Best Mortgage Lenders of 2020

What is Mortgage?

A mortgage loan or simply mortgage is a loan used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.

Before you buy a home or refinance your mortgage, shop around to find the best mortgage lenders of 2020. Humor Crowd has selected some of the best mortgage lenders across a variety of categories.

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Best Mortgage Lenders of 2020

  • Rocket Mortgage by Quicken Loans: Best for online experience
  • New American Funding: Best for nontraditional credit histories
  • Better.com: Best for refinancing
  • Quicken Loans: Best for customer satisfaction
  • SoFi: Best for jumbo loans
  • Fairway Independent Mortgage: Best for FHA loans
  • Veterans United: Best for VA loans
  • NBKC: Best for online experience
  • LenderFi: Best for refinancing
  • Bank of America: Best for first-time home buyers
  • Navy Federal: Best for VA loans
  • Citibank: Best for first-time home buyers and home equity lines of credit (HELOC)
  • PNC: Best for jumbo loans

Better.com

Why we like it
Good for: Better.com shines for tech-savvy borrowers who prefer an online experience.

Pros

  • An online process with human help as needed.
  • Makes it easy to see customized mortgage rates.
  • Offers an “underwriter-reviewed” preapproval letter in as little as 24 hours.

Cons

  • Doesn’t offer home equity loans or HELOCs.
  • Doesn’t do FHA, VA or USDA loans.

Rocket Mortgage by Quicken Loans

Why we like it
Good for: borrowers who appreciate smartphone and online convenience for a fully digital home loan experience powered by Quicken Loans.

Pros

  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
  • Estimates the loan amount you’ll qualify for within minutes.
  • Offers document and asset retrieval capabilities.

Cons

  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

New American Funding

Why we like it
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don’t fit the mold of traditional banking.

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Pros

  • Uses manual underwriting to evaluate creditworthiness.
  • Offers full online mortgage application, rate quotes, document upload and loan tracking.
  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

Fairway Independent Mortgage

Why we like it
Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.
  • Has a digital application that can be completed in 10 minutes.
  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.
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Cons

  • Mortgage rates aren’t posted online.

Veterans United

Why we like it
Good for: veterans, active-duty service members and eligible Reservists looking for VA or non-VA loans.

Pros

  • Offers 24/7 customer service over the phone.
  • Has online application and pre-qualification.
  • Offers a free credit counseling service.
  • Employs advisors from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.
  • Veterans United has physical branch offices in only 18 states.
  • Information on FHA, USDA and conventional loans is harder to find on their website.
  • Charges higher rates and fees than some other lenders.

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