10 Best Mortgage Lenders of 2023
When you’re shopping for your next home, choosing the right mortgage lender is one of the most important decisions you’ll make (aside from choosing the right house, that is). The right mortgage lender can make the process more seamless. Not only that, but choosing the right lender can save you thousands on interest and other miscellaneous costs.
With so many lenders on the market, it can be challenging to choose just one. We’ll help narrow down your search by sharing the top 10 mortgage lenders in the industry.
Best Mortgage Lenders of 2023
There are many mortgage lenders to choose from, and they include online lenders, traditional banks, and local financial institutions. Some factors to consider when choosing the best lender include the loan types available, mortgage interest rates, fees and more.
Here are the top 10 mortgage lenders in 2023:
PNC Bank
Rocket Mortgage
Guaranteed Rate
Bank of America
Veterans United Home Loans
Navy Federal Credit Union
Chase
Ally
Better Mortgage
Northpointe Bank
1. PNC Bank
PNC Bank is available in all 50 states and offers a wide variety of mortgage options, including conventional loans, jumbo loans, FHA loans, VA loans and USDA loans. PNC also offers some specialty loans, including the PNC Community Loan and a Medical Professionals loan.
Pros:
Many loan types, including specialty loan programs
Online and in-person customer service
Digital preapproval process
Cons:
No renovation loans
In-person service isn’t available in all states
2. Rocket Mortgage
Rocket Mortgage received top marks in customer satisfaction in the J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study. It offers a simple online mortgage process with a fully digital application and access to online home loan experts.
Pros:
Streamlined application process
Access to online loan experts
$10,000 off closing costs when you use Rocket Homes to buy
Cons:
No USDA loans or home equity lines of credit
No brick-and-mortar locations
3. Guaranteed Rate
Guaranteed Rate combines the online-only mortgage experience with the ability to meet with a mortgage officer in person at more than 400 branches nationwide. In addition to its standard loan options, Guaranteed Rate also offers HELOCs, renovation loans, interest-only loans and other specialty loan programs.
Pros:
Advanced online tools and application process
Online and in-person service
Transparent about its interest rates on its website
Cons:
No home equity loans
Higher credit score requirements
In-person service isn’t available in all states
4. Bank of America
Bank of America, Member FDIC, combines the benefits of a major national bank with the customer service of a smaller establishment. It offers a wide variety of mortgage types and helps connect buyers with down payment assistance, affordable housing assistance and more. And because it’s a national bank, you can find thousands of branches in the U.S.
Pros:
Offers various buyer assistance programs
Online and in-person service
Discounts for existing customers
Cons:
No renovation loans
No USDA loans or home equity loans
Lacking alternative mortgage programs
5. Veterans United Home Loans
Veterans United is one of the nation’s top VA loan lenders. The lender offers an easy online application process and the ability to track your loan progress through its app. It’s also one of the most highly rated companies for mortgage origination, according to J.D. Power. And while it specializes in VA loans, Veterans United also offers other loan types.
Pros:
Top VA loan lender
Free credit counseling to veteran and military families
Competitive interest rates
Cons:
No HELOCs or home equity loans
Limited transparency about non-VA loan rates
No physical branches in most states
6. Navy Federal Credit Union
Navy Federal Credit Union is only available to military households, meaning not just anyone can get a home loan through them. However, if you qualify, you’ll have access to competitive interest rates for VA loans and other mortgage types. Navy Federal also has a highly rated customer satisfaction rating from J.D. Power.
Pros:
Competitive interest rates
Top VA loan lender
Offers an interest rate match with competing lenders
Cons:
Only available to military families
No FHA loans
Limited number of branches
7. Chase
Chase is a large national bank and one of the country’s top mortgage lenders. It offers a wide variety of loan types, as well as down payment and closing cost assistance. And because the lender is so widely available, you can get in-person service no matter where you live. And as an added bonus, Chase has highly rated customer satisfaction for mortgage origination, according to J.D. Power.
Pros:
Online and in-person service
Many loan options, including low down payment options
Chase Homebuyer Grants for up to $5,000
$5,000 Chase Closing Guarantee for late closings
Cons:
No USDA loans or HELOCs
8. Ally
Ally stands out from other mortgage lenders because it doesn’t charge any lender fees — no application fee, no origination fee, no underwriting fee, etc. It also offers a streamlined online application you can complete in as little as 15 minutes with the help of home loan experts.
Pros:
No lender fees
Get preapproved with no credit score impact
Preapproval in three minutes and closing 10 days faster than industry average
Cons:
No FHA, VA or USDA loans
No home equity loans or HELOCs
No physical branches
9. Better Mortgage
Better Mortgage prides itself on the one-day mortgage where you can complete your application, lock in your rate, and get a loan commitment letter within 24 hours. Better offers a fully online mortgage process and even offers added benefits like a network of real estate agents, attorney match, settlement services and more.
Pros:
Streamlined online mortgage process
No lender fees
See personalized rates before applying
Cons:
No physical branches
No USDA loans or home equity loans
10. Northpointe Bank
Northpointe Bank offers an impressive lineup of loan types and special programs for a regional bank. Unique options include physical loans, rural development loans, no-money-down loans, delayed financing and more. You don’t have to know what type of loan you want when you start your application — your loan advisor will help find the right loan for you based on your goals and finances.
Pros:
Many home loans and programs
Offers down payment assistance in some states
Loan options start at 0% down
Cons:
Can’t complete the application process online
Branches not available in all states
Lack of lender fee transparency
Which Lender Is Best for You?
With so many lenders to choose from, it would be easiest for someone to tell you which is best. But there’s no one mortgage lender that’s right for all borrowers. There are some that stand out from the rest, but each lender has some unique advantages and features. As a result, the best lender for you depends on the type of loan you need, your budget, and what characteristics you most want in a lender.
When you’re shopping for a mortgage, you can find the best lender for you by shopping around. Speak with loan officers from several different lenders and get interest rate quotes. You’ll get an idea of which lenders can offer you the best deal and which you’ll feel most comfortable working with while making this major purchase.
Information is accurate as of June 26, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
The information related to Chase Home Lending products was collected by GOBankingRates and has not been reviewed or provided by the issuer of these products. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for these products.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
This article originally appeared on GOBankingRates.com: 10 Best Mortgage Lenders of 2023
