Tuesday, October 8th
2024 Home Loan Provider Reviews
LendingTree
- "A+” rated and accredited by the BBB
- In business for over 25 years
- Matches you with home loan offers from up to five financial institutions
LendingTree works as a referral service to match you with offers from up to five different home loan providers in their network. You should be aware upfront that once you've provided LendingTree with your contact information, it will be shared with many lenders - which will likely mean emails, calls, and texts that could last for months, even if you're just seeing what your mortgage rates might be. Plus, even if LendingTree matches you with the perfect loan, you'll still have to take the time to vet the lender and complete their application process. While we like the idea behind LendingTree, it's not our favorite resource for researching home loans.
Truist
- "A+” rated and accredited by the BBB
- 2,700 branch locations in 15 states + DC
- Available loan types: 15- and 30-year fixed, 30-year jumbo, 30-year FHA, 30-year VA
When BB&T and SunTrust merged, they became Truist, with 2700 branch locations in 15 states and Washington DC. Their website is easy to use, but not very informative when it comes to home loans: unless you're ready to jump right into an application, getting prequalified leaves you waiting for a Truist mortgage professional to reach out. Thousands of people say that the service here has gotten horrible since the merger, and unless you already have a satisfactory relationship with this bank, you're probably not going to be impressed with their home loan service.
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Where Can You Get the Best Home Loans?
Your first thought might be to visit your local bank or broker, but think again. Why? You're not likely to get the very best rates and terms there. True, you might get a promo or slightly lower interest rate for being a current customer, but will your financial institution shop around to find you the ideal loan for your situation?
More than likely, they'll fit you with whichever mortgage is convenient (or profitable) instead of working to get you a home loan with the best possible terms. With interest rates constantly fluctuating, it's never a bad time to start looking into your financing options if homeownership is your goal. Even if you're just curious to see how much you can ultimately afford when the time comes, that will help you start budgeting and saving to have enough to secure your new home when you're ready.
Home Loan Provider FAQ
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Some mortgage terms stipulate that the funds can't come from a last-minute gift or contribution from a well-meaning family member, so plan ahead!
The easiest way to know how much you can borrow is by shopping for a home loan online. While some lenders require you to enter your personal information to show you their rates, others post sample rates online or let you choose your credit score range and other details to preview a more personalized quote. Be mindful that there's a difference between a "soft pull” on your credit - usually used to prequalify you, and only uses your address and phone number to verify your identity - and a "hard pull” that will impact your credit history.
The latter usually happens only when you've got a home under contract and you're ready to secure a mortgage, but pay attention to the fine print when you're checking out a lender's rates. You don't want to be "just browsing” and find out that your credit score took a nosedive with an unintentional hard inquiry on your report!
With many lenders interested in your business, how can you decide which one to use for your mortgage? Here are a few factors to look at before you complete a loan application:
- Loan types. Most people choose a conventional fixed mortgage of 15 or 30 years, and the majority of lenders offer that. If you're looking for something different, like an FHA loan or an ARM, you might need to shop around a bit more.
- Transparency. How easy is it to see the lender's current rates and fees? Can you get an idea on their main site or do you have to create an account first?
- Closing costs. The best home loan providers will tell you what to expect well in advance. Some include that information in the disclosures in the fine print at the bottom of the site, even before you give them any of your personal details. Others provide it when you've given them enough info to verify your identity but before filling out a formal application. Some closing costs are negotiable, so don't be afraid to ask any lender to make you an offer.
- Reputation. What do borrowers say about their experience with the financial institution? It's one thing to have great loan rates, but if the lender drops the ball during the purchasing process or if their customer service after closing is a nightmare, it's not worth the money you might save. Consider the lender's rating with the Better Business Bureau to start, but also look at recent customer comments to get a snapshot of how well the home loan provider is doing across the entire lifecycle of the mortgage (from pre-application to post-closing servicing).
To help you finance the home of your dreams, TopConsumerReviews.com has evaluated and ranked today's most popular mortgage lenders. We're confident that this information will be useful on your journey to home ownership. Congratulations!
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