Andrew Dehan writes about home loans, real estate and personal finance. He's taken the NMLS Loan Originator education classes and passed the MLO SAFE test. Besides Bankrate, his work has been published by Rocket Mortgage, Forbes Advisor and Business Insider. He’s also a poet, musician and nature-lover. He lives in metro Detroit with his wife and children.
Alice has covered personal finance topics, from the perspective of a writer and an editor, for more than 11 years, and she has spent the past three years focusing on the homebuying, homeownership and mortgage rate trends.
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You have many choices when shopping for a mortgage rate, from big banks to online lenders to local credit unions and more. We’ve researched and ranked the top lenders in terms of availability, affordability and borrower experience to help you choose. Here are our picks for best mortgage lenders in July 2025.
Bank might not be a fit for borrowers with unique credit or financial circumstances
Branches not located in all states
Chase scores high marks across the board thanks to its competitive rates and widespread availability. Though the bank doesn’t have branches in every state, it does work with qualified mortgage borrowers across the U.S.
Loans offered: Conventional, jumbo, FHA, VA, refinancing
Credit requirements: 620 for conventional loans, 580 for FHA loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans
Where to find: Online
Pros
Dedicated loan officer works with borrowers throughout the entire process
Offers verified approvals
Most mortgages close within 27 days
Cons
Doesn’t offer home equity lines of credit (HELOCs) or home equity loans
No branch locations
While it’s only been around since 2020, Sage has a swath of loan options available in 49 states. It receives high marks for transparency, effective communication and low fees.
Credit requirements: 620 for conventional loans and VA loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Where to find: Branch locations and online
Pros
Specializes in VA loans
24/7 customer service over the phone
Cons
No HELOCs or home equity loans
Limited number of branches
Veterans United Home Loans receives top ratings for its VA loan rates, reputation and information-packed website, which answers virtually any question you might have about VA loans. The lender also offers other types of mortgages, and its customer support team is available 24/7.
Down payment minimum: 3% for conventional loans, none for VA loans
Where to find: Branch locations and online
Pros
Allows up to two rate relocks
Provides rate-match guarantee or pays $1,000
Cons
Membership required
No FHA or USDA loans
Navy Federal Credit Union receives high scores due to its attractive rates, low fees, global presence and outstanding reputation working with servicemembers and their families.
Credit requirements: 620 for conventional loans, 740 for jumbo loans, 640 for FHA loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans
Where to find: Branch locations and online
Pros
Provides lender credit worth up to $1,000 for qualifying banking customers
Displays rates online
Offers new construction loans
Cons
Tougher borrower requirements for FHA loans (640 credit score in most cases)
No USDA loans
U.S. Bank scores high for affordability due to offering many types of homebuying assistance and discounts for banking customers. Like other big banks, it’s also available to borrowers nationwide. It also received an above-average customer satisfaction rating from J.D. Power.
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Where to find: Branch locations and online
Pros
Displays mortgage rates online
Massive branch network
Will consider non-traditional credit references in application process
Offers low-down payment options to assist lower-income borrowers
Cons
Dialed back its mortgage offerings
No longer offers home equity lines of credit (HELOCs)
Below-average customer satisfaction scores and negative past customer reviews
Wells Fargo receives perfect scores for affordability and availability thanks to its competitive advertised rates, wide offerings of loans and large branch network.
How to compare mortgage lenders
Your first step to finding the best mortgage lender is to comparison shop. Borrowers who do more upfront research tend to save more money than those who go with the first lender they find. It’s best to get quotes from three lenders, at minimum. Because rates fluctuate frequently, it’s also best to get these quotes on the same day.
As you compare loan estimates, look at the APR (annual percentage rate) and interest rate quoted by each lender. Consider what’s important to you as far as experience, too. For some, how fast a lender can turn around a preapproval letter or close a loan is critical. If you have specific needs or financing preferences — for example, you want an FHA loan — you might want to focus on the top mortgage lenders who specialize in those loans.
Once you determine what your needs and preferences are, get started by comparing mortgage rates.
FAQ
There are several types of mortgage loans: conventional conforming loans; jumbo loans; FHA, VA and USDA loans; and fixed- and adjustable-rate mortgages. Conventional loans, offered by private financial institutions, are ideal for borrowers with strong credit scores. Jumbo loans are for higher-priced homes that exceed Federal Housing Finance Agency borrowing limits. FHA, VA and USDA loans are either government-guaranteed or government-insured and designed for borrowers with lower credit scores and low or no down payment, military members (VA loans) or those buying in a rural area (USDA loans). Fixed-rate mortgages have the same interest rate for the life of the loan, while the rate on an adjustable-rate mortgage (ARM) can fluctuate.
Before applying for a mortgage, it’s important to bolster your credit score and savings and have a clear understanding of how much you can afford and what type of loan would best fit your needs. In addition, gather documentation about your finances so you’re prepared to complete a mortgage application when the time comes. Once you’ve taken these initial steps, begin comparing mortgage lenders based on factors such as annual percentage rate (APR), fees and your overall experience. It’s best to get rate quotes from at least three different lenders. When you know which lender you want to work with, get preapproved so you can start house-hunting with financing in hand.
The minimum down payment requirement varies based on loan type. If you qualify, you can obtain a 3 percent-down conventional loan, a 3.5 percent-down FHA loan or a no-down payment VA or USDA loan. If you want to avoid paying mortgage insurance, however, you’ll need to make a down payment of 20 percent.
To determine the best mortgage lenders overall, Bankrate periodically evaluates more than 75 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best mortgage lenders overall generally have a Bankrate Score of 4.8 stars or higher. Learn more about our methodology.
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