Best Mortgage Lenders

The best mortgage lenders have hard-to-beat interest rates, sure. But they also have flexible loan options and a smooth borrowing experience—no matter whether you’re applying online or in person.

We at LendEDU have evaluated dozens of mortgage lenders based on interest rates, loan options, customer experience, and borrower benefits. The result? A list of the best mortgage lenders, all broken out by category, to help you find the best fit. Here are our top picks for 2025. 

The best mortgage companies

Even the best mortgage lenders stand out for different reasons. Some advertise the lowest rates, while others pride themselves on fast approvals, customizable terms, or special programs for specific borrowers.

LendEDU analyzed top lenders to highlight the best options for different needs. Whether you want a quick, all-digital experience, a lender with military benefits, or a company with customizable loan terms, we’ve got you covered.

Here are our top picks:

• Best close-on-time guarantee: SoFi
• Best mortgage options: Rocket Mortgage
• Best for custom terms: Quicken Loans
• Best for military members: Navy Federal Credit Union

SoFi

Best Close-on-Time Guarantee

4.8 _/5

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Why it’s one of the best

SoFi is an excellent choice for homebuyers looking for a modern, tech-driven mortgage experience with added financial benefits. It offers competitive interest rates and flexible loan options, including jumbo loans, making it a strong choice for high-income borrowers. SoFi also provides exclusive member benefits, such as travel discounts, career coaching, and access to financial planning.A standout feature is SoFi’s close-on-time guarantee, which offers assurance that your loan will close as scheduled, adding peace of mind for homebuyers on a tight timeline. However, SoFi has a limited branch network, making it less ideal for those who prefer in-person service.

• Competitive interest rates
• Wide range of loan products, including jumbo loans
• Close-on-time guarantee for added confidence
• Exclusive member perks like financial planning and travel discounts
• Tech-driven platform with a seamless online experience

• No physical branch network for in-person support
• May have stricter eligibility requirements compared to some lenders

Loan types	Conventional, jumbo, FHA, VA
Repayment terms	10-, 15-, 20-, 30-year fixed

Rocket Mortgage

Best Mortgage Options

4.6 _/5

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Why it’s one of the best

Rocket Mortgage is one of the most well-known and popular mortgage lenders in the U.S., thanks to its 100% digital mortgage application process and a wide variety of loan options. It provides a streamlined experience for first-time buyers and seasoned homeowners looking to refinance.

Rocket Mortgage is known for its fast preapproval process, often providing loan decisions in minutes. It also offers unique programs, such as ONE+, which allows eligible borrowers to put down just 1% while receiving a 2% grant toward their down payment. Its HomeReady and BorrowSmart programs help make homeownership more accessible for those with lower income or credit scores. However, higher fees and inconsistent customer service experiences are common drawbacks. While the digital application is user-friendly, some borrowers may find that personalized support varies depending on their loan officer.

• Digital, user-friendly application process
• Quick preapproval and fast closings
• Unique loan programs such as ONE+, HomeReady, and BorrowSmart
• Offers FHA, VA, and jumbo loans for a variety of borrowers

• Higher fees compared to some competitors
• Customer service quality can be inconsistent

Loan types	Fixed, ONE+, HomeReady, BorrowSmart, Purchase Plus, FHA, VA, adjustable, jumbo, refinance
Repayment terms	Up to 30 years

Quicken Loans

Best for Custom Terms

4.4 _/5

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Why it’s one of the best

Quicken Loans is a mortgage marketplace owned by Rocket Mortgage. It helps borrowers compare home loan options from multiple lenders. Unlike direct lenders, Quicken Loans connects homebuyers with mortgage solutions tailored to their needs, offering access to a wide range of loan types and repayment terms.

A major advantage of using Quicken Loans is its flexibility in loan terms. This feature allows borrowers to customize their repayment period beyond the standard 15- or 30-year options. This feature benefits those who want a shorter payoff period or need to reduce monthly payments with a longer term.

While Quicken Loans offers a streamlined digital experience, it’s important to note that the actual loan terms, rates, and fees depend on the lender you select. Some borrowers may find the fees higher than competitors, and customer service quality can vary depending on the lender you work with.

• Acts as a marketplace, connecting borrowers with multiple lenders
• Customizable loan terms beyond standard options
• Easy-to-use online platform for comparing loan options

• Higher fees than some direct lenders
• Customer service experience depends on the lender selected

Loan types	Fixed, adjustable, FHA, VA, jumbo, custom term, refinance
Repayment terms	8- to 30-year terms (varies by lender)

Navy Federal Credit Union

Best for Military Members

4.2 _/5

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Why it’s one of the best

Navy Federal Credit Union is an excellent choice for military members, veterans, and their families. It offers home loans with exclusive perks and lower costs. Unlike many conventional lenders, Navy Federal does not require private mortgage insurance (PMI) on certain loans, helping borrowers save on monthly payments.

It also offers a Rate Match Guarantee, ensuring that if borrowers find a lower rate elsewhere, Navy Federal will match it. Another standout feature is its No-Refi Rate Drop program, which allows borrowers to lower their mortgage rate without refinancing if rates drop within a specific time frame.

However, eligibility is limited to military members, veterans, and their families, meaning it’s not an option for the general public. Customer service experiences can vary depending on the location and availability of representatives.

• No PMI is required on certain loans
• Rate Match Guarantee ensures competitive rates
• No-Refi Rate Drop program helps borrowers take advantage of falling rates
• Variety of loan products designed for military families

• Only available to military members, veterans, and their families
• Customer service quality can vary by location

Loan types	VA, Military Choice, fixed, Homebuyers Choice, adjustable, jumbo, refinance
Repayment terms	10 – 30 years

How does a mortgage work?

A mortgage is a loan you take out to buy a home. Instead of paying the full price upfront, you borrow from a lender and pay it back over several years (commonly 15 to 30). The lender charges interest, which is the cost of borrowing the money.

There are at least 15 types of mortgages, but five of the most common are:

• Conventional loans. The most popular type, these typically require at least 3% to 5% down and good credit.
• FHA loans. Backed by the government, these often have lower credit score requirements than conventional loans and allow down payments as low as 3.5%.
• VA loans. Available to military members and veterans, these typically require no down payment or mortgage insurance.
• USDA loans. These loans are for income-eligible people who want to buy homes in certain rural areas. 
• Jumbo loans. For expensive homes that exceed standard loan limits. These usually require strong credit and larger down payments.

No matter which loan type you choose, you’ll generally follow these steps to apply for (and pay off) a mortgage: 

1. Before house shopping, you’ll want to check what you can borrow. You can do this by getting prequalified or preapproved. Prequalification doesn’t hurt your credit and requires only basic information. A preapproval is more formal and gives sellers confidence in your offer. 
2. House hunt and make an offer. Once you find a home, make an offer. If the seller accepts, you’ll move to the next steps.
3. Apply for your mortgage and wait for approval. This is where you’ll submit a full application and financial documents, including tax returns, pay stubs, and credit info. The lender verifies everything (through a process called “underwriting”) before giving final approval.
4. Close on your home. If approved, you sign the paperwork, pay closing costs, and take official ownership of the home.
5. Repay your loan. Once you close, you’ll make monthly mortgage payments that consist of the loan principal, interest, property taxes, and homeowners insurance. Most mortgages are amortized, so early payments go mostly toward interest, while later payments reduce more of the loan balance. As a result, it can take a while to build home equity.

When you prequalify with a lender, remember: Just because you’re approved for a mortgage up to a certain amount doesn’t mean you can afford a house at that price. Be sure to consider what your actual mortgage payments would be, including taxes and insurance, and make sure this fits comfortably in your budget.

Who has the best mortgage rates?

The best mortgage rate doesn’t solely depend on where you shop. Your financial profile is also a huge factor. Lenders set their rates based on your credit score, loan type, down payment, and more. These can influence who has the best rates. 

That said, where you shop makes a difference.

• Online lenders often have some of the lowest rates. They don’t have the same overhead costs as brick-and-mortar lenders, so they can afford to be more competitive.
• Local banks and credit unions can also be worth a look as you comparison shop. Some offer discounts to current customers or special rates for first-time homebuyers. Plus, you may get access to a loan officer you can meet face to face.

Another factor that can influence interest rates is whether you choose to go with a fixed-rate or adjustable-rate mortgage (ARM).

• A fixed-rate mortgage locks in your interest rate, so you have the same monthly payment the entire time. 
• An adjustable-rate mortgage starts with a lower fixed rate for maybe five, seven, or 10 years. After that, the rate adjusts every six months or year based on market conditions. If rates drop, your monthly payment could go down. But if they rise, your payments could go up.

Around 92% of borrowers have fixed-rate mortgages, according to the Federal Reserve Bank of St. Louis. They’re often a safer bet if you plan to stay in your home for a while. 

However, ARMs typically start at a lower interest rate than fixed-rate mortgages. (This is one way lenders make them appear more appealing.) This lower initial rate could work in your favor if you plan to sell before the fixed-rate period ends. 

For example, if you take a five-year ARM and sell after three years, you could lock in a lower rate without worrying about future adjustments. But it might backfire if your plans change and interest rates increase. 

How to qualify for the lowest mortgage rates

Lenders don’t hand out the best rates to just anyone. The lowest mortgage rates go to borrowers who are financially stable and low-risk. Here’s what that means:

A high credit score

Lenders reward strong credit scores with lower rates. If yours is in the mid-700s or higher, you’ll likely qualify for the best rates a lender offers. Lower credit scores signal more risk, so lenders usually bump up the rate to protect themselves.

A low debt-to-income ratio (DTI)

Lenders want to see that you’re not drowning in debt. Your DTI is the percentage of your income that goes toward monthly debt payments, including credit cards, car loans, and student loans. A DTI under 36% is ideal, but some lenders accept up to 50%.

A bigger down payment

The more you put down, the less risk the lender takes on. So a larger down payment may get you a lower interest rate. For instance, a 20% down payment might help you qualify for the lowest rates and avoid private mortgage insurance (PMI). 

Shop around

Even if you check all the boxes, you won’t know your best rate until you compare offers. Since mortgage rates vary so much between lenders, aim for at least three quotes. Then you can choose which one will save you the most money over time.

If your finances aren’t quite where they need to be, that’s OK. These tips are generally what you need to do to get the best rates—not get approved, period. If you have time, focus on improving your credit, lowering debt, or saving more for a down payment before you apply.

If a client is looking to purchase a home, I suggest reviewing their current credit report to ensure the information is accurate and that no negative or inaccurate information is reported. If they can easily pay off loan or credit card balances, this can help reduce their debt-to-income ratio. Finally, I recommend they avoid taking out any additional debt until the mortgage is secured.

Additional mortgage costs to know

Your interest rate isn’t the only factor that affects how much you’ll pay for a mortgage. There are other costs (some upfront, some ongoing) that can add to the total price of your loan. Here are a few to know about:

Closing costs

When you finalize your mortgage, you’ll pay closing costs, which typically run 2% to 5% of the loan amount. These costs are on top of your down payment. They often cover a home appraisal, title search, and lender fees. Some lenders offer “no-closing-cost” mortgages, but you’ll usually pay a higher interest rate instead.

Private mortgage insurance (PMI)

If you put less than 20% down on a conventional loan, your lender will likely require PMI. This protects them if you stop making payments. PMI can add 0.5% to 6% of your loan amount per year to your costs. The exact percentage depends on your credit score, loan details, and down payment size.

If you have a conventional mortgage, you can request to have PMI removed once you reach 20% equity. It may automatically fall off after you have 22% equity. 

Property taxes and homeowners insurance

Your lender may collect property taxes and insurance payments as part of your mortgage and hold them in escrow. These costs vary by location and home value but could be thousands per year. For instance, the average property tax payment in the U.S. was $1,815 per year, according to the latest data from the Tax Foundation. 

Tip

Requesting a loan estimate is the best way to know what extra costs you’ll have. This document gives a full breakdown of your loan terms, projected payments (with and without mortgage insurance), and estimated closing costs. Review this sample loan estimate for more details. 

How to choose the best place to get a mortgage

If any of the best mortgage lenders we’ve vetted feel like a good fit, consider starting your search there. You can also use these tips to narrow down your options: 

Get prequalified or preapproved

Many lenders will let you prequalify for a mortgage on their website in just a few minutes. It’s a quick way to see what you might qualify for without hurting your credit. Start by getting prequalified with at least three lenders to see your options. 

Once you’re serious about buying, get preapproved. This involves a deeper financial check but gives you a firm loan offer.

Compare loan estimates

Once you’re preapproved, ask for loan estimates from multiple lenders. Remember, these documents break down your rate, monthly payment, and closing costs. They allow you to see exactly what you’ll pay in all, which can be helpful when comparing loans.

In addition to interest rates, I encourage clients to consider closing costs, particularly origination fees. In some cases, the difference in closing costs between lenders can be more significant than a small difference in interest rates.

Check the lender’s reputation

A low rate won’t help if your lender is slow or unresponsive. After all, this could be a company you’re with for years if the lender is also your loan servicer. 

Look at online reviews, customer service ratings, and the lender’s track record for closing on time. These factors will help you gauge how reliable it might be for the long haul. If a lender has a history of delays or unhelpful customer service, it might not be worth the headache.

Ask the right questions

If you’re stumped on how to evaluate lenders, going through these questions can help. Don’t be afraid to ask: 

• What types of loans do you offer? 
• Do you have any special loan programs for first-time/low-income/rural/veteran/Native American homebuyers? (Pick the ones that apply to you.)
• What’s the minimum credit score required? 
• What are your current mortgage rates? 
• Can I lock in my interest rate? If so, for how long? 
• How much will I need for a down payment? 
• What fees do you charge? 
• How long does it take to close?
• Will you service my loan after closing, or will it be transferred?

FAQ

Is it better go to through a lender or a bank for a mortgage?

It depends on your financial situation and priorities. Banks typically offer mortgages to current customers with competitive rates but may have stricter lending criteria. Mortgage lenders, including online and non-bank lenders, often provide more flexible requirements, a wider range of loan products, and potentially faster approval times. 

Shopping around and comparing rates, fees, and customer service can help you decide which option is best for you.

What is the most popular mortgage loan?

The 30-year fixed-rate mortgage is the most popular home loan in the U.S. because it offers predictable monthly payments over a long period, making homeownership more affordable. Other popular options include 15-year fixed-rate mortgages, which help borrowers pay off their loans faster with lower overall interest costs, and FHA loans, which are favored by first-time homebuyers due to lower down payment requirements.

What is the hardest home loan to get?

Jumbo loans and no-doc (stated income) mortgages are among the hardest to qualify for. Jumbo loans exceed conventional loan limits set by Fannie Mae and Freddie Mac, requiring high credit scores, large down payments, and significant income verification.

No-doc or bank statement loans are designed for self-employed borrowers and those with unconventional income sources. However, due to increased lender risk, they typically require higher credit scores and down payments. Other challenging mortgages include construction loans and investment property loans, both of which require strong financials and a solid credit history.

Where do I find the current mortgage rates?

You can check current mortgage rates through the Federal Reserve and Freddie Mac. Many banks, credit unions, and mortgage lenders also post daily rate updates on their websites. Since mortgage rates fluctuate based on market conditions, it’s best to compare multiple sources and request personalized quotes from lenders.

How we chose the best mortgage lenders in 2025

Since 2019, LendEDU has evaluated mortgage companies to help readers find the best mortgages. Our latest analysis reviewed 228 data points from 12 lenders and financial institutions, with 19 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These data points are organized into broader categories, which our editorial team weights and scores based on their relative importance to readers. These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Higher star ratings are ultimately awarded to companies that create an excellent borrower experience. This includes offering online eligibility checks, cost transparency, competitive interest rates with minimal fees, flexible repayment plans, and unique benefits that support borrowers throughout repayment.

Recap of the best mortgage companies