Best Mortgage Lenders of 2020 – Mortgage Comparison Made Simple

The American mortgage industry is extremely competitive, with around 12,000 institutions offering home loans at last count. With so much choice, it can be hard to know where to begin your mortgage comparison. But compare you must, because even seemingly small differences in rates and fees can have a big impact on your monthly payments or how much you’ll pay over the duration of the home loan.We’ve compiled information on mortgage lenders to make it easier for you to compare. Read on to find out who we’ve chosen as our best mortgage companies.
Best Mortgage Lenders of 2020 – Mortgage Comparison Made Simple

The American mortgage industry is extremely competitive, with around 12,000 institutions offering home loans at last count. With so much choice, it can be hard to know where to begin your mortgage comparison. But compare you must, because even seemingly small differences in rates and fees can have a big impact on your monthly payments or how much you’ll pay over the duration of the home loan.We’ve compiled information on mortgage lenders to make it easier for you to compare. Read on to find out who we’ve chosen as our best mortgage companies.

1

Quicken Loans

Affordable mortgages with award winning service

Quicken Loans Review

Quicken Loans offers a large range of mortgage options including refinance loans, FHA, USDA, VA loans, jumbo loans …
  • Best forPurchase loans
  • Minimum credit score500-620depending on the loan type
  • Minimum down payment0% for VA, 3.5% for FHA, 20% for most loans

As America’s largest mortgage lender, Quicken Loans boasts that it has a simply better mortgage experience without complications. It offers a large range of loans and allows you to compare loan rates for different terms and loan types, so you can decide based on the rates you know you’ll be offered. It’s possible to calculate what your monthly payments will look like for 10-, 15-, 20- or 30- year purchase loans, as well as refinance, VA, FHA, USDA, Jumbo loans, reverse mortgages, and a specialty customized mortgage called YOURgage. Quicken will update you with your loan status online 24/7, so you won’t wonder what’s happening. The online process is simple and easy, and available on your mobile phone. If you want to talk to a person, it has that too, with home loan experts available on the phone.

Positive
  • Fast, easy application
  • Many loan options
  • Best customer service
Negatives
  • No FAQ section on the site
  • Live chat isn’t 24/7
2

Amerisave

Accurate quotes, no estimates.

AmeriSave Review

AmeriSave is a full service mortgage lender, with a variety of loans, including fixed and variable rates of 10 and …
  • Best forExcellent customer service
  • Minimum credit score580-640depending on the loan type
  • Minimum down payment0% for VA, and as low as 3% for other loan types

Amerisave is an established mortgage lender operating in 49 states and DC, with over $52 billion in home loans funded. The company’s reputation speaks for itself—it’s no startup tech brand, but the online process is smooth, fast and simple for many types of mortgage loans. Closing happens when and where it works for you, so there’s no need to head into a branch but you’ll still get customized service and attention of live people. It offered fixed and adjustable loans, as well as government-backed FHA, VA and USDA loans. There are refinance loans and cash out refinancing, though no home equity loans or HELOCs at this time. Pre-qualify and close your loan in as little as 25 days with complete confidence. There are home buying guides to ensure that you understand the process and understand where your money is headed and the customer service has some of the top ratings in the industry.

Positive
  • Apply and submit forms directly online
  • Company originates and underwrites all loans
  • Low rates
Negatives
  • No second mortgage products
  • No loans for manufactured homes
3

Rocket Mortgage

A simpler, quicker mortgage

Rocket Mortgage Review

Rocket Mortgage is an online lender with a user experience designed to save time and make mortgages easy, with many …
  • Best forAn easy online process
  • Minimum credit score500-620depending on the loan type
  • Minimum down payment0% for VA, 3.5% for FHA, 20% for most loans

Rocket Mortgage is ready, 24/7, to help your mortgage become a reality. The faster, younger offspring of Quicken Loans, Rocket does everything online, making the entire loan process smooth and easy. The online document and asset retrieval streamlines the mortgage application process, so once you’re ready to upload paperwork, you can always save it for later. Rocket Mortgage is a J.D. Power award winning provider, with 9 consecutive years of the highest customer satisfaction in the US. Looking for a mortgage refinance? It has that too. Use the web portal to make payments online and make your mortgage or refinance loan work for you. Missing the human touch? You can still chat with a home loan expert online.

Positive
  • Many loan options
  • Fast advanced platform
  • Real-time rates
Negatives
  • Rates and terms are only available with registration
  • Financial info needs to be imported
4

Discover

Feel right at home with a Discover loan.

Discover Review

Discover Home Equity Loans is a budget friendly loan provider, with no origination fees, application fees or other …
  • Best forDebt consolidation using home equity
  • Minimum credit score620
  • Minimum down paymentVaries based on loan type

The more you understand your home loan, the easier it is and the more confident you’ll feel. Discover home loans educates borrowers first, so you’ll know exactly what you’re getting and why it works for you. It walks users through pre-approval on the loan choices that might work, with virtual mortgage loan tours and affordability calculators. There are FAQs, a homebuying blog, mortgage calculators and articles of all sizes to clarify what you’re getting. Discover offers almost every type of home loan, including conventional purchase loans, FHA, VA, cash out refinance, HARP refinance, home equity loans and HELOCs. It pays your closing costs for you, so you won’t be hit with any large fees before you can get your keys. Apply and prequalify online.

Positive
  • No application, origination or appraisal fees
  • US Based personal banker
  • Borrow up to 95% loan-to-value
Negatives
  • No live chat
  • Application process isn’t entirely online
5

Freedom Mortgage

Favorable rates and terms

Freedom Mortgage Review

VA Mortgage loans are the ideal choice for veterans wanting to buy a residential home to live in. VA loans were …
  • Best forVeterans and their families
  • Minimum credit score500-620depending on the loan type
  • Minimum down payment0% for VA, 3.5% for FHA, 20% for most loans

Freedom mortgage is an ultra-convenient mortgage lender with easy online or phone application, as well as in-person branches. It’s a leading lender in refinance loans, to lower your rates or terms, cash out refinance to pay off debts or make a large purchase, or loans to purchase a new home. There’s an affordability calculator and a refinance calculator, and this lender is licensed in all 50 states, DC, Puerto Rico, and the Virgin Islands, so there’s really something for everyone. Dedicated loan specialists will guide you from eligibility and pre-approval through closing, giving you the freedom to focus on your home. With loan types across the spectrum of possibilities, like VA, Conventional and Jumbo, FHA, and USDA loans, you can compare several choices and find the right fit.

Positive
  • Government-backed loans
  • Simple online application process
  • Many loan options
Negatives
  • No live chat support
  • No HELs or HELOCs
6

Chase Bank

Get the tools, advice, and rates you need

Chase Review

Chase is a household name and for good reason. This financial giant has been providing flexibility, convenience, …
  • Best forExisting Chase Bank customers
  • Minimum credit score500-640depending on loan type
  • Minimum down payment0% for VA, 3.5% for FHA, 20% for most loans

Chase is 1 of the 4 largest banks in the US, with over 5,100 branches throughout the country and a reputation for excellent personal banking of any kind. It features mortgage options to purchase a new home or refinance an existing one. Chase’s home equity line of credit lets you use your home equity to pay for home improvements or other expenses. You can get started online or speak directly with a Chase home lending advisor on the phone or in a brick and mortar branch. There are online tools to help you figure out how much home you can afford, and you can pre-qualify online or get mortgage rate quotes. Refinance to get lower rates or to access cash, or get a HELOC for a bit more flexibility from your home’s value. Chase already serves nearly half of American households, so you’re in good company.

Positive
  • $1,000 closing guarantee
  • 75,000 Ultimate Reward points
  • Low down payment options
Negatives
  • Some fees are higher than competitors
  • Little pricing available
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