company has already served more than 20,000 people and unlocked over $1 billion in equity for its members.

Rather than taking out a pricey personal loan or struggling under the pressure of a high mortgage interest rates, Figure has a simple online application process to help prospective borrowers shopping for HELOCs, mortgage refinances, and cash-out refinances. If approved, borrowers can receive their funds or new loan terms in less than a week.

Visit Figure

Read our Figure review

Better Mortgage: Best for fast, easy service

Pros: Fast personalized rate quote Online application No lender fees

Cons: Limited loan types available No HELOCs or HELs

Better Mortgage is another startup-like lending company offering fast and efficient online lending services to the tech-savvy masses. Better Mortgage is at the forefront of providing easy online mortgage applications, radical transparency, and efficient service. Whether you’re looking to apply for a mortgage or refinance an existing one, the company can help qualifying applicants secure rate quotes in as little as three seconds and pre-approval in just three minutes.

Because its loan officers don’t work off commission, the company is more focused on getting customers the right loan package, not on making a sale. Because the company is also a direct lender, it won’t just help you find a loan, it’ll also work with you throughout the entire homebuying process, from that original online quote to closing on your new home or refinance package.

Visit Better Mortgage

New American Funding: Best customer service

Pros: Good customer reviews Wide variety of loan products Buyer Accepted program that enables cash offers

Cons: Hard-to-find fee information

New American Funding is a great company to work with if you want more support to help you with choosing the right loan or refinance package. With an A+ Better Business Bureau rating and more than 127,000 happy customer reviews, you can be sure you’ll be in good hands when working with this company.

Whether you’re trying to figure out how much of a home you can afford or you want to just learn more about getting a mortgage, this company will provide the answers to your questions and walk you through every step of the process.

This California-based company offers a wide variety of loan products, including conventional loans, VA loans, FHA loans, ARM loans, and even reverse mortgages.

Visit New American Funding

Veterans United: Best for VA loans

Pros: Serves veterans and their families Good customer ratings Emphasis on VA loans

Cons: Doesn’t serve civilians Limited loan types available

If you’re in the market for a VA loan, then you might want to check out Veterans United, a top-ranked nationwide lender of VA loans. With nearly 20 years of experience serving veterans, service members, and their families with an average 4.8-star rating, this company knows how to provide competitive rates and customer satisfaction.

Whether you’re a first-time homebuyer looking for a VA loan or a long-time borrower hoping to refinance your existing VA loan, this company can help you get the competitive loan package you need. By partnering with high-ranking military personnel, Veterans United is constantly trying to improve its customer experience and advocate for military personnel and veterans to ensure they get the financial support needed to meet their goals.

Visit Veterans United

PNC Bank: Best for jumbo loans

Pros: Online application HELOCs available Transparent rate info

Cons: Some loan types not available Limited brick-and-mortar locations

Jumbo loans are defined as loans that exceed the conforming loan limits, as determined by the Home Buying Institute. Although these amounts will vary based on where you live, a jumbo loan is generally $500,000 or more. Because these loans are seen as higher risk than conventional mortgages, you’ll need a significant upfront down payment and excellent credit in order to qualify.

As you can imagine, getting approved for a jumbo loan can be a challenge, but PNC Bank is making it easier. Offering loans between $514,000 and $5 million, this lender is a great one to work with if you have an extra-large mortgage to finance. Because they offer both fixed 15- and 30-year mortgage loan plans as well as adjustable-rate loans, you’ll have a lot of repayment flexibility when financing your mortgage with PNC Bank.

In addition to new loans, the company also offers jumbo loan refinance packages. From pre-approval services all the way to closing, this company can help you with the financing you need, with competitive rates and streamlined online services to make the mortgage process as easy as possible. Because the company services most of its customer loans themselves, you’ll have the support you need even after closing on your loan.

Visit PNC Bank

How to improve your chances of mortgage approval

Finding a lender that offers the product and services you’re seeking is just the first step. After you shop around and find a few interesting lenders, you’ll want to start considering the rates they can offer. And although some of this will vary from lender to lender, a big part of getting the best loan terms and rates has to do with you and your finances. If you have an excellent credit report, then you might qualify for a lower interest rate or a larger loan amount.

Getting the best home loan might mean working to improve your credit score or even lowering your debt-to-income ratio. It might also mean saving for a house for longer so you can make a bigger down payment. The less money you have to borrow and the better your credit history and financial situation, the better rates you’ll qualify for.  

Another thing to keep in mind is to avoid spending large amounts of money while your loan is going through the approval process. Although it might be tempting to start shopping for furniture for your new home or to make some big home improvement purchases once you get your pre-approval letter for your HELOC, you should hold off until the loan is finalized and the money disbursed. Spending too early might lower your repayment power in the eyes of the lender, and ultimately prevent you from getting your loan.

Because lenders are ultimately analyzing your ability to repay your new loan, anything you can do to present a better picture of yourself as a borrower means the more likely you’ll be to get the best mortgage rates offered to you.

How to pick the right mortgage lender for you

It’s worth taking your time to make sure you pick the right lender. And although it’s great to start by learning more about the mortgage lender and their various policies and offerings, you’ll want to cross-compare the offers you get and make sure the one you land on is something you’re comfortable paying.

Among other things, here’s an overview of some factors to consider when comparing loan packages from various mortgage lenders:

• Down payment: Your loan offerings will vary based on the down payment you’re able to make. The more you put down, the less you’ll owe and the less you’ll pay in interest over the long haul. Aim to put at least 20% down to avoid paying private mortgage insurance.
• Monthly payment: If you’re taking out a new mortgage or refinancing an existing one, one of the biggest factors of your loan will be your monthly mortgage payments. Be sure these payments are affordable for your family and won’t put any unnecessary financial stress on your budget.
• Term length: Monthly payments will vary based on your loan length. The longer the life of the loan, the lower your monthly payment. Run the numbers with your lender to see what kind of term length works best for your needs. The term length may also impact the interest rate you get.
• Interest rates: In addition to term length, you’ll want to talk to your lender to figure out whether your APR (annual percentage rate) is fixed or variable. Although an ultra-low variable interest rate might sound good right now, many borrowers end up choosing fixed rates that can’t increase, in order to have a more reliable payment schedule. Beyond adjustable vs. fixed, you’ll also want to look for a lower rate in general so you can save big on interest charges over the years.
• Fees: As with all things in life, loans come with fees. Your loan might have an origination fee, appraisal fee, underwriting fee, and more. Ask your lender what kind of fees it charges and provide you with an estimate before you make your final decision.
• Closing costs: In addition to your down payment, you’ll also want to have enough available cash to cover closing costs. Plan on putting aside anywhere between 2% to 5% of the value of the loan to pay your closing costs.
• Customer reviews: If you’d like a little extra reassurance before working with a lender, you can always see what other people are saying about them by searching the Consumer Complaint Database of the Consumer Financial Protection Bureau.

Note that a mortgage calculator could come in handy if you want to quickly input your down payment, term length, interest rate, and other costs to determine your monthly payment.

Our methodology

We created our list of the best lenders based on an evaluation of the mortgage products and services provided by popular lenders. We did not evaluate all companies in the market. We used editorial judgment to determine what use or user each lender would be best for.

FinanceBuzz evaluation criteria include:

• Fees: Including origination fees, application fees, doc prep fees, etc
• Interest rate range: The high and low end of what interest rates you can expect to pay
• Minimum down payment: The minimum downpayment required by a lender
• Minimum FICO/credit score: The minimum credit score required by a lender
• Online features and accessibility: How easy the lender’s website is to use and navigate, as well as whether an app is available
• Customer service ratings: What people are saying about this lender on CFPB, BBB, etc.
• Product availability: How many states the lender operates in and whom it serves
• Types of mortgages and loan types: What type of loan products and loan programs a lender offers, for example, FHA loans, USDA loans, VA loans, HELOC, or refinancing
  
• Typical approval time and if prequalification is available: How long it takes to get a loan or pre-qualification letter from a lender
• Ease of application: How easy it is to complete a loan application with a lender

FAQs about mortgage lenders

Bottom line

Maybe you’re trying to figure out how to get a loan to fund the purchase of your dream home, or maybe you’re hoping to refinance your current mortgage rate into something more affordable. There are an endless number of lenders out there that can help you with a home purchase or mortgage refinance. Be sure to take your time when shopping around for home loans and cross-compare rates before making any decisions.

If your work or finances haven't been stable and you’re concerned about taking out a loan, you might also consider getting mortgage protection insurance. Much like life insurance, these policies offer great peace of mind that your family will be taken care of even in the event you are unable to pay your mortgage.

There are a lot of ways to plan out your personal finances when it comes to borrowing money. Be sure to do your homework, and only take out loans you’re actually comfortable repaying. You can use this list of the best mortgage lenders to help you get started finding the perfect loan product and best real estate lender for you.