10 Best Mortgage Lenders In 2024

Navigating the world of home financing can be daunting, especially with the myriad of mortgage lenders available in 2024. Whether you’re a first-time homebuyer or looking to refinance, choosing the right lender is crucial to securing a loan that fits your budget and meets your long-term financial goals. This guide dives into the top 10 best mortgage lenders of the year, highlighting their strengths, unique offerings, and how they stand out in a competitive market. From traditional banks with robust services to innovative online platforms making waves with user-friendly processes, we’ve meticulously compiled a list to help you make an informed decision. Read on to discover which lender could be the best fit for your mortgage needs this year.

Mortgage Loan Options Available

Mortgage loan options depend heavily on the Term of the Loan, the type of Interest rate, and the type of loan. Check our Loan Calculator to find your expected monthly payment and overall loan repayment amount.

Terms of Loan

15-year loan term

A 15-year loan term is a popular choice among borrowers seeking to pay off their mortgage faster and build home equity more quickly. With a 15-year loan, borrowers make higher monthly payments than longer loan terms, but they typically enjoy a lower interest rate. This can result in significant interest savings over the life of the loan. However, the higher monthly payments can be challenging for some borrowers to manage, as they require a larger portion of their monthly income.

30-year loan term

A 30-year loan term offers borrowers lower monthly payments, making it more affordable for many people. While the interest rate on a 30-year loan is often slightly higher than that of a 15-year loan, the longer loan term spreads the payments out over a longer period, reducing the monthly financial burden. This makes the 30-year loan a popular choice for those looking for more manageable monthly payments and greater flexibility in their budget.

Some lenders offer 40-year or even 50-year loan options for borrowers looking for even longer loan terms. These longer loan terms can further reduce monthly payments but typically come with higher interest rates compared to 15- and 30-year loans. While longer loan terms can make homeownership more affordable in the short term, borrowers may pay significantly more in interest over the life of the loan compared to shorter loan terms. 

Types of Interest rates

Interest rates of loans fall into two categories: Fixed-rate mortgages and Adjustable-rate mortgages.

Fixed-rate mortgages 

Fixed-rate mortgages have an interest rate that remains constant throughout the loan term, offering predictability in monthly payments. This stability benefits homeowners who plan to stay in their homes for an extended period. However, fixed-rate mortgages often come with slightly higher initial interest rates than adjustable-rate mortgages (ARMs). The main drawback of fixed-rate mortgages is that if interest rates decrease, borrowers are locked into a higher rate unless they refinance, which can be time-consuming and costly.

Adjustable-rate mortgages (ARMs) 

Adjustable-rate mortgages (ARMs) start with an initial fixed interest rate, typically lower than fixed-rate mortgages. This makes them attractive to borrowers seeking lower initial monthly payments. After the initial period, the interest rate adjusts periodically based on a benchmark index, potentially increasing or decreasing the monthly payment. ARMs are suitable for borrowers who expect to move or refinance before the initial fixed-rate period ends.

Interest-only loans: Typically structured as ARMs, this is a type of loan where the homeowner pays only the interest owed on the mortgage whenever they make a mortgage payment. The term usually lasts between 5 and 10 years but could vary. However, once the interest-only period ends, the homeowner has to start making payments on both the principal and the interest, resulting in much higher payments.

Types of loan

Conventional Mortgages

A conventional mortgage is a homebuyer’s loan made through a private lender. It is not offered or secured by a government entity. Instead, it is available through private lenders, such as banks, credit unions, and mortgage companies. Conventional mortgages include conforming loans and jumbo loans.

Conforming loans: Conforming loans meet limits set by Fannie Mae or Freddie Mac, with down payments as low as 3% and private mortgage insurance (PMI) required if the down payment is less than 20%. A conforming mortgage is one whose underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. Chief among those is a dollar limit set annually by the Federal Housing Finance Agency (FHFA). In most continental United States, a loan must not exceed $766,550 in 2024 (up from $726,200 in 2023).

Jumbo loans: Jumbo loans are for amounts higher than conforming loan limits and have stricter eligibility requirements. Jumbo loans allow you to borrow more than the maximum lending limit for conforming loans. However, they typically require a higher credit score, lower debt-to-income (DTI) ratio, and larger down payment.

Government-backed Mortgages 

Government-backed mortgages are loans backed by federal agencies like the FHA, VA, and USDA. They offer benefits like lower down payments and lower interest rates but often come with extra costs like mortgage insurance or funding fees. 

FHA (Federal Housing Administration): An FHA loan, insured by the government and offered by approved lenders, facilitates homeownership with lower down payments as low as 3.5%, making it particularly popular among first-time buyers and those with lower credit scores. Loans are available to all borrowers who meet credit requirements. It typically features higher interest rates, requires mortgage insurance, and has less flexibility and loan limits. 

A VA (Veteran Affairs) loan is a government-backed mortgage option available to Veterans, service members, and surviving spouses. These loans are provided by private lenders, such as mortgage companies and banks, and not directly by the Department of Veterans Affairs. VA loans are known for their lower interest rates and the fact that they do not require a down payment.

USDA (U.S. Department of Agriculture) loans: These are loans tailored for low-to-middle income families aiming to purchase homes in rural areas. These loans also do not require a down payment, making homeownership more accessible to eligible individuals in rural or underdeveloped areas. Although they require zero down payment, they still have specific income requirements. To check your eligibility, you can visit the U.S. Department of Agriculture website.

Specialty Mortgage Loans

Specialty mortgage loans include reverse mortgages for seniors, construction loans for building homes, and non-qualified mortgages (non-QM loans) for borrowers who don’t meet traditional mortgage requirements. 

Reverse mortgages: A reverse mortgage is a special type of home loan only for homeowners who are 62 and older, allowing them to convert home equity into cash. While providing financial flexibility, these loans generally must be repaid when the homeowner sells the home or no longer lives in it. Certain conditions, such as failure to pay property taxes or homeowner’s insurance, may require earlier repayment.

Construction loans: Construction loans cover building costs and are ideal for those looking to build a home, especially a construction-to-permanent loan that converts to a traditional mortgage upon completion. These short-term loans provide financial support for the construction process and are best for those who can make a higher down payment.

Non-QM loans: Non-qualified mortgages (NQM) offer more lenient credit and income requirements, appealing to borrowers with unique circumstances such as inconsistent income. While providing flexibility, they often come with higher down payments and interest rates. Despite the stricter terms, non-QM loans offer an alternative financing option for borrowers with unconventional financial situations.

Refinancing

Refinancing is when homeowners replace their current mortgage with a new one, typically to change the interest rate or terms of the loan. Types of refinancing:

The most common type is rate-and-term refinancing, in which the original loan is replaced with a new one offering lower interest payments. Borrowers often choose this option to reduce their monthly payments or shorten the loan term.

Cash-out Refinancing is used when the asset’s value has increased. It allows the borrower to withdraw equity in exchange for a higher loan amount, often at a higher interest rate. This option is popular for home improvements, debt consolidation, or other major expenses.

Cash-in Refinancing involves the borrower paying down some of the loan, reducing the loan-to-value ratio or monthly payments. This can benefit borrowers looking to lower their interest rates or remove private mortgage insurance (PMI).

Consolidation Refinancing combines multiple loans into a single one with a lower interest rate, reducing overall interest payments. This option simplifies monthly payments and can help borrowers save money in the long run. 

Top 10 Mortgage Lenders for Your Home Loan In 2024

1. Wells Fargo

Founded in 1852, Wells Fargo is a prominent financial institution and the fourth-largest bank in the United States based on assets, which total $1.72 trillion according to Bankrate. 

In 2014, Wells Fargo earned recognition as the leading retail mortgage lender and mortgage servicer by Inside Mortgage Finance. And despite its shift in focus in the home-loan business to cater to existing customers and minorities, Wells Fargo still ranked third on the list of highest mortgage lenders in 2022, with a total of $78,976,195,000 in loans, according to data from the Home Mortgage Disclosure Act (HMDA).

What Types of Mortgages Does Wells Fargo Offer?

Wells Fargo Mortgage Rates

• Fixed-rate mortgage and Adjustable-rate mortgage (ARM)
• Jumbo loans
• Government mortgage loan options (FHA and VA)
• Cash-out refinance

• Low down payment options: Wells Fargo provides low down payment options for qualified homebuyers with limited cash. These options include down payments as low as 3% on conventional conforming fixed-rate mortgages. The bank also allows the use of gift funds and down payment assistance programs. However, borrowers opting for low down payment loans will be required to pay mortgage insurance, which increases the overall cost of the loan.

• Loans for newly built homes: The Wells Fargo construction loan includes the Builder Best® Extended Rate Lock program, which allows borrowers to lock in their interest rate for an extended period, protecting them against interest rate fluctuations during construction. 

• $10,000 Down Payment Grant

Wells Fargo offers the Homebuyer Access℠ grant, providing $10,000 in down payment assistance to eligible borrowers in select locations. This grant does not require repayment and can be combined with other select programs. To qualify, borrowers must apply and be approved for a Wells Fargo fixed-rate conventional loan, and no separate application for the grant is needed.

• Up to $5,000 for Closing Costs

Eligible buyers can receive up to $5,000 in closing cost credit through Wells Fargo’s “Dream. Plan. Home.” closing cost credit program. This credit can be applied toward one-time closing costs, such as a home appraisal or processing fees. To qualify, borrowers must have income at or below 80% of the area median income when buying a primary home in eligible areas.

• Relationship Mortgage Discounts

Wells Fargo offers interest rate discounts on jumbo loans based on eligible assets of $250,000 or more. Customers who apply on or after March 29, 2024, can enjoy discounted rates starting at:

– $250K in eligible assets: 0.125% off the rate

– $500K in eligible assets: 0.250% off the rate

– $750K in eligible assets: 0.375% off the rate

– $1M in eligible assets: 0.500% off the rate

– $2.5M in eligible assets: 0.625% off the rate

– $5M in eligible assets: 0.875% off the rate

– $10M in eligible assets: 1.00% off the rate

These discounts can help borrowers pay less interest over the life of their jumbo loan and are subject to change without notice. Wells Fargo also provides tailored products and strategies for various circumstances, such as larger home loans, condo purchases, and protection from rising rates with fixed-rate mortgages and jumbo ARMs.

Wells Fargo Mortgage Application Process

You can apply for a Wells Fargo mortgage in person, online, or over the phone. First discuss your loan choices with a home mortgage consultant and complete an application. Then use yourLoanTracker to track your loan’s progress and provide required disclosures and financial documents. Wells Fargo will conduct an initial review and order an appraisal. Once approved, schedule a closing date and review and sign closing documents. Arrange for homeowners insurance and choose a payment method for your mortgage.

2. Rocket Mortgage

Formerly known as Quicken Loans, Rocket Mortgage is the largest mortgage lender in the U.S., having closed over $128 billion in loans in 2022. Established in 2015, Rocket Mortgage offers a fully online mortgage application process, allowing customers to apply for a mortgage without speaking to a representative. Headquartered in Detroit, Rocket Mortgage is known for its innovative YOURgage feature, which lets borrowers choose their mortgage term for a fixed-rate loan, ranging from 8 to 29 years.

What Types of Mortgages Does Rocket Mortgage Offer?

Rocket Mortgage Rates

Rocket Mortgage offers:

• FHA and VA Loan, 
• Adjustable-Rate Mortgage, 
• Jumbo Smart, 
• 15 and 30-Year Fixed.

• ONE+ By Rocket Mortgage®

This loan option is designed to help get you your new home with less money upfront. With ONE+, you only need a 1% down payment, and Rocket Mortgage covers an additional 2%, reducing your upfront costs significantly. 

• HomeReady® And Home Possible®

These loans are designed to make buying a home more affordable. With either of these options, you only need a 3% down payment and to pay reduced mortgage insurance.

• BorrowSmart Access℠

BorrowSmart Access is designed to make buying a home more affordable in certain metro areas. With this option, you only need 3% down and get a credit toward your down payment, helping you save on upfront costs.

• Purchase Plus

Purchase Plus is another option designed to make buying a home more affordable in certain metro areas. With this option, you only need 3% down and get a closing cost grant up to $7,500.

Rocket Mortgage Application Process

To apply for a mortgage with Rocket Mortgage, start by setting up an account on their website. You’ll need to provide personal information like where you live, where you want to buy, your financial information (such as employment history and salary), assets, and income. You’ll also need your Social Security number for a credit check. Rocket Mortgage integrates with most banks, allowing you to log in to your bank account directly through the system to verify your assets quickly.

Once you’ve entered the required information, Rocket Mortgage will display the loans you qualify for, including fixed-rate or adjustable-rate mortgages, VA, or FHA loans. You can use a slider bar to see how changing the loan term, interest rate, or closing costs affects your options. 

If you find a suitable option, you can lock your rate and submit your application for approval. Rocket Mortgage claims you’ll receive approval within minutes. Once approved, you can print out an approval letter to show your intent to purchase to a realtor. After you’ve found a home and your offer is accepted, you’ll work with Rocket Mortgage to finalize the loan. This includes setting up a closing date and arranging for a home appraisal and inspection.

3. Chase

Chase, a division of JPMorgan Chase & Co., is a leading mortgage lender in the U.S., ranking alongside major institutions like Wells Fargo, Quicken Loans, and Bank of America. With a wide range of mortgage options, including fixed-rate, variable-rate, jumbo, FHA, VA, and the DreaMaker® Mortgage for low-income and low-down-payment borrowers, Chase serves a diverse clientele. 

What Types of Mortgages Does Chase Offer?

Chase Mortgage Rates

• Conforming loans
• VA and FHA loans
• Jumbo Loans (with the maximum set at $9.5 million).

• Chase DreaMaker℠ mortgage: This is an option for homeowners with limited income. It’s a 30-year-fixed-rate loan that requires down payment as low as 3.5% of the purchase price. Ironically, the DreamMaker mortgage option requires strict income requirements.

There is also a fun twist to this option. Chase offers select areas across the country grant up to $7,500 that’s first applied to lower the interest rate, then applied to Chase fees or other fees; remaining funds can be applied toward the down payment on applicable loans.

It gets even better. Chase is also offering a guaranteed on-time closing for eligible products for not more than 3 weeks. And if they don’t close on time? You get $20,000, if you qualify. To be eligible: Your loan application, fully executed sale/purchase contract, and additional required documentation must be submitted by July 27th.

Chase Bank Mortgage Application Process

Start by applying for prequalification online, by phone, or in person. Provide personal contact information, income details, assets, property type, purchase price, and down payment estimate. Verify this information with documentation like ID, tax returns, proof of employment, bank statements, and offer details. After approval, arrange for a home inspection and appraisal. Before closing, secure homeowners insurance, often paid through an escrow account with your monthly mortgage payment.

4. New American Funding

New American Funding, headquartered in Tustin, California, is a prominent brick-and-mortar and online mortgage lender known for its commitment to serving underserved communities. Their “I CAN Mortgage” program stands out, offering borrowers the flexibility to choose repayment periods between eight and 30 years. The lender operates in nearly all states, except Hawaii and New York, and has been recognized multiple times by Inc. magazine as one of the fastest-growing companies in the U.S.

What Types of Mortgages Does New American Funding Offer?

New American Funding mortgage rates

New American Funding offers:

• 15 to 30-Year Fixed Rate Mortgage
• Adjustable-rate mortgage,
• Conventional Loan and Specialty loans
• FHA, VA, and USDA Loan.

• I CAN Mortgage is a special kind of New American Funding that allows borrowers more flexibility to customize their loan terms anywhere from 8 to 30 years.

• ADU (Accessory Dwelling Unit) Loan: An ADU is a secondary smaller dwelling that is constructed on the same ground as (or attached to) a larger regular single-family home with its own kitchen and bathroom. An ADU is now permitted on 2-unit and 3-unit properties as well. An ADU loan (also called guest house rental loan) is offered to borrowers looking to create additional living/residential space on the property.

• FHA 203k Loan: This loan type is tailored to a homebuyer that wants to renovate their home or repair a property they are looking to purchase. This includes even the complete demolition and property rebuild.

• Buydown Loan is tailored to new homeowners that may be too swamped with home expenses and improvements to be able to meet their loan obligations in the first couple of years of the loan term. With the Buydown loan, they can get a reduced payment for the first 1 to 3 years at no extra cost.

New American Funding Mortgage Application Process

To apply for a mortgage with New American Funding, contact a loan officer to determine the best loan for your financial situation. Submit an official offer for the home you want to buy and make a deposit. The underwriter will review your loan specifics and personal information. Once approved, the funds are disbursed, and the mortgage process is complete.

5. Veteran United Home Loans

Veterans United Home Loans, established in 2002, is a leading full-service direct mortgage lender specializing in VA loans. It’s known for its quick pre-approval process and efficient VA loan closings, averaging 36 days. The lender is flexible with credit requirements and offers benefits for returning borrowers. Headquartered in Columbia, Missouri, Veterans United operates in all 50 states and has branch offices in 21 states, with over 2,000 employees. Besides VA loans, it also provides conventional, FHA, and USDA mortgages, along with various refinancing options.

What Types of Mortgages Does Veteran United Offer?

     Veteran United Mortgage Custom Rates for a 720+ Credit Score

To qualify for a VA loan, you must meet the standards set by the Department of Veterans Affairs. Generally, active duty service members and veterans of active service are eligible after 90 to 181 days of service. National Guard and Reserve members need six years of service or 90 days under Title 32 orders (with at least 30 days served consecutively). Certain spouses may also be eligible.

Veteran United Mortgage offers:

• VA Purchase Loan: Allows Veterans and service members to buy new or existing homes with no down payment. This loan can be used for single-family homes, condominiums, manufactured homes, multi unit properties, and new construction.

• VA IRRRL: The VA Interest Rate Reduction Refinance Loan (IRRRL) is a simple, low-cost refinance option for Veterans with an existing VA loan. It may not require credit underwriting, income verification, or an appraisal.

• VA Cash-Out Refinance: This option allows qualified homeowners to refinance their mortgage and take out cash from their home’s equity. Veterans with and without current VA loans can apply, and homeowners can typically refinance up to 90% of their home’s value.

• VA Energy Efficient Mortgage: Veterans can borrow additional money to finance energy efficiency improvements to their homes. This can be done as part of a home purchase or a refinance, covering up to an extra $6,000 for qualified improvements like energy-efficient windows and heating systems.

They also offer:

• Conventional loans: Although you won’t find much information regarding their conventional home loans. They are mostly focused on their VA objective.
• Federal Housing Administration (FHA) loan, and
• Jumbo loan.

Veteran United Mortgage Application Process

To get a mortgage with Veterans United, start by prequalifying online and speaking with a mortgage representative to complete the process. Provide information about your desired loan amount, employment, income, assets, liabilities, and credit history. For preapproval, verify the information with documents like ID, DD 214 (for veterans), pay stubs, tax returns, bank statements, and VA disability percentage if applicable. Having a preapproval letter can strengthen your offer. When applying for the loan, provide the purchase contract and any additional requested documents. An appraisal and home inspection may be required before closing, along with arranging for homeowners insurance.

6. PNC Bank

PNC Mortgage, also known as “HomeHQ,” is the mortgage division of PNC Bank, the sixth-largest bank in the U.S. with assets exceeding $553 billion in 2023. PNC was ranked as the ninth-largest mortgage originator in the nation in 2022, offering mortgages nationwide with branch locations in 29 states. Working with PNC for your mortgage comes with benefits such as no-credit-check prequalification and special offers on home purchases, making it an attractive option for borrowers.

What Types of Mortgages Does PNC Bank Offer?

PNC Bank mortgage rates

PNC Bank offers:

• Fixed-rate and Adjustable-rate mortgages
• Specialty loans
• Government loans
• Refinance

• Balloon mortgages offer lower monthly payments but require a large lump sum payment at the end. They are suitable for borrowers planning to refinance or sell before the final payment.

• Home equity loans are second mortgages that let homeowners borrow against their home equity. They can be used for various purposes, like home improvements or debt consolidation, and typically have fixed interest rates and set repayment terms.

PNC also offers specialized loans like:

• PNC Community Loan provides eligible homebuyers with more options, including no private mortgage insurance (PMI), a down payment as low as 3%, and the allowance of gift funds as part of the down payment. Borrowers can choose from standard fixed or adjustable rate terms, or use gift funds for down payment or closing costs.

• The Medical Professionals mortgage is tailored for interns, residents, fellows, or doctors who completed their residency in the last five years. It allows gift funds for down payment, offers loans up to $1 million, and does not require Private Mortgage Insurance. This program is for primary residences only and offers standard fixed or adjustable rate terms.

• The PNC $5,000 Grant: For those who qualify can be applied toward closing costs or other prepaid costs. It can also be used for a down payment, making buying a home more affordable. This grant is available with standard fixed or adjustable rate terms and loan terms of up to 30 years, and can be used to reduce or eliminate mortgage closing costs or cover other prepaid costs.

PNC Bank Mortgage Application Process

To get a mortgage with PNC Bank, start by visiting their HomeHQ site to learn about the home buying experience and estimate potential costs. Next, get pre-approved by providing financial documents like pay stubs, tax returns, and bank statements. Once pre-approved, start the mortgage application process, which requires similar information to pre-approval. Use PNC’s Home Insight Tracker to track the process and communicate with your lending team. After final approval, prepare for closing by obtaining homeowner’s insurance and a certified check for closing costs.

7. Bank of America

With headquarters in Charlotte, North Carolina, and a vast network of 3,900 retail financial centers, Bank of America serves not only the U.S. but also 35 other countries, employing over 200,000 people. The bank’s home loan specialists are available at many retail banking locations nationwide, and it originates loans in all 50 states. Additionally, the bank offers a Preferred Rewards program, providing a $200 discount on mortgage fees for customers with at least $20,000 on deposit with the bank.

What Types of Mortgages Does Bank of America Offer?

Bank of America custom mortgage rates

Bank of America offers:

• Fixed-rate mortgages and Adjustable-rate mortgages (ARMs)
• Jumbo Loans 
• Refinance 
• FHA & VA loans

• Affordable Loan Solution® mortgage: This program offers a down payment as low as 3%, making homeownership more accessible. However, income limits do apply, so not everyone may qualify for this option.
• Doctor Loans: Bank of America’s Doctor Loans are tailored for licensed and practicing doctors, dentists, medical residents, fellows, and other eligible medical professionals. These loans offer flexible options and exclude student loan debt from the total debt calculation, making them ideal for medical professionals with unique financial situations.
• Home Equity Line of Credit (HELOC): Bank of America’s HELOC offers competitive rates and a streamlined application process with no application fees, closing costs (for lines of credit up to $1,000,000), or annual fees, and you can easily convert your variable-rate balance to a Fixed-Rate Loan Option at no extra charge. The online application for the HELOC takes about 15 minutes, and once approved, you can access funds conveniently through various channels, including Online Banking, phone, financial centers, or with no-access-fee checks. 

Bank of America Mortgage Application Process

To apply for a mortgage with Bank of America, you can call, visit a retail location, or start an application online. The first step is prequalification, which requires information about your contact details, home price, and property type. For the application, you’ll need financial documents like W-2s, pay stubs, tax returns, and employment history. Bank of America’s Home Loan Navigator® allows you to submit and sign documents online and track your mortgage process. Before closing, the bank will arrange a home appraisal and require homeowners insurance.

8. U.S. Bank

Founded in 1863 in Minneapolis, U.S. Bank has grown to become one of the largest banking institutions in the United States, with branch locations in over 25 states and loan officers serving the majority of states. U.S. Bank offers home loans in all 50 states, making it a widely accessible option for borrowers nationwide. As the seventh-largest mortgage lender in 2022, according to federal data, U.S. Bank provides a range of benefits for mortgage applicants, including same-day prequalification and a typical closing time of 30 days for purchases (45 days for refinancing). 

What Types of Mortgages Does U.S. Bank Offer?

U.S. Bank mortgage rates

• U.S. Bank offers Investment Property loans tailored for financing residential rental properties with 1-4 units. With a variety of loan options available, these loans are suitable for those looking to become landlords or buying a second home for investment purposes.
• They also offer: VA, FHA, Jumbo, New Construction, ARMs, Conventional, and Fixed-rate loans.

U.S. Bank Mortgage Application Process

To apply for a mortgage with U.S. Bank, you can call, visit a branch, or start an application online. For prequalification, you’ll need a credit rating of at least 620 and 24 months of steady employment. During the application process, you’ll provide information about your financial history, debts, income, and monthly payment goals. You’ll also need to submit various documents for verification, including pay stubs, tax forms, bank statements, and proof of assets and debts. If your application is accepted, you may be pre-approved for a loan.

9. WinTrust Mortgage

Founded in 1979 in Denver, Colorado, Wintrust Mortgage has grown to become one of the 20 largest bank-owned mortgage originators in the United States with over $4 billion in loans annually. With more than 65 locations nationwide, Wintrust Mortgage, a division of Barrington Bank and Trust Company and part of the Wintrust Financial Corporation network, serves borrowers across the country. Its parent company, Wintrust Financial Corporation, operates Wintrust Community Bank, providing personal banking services through 150 branch locations in Illinois, Indiana, and Wisconsin.

What Types of Mortgages Does WinTrust Mortgage Offer?

Wintrust mortgage custom rates

• Fixed-rate mortgage and Adjustable-rate mortgage
• Conventional Loan
• FHA and VA loan

• Wintrust Mortgage offers Construction-to-Perm “All in One” Loans, specifically designed for new construction projects. These loans provide jumbo financing up to $5 million with down payments as low as 15%. During the construction phase, the loan is interest-only. Once construction is completed, the loan converts into a traditional ARM. 

• Additionally, Wintrust Mortgage offers Home Equity Lines of Credit (HELOC), which allow borrowers to access funds using their home equity as collateral. Unlike other loans, the funds from a HELOC can be used for various purposes unrelated to home purchase, offering flexibility in borrowing for other needs.

WinTrust Mortgage Application Process

To obtain a mortgage with Wintrust, start by filling out an application online or at one of their 65 locations. The application requires information about your work history, ability to make monthly payments, and property details. Once submitted, a Wintrust loan officer will guide you through the process. If your application is accepted, the officer will provide instructions to secure your mortgage and purchase your home.

10. Freedom Mortgage

Freedom Mortgage Corporation, founded in 1990 and headquartered in Boca Raton, Florida, is a privately held, full-service mortgage lender operating nationwide. Specializing in home loans, Freedom Mortgage acquired J.G. Wentworth Home Lending, LLC in 2019, expanding its reach as one of the nation’s largest direct and retail home mortgage lenders. Freedom Mortgage is available to all 50 states, Washington D.C., Puerto Rico and the Virgin Islands.

What Types of Mortgages Does Freedom Mortgage Offer?

Freedom Mortgage personalized offers

• Fixed-rate mortgage and Adjustable-rate mortgage
• FHA and VA loan
• Refinance

• Similar to Chase, Freedom Mortgage offers a special program where they guarantee an on-time closing for eligible products within three weeks. If Freedom Mortgage fails to close your loan by the stated closing date due to their actions or inactions, you may be eligible for compensation. 

If approved, you could receive the lesser of $1,000 or an amount equal to the principal and interest portion of your first mortgage payment. This compensation will be sent to you by check within 30 days of closing your mortgage loan with Freedom Mortgage. Eligibility requirements include submitting your loan application, fully executed sale/purchase contract, and additional required documentation by a specified date.

• Freedom Mortgage also offers consideration to those in a FEMA-declared disaster area that have been affected by recent events. Depending on the loan type and circumstances, they offer options like temporary payment reduction or suspension, freezing late fees, suspending adverse credit reporting, and halting foreclosure proceedings. 

Freedom Mortgage Application Process

To get a mortgage with Freedom Mortgage, start by checking your credit report and speaking with a loan officer for pre-qualification. This helps you understand how much home you can afford. Next, gather the necessary information and documents listed on the website. Once pre-qualified, you can start making offers on homes. After finding a home, apply for the loan, which involves providing supporting documents like pay stubs, tax returns, and bank statements. If the seller accepts your offer, and the loan is approved, you’ll be ready for closing. During closing, you’ll review and sign paperwork, including documents on closing costs. Freedom Mortgage offers a helpful closing guide to understand these costs.

Tips for Finding the Best Mortgage Lender

Strengthen Your Credit

Before embarking on the homebuying journey, prioritize strengthening your credit score. Check for any errors in your credit history and take steps to improve it if necessary. Paying bills on time and reducing credit card balances can positively impact your credit score, leading to more favorable loan terms and interest rates.

Determine Your Budget 

Understanding your financial situation is crucial when shopping for a mortgage. Calculate how much you can comfortably afford based on your income, existing debt, savings, and potential property-related expenses like taxes and insurance. Adhering to the 28/36 rule ensures that your total monthly mortgage and debt payments do not exceed 36 percent of your gross monthly income, safeguarding your financial stability.

Explore Mortgage Options

Familiarize yourself with the various types of mortgages available to find the best fit for your needs. Whether it’s a conventional loan, jumbo loan, or government-backed loan like FHA, VA, or USDA, each option has its own eligibility criteria and implications for down payment requirements and monthly payments.

Compare Rates and Terms 

Take the time to shop around and obtain quotes from multiple lenders to secure the most favorable deal. While interest rates are important, consider other factors such as loan terms, down payment requirements, closing costs, and additional fees. Thoroughly comparing these aspects ensures that you choose a mortgage that aligns with your financial goals and circumstances.

Get Pre-approved 

Obtain mortgage pre-approval from several lenders to gain a clear understanding of the loan amount you qualify for. Pre-approval involves a comprehensive review of your credit and finances, demonstrating your seriousness as a buyer to sellers and real estate agents. It also provides valuable insight into the financing options available to you, empowering you to make informed decisions during the homebuying process.

What to Ask Your Mortgage Lender

• What paperwork will I need to provide for the mortgage application process?
• How long does your rate lock last, and what happens if it expires before closing?
• What is the typical timeline for closing on a mortgage, and how often do loans fail to close on time?
• Can I complete the mortgage process online, by mail, or in person?
• What are the steps involved in your underwriting process, and how can I track the progress of my application?
• How many lender quotes did you review, and why did you select this lender and rate as the best option for me?
• What fees and commissions will I be responsible for, and who will pay for them — me, the lender, or both?
• How will you communicate with me throughout the mortgage process, and who will be my main point of contact?

Wrap Up

Whether opting for a traditional bank, a credit union, or an online lender, the key is to prioritize transparency, affordability, and reliability. And when in doubt, you could speak with a mortgage consultant to determine the best option for your financial needs. In some cases too, it could be worth exploring other alternatives like buying in cash, family loans, seller financing, rent-to-own, or delaying home purchase to bolster savings can offer flexibility and financial preparedness. 

FAQs

What Is the Best Bank To Use for a Mortgage?

The best bank for a mortgage can vary based on individual preferences and needs. Some may prioritize low fees, while others value excellent customer service or specific loan products. For example, Freedom Mortgage offers a special program for individuals who have experienced natural disasters, providing tailored assistance to help them secure a home loan.

Who Is the Number 1 Mortgage Lender in the US?

It’s challenging to pinpoint the number one mortgage lender definitively, as it can depend on various factors. However, Rocket Mortgage is often considered a top contender based on sheer volume and customer satisfaction.

What Lender Has the Lowest Mortgage Rates Right Now?

Mortgage rates are constantly fluctuating, making it difficult to determine which lender currently offers the lowest rates. For the most up-to-date information, it’s advisable to check websites like Bankrate, which provide regularly updated mortgage rate data.