Best Mortgage Lenders of December 2024

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.

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).
Read our Rocket Mortgage review	Best mortgage lender for VA loans	(2,618) 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
Read our Zillow Home Loans review	Best lender for online mortgage experience	(952) 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
Read our AmeriSave Mortgage review	Best mortgage lender for FHA loans	(14,565) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	0.40%	500	$11,690	Get Offers
Read our Rate (formerly Guaranteed Rate) mortgage review	Best mortgage lender for refinance loans	(1,429) 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
Read our Ally Bank mortgage review	Best mortgage lender for jumbo loans	(36) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	0.0%	620	$7,193	Get Offers
Read our BMO Harris mortgage review	Best lender for home equity loans	User reviews coming soon	1.01%	580 to 620	$5,092	Get Offers
Read our Fairway mortgage review	Best lender for overall mortgage loan variety	(69,295) 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

  Read more about how we chose our picks for the best mortgage lenders

Best mortgage lender for VA loans: Rocket Mortgage

LendingTree rating:   Read our expert review

Rocket Mortgage at a glance

• Minimum credit score (VA loans): 580 to 680
• Average LTV (all loan types): 73%
• 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 2023. The higher the number, the more expensive the loan. (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. Rocket 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 with the resources available on the website.

How to qualify with Rocket Mortgage

You’ll have the best chance of qualifying for a mortgage with Rocket Mortgage if you have a 73% 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 2023.

Best lender for overall online mortgage experience: Zillow Home Loans

LendingTree rating:   Read our expert review

Zillow at a glance

• Minimum credit score: 500 to 620
• Average LTV: 87%
• 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 2023. The higher the number, the more expensive the loan. (all loan types): 0.41%, which is reasonably competitive when compared with other large mortgage lenders.
• Available programs: Conventional, FHA, VA and jumbo

Why we chose Zillow Home Loans

Zillow Home Loans was launched in 2018 to give homebuyers a place to shop for mortgages with a familiar and trusted brand. Zillow Home Loans provides a wealth of information about purchase and refinance mortgages to help consumers choose the best mortgage type for their needs. However, Zillow outperforms the competition when it comes to rate transparency, publishing daily mortgage rate updates for 16 different refinance and purchase programs. Consumers can check fixed rates for FHA and VA loans or peruse adjustable-rate mortgage (ARM) programs with initial fixed-rate periods lasting seven or 10 years.

How to qualify with Zillow

You’ll have the best chance of qualifying for a mortgage with Zillow if you have a 87% 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 2023.

Best mortgage lender for FHA loans: AmeriSave Mortgage

LendingTree rating:   Read our expert review

AmeriSave Mortgage at a glance

• Minimum credit score (FHA loans): 500
• 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 2023. The higher the number, the more expensive the loan. (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

Why we chose AmeriSave Mortgage

With more than 20 years of experience making home loans, 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.

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 2023.

Best mortgage lender for refinance loans: Rate

LendingTree rating:   Read our expert review

Rate at a glance

• Minimum credit score: 620
• Average LTV ratio (refinance only): 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) Rate offered to mortgage customers in 2023. The higher the number, the more expensive the loan. : 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, 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

Why we chose Rate

Founded in 2000, Rate (formerly known as Guaranteed Rate) specializes in providing a digital mortgage experience for borrowers. Consumers can peruse online resources and information about mortgage refinancing to help decide which option fits their financial goals. Guaranteed Rate’s refinance rates are displayed online and updated daily. Borrowers can choose from several different refinance programs, including a wide variety of fixer-upper loans.

How to qualify with Rate

You’ll have the best chance of qualifying for a mortgage refinance with Rate if you have a 85% 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 2023.

Best mortgage lender for jumbo loans: Ally Bank

LendingTree rating:   Read our expert review

Ally Bank at a glance

• Minimum credit score (jumbo loans): 620
• Minimum down payment (jumbo loans): 20%
• Average LTV (all loan types): 77%
• 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 2023. The higher the number, the more expensive the loan. (all loan types): 0.0%, which is very competitive when compared with other large mortgage lenders.
• Additional loan products: Conventional

Why we chose Ally Bank

Ally Bank offers an online-only platform that includes an excellent selection of jumbo mortgage rates and product information for borrowers that need a loan above their area’s conforming loan limits. It gives jumbo homebuyers extra borrowing power with loan amounts available up to $4 million, and advertises a five-minute online preapproval and a digital mortgage process. You can easily find detailed information about Ally’s jumbo rates on the lender’s website. Rate quotes can be customized to fit a customer’s location, credit scores, property type and more.

How to qualify with Ally Bank

You’ll have the best chance of qualifying for a mortgage with Ally Bank if you have a 77% 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 2023.

Best lender for home equity loans: BMO Harris

LendingTree rating:   Read our expert review

BMO 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): 63%
• 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 2023. The higher the number, the more expensive the loan. (all loan types): 1.01%, which is on the high side when compared with other large mortgage lenders.

Why we chose BMO Harris

BMO Harris is the eighth-largest bank in North America and offers home equity loans and home equity lines of credit (HELOCs) with transparent online information that includes current rates, product information and educational articles. You can choose a home equity loan and receive an upfront sum of money 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 needed to apply.

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 63% 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 2023.

Best lender for overall mortgage loan variety: Fairway Independent Mortgage

LendingTree rating:   Read our expert review

Fairway at a glance

• Minimum credit score: 580 to 620
• Average LTV: 87%
• 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 2023. The higher the number, the more expensive the loan. (all loan types): 0.49%, which is reasonably competitive 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

Why we chose Fairway

Fairway Independent Mortgage Corp. has originated loans for more than 25 years. The lender took the lead in the “loan variety” category, with an unmatched selection of renovation loans among the lenders we reviewed, including a USDA renovation refinance 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 qualify with Fairway

You’ll have the best chance of qualifying for a mortgage with Fairway if you have an 87% 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 2023.

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 started falling steadily in the last weeks of May and trended downward through September, when the Fed announced the year’s first rate cut. However, rates began to rise again in October and November, despite a second rate cut in early November. If rates drop over the remainder of 2024, it could reinvigorate the housing market, said Jacob Channel, LendingTree’s senior economist. But there’s no guarantee that they will, and uncertainty — about inflation, as well as the upcoming Trump administration’s proposed economic policies — is affecting investors’ confidence, which in turn pushes rates up.

Are interest rates going down?

For now, rates remain high, home affordability low and the housing market sluggish. In short, it’s a tough time to buy a home. Even if rates drop a little bit by the end of the year, we aren’t likely to see a dramatic change in affordability.

“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,” Channel noted. To put that in perspective, the national median mortgage payment rose by $318 year over year, and now sits at $2,162.

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:

1. 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.
2. 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.
3. 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.
4. 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.