Your mortgage is the most important loan you take out in life. It goes beyond helping you buy your home and can have a massive impact on your financial future. This is why you must choose the perfect option that fits all your needs.
After carefully sifting through the wide variety of traditional bank and online-only home loan providers, we have listed down the top 3 options that you can consider:
Quicken Loans: Best Overall
Quicken Loans is one of the largest, more popular mortgage lenders with a volume of 541,000 loans to its name! Its nationwide footprint and online application make applying for loans easy for the borrower. The competitive rates offered help solidify its position as the overall best mortgage lender!
This hassle-free application experience does not come with piles of paperwork that many traditional mortgage lenders require. You can just connect your bank account and enjoy a simple and quick application process.
SoFi: Best Online
SoFi or Social Finance quickly grew from being a student loan refinancing company into other personal finance areas, including mortgage loans. SoFi is different from other lenders. Instead of looking at just your credit score, they do a more rounded background check and carefully consider your earning potential and college degrees.
Their application process starts with a quick pre-qualification round that has no impact on your credit score. Once you get your pre-qualification approval, you can pick the loan that fits your needs well and complete the rest of the application and paperwork. SoFi offers borrowers 10, 15, 20, and 30-year fixed-rate mortgages and focuses more on owner-occupied primary and second homes.
LoanDepot: Best for Refinancing
LoanDepot has successfully funded over $100 billion for mortgage loans and refinancing, making it one of the most popular refinancing lenders thanks to its smooth and easy process. They offer an advantage over other lenders by waiving off reimbursing appraisal fees and refinance fees after your first refinance with loanDepot.
LoanDepot follows a strict “no steering” policy, meaning the employees get no incentive to push you toward a loan you don’t need. This helps ensure that customers get the best possible options for their needs.While comparing loan options, be sure to look over the terms carefully to get a clear idea about the kind of fees you’ll have to pay every month.