Best Mortgage Lenders of August 2025
Choosing the right mortgage lender is an important part of the homebuying process — it affects everything from your interest rate and closing costs to your customer service experience. Compare our picks for the best mortgage lenders and understand what you’ll need to qualify.
At a glance: Best mortgage lenders
Lender | Best for | User ratings | Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan.
| Min. credit score | Avg. total loan costs
Average total loan costs include orginiation fees and are based on 2023 data from the Federal Financial Institutions Examination Council (FFIEC).
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|---|---|---|---|---|---|---|
Best mortgage lender for VA loans |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 0.73% | 580 to 680 | $8,122 | Get Offers | |
Best lender for online mortgage experience |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 0.41% | 500 to 620 | $7,959 | Get Offers | |
Best mortgage lender for FHA loans |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 0.40% | 600 | $11,690 | Get Offers | |
Best mortgage lender for refinance loans |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 0.02% | 620 | $7,794 | Get Offers | |
Best mortgage lender for jumbo loans |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | -0.04% | 700 | $7,068 | Get Offers | |
Best lender for home equity loans | User reviews coming soon | 1.01% | 580 to 620 | $5,092 | Get Offers | |
Best lender for overall mortgage loan variety |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 0.49% | 580 to 620 | $8,170 | Get Offers |
Best mortgage lender for VA loans: Rocket Mortgage
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Rocket Mortgage summary
- Minimum credit score (VA loans): 580 to 680
- Average LTV (all loan types): 73%
- Average rate spread (all loan types): 0.73%, which is on the higher side when compared with other large lenders.
- Available VA loan programs: Purchase, streamline refinance (IRRRL), cash-out refinance
- Additional loan products: Conventional, FHA, jumbo, and home equity loans
Why we chose Rocket Mortgage
Rocket Mortgage is one of the largest mortgage lenders in the country. The lender offers military homebuyers all of the essential VA loan programs, including purchase loans, the VA cash-out refinance and the VA streamline program — more commonly known as the interest rate reduction refinance loan (IRRRL). VA borrowers can apply online, check out daily VA rates and educate themselves about VA loans by using the resources available on the website.
Best mortgage lender for online mortgage experience: Zillow Home Loans
LendingTree rating: 
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Zillow summary
- Minimum credit score: 500 to 620
- Average LTV: 87%
- Average rate spread (all loan types): 0.41%, which is reasonably competitive compared to other large mortgage lenders.
- Available programs: Conventional, FHA, VA and jumbo
Why we chose Zillow Home Loans
Zillow Home Loans provides a wealth of information about purchase and refinance mortgages to help consumers choose the best mortgage type for their needs. Zillow outperforms the competition when it comes to rate transparency, publishing daily mortgage rate updates for various refinance and purchase programs. Consumers can check fixed rates for FHA and VA loans or assess adjustable-rate mortgage (ARM) programs.
Best mortgage lender for FHA loans: AmeriSave Mortgage
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AmeriSave Mortgage summary
- Minimum credit score (FHA loans): 600
- Minimum down payment (FHA loans): 3.5%
- Average LTV (all loan types): 72%
- Average rate spread (all loan types): 0.40%, which is reasonably competitive when compared with other large mortgage lenders.
- Available FHA loan programs: Purchase, streamline refinance, cash-out refinance
- Additional loan products: Conventional, VA, USDA, jumbo, home equity loans and HELOCs
Why we chose AmeriSave Mortgage
AmeriSave Mortgage offers three popular FHA loan programs, including purchase loans, FHA streamline loans and FHA cash-out refinances. FHA borrowers can review rates online before filling out an online application and read different articles to learn how FHA loans work. AmeriSave updates rates daily and allows borrowers to customize offers to fit their financial situation.
Best mortgage lender for refinance loans: Rate
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Rate summary
- Minimum credit score: 620
- Average LTV ratio (refinance only): 62%
- Average rate spread: 0.18% for refinances and 0.02% across all loan types, which is competitive when compared with other large mortgage lenders.
- Available refinance programs: Conventional cash-out refinance or rate-and-term refinance, FHA cash-out refinance or rate-and-term refinance, VA cash-out refinance, VA IRRRL, FHA 203(k) renovation refinance, Fannie Mae HomeStyle® and Freddie Mac renovation refinance and VA renovation refinance
- Additional loan products: Jumbo loans, interest-only mortgages and HELOCs
Why we chose Rate
Rate (formerly known as Guaranteed Rate) specializes in providing a digital mortgage experience for borrowers. Consumers can check out online resources and information about mortgage refinancing to help decide which option fits their financial goals. Rate’s refinance rates are displayed online and updated daily. Borrowers can choose from a range of refinance programs, including various fixer-upper loans.
Best mortgage lender for jumbo loans: Better Mortgage
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Better Mortgage summary
- Minimum credit score (jumbo loans): 700
- Minimum down payment (jumbo loans): 10%
- Average LTV (all loan types): 81%
- Average rate spread (all loan types): –0.04%, which is very competitive when compared with other large mortgage lenders.
- Additional loan products: Conventional, FHA, VA, home equity loans and HELOCs
Why we chose Better Mortgage
Better Mortgage offers an online-only platform that includes an excellent selection of jumbo mortgage rates and product information for borrowers who need a loan above their area’s conforming loan limits. It gives jumbo homebuyers extra borrowing power with loan amounts available up to $3 million, and advertises a three-minute online preapproval and a digital mortgage process. Rate quotes can easily be customized to fit a customer’s location.
Best mortgage lender for home equity loans: BMO Harris
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BMO Harris summary
- Minimum credit score: 580 to 620
- Available home equity loan terms: Five, 10, 15 and 20 years
- Available HELOC loan terms: Five to 30 years
- Additional loan products: Conventional, FHA, VA and jumbo
- Average LTV (all loan types): 63%
- Average rate spread (all loan types): 1.01%, which is on the high side compared to other large mortgage lenders.
Why we chose BMO Harris
BMO Harris offers home equity loans and home equity lines of credit (HELOCs) with transparent online information, which includes current rates, product information and educational articles. You can choose a home equity loan and receive a lump sum upfront that you’ll repay in fixed installments. A HELOC, on the other hand, is like a credit card — you can use the credit line as needed and only make payments on the amount charged. Once you’re ready to apply for a home equity loan or HELOC, BMO Harris offers an online application with a guide to help you navigate the information you’ll need to apply.
Best lender for overall mortgage loan variety: Fairway Independent Mortgage
LendingTree rating: Read our expert review
Fairway summary
- Minimum credit score: 580 to 620
- Average LTV: 87%
- Average rate spread (all loan types): 0.49%, which is reasonably competitive when compared to other large mortgage lenders.
- Available loan programs: Purchase and refinance programs offered for conventional, FHA, VA, jumbo and USDA loans. Fixer-upper loans, which include the FHA 203(k) program, Fannie Mae HomeStyle renovation loans and VA and USDA renovation loans
- Additional loan products: Reverse mortgage and physician home loans
Why we chose Fairway
Fairway Independent Mortgage Corp. took the lead in the “loan variety” category, with an unmatched selection of renovation loans among the lenders we reviewed, including a USDA renovation loan product. They also offer reverse mortgages and a physician home loan program. Fairway’s jumbo loan options include a super-jumbo loan product for loan amounts of $1 million or more, and jumbo reverse mortgages for seniors with large amounts of equity in higher-priced homes.
How to find the best mortgage lender
- Compare different types of mortgage lenders. Direct lenders approve and fund your loan in-house and usually have access to various down payment assistance programs. Your local bank or credit union may offer you a rate discount if you carry large deposits or agree to set up automatic monthly payments for your mortgage.
- Get a preapproval letter. Once you choose a mortgage lender, apply for preapproval. This can give you a leg up over other buyers, since sellers tend to take those who are preapproved more seriously. Additionally, since your financial information will already be in the lender’s system, it may expedite the closing process.
- Review your loan estimate. After you apply for a mortgage, you’ll receive a loan estimate, which outlines various details about your quoted loan, including the loan amount, interest rate and estimated closing costs. You can request loan estimates from multiple lenders to find the best deal.
Mortgage types
Click on each mortgage type to learn more.
The Federal Housing Administration (FHA) insures loans made by approved lenders with more lenient qualifying requirements than conventional loans. Borrowers with scores as low as 580 only need a 3.5% down payment, but pay expensive FHA mortgage insurance for the life of their loans. FHA loan limits are lower than conventional loans, with a current maximum of $524,225 for a one-unit home in most of the country’s counties.
See our current FHA rates today.
Eligible military borrowers can get zero-down financing with a loan backed by the U.S. Department of Veterans Affairs (VA). VA loans don’t require mortgage insurance and, in most cases, loan limits don’t apply. However, a VA funding fee may be required depending on the down payment and whether the veteran has used their VA benefit before. Browse current VA rates today.
A jumbo loan is a mortgage with a loan amount above the conforming loan limits set each year by the Federal Housing Finance Agency. You’ll likely need a jumbo loan if you’re buying a home in an expensive part of the country. You’ll also need a higher credit score and down payment to qualify and typically pay a higher rate. See current jumbo mortgage rates today.
Current mortgage rates
The mortgage interest rates forecast for 2025 is for rates to remain relatively high compared to pre-pandemic levels. However, they may start to drift downward over the rest of the year. For now, the housing market is expected to remain sluggish due to high rates and low affordability.
Is it a good time to get a mortgage?
Due to high interest rates, it’s not an ideal time to buy a house for most borrowers. However, the decision to buy a home isn’t solely based on numbers — it also depends on your needs, long-term goals and financial situation. Major life events such as a job relocation or a growing family may outweigh market conditions. Ultimately, the right time to buy is a personal decision — one that should take into account both the numbers and your individual circumstances.
Frequently asked questions
It depends on the mortgage program, but most conventional lenders require a 620 score or higher. You may qualify for a mortgage through the FHA with a lower score — 580 with a 3.5% down payment or 500 with a 10% down payment.
Before shopping for mortgages, it’s important to understand the loan size you can afford. Use a mortgage calculator to estimate your monthly payments based on your home purchase price, loan term, down payment and mortgage rate. Once you have the number, plug it into your budget to see if it leaves enough wiggle room for your other expenses.
Closing costs generally range from 2% to 6% of the loan amount and include various expenses, such as:
- Application fees
- Loan origination fees
- Appraisal charges
- Real estate lawyer fees
- Mortgage points
- Initial escrow payment
The best mortgage lender is usually the one that offers you the lowest interest rate, along with the lowest costs and fees. In the simplest case, a buyer will gather several loan estimates and compare rates and fees. However, if you have unique needs to consider, weighing your options can be a bit more complicated. You may have to pay a higher interest rate to get a low- or no-doc mortgage, for instance. And if you’re interested in down payment assistance (DPA), you’ll need to choose a DPA-approved lender.
Several factors affect the mortgage rate you’ll qualify for, including your credit score, debt-to-income (DTI) ratio, down payment amount and chosen loan program. You can lower your rate by shopping around for the best deal, buying mortgage points or getting a rate lock.