Best Mortgage Lenders of October 2024
There’s no one-size-fits-all mortgage lender. However, top lenders typically offer great service and loan products that cater to your unique needs. So whether you prefer an all-digital loan experience or need a special homebuying program, our list can help you hone in on the lender that’s right for you. LendingTree considered a wide variety of factors to pick the best mortgage lenders of October 2024.
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 2022. 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 2022 data from the Federal Financial Institutions Examination Council (FFIEC).
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Best mortgage lender for refinance loans |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 0.39% | Not disclosed | $6,718 | Get Offers | |
Best mortgage lender for VA loans |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 0.42% | 580 | $7,494 | 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. | 0.13% | Not disclosed | $4,726 | 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% | 620 | $6,664 | 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. | 0.34% | 600 | $9,067 | Get Offers | |
Best lender for home equity loans | User reviews coming soon | 0.85% | 580 to 620 | $3,747 | 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. | 0.28% | 580 to 620 | $7,076 | Get Offers |
Read more about how we chose our picks for the best mortgage lenders
Best mortgage lender for refinance loans: Guaranteed Rate
Guaranteed Rate at a glance
- Minimum credit score: Not published
- Average LTV ratio (refinance only): 61%
- Average 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) Guaranteed Rate offered to mortgage customers in 2022. The higher the number, the more expensive the loan. : 0.25% for refinances and 0.39% across all loan types, which is reasonably competitive when compared with other large mortgage lenders.
- Available refinance programs: Conventional cash-out refinance, FHA 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 , home equity loans and HELOCs
- LendingTree rating:
Read review
How to qualify with Guaranteed Rate
You’ll have the best chance of qualifying for a mortgage refinance with Guaranteed Rate if you have a 61% loan-to-value (LTV) ratio or better and a debt-to-income (DTI) ratio under 40%. Guaranteed Rate doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2022.
Best mortgage lender for VA loans: Rocket Mortgage
Rocket Mortgage at a glance
- Minimum credit score (VA loans): 580
- Average LTV (all loan types): 70%
- Average 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) Rocket Mortgage offered to mortgage customers in 2022. The higher the number, the more expensive the loan. (all loan types): 0.42%, 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, home equity loans
- LendingTree rating: Read review
How to qualify with Rocket Mortgage
You’ll have the best chance of qualifying for a mortgage with Rocket Mortgage if you have a 70% LTV ratio or better and a DTI ratio below 40%. Rocket Mortgage doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2022.
Best mortgage lender for jumbo loans: Ally Bank
Ally Bank at a glance
- Minimum credit score (jumbo loans): Not disclosed
- Minimum down payment (jumbo loans): 10%
- Maximum jumbo loan amount: $4 million
- Average LTV (all loan types): 74%
- Average 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) Ally offered to mortgage customers in 2022. The higher the number, the more expensive the loan. (all loan types): 0.13%, which is reasonably competitive when compared with other large mortgage lenders.
- Additional loan products: Conventional
- LendingTree rating: Read review
How to qualify with Ally Bank
You’ll have the best chance of qualifying for a mortgage with Ally Bank if you have a 74% LTV ratio or better and a DTI ratio under 40%. Ally doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2022.
Best lender for overall online mortgage experience: Zillow Home Loans
Zillow at a glance
- Minimum credit score: 620
- Average LTV: 76%
- Average 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) Zillow offered to mortgage customers in 2022. The higher the number, the more expensive the loan. (refinance only): 0.41%, which is reasonably competitive when compared with other large mortgage lenders.
- Available programs: Conventional, FHA, VA and jumbo
- LendingTree rating:
Read review
How to qualify with Zillow
You’ll have the best chance of qualifying for a mortgage with Zillow if you have a 76% LTV ratio or better and a DTI ratio below 40%. Zillow doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2022.
Best mortgage lender for FHA loans: AmeriSave Mortgage
AmeriSave Mortgage at a glance
- Minimum credit score (FHA loans): 600
- Minimum down payment (FHA loans): 3.5%
- Average LTV (all loan types): 72%
- Average 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) AmeriSave offered to mortgage customers in 2022. The higher the number, the more expensive the loan. (all loan types): 0.34%, 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
- LendingTree rating: Read review
How to qualify with AmeriSave
You’ll have the best chance of qualifying for a mortgage with AmeriSave if you have a 72% LTV ratio or better and a DTI ratio below 40%. AmeriSave doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2022.
Best lender for home equity loans: BMO Harris
BMO Harris at a glance
- Minimum credit score: 580 to 620
- Available home equity loan terms: 5, 10, 15 and 20 years
- Available HELOC loan terms: 20 years
- Additional loan products: Conventional, FHA, jumbo
- Average LTV (all loan types): 64%
- Average 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) BMO Harris offered to mortgage customers in 2022. The higher the number, the more expensive the loan. (all loan types): 0.85%, which is on the high side when compared with other large mortgage lenders.
- LendingTree rating: Read review
How to qualify with BMO Harris
You’ll have the best chance of qualifying for a mortgage with BMO Harris Bank if you have a 64% LTV ratio or better and a DTI ratio under 40%. BMO Harris doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2022.
Best lender for overall mortgage loan variety: Fairway Independent Mortgage
Fairway at a glance
- Minimum credit score: 580 to 620
- Average LTV: 84%
- Average 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) Fairway offered to mortgage customers in 2022. The higher the number, the more expensive the loan. : 0.64%, which is on the higher end when compared with 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
- LendingTree rating:
Read review
How to qualify with Fairway
You’ll have the best chance of qualifying for a mortgage with Fairway if you have a 84% LTV ratio or better and a DTI ratio under 40%. Fairway doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2022.
Current mortgage rates
Current mortgage interest rates forecast
The mortgage interest rates forecast for 2024 is for rates to remain relatively high compared to pre-pandemic levels. Rates rose to over 7% again in April 2024, but then fell steadily in the last weeks of May and trended downward throughout most of June and July. Our expert predicts they could continue to head lower over the course of 2024. If this happens, it could also reinvigorate the housing market, said Jacob Channel, LendingTree’s senior economist.
Are interest rates going down?
Rates on 30-year fixed mortgages were on an upward trajectory throughout most of 2023 and spiked to 7.79% in late October of that year — their highest level in more than 20 years. However, rates began to dip after that, ultimately dropping by just over a full percentage point by late July 2024. And while that may not sound very significant, it’s nothing to scoff at: a drop of only a single percentage point on a mortgage can save you hundreds of dollars a month and tens of thousands of dollars over the long run.
Nonetheless, rates remain high compared to their pre-pandemic levels. “Lower rates should make buying easier in a lot of instances, but prices probably aren’t going to drop far enough to really make buying truly affordable for many households,” he added. The national median mortgage payment rose by $144 year over year, and now sits at $2,256.
Mortgage payment: What’s included?
There are four moving parts to most mortgages: principal, interest, taxes and insurance, or PITI for short. Here’s how each piece of a mortgage payment works:
- Principal. This is the portion of your loan balance paid down with each payment. At first, the bulk of your payment is interest, but over time you pay more principal through a process called amortization.
- Interest. This part of your payment is charged monthly based on the mortgage interest rate you choose. The interest is based on a percentage of your loan amount. Most of your mortgage payment covers interest charges for the first several years. As your loan balance drops, the interest charges shrink.
- Taxes. Lenders collect one-twelfth of your annual property tax bill as part of your monthly payment. The money goes into an escrow account that your lender uses to pay your taxes when they’re due.
- Insurance. Lenders require homeowners insurance to cover losses from fire, theft or other damage to your home. The premium is divided by 12 and the monthly portion is deposited into your escrow account. Depending on your down payment or loan type, you may also pay monthly mortgage insurance to protect the lender if you default.
How to compare the best mortgage lenders
LendingTree studies consistently show that consumers save when they shop at least three to five lenders before choosing a mortgage company. Follow these tips to choose the best mortgage lender for your home loan needs:
→ Gather rate quotes on the same day. Rates change daily, and your loan estimates should feature the same date.
→ Compare estimates for the same loan type. Government-backed interest rates are typically lower than conventional mortgage rates, but they come with costs like FHA mortgage insurance or VA funding fees.
→ Talk to different types of mortgage lenders. A mortgage broker matches your financial profile to the rates and products of multiple 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 auto monthly payments for your mortgage.
Types of mortgage loans
Before you shop, pick the right type of mortgage loan for your finances. Below are highlights of the five most common mortgage loan programs:
FHA loan
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 $472,030 for a one-unit home in most of the country’s counties.
See our current FHA rates today.
Home equity loan or home equity line of credit (HELOC)
Homeowners can convert some or all of their home’s equity to cash with a home equity loan or home equity line of credit. Home equity loans are popular with borrowers that need all the money at once and want the security of a fixed-rate monthly payment.
A HELOC works like a credit card with a balance that can be used, paid off and re-used for a set time called a draw period. Payments are based only on the outstanding balance, and interest-only options are common.
View our current home equity loan rates today.
VA loan
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 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.
Conventional loan
Conventional loans aren’t guaranteed by any government agency. Lenders follow rules set by Fannie Mae and Freddie Mac, which tend to be more strict than government-backed loans. You’ll need at least a 620 credit score and a 3% down payment to qualify. Conventional loan limits for single-family homes are capped at $726,200 for most parts of the country.
Jumbo loan
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 need a higher credit score and down payment to qualify and typically pay a higher rate.
See current jumbo mortgage rates today.
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Frequently Asked Questions
A mortgage is a written agreement giving a lender the right to take your home if you don’t repay your loan based on the terms you agreed to.
Start by applying for a mortgage and providing information about your credit history, income and assets. The lender will check your credit scores and verify that you meet the minimum requirements of the loan type you’ve applied for. If you do, the lender issues a mortgage preapproval letter, which shows sellers that you have the financial ability to follow through when you make an offer.
There are many factors that determine the mortgage rates you’ll qualify for: your credit score, your debt-to-income (DTI) ratio, how big of a down payment you can make, the loan program you’re applying for and more. You can also lower your rate by buying mortgage points or getting a rate lock. Read our guide to learn more about the many ways you can get the best mortgage rate.
The best mortgage lender is usually the one that offers you the lowest interest rate along with the lowest costs and fees. In the most simple 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.