What is a home loan? Is it the same as a mortgage?

Yes, a home loan is the same thing as a mortgage: borrowing money to purchase a home. Home loans are different from home equity loans or home equity lines of credit: the former represents the funds you use to buy your home, while the latter two are used to borrow money against any equity you've built up in the property.

Will I qualify for a home loan?

Lenders use many factors to determine your eligibility to take out a mortgage. One of the biggest is your credit history: your credit score, your debt-to-income ratio (i.e. how much you owe on credit cards and any other loans vs. how much you earn), any missing or late payments, and so forth. Other factors include the amount of your down payment, how long you've had steady employment, and the purchase price of the home you want to buy.

How much will I be able to borrow to buy my home?

It's commonly said that you can afford to buy a home that costs anywhere from 1.5 to 2 times your yearly gross income, but there's a lot more to consider. How much will you pay for property taxes and insurance? Do you have any other debts, like car payments or student loans? How much money will you put down at closing? There are plenty of sites that offer tools to help you calculate how much you can afford to borrow when buying a home; these tools take into account many of these components to give you a more accurate picture of your borrowing power.

What does it mean to prequalify for a home loan?

Prequalifying for a home loan means that you've taken an informal look at your finances to determine how much you can afford and whether you meet the minimum requirements to take out a mortgage. This can be done without going too deeply into your financial information. On the other hand, a preapproval is given when you complete a full mortgage application: the lender accesses your full credit report and gives you a written offer for a loan at a specific interest rate, subject to your finding a home to buy and completing the underwriting process. Having a prequalification or preapproval letter can make you a more compelling candidate to buy a home and may put you ahead of other parties making an offer.

Are there special programs that can help me get a mortgage?

Yes, especially if you're a first-time home buyer. There are VA loans with no down payment required if you have a military connection, USDA loans with 100% financing on rural properties, FHA loans for buyers with less-than-stellar credit, and many more. While those programs are all federal, there are additional home-buying programs offered by individual states that may also help you get a loan.

What is an escrow account?

An escrow account holds money in reserve to pay your homeowner's insurance, property taxes, and PMI (if required). Your lender collects that money with your monthly mortgage payments, and then disburses the funds to your insurance company and local tax collector by the due date. Some home loans require you to have an escrow account, while others may allow you to pay your taxes and insurance on your own. (But you'll have to make sure to set aside the money, since it won't be collected automatically each month.)

PMI stands for "private mortgage insurance". It's a fee you may have to pay each month if you're not going to make a down payment of at least 20% of the total loan amount. This third-party insurance coverage protects your lender if you default on your mortgage. You can usually request to have those payments removed once you've reached an equity level of at least 22%; that can be accomplished by making your regular monthly payments over time, by making additional payments towards the principal balance, or by submitting an appraisal showing that your home would currently sell for an amount that would give you the necessary equity (i.e. if home values have increased significantly since the date of purchase).

Is it safe to apply for a home loan online?

Absolutely. Some of today's most competitive rates are offered by online-only mortgage lenders with thousands of satisfied customers and a strong reputation for integrity, efficiency and affordability. Of course, it's always a wise idea to check out the background of any home loan provider you're considering prior to offering sensitive financial information or documentation. The Better Business Bureau is a good resource to determine a company's history, as well as current customer reviews.

Best Home Loan Providers for November 2025

Item: The Best Home Loan Providers - Summary Reviews
Rating: 5
Author: Top Consumer Reviews

Monday, November 10th We evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

2025 Home Loan Provider Reviews

Where Can You Get the Best Home Loan? When you're thinking about buying a home, getting a mortgage is likely going to be one of the biggest financial decisions you'll ever make. It can feel a bit overwhelming, especially if you're new to the process, but don't worry - once you understand the basics, it becomes much more manageable.

5.0

EXCELLENT

Best Option

Rocket Mortgage

Wide range of loans including conventional, jumbo, FHA/VA, and proprietary options for lower-income applicants
Prequalification options available
Savings and cash back available if you work with a partner real estate agent

Read Full Review

EXCELLENT

5.0

On the Rocket Mortgage website

Rocket Mortgage is the nation's largest provider of home loans, and with good reason: this company is truly committed to getting people into homes, from conventional fixed- and adjustable-rate mortgages to VA and FHA loans, as well as numerous options for mortgages with down payments under 5% and/or huge grants towards closing fees. Rest assured that Rocket Mortgage has a way to help you buy the home you can afford. This lender gets 5-star scores from tens of thousands of home buyers and an "A+" from the BBB. From its stellar reputation to its track record for supporting communities through various charitable initiatives, Rocket Mortgage deserves its place as the #1 lender on our list.

4.5

GREAT

Great

New American Funding

Offers 15- and 30-year fixed, FHA, and VA home loans
Over $70 billion in mortgages funded
Competitive rates

Read Full Review

GREAT

4.5

On the New American Funding website

New American Funding is a breath of fresh air in the home loan industry. From perks that include the ability to make an all-cash offer and a 5-year rate protection plan, to providing incredible customer service, there are plenty of great reasons to choose NAF for your mortgage. Although you won't find every possible home loan option here - they're limited to 15- and 30-year fixed plus VA and FHA loans - New American Funding has gotten over 300,000 positive reviews from extremely happy homeowners. With a an excellent rating from us, NAF is one of our top picks among mortgage lenders.

3.5

GOOD

Good

loanDepot

Offers 10- to 30-year fixed rate and 3- to 10-year adjustable rate home loans
Over $96 billion in home loans and $179 billion in refinanced mortgages
"Lifetime Guarantee" on future refis

Read Full Review

GOOD

3.5

On the loanDepot website

loanDepot is one of the biggest names in home loans, with more than $275 billion funded across purchases and refinanced mortgages. They specialize in conventional loans, both fixed and adjustable rate, and they have some customer-friendly benefits like a "Lifetime Guarantee" on future refis and a firm "No Steering" policy. However, loanDepot isn't as transparent with current rates and terms, their application process asks for a full SSN a little too quickly for our liking, and complaints about their customer service have started to surface. We still give loanDepot an above-average rating, but the company no longer ranks as one of our most recommended home loan providers.

3.0

AVERAGE

Average

LendingTree

Compare loan offers among multiple lenders
Down payments as low as 3%
Easy to compare options

Read Full Review

AVERAGE

3.0

On the LendingTree website

LendingTree serves as a marketplace for home loans: with a few clicks and after providing enough contact information for a soft pull on your credit, you'll get an easy-to-understand list of lenders who are likely willing to approve your mortgage. This platform shows you reviews from previous clients, the pros and cons of each financial institution, and the links/contact info needed to continue your application with the lender you choose. All of that is great, but what you won't appreciate is the immediate flood of calls, emails, and texts you'll get from LendingTree partners. We're okay with giving LendingTree a recommendation for being a solid way to compare home loans from multiple lenders, but it fails to move higher in our rankings because of the "spam problem".

2.9

AVERAGE

Average

Better

Offers conventional (fixed- and adjustable-rate), jumbo, FHA, and VA loans
Over $100 billion in funded home loans
Over 400,000 customers

Read Full Review

AVERAGE

2.9

On the Better website

Since 2015, Better has been the "100% online" home loan company, funding over $100 billion in home loans for more than 400,000 customers. They're known for super-fast processes, with some customers able to go from application to a full commitment letter in just a day. You can also save money at closing if you work with a Better-referred real estate agent. Unfortunately, Better has gone from being our #1 choice for mortgages to a "just okay" rating: they're not transparent with rates now, we had some issues with our online application, and recent feedback hasn't been super-positive. We'd recommend looking at Better's higher-ranked rivals first.

2.8

AVERAGE

Average

Ally

Offers fixed-rate and ARM home loans (no VA/FHA)
Jumbo mortgages available
Verified pre-approval letters available

Read Full Review

AVERAGE

2.8

On the Ally website

Ally is a well-known name in banking, with products ranging from banking and credit cards to home loans. You can get most traditional fixed- and adjustable-rate mortgages here, including jumbo loans if needed. This lender also has some unique perks, like its Home Grant program in certain metro areas, and their home loans don't come with many of the usual fees (like origination and underwriting). Although there are still some issues with the way Ally's mortgages are closed and serviced, Ally has done the work to improve its reputation, moving up from one of our lowest-ranked home loan providers to a solid rating.

2.5

FAIR

Fair

AmeriSave

Offers fixed-rate and adjustable-rate mortgages
Licensed in 49 states (except for NY)
More than $130 billion in funded home loans

Read Full Review

FAIR

2.5

On the AmeriSave website

AmeriSave can help customers across the US (minus NY) get a home loan. They offer both fixed-rate and adjustable-rate mortgages, with easy access to pre-approval letters if you're in the "making an offer" phase of your home buying journey. While AmeriSave may offer a great rate for your mortgage, their process comes with fees you might not be anticipating, and the online application process is confusing. Borrowers' experiences here range from terrific to terrible, and we're not sure yours will be a good one.

2.0

SUBPAR

Subpar

SoFi^®

Offers fixed-rate, adjustable-rate, jumbo, VA, and FHA home loans
Options for down payments as low as 3-5%
Terms include 10-, 15-, 20-, and 30-year loans

Read Full Review

SUBPAR

2.0

On the SoFi^® website

There's a lot to love about SoFi's home loans. Their interest rates and fees are low, perks include savings for SoFi banking customers and an incredibly streamlined prequalification process (with no ding to your credit score), and they've funded over $7.5 billion in mortgages already. On the other hand, even though the BBB gives SoFi an "A+", home buyers say that the lender fails to honor its on-time closing guarantee and report many issues that lead to delayed (or failed) closings. We've bumped SoFi up since our last review, but the financial institution still ranks as "below average" on our list.

2.0

SUBPAR

Subpar

Truist

Available home loans include fixed rate, jumbo, FHA, and VA
Preapprovals offered
"A+" rated and accredited by the BBB

Read Full Review

SUBPAR

2.0

On the Truist website

A few years ago, big banks SunTrust and BB&T merged to form Truist, one of the top 10 financial institutions in the nation. You can use the Truist site to easily see current rates on fixed-rate, jumbo, and VA/FHA home loans, and you can start the process of getting a preapproval online. However, Truist makes you speak with a loan officer before going any further. And, despite having an "A+" rating from the BBB, this bank gets tons of complaints from customers who say that the servicing post-closing is terrible. Truist holds steady on our list with a below-average rating.

1.9

SUBPAR

Subpar

Flagstar Bank

Available home loan types: fixed rate, ARM, government (VA, FHA), specialty (high-cost areas, higher-priced homes)
Licensed in all 50 states
400+ branch locations in 9 states

Read Full Review

SUBPAR

1.9

On the Flagstar Bank website

With over 30 years in operation and fairly recently acquired by the NYCB family of financial institutions, Flagstar Bank has quite a bit of experience in the home loans industry. Their available mortgages include the standard fixed and ARM products, as well as an array of government-backed options and specialty home loans. However, they're at a disadvantage compared with other lenders: there's no way to prequalify here, and despite an "A-" from the BBB, Flagstar has earned numerous complaints regarding poor servicing on mortgages.

Continued from above...

Where Can You Get the Best Home Loan?

When you're thinking about buying a home, getting a mortgage is likely going to be one of the biggest financial decisions you'll ever make. It can feel a bit overwhelming, especially if you're new to the process, but don't worry - once you understand the basics, it becomes much more manageable.

What are the basics? First off, there are different types of home loans. The most common are fixed-rate and adjustable-rate mortgages (ARMs). A fixed-rate mortgage keeps the same interest rate throughout the loan term of 10-30 years, while an ARM typically starts with a lower rate that can change over time, often after an initial fixed period of 3-10 years.

Then, there's the down payment: what you pay upfront towards the purchase price of your new home. Expect to put down at least 20% if you want to avoid paying PMI (Private Mortgage Insurance), but there are options for first-time homebuyers who can't come up with that much just yet.

You probably already know a bit about interest rates: lower is better. But, you can't necessarily control what the market is doing at the time you're ready to buy your home. To save money, compare interest rates across lenders, and look for ones that will charge lower fees (for appraisals, origination, and so on). Pay attention to the loan term too: 30-year mortgages are the most popular in the US (because they give you so much time to pay back, and your monthly payments are lower), but if you'd like a lower interest rate, opting for a 15- or 20-year home loan is the way to go - if you can swing the higher monthly payments every single month.

Once you're ready to apply for a home loan, what can you expect from the process? Many lenders offer a pre-qualification process: it'll tell you how much you can borrow, and it's a great way to show sellers that you're able to afford their asking price or the amount that you're offering. Be aware of whether or not prequalifying will affect your credit score, because that score impacts how much you can borrow.

If you already know which home you're buying, you'll complete a full application (including a hard pull on your credit). Your application then goes into processing and underwriting: verifying your income and credit, appraising the property you're buying, and making the final decision on whether or not to offer you a mortgage. When the lender approves your application, congrats. You'll move to closing, where you sign the paperwork, your home loan is funded, and you're officially a homeowner.

One of the smartest things you can do is shop around online for the right lender. Why? Because not all lenders are created equal. Each one might offer different interest rates, fees, and terms, which can have a big impact on your monthly payments and the overall cost of your loan. When you compare lenders, you're in control, giving yourself the best chance to find a mortgage that fits your budget and long-term financial goals. Plus, it's almost always going to be more competitive than anything your local bank might offer.

So, now that you're convinced that it's time to look for a home loan online, what criteria can you use to make your choice? Keep these in mind:

Pre-approval option. Not all lenders let you get a pre-approval letter, instead requiring you to complete a full application (including a hard pull on credit). Choose one that has that option.
Rates, terms, and fees. Home loan providers that make those three details clear are the way to go. It's a good sign if they have most (or all) of that readily available before you get too far down the track of applying for a loan.
Loan options. Make sure that the lender offers the type of loan that best suits your needs, whether it's a fixed-rate, adjustable-rate, FHA, or VA loan (or something else).
Customer service (before and after). Read reviews and ask questions to get a sense of how responsive and helpful the lender is. Good customer service can make the process smoother and less stressful. Consider how they treat applicants during the process, as well as what homeowners say about their experience having their mortgage serviced by the lender.

To help you on your homeownership journey, the experts at Top Consumer Reviews have researched and ranked some of today's most popular online home loan providers. By taking the time to shop around and compare, you'll find a mortgage that's not just good enough but the best fit for you. There's no place like home!