Buying a home is a big decision, and one of the most important steps is choosing the right mortgage lender. There are many factors to consider, such as interest rates, fees, and customer service. To help you make the best decision, we’ve compiled a list of the best mortgage lenders in 2023.
Our Methodology
We evaluated mortgage lenders based on a number of factors, including:
- Interest rates: We looked at the average interest rates offered by each lender for a variety of loan types, including conventional, FHA, and VA loans.
- Fees: We considered the upfront and closing costs charged by each lender.
- Customer service: We looked at customer reviews and ratings from third-party sources, such as J.D. Power and NerdWallet.
- Loan options: We considered the variety of loan options offered by each lender, including jumbo loans, HELOCs, and refinance loans.
The Best Mortgage Lenders of 2023
Based on our analysis, the following are the best mortgage lenders in 2023:
- Better: Better is a digital mortgage lender that offers competitive interest rates and low fees. They are known for their easy online application process and excellent customer service.Opens in a new windowBetter MortgageBetter mortgage lender logo
- Guaranteed Rate: Guaranteed Rate is a national mortgage lender that offers a wide variety of loan options. They are known for their competitive interest rates and fast closing times.Opens in a new windowPNGWingGuaranteed Rate mortgage lender logo
- PNC: PNC is a large bank that offers mortgage loans through its online and brick-and-mortar branches. They are known for their competitive interest rates and customer service.Opens in a new windowInvestopediaPNC mortgage lender logo
- Ally: Ally is an online bank that offers mortgage loans with competitive interest rates and low fees. They are known for their easy online application process and customer service.Opens in a new windowWikipediaAlly mortgage lender logo
- LoanDepot: LoanDepot is a national mortgage lender that offers a variety of loan options. They are known for their competitive interest rates and fast closing times.Opens in a new windowPR NewswireLoanDepot mortgage lender logo
- Quicken Loans: Quicken Loans is a national mortgage lender that offers a variety of loan options. They are known for their competitive interest rates and easy online application process.Opens in a new windowLinkedInQuicken Loans mortgage lender logo
- Bank of America: Bank of America is a large bank that offers mortgage loans through its online and brick-and-mortar branches. They are known for their competitive interest rates and customer service.Opens in a new windowBusiness InsiderBank of America mortgage lender logo
- Guild Mortgage: Guild Mortgage is a national mortgage lender that specializes in serving first-time homebuyers. They are known for their competitive interest rates and down payment assistance programs.Opens in a new windowPNGWingGuild Mortgage mortgage lender logo
How to Choose the Best Mortgage Lender for You
The best mortgage lender for you will depend on your individual needs and circumstances. Here are a few factors to consider when choosing a mortgage lender:
- Your credit score: Your credit score will have a big impact on the interest rate you’re offered. Lenders with more competitive interest rates tend to have stricter credit score requirements.
- Your down payment: The amount of money you can put down on your home will also affect your interest rate. Lenders with more competitive interest rates tend to require lower down payments.
- Your loan type: The type of loan you choose will also affect your interest rate. For example, FHA loans typically have lower interest rates than conventional loans.
- Your location: The lender’s location can also affect the interest rate you’re offered. Lenders in more competitive markets tend to have lower interest rates.
Once you’ve considered these factors, you can start comparing mortgage lenders. Be sure to get quotes from several lenders before making a decision.
Conclusion
Choosing the right mortgage lender is an important decision. By considering the factors listed above, you can find a lender that offers you the best interest rate and terms.
