Choosing the right mortgage lender is crucial to securing favorable loan terms and achieving your homeownership goals. With so many mortgage providers available in the U.S., it can be challenging to know where to start. In this guide, we’ll take you through the top 10 mortgage loan providers for 2024, highlighting their key features, basic requirements, time to approval, and locations.
1. Rocket Mortgage by Quicken Loans
Overview: Rocket Mortgage is one of the largest online mortgage lenders, offering a fully digital application process. This lender is known for speed and convenience, making it a top choice for tech-savvy borrowers who prefer a streamlined process.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Starting at 6.00%
- Loan Amounts: Up to $3 million
- Time to Approval: As little as 15 minutes (for pre-approval), 24-48 hours for full approval
- Locations: Available nationwide (entirely online)
Basic Requirements:
- Minimum credit score: 620 (higher for some loan types)
- Debt-to-income ratio (DTI): Generally under 43%
- Proof of income and employment history
- U.S. citizen or permanent resident
Why Rocket Mortgage?
- Fully digital, fast application and approval process
- Transparent, no hidden fees
- Wide variety of loan options
2. Wells Fargo
Overview: Wells Fargo is a trusted name in the mortgage industry, offering a wide range of loan products and strong customer service. It has an extensive network of physical branches across the U.S., making it ideal for those who prefer in-person assistance.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Starting at 5.25%
- Loan Amounts: $50,000 to $3 million
- Time to Approval: 2-5 business days for pre-approval, 30-45 days for full approval
- Locations: Nationwide (both online and physical branches)
Basic Requirements:
- Minimum credit score: 620 (for most loans)
- DTI ratio: 28%-36% depending on loan type
- Income verification and credit history check
- U.S. citizen or permanent resident
Why Wells Fargo?
- Offers in-person service and online options
- Variety of loan options, including for first-time homebuyers
- Solid customer support and resources
3. LendingTree
Overview: LendingTree is an online mortgage marketplace that connects borrowers with multiple lenders, helping them compare rates and terms. It allows borrowers to shop for mortgage loans with ease and find the best deal available.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Varies (typically from 4.25% to 6.00%)
- Loan Amounts: $30,000 to $3 million
- Time to Approval: Varies by lender; typically 3-5 business days for pre-approval
- Locations: Nationwide (online platform)
Basic Requirements:
- Minimum credit score: 620
- Proof of income, employment, and assets
- U.S. citizen or permanent resident
- DTI ratio: 36% or lower
Why LendingTree?
- Compare multiple offers from different lenders
- No obligation to accept offers
- Easy-to-use online platform
4. Better Mortgage
Overview: Better Mortgage is an entirely online lender that offers a transparent fee structure and fast approvals. With no lender fees and competitive rates, it’s ideal for borrowers looking for a straightforward mortgage experience.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, Jumbo
- APR: Starting at 5.5%
- Loan Amounts: $100,000 to $3 million
- Time to Approval: 24-48 hours for approval
- Locations: Nationwide (online platform)
Basic Requirements:
- Minimum credit score: 620
- DTI ratio: 43% or lower
- Proof of income and assets
- U.S. citizen or permanent resident
Why Better Mortgage?
- No origination fees or closing costs
- Quick online application with transparent terms
- Competitive rates
5. Chase Bank
Overview: Chase Bank is one of the largest and most established banks in the U.S., offering a variety of mortgage products with in-person and online options. Chase offers special discounts and benefits for existing customers, making it a popular choice for many.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Starting at 5.0%
- Loan Amounts: $50,000 to $3 million
- Time to Approval: 1-3 weeks for full approval
- Locations: Nationwide (both online and physical branches)
Basic Requirements:
- Minimum credit score: 620
- DTI ratio: 36%-43% (depending on loan type)
- Proof of income, employment, and assets
- U.S. citizen or permanent resident
Why Chase?
- Offers discounts for existing Chase customers
- In-person and online mortgage services
- Strong customer support and educational resources
6. U.S. Bank
Overview: U.S. Bank is another major national lender with a wide range of mortgage options, including government-backed and conventional loans. U.S. Bank offers personalized service and a robust online mortgage platform.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Starting at 5.25%
- Loan Amounts: $50,000 to $3 million
- Time to Approval: 2-4 weeks for full approval
- Locations: Nationwide (both online and physical branches)
Basic Requirements:
- Minimum credit score: 620 (for most loans)
- DTI ratio: 28%-36%
- Income verification and credit history check
- U.S. citizen or permanent resident
Why U.S. Bank?
- Personalized mortgage assistance and advice
- Wide range of loan products
- Competitive rates and flexible terms
7. Flagstar Bank
Overview: Flagstar Bank is a regional bank that offers a variety of mortgage products. Flagstar specializes in personalized service and offers options for borrowers with unique needs, such as those with lower credit scores or seeking non-conventional loans.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Starting at 5.25%
- Loan Amounts: $50,000 to $1.5 million
- Time to Approval: 2-3 weeks for full approval
- Locations: Available in 28 states (both online and physical branches)
Basic Requirements:
- Minimum credit score: 620 (higher for certain loan types)
- DTI ratio: 36%-43%
- Proof of income, assets, and employment history
- U.S. citizen or permanent resident
Why Flagstar?
- Great for borrowers with non-traditional financial profiles
- Offers renovation and construction loan options
- Strong customer service and personalized mortgage plans
8. LoanDepot
Overview: LoanDepot is a large, well-established non-bank lender offering a wide range of mortgage products. It’s known for its fast, easy online process and competitive rates.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, Jumbo
- APR: Starting at 5.5%
- Loan Amounts: $50,000 to $2 million
- Time to Approval: 3-5 business days for pre-approval, 1-2 weeks for final approval
- Locations: Nationwide (online platform)
Basic Requirements:
- Minimum credit score: 620
- Proof of income, employment, and assets
- DTI ratio: 36% or lower
- U.S. citizen or permanent resident
Why LoanDepot?
- Fast online application and approval process
- Wide variety of mortgage products
- Competitive rates and minimal fees
9. Guild Mortgage
Overview: Guild Mortgage has a long history in the mortgage industry and offers a variety of loan products. It is particularly well-regarded for its programs aimed at first-time homebuyers and those with moderate income.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Starting at 5.25%
- Loan Amounts: $50,000 to $2 million
- Time to Approval: 2-3 weeks for full approval
- Locations: Available in 30 states (both online and physical branches)
Basic Requirements:
- Minimum credit score: 620
- DTI ratio: 36%-43%
- Proof of income and employment
- U.S. citizen or permanent resident
Why Guild Mortgage?
- First-time homebuyer programs
- Down payment assistance options
- Flexible loan options for moderate-income borrowers
10. SunTrust (Now Truist)
Overview: SunTrust, now part of Truist, offers a broad range of mortgage products and personalized service. Truist offers both digital and in-person options for borrowers and is well-known for its focus on customer service.
Key Features:
- Loan Types: Fixed-rate, adjustable-rate, FHA, VA, USDA, Jumbo
- APR: Starting at 5.0%
- Loan Amounts: $50,000 to $3 million
- Time to Approval: 2-3 weeks for full approval
- Locations: Nationwide (online and physical branches)
Basic Requirements:
- Minimum credit score: 620
- DTI ratio: 36%-43%
- Proof of income and assets
- U.S. citizen or permanent resident
Why Truist?
- Great customer service and educational resources
- Wide range of loan options
- In-person and digital service options
Conclusion
When choosing a mortgage lender, it’s important to evaluate the specific loan types, interest rates, fees, and customer service each provider offers. Whether you prefer a fully online experience with Rocket Mortgage or need the in-person assistance that Wells Fargo provides, the top 10 mortgage providers of 2024 offer a range of solutions to meet your home financing needs. Always take time to compare rates, terms, and requirements to find the best mortgage option for you.
