Sunday, September 24th
2023 Home Loan Provider Reviews
Rocket Mortgage
- "A+" rated and accredited by the BBB
- 35 years of experience
- 5 million loans closed
- J.D. Power's highest-ranked for customer satisfaction for 8 consecutive years
- Available to residents of all 50 states and DC
- Available loan types include conventional, FHA, VA and jumbo
Formerly known as Quicken Loans, Rocket Mortgage can help you close your home loan in record time - or just provide you with helpful tools as you begin your research into financing a home purchase. As the nation's largest mortgage lender, this company is an expert in providing excellent service from start to finish, earning awards for customer satisfaction for eight consecutive years. Rocket Mortgage is one of the most hassle-free ways to apply for a home loan online.
SoFi
- "A+" rated by the BBB
- Sample interest rates and terms posted daily
- 3% down available for qualifying first-time homebuyers, 5% minimum down payment for all other borrowers
SoFi offers a variety of financial products, ranging from home loans and refinancing to credit cards and more. They openly post their typical mortgage rates on their website and update them daily, but you'll need to create an account to see your personalized offers. Unfortunately, SoFi is not very transparent with closing costs and fees until much later in the process, and numerous client complaints about hard-to-reach customer service and late delivery of funds for closing have kept SoFi from earning our recommendation.
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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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