Finding the best mortgage lenders in 2020 can be very daunting. Before you buy or refinance your home, you should be shopping around for the best mortgage rate possible. One that will allow you to sleep at night with peace of mind. Freedom Stocks will outline some of the best mortgage lenders across 5 different categories. This will allow you to get a better sense of the loan that may be the right fit for YOU.
Quicken Loans (Customer Satisfaction)
Quicken Loans Inc. is a mortgage lending company headquartered in the heart of the financial district of downtown Detroit, Michigan. Quicken Loans is well known in the mortgage lending space, and has established themselves as a leader over the last 2 decades. From the period of 2013 – 2018, Quicken Loans closed nearly half a trillion dollars of gross mortgage volume across all 50 states in the U.S.
Quicken Loans has a very user-friendly platform and customers can check the status of their loan 24 hours a day/7 days per week. They have a diverse number of loan options including conventional, FHA, VA and USDA loan programs. Their flexibility and low rates is like none other helping solidify their footprint as a leader in mortgage lending across the United States. 96% of clients would recommend Quicken Loans based on closed client surveys.
NBKC Bank (Online Experience)
NBKC Bank is headquartered in Kansas City, Missouri. The company offers mortgage, credit and banking services. They are an ideal loan provider for millennials and those seeking an online experience with customer support. NBKC Bank is rated 5.0 Stars from 260+ borrowers on Credit Karma’s Home Loans Review Page.
NBKC is perfect for the online borrower. They offer a wide range of loan options including; conventional, FHA, and VA fixed-rate and adjustable loans. A credit score of at least 620 is required for a conventional mortgage loan. You can complete their entire loan application online or over the telephone. Customer service is very helpful and they will let the borrower know whether or not they will be pre-approved for their preferred loan.
New American Funding (Low Credit Scores)
New American Funding is a mortgage lending company ideal for borrowers with low credit scores. Most online lenders approve or deny lenders instantly through an automated process using algorithms. New American Funding does the opposite, and uses manual underwriting in order to evaluate credit worthiness.
While the company does offer loans for individuals with low credit scores, they require a minimum 580 credit score for approval. They offer an online mortgage tracking portal, with an application, rate quotes, loan tracking and other resources to make your loan process more seamless. New American Funding also offers home equity loans, setting them apart from their competitors.
Loan Depot (Refinancing)
Loan Depot is a California based holding company that sells mortgage and non-mortgage lending products. The company is the second largest non-bank provider of direct to consumer loans in the United States. Loan Depot has over 1700 licensed lending officers across the U.S. and makes the process of refinancing a home simple.
They strive to provide excellence customer service through a non-biased approach to lending. This allows them to give their customers the best possible loan to suit their needs. If you have good to excellent credit, Loan Depot’s approach to lending may be the right choice for you. With Loan Depot, you will find better rates, customer service and experience in an industry that is continues to rapidly evolve.
Vylla (First Time Home Buyers)
Vylla offers loan products for individuals with lower credit and lower down payments. This makes their offer more flexible for people who face challenges qualifying for a mortgage. Similar to New American Funding, they take a non-biased approach to lending. This involves them considering alternative credit data including: bank statements and rent payments. This gives them a better outlook on the individuals payment history, as well as the individuals income to support the loan.
Vylla is perfect for first time home buyers because of their unique approach to analyzing consumer credit reports and payment history. This gives an opportunity to individuals who have consistent income, but would not otherwise qualify for a mortgage from a traditional lender.
|Lender||Best Possible Rate||Minimum Down Payment|
|Quicken Loans||3.625% (APR 3.886%)||3%|
|New American Funding||3.25% (APR 3.381%)||3%|