There's never been a better time to buy a house, with historically-low interest rates and plenty of lenders who want to help you afford the home of your dreams. With so many lending companies eager for your business, it's worth your time to carefully consider the possibilities - ensuring that you get the home loan that meets your needs and your budget.
Although you may be tempted to go the "easy route" and get a mortgage from your local bank, it's probably not your best option. Why not? You aren't as likely to get the most competitive rates and terms: your banker relies on your familiarity with them as a lender and isn't likely to work very hard to get you the lowest possible interest rate or to negotiate on your closing fees.
Thursday, January 21st
Better offers everything you'd want in a home loan company: complete transparency, easy access to many different rates and terms, a hassle-free online application, and world-class customer service. They're newer to the industry but already recognized as a top-notch service by experts like Forbes and Inc. - not to mention the BBB and thousands of satisfied clients. Better earns our highest recommendation among providers of home loans.
Quicken Loans lets you apply for your mortgage completely online, entirely with a loan officer, or a blend of both. For nearly four decades, this company has been making it easy to get a home loan at the best possible rates - and providing excellent servicing after closing as well. This lender is one of our preferred sources of home loans.
Although loanDepot has only been funding home loans for a decade, they've made a name for themselves in the industry for fast, hassle-free new home purchases and refinancing. With reduced fees, faster closing times than most of their competitors, and an easy-to-navigate online platform, loanDepot is one of our favorite choices for mortgages.
When it comes to home loans, AmeriSave isn't the best or the worst. On one hand, they've got a history spanning nearly two decades and a strong reputation with the Better Business Bureau. On the other, this provider has a hefty, non-refundable application fee of $500 and their online portal isn't the most intuitive we've seen. You could get a good rate on your mortgage here, but there are better options to consider first.
Morty is one of the newest online mortgage brokers to hit the industry. Their platform is very easy to use, and you can get detailed estimates for rates and fees without giving them your SSN. This service has a lot of potential, but they're only licensed in 31 states and have some pretty strict requirements for their borrowers. We're encouraged by the glowing praises Morty has received from their clients so far, and hope to see them climb in our rankings in the future.
LendingTree gets you on the road to homeownership by giving you home loan quotes from up to five lending partners in their network. To access your quotes, you'll have to give them your contact information - and plenty of mortgage shoppers have complained about how many unwanted calls, texts and emails they received afterwards. Also, since LendingTree just acts as a referral service, you'll still have to vet and complete the application process for the home loan provider you ultimately select.
SoFi makes you jump through a lot of hoops to get information on their home loans. You can't even see today's rates without creating an account, or closing fees without completing an official loan application. You'll get more transparency and a smoother home loan process with another lender.
Freedom Mortgage is a well-established provider of home loans, in business for more than 30 years and with over a million customers throughout the United States. Their site can help you do some of the research as you buy your home, with tools like calculators and checklists. But, in order to get a quote, you'll have to speak with a representative: you'll find no rates or fees on their website, which makes this lender the least convenient of the online options for getting a home loan.
On the other hand, there are a number of established, trustworthy online lenders who make it possible to close on your home loan without even setting foot in a brick-and-mortar office! From start to finish, your application can be completed online, your closing scheduled for the date and time of your choosing, and mortgage payments set up to automatically debit from your preferred account. It doesn't get any easier! And, shopping around for your home loan online could save you tens of thousands of dollars in the long run: lower interest rates and closing fees keep that money in your pocket.
However, not all online sources of home loans work the same way. Some serve as a referral service, connecting you with multiple lenders and giving you an idea of their rates - but ultimately leaving it up to you to vet each one and apply for your mortgage. Others actually fund and service the loans themselves, simplifying the process and eliminating some of the hassle.
How can you decide which company to use for your home loan? Here are several important factors to keep in mind as you begin your research:
TopConsumerReviews.com has reviewed and ranked the best services and lenders for home loans today. We hope this information helps you find the perfect mortgage for your new home!
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