Choosing the right mortgage loan is important. Your mortgage will not only help you buy a new home, but it is also likely to be the largest loan that you will take out in your life. And because mortgage loans are so big its not guaranteed that you will get approved for a mortgage loan, nor can you always expect to get the best interest rates. It used to be that mortgage loans were limited to only banks and other local lenders, but today there are more options than ever before with the Internet and modern banking regulations so that you can expand your mortgage search to both online and nationwide mortgage lenders.
There are a few things you will want to have in order before you begin your mortgage lender search. To start, you will want to have a down payment. While mortgage loan terms can vary, you want to aim for savings between 5 percent and 20 percent of your estimated total mortgage. Check your credit score. You want to always check your credit score before heading to potential lenders. You can get a credit report from any of the following agencies to include Equifax, Experian, and TransUnion. You want to get your mortgage pre-approved first from at least one mortgage lender. By knowing that you are pre-approved you can show home sellers that you are serious about buying a home, and you'll know what budget you are working within. The following are a list of some of the best mortgage lenders available in America.
Quicken Loans are a well-known mortgage lender with large online and television advertising campaigns. They have a nationwide presence which makes applying for a mortgage loan online very easy for the borrower. They offer competitive rates which help make them one of the best overall mortgage lenders.
2. Walls Fargo Bank
Ideal for borrowers who are looking for a national lender with a complete selection of mortgage products for home buyers in all financial stages. They have loan programs to help educate and assist first-time home buyers, union members and others. They accept down payments as low as 3 percent on fixed-rate mortgages through their First Mortgage program.
SoFi is considered to be the best online mortgage lender. SoFi is short for Social Finance, which started as a student loan refinancing company and quickly grew into other areas of personal finance, to include mortgage loans. They look into more than just your credit score when lending you money. They consider things such as college degrees and earning potential.
If you have a low income, you also most likely have a low down payment. Citi Mortgage is related to Citibank, which is one of the largest banks in the United States. Because Citi is so big, they offer several mortgage options for nearly anyone who qualifies.
4. Loan Depot
Loan Depot makes the mortgage refinance process smooth and simple. They are so popular at refinancing that they have funded more than $70 billion for mortgage loan refinancing.
5. New American Funding
New American Funding is a top mortgage lender for people with low credit scores or are self-employed. They look at each application manually before approving or denying a morgage loan.
Lenda is another of the online mortgage lending options. They offer quick and easy mortage pre-qualifications and refinancing estimates through their website.