Best Mortgage Lenders

Rocket Mortgage earned the top spot in our ranking for several reasons, including its fast closing times (26 days on average, according to customer support) and excellent marks with third-party ranking agencies and past customers. 

Rocket Mortgage scored the best in J.D. Power's 2021 U.S. Primary Mortgage Servicer Satisfaction Study, and the second best in J.D. Power's 2021 U.S. Primary Mortgage Origination Satisfaction Study. The company also has an average rating of 3.9 out of 5 stars across more than 4,000 user reviews on Trustpilot, and past customers tend to be pleased with their experiences.

This mortgage provider offers a fully online experience that lets borrowers in all 50 states apply for a mortgage, upload their documents, and get funding for their home or refinance loan without having to visit a physical office. Rocket Mortgage even offers remote closings in states where it is allowed.

Rocket Mortgage lets borrowers apply for fixed-rate mortgages in 15- and 30-year terms and adjustable-rate mortgages (ARMs), as well as jumbo, FHA, and VA loans. For conventional loans, borrowers will need a minimum down payment of 3% (or 5% if they're a first-time buyer) and a debt-to-income ratio that is no more than 50%. A minimum credit score of 620 is required for conventional loans. 

Originally founded as Rock Financial in 1985, this company operated under the name Quicken Loans for many years before changing its name to Rocket Mortgage in July of 2021. With that in mind, you should note that Rocket Mortgage and Quicken Loans are often used interchangeably.

Cherry Creek Mortgage was originally founded in 1987, and since then it’s grown to become a top mortgage lender with a variety of loan options available. This provider offers conventional mortgages, as well as FHA, VA, USDA home, jumbo, mortgage refinance loans, and reverse mortgages. 

We chose it as the best for veterans and customer service due to its ample resources for military members seeking home financing. Veterans and eligible military members can work with an agent at physical branches in 22 states, although the company is licensed to offer mortgages in 42 states plus Washington, D.C. The company also scored highest in The Balance's survey of consumer satisfaction among 45 mortgage lenders.

While Cherry Creek offers virtually every type of mortgage available today, its specialization in VA loans really sets it apart. VA loans from Cherry Creek Mortgage do not require a down payment, although they can only be used to purchase a primary residence. Borrowers will need a credit score of 620 or higher, as well as a Certificate of Eligibility (COE) from the U.S. Department of Veterans Affairs.

Veterans who apply will need to provide recent pay stubs, tax returns from the last two years, and proof of income. Fortunately, Cherry Creek Mortgage makes it possible for applicants to start the application process and upload loan documents online from the comfort of their home.

Since its inception in 1996, Fairway Mortgage has grown by leaps and bounds to offer a plethora of home financing and refinancing options, including loans with special benefits. This company offers conventional, FHA, jumbo, USDA, and VA loans, as well as reverse mortgages. 

Interestingly, the company focuses on offering mortgages with special homebuyer benefits, including their renovation loans. Options offered through this lender include the HomeStyle Renovation Loan, the Limited 203(k) Rehabilitation Mortgage, and the Standard 203(k) Rehabilitation Mortgage, all of which let buyers get financing for homes that need extended renovations or upgrades to reach their potential.

While Fairway Mortgage does make it possible for some aspects of the mortgage process to take place online, it focuses on customer experience by offering physical offices and loan experts in all states except for Alaska and West Virginia. That said, the company is still licensed to offer home loans and refinance loans in all 50 states.

When it comes to conventional loans from this provider, borrowers will need a minimum credit score of 620 and a maximum debt-to-income ratio of 45% to 50%. A minimum down payment of 5% is usually required, although some borrowers may be able to put down as little as 3%. Also note that Fairway Mortgage charges 2% to 3% of the loan amount in closing costs.

Caliber Home Loans was just founded in 2008, so it's impressive to think of how much the company has accomplished since then. It’s now licensed to offer mortgages in all 50 states, and it has extended its offerings to include nearly every type of mortgage and mortgage specialty product available today. 

In addition to conventional mortgages, for example, it offers other conventional products like the HomeOne mortgage, the HomeStyle Renovation Loan, the Home Possible mortgage, and the HomeReady mortgage. Caliber Home Loans offers FHA loans, as well as the FHA 203(k) Home Loan and the FHA Streamline Refinance. Other borrowing options include VA loans, VA Streamline Refinance loans, USDA loans, and various loan options geared specifically to real estate investors.

Caliber Home Loans requires a minimum down payment of 0% to 3.5%, depending on the loan type, and a maximum debt-to-income ratio of around 50%. 

Primary Residential Mortgage was founded in 1998, and it has grown to become licensed in 49 states plus Washington, D.C., with more than 250 branches and 1,800 employees nationwide. That said, this lender is mostly known for its excellent online user experience, including its online loan application. 

Potential borrowers can use the company website to begin their loan application and upload required documents that can expedite their loan approval. The entire process starts with an intuitive Q&A session that leads borrowers toward the loan type that will suit their needs best. Once your loan is approved, you can use the company's online portal to make mortgage payments and oversee your repayment progress.

Speaking of loan types, Primary Residential Mortgage stands out in this category as well. The lender offers conventional home loans, FHA loans, jumbo loans, VA loans, and even reverse mortgages. Primary Residential Mortgage lets borrowers get pre-qualified for financing online without any impact on their credit, which is a major plus.

Generally speaking, borrowers seeking a conventional home loan from this lender will need a credit score of at least 620. A minimum down payment of 3% for conventional home loans is also required, along with a maximum debt-to-income ratio of 50%.

Finance of America Mortgage has been helping buyers finance their homes since 1994. The company offers a broad range of loan types, from conventional mortgages to jumbo loans and reverse mortgages. It also offers financing options for real estate investors, as well as renovation loans that help borrowers purchase homes that require significant repairs to become habitable.

That said, this lender stands out due to its plethora of loan options for borrowers with low credit scores. These include government-backed mortgages like FHA, USDA, and VA loans, as well as Fannie Mae HomeReady mortgages and Freddie Mac Home Possible home loans. 

These loans can help eligible buyers get into homes with credit scores as low as 500; some loan types even have no minimum credit score requirement that's set by a government agency. In many cases, as with USDA loans and VA loans, buyers can purchase a home with no money down.