November 29, 2022

Best Mortgage Lenders of 2021

A house is likely the biggest purchase of your life, and you will need a mortgage to buy one, unless you are flush with cash. The best mortgage lender not only saves you money but also takes stress out of the homebuying process. This guide can help when you are ready to choose a mortgage lender.

What Are the Best Mortgage Lenders of 2021?

PNC Bank

3% Min. Down Payment
Not disclosed Min. Credit Score

Chase

3% Min. Down Payment
620 Min. Credit Score

McGlone

5% Min. Down Payment
Not disclosed Min. Credit Score

Lender

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3% Min. Down Payment
Not disclosed Min. Credit Score

Lender

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3% Min. Down Payment
620 Min. Credit Score

Lender

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5% Min. Down Payment
Not disclosed Min. Credit Score

Best for bad credit

Carrington Mortgage Services makes a range of mortgages, including refinancing, available to borrowers nationwide. The company, which provides conventional and government-backed mortgages, has funded $22 billion in home loans since 2011.

Before You Apply

  • Mortgage types: conventional, FHA, VA, USDA, ARM, Carrington Flexible Advantage, first-time buyers, refinancing
  • Minimum FICO credit score: 500
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • Applicants with credit scores as low as 500 are accepted for some products.

  • Conventional loans are offered with down payments as low as 3%.

See full profile

Best for product availability

Fairway Independent Mortgage Corp. is based in Madison, Wisconsin, and has funded billions of dollars in loans since the company began in 1996 – and more than $58 billion in 2020 alone. The lender offers several mortgage products, including conventional, Federal Housing Administration, U.S. Department of Agriculture, U.S. Department of Veterans Affairs and refinancing loans. Fairway Independent Mortgage also provides jumbo loans for home purchases in high-cost markets, renovation loans, adjustable-rate mortgages and reverse mortgages. Fairway is an independent mortgage company and serves as a mortgage broker and direct lender.

Before You Apply

  • Mortgage types: fixed rate, ARM, conventional, USDA/Rural Development, FHA, VA, jumbo, refinance, renovation, reverse mortgage
  • Minimum FICO credit score: 580
  • Maximum loan amount: undisclosed
  • Better Business Bureau rating: A+

Best Features

  • The selection of mortgages includes VA and USDA loans, which often have no down payment requirements.

  • The company has an A+ customer service rating with the Better Business Bureau.

  • Renovation loan options include the HomeStyle Renovation Loan, which combines the cost of remodeling and the mortgage into one loan.

See full profile

Best for consumers with credit scores between poor and good

NBKC Bank is a Kansas-based mortgage lender. It originates home loans in all 50 states.

Before You Apply

  • Mortgage types: conventional, fixed rate, ARM, FHA, refinance, VA, FHA Streamline Refinance, Refi Plus, VA Streamline Refinance
  • Minimum FICO credit score: 620
  • Maximum loan amount: Not disclosed
  • Better Business Bureau rating: A+

Best Features

  • Borrowers with fair credit may qualify.

  • It features a simple online application process.

  • VA loan borrowers aren’t charged lender fees.

See full profile

Best for product selection

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home renovation loans.

Before You Apply

  • Mortgage types: conventional, FHA, VA, USDA, ARM, refinancing, renovation, jumbo
  • Minimum FICO credit score: 620
  • Maximum loan amount: $2 million
  • Better Business Bureau rating: A+

Best Features

  • A broad range of mortgage products are offered.

  • Special mortgage programs for first-time buyers and manufactured homebuyers are available.

See full profile

Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans.

Before You Apply

  • Mortgage types: VA, VA jumbo, refinance
  • Minimum FICO credit score: 640
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • No down payment or PMI are required.

See full profile

Best online bank for customer service

Ally Bank is a Detroit-based online bank. Ally offers traditional banking products and services, such as conventional mortgages, as well as refinance loans and jumbo home loans.

Before You Apply

  • Mortgage types: fixed rate, ARM, home equity loans, refinancing, HomeReady for first-time homebuyers
  • Minimum FICO credit score: 620
  • Maximum loan amount: $4 million
  • Better Business Bureau rating: A+

Best Features

  • A program is available for first-time homebuyers.

  • Existing Ally customers can get a closing cost discount.

See full profile

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Before You Apply

  • Mortgage types: fixed rate, Affordable Loan Solution, FHA, VA, ARM, home equity line of credit, fixed-rate refinancing, FHA refinancing, VA refinancing, cash-out refinancing, adjustable-rate refinancing, jumbo
  • Minimum FICO credit score: Not disclosed
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • Bank of America has a wide variety of mortgage products.

  • The lender offers origination fee discounts for qualifying Bank of America and Merrill Lynch clients.

  • Home equity lines of credit have no annual, application or cash advance fees or closing costs.

  • Bank of America offers a first-time homebuyer program.

See full profile

Best for low down payment

PNC Bank is one of the largest U.S. banks, serving more than 8 million customers in all 50 states. PNC offers most types of mortgages.

Before You Apply

  • Mortgage types: fixed rate, FHA, VA, USDA, ARM, home equity line of credit, refinancing, medical professional mortgage program, jumbo, PNC Community
  • Minimum FICO credit score: Not disclosed
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Multiple types of mortgages are available.

  • Some mortgage options require no or low down payments.

  • PNC supplies an online home ownership cost tool.

See full profile

Best for no down payment

Alliant Credit Union is a nonprofit financial cooperative. The credit union serves customers in all 50 states. Mortgage products include conventional, jumbo and refinancing loans, and home equity lines of credit.

Before You Apply

  • Mortgage types: Traditional, ARM, refinancing, home equity line of credit, Alliant Advantage Mortgage
  • Minimum FICO credit score: 620
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • No-down-payment mortgages are available for first-time homebuyers with excellent credit.

  • Mortgages are available to borrowers with FICO credit scores as low as 620.

See full profile

What Are the Latest Mortgage Rates?

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.*

What Is a Mortgage?

A mortgage is a loan from a bank or other lender used to buy or refinance a home.

Mortgages are secured loans: The property acts as collateral as you repay the loan in monthly installments, including interest, usually over 15 to 30 years. If you fail to pay, the lender can foreclose on your home.

You don’t fully own your home until the mortgage is paid off. If you reach that milestone, you will need to check that the lien on your property was released by contacting your local secretary of state or county recorder of deeds. Your lender should also return the original promissory note to you.

U.S. News Survey: Vast Majority of Americans Hoping to Buy a Home Face Rising Prices

According to a new U.S. News survey of prospective homebuyers, 83.7% of respondents are facing significantly higher prices in the locations they are hoping to buy.

In today’s market, homes are scarce and prices keep rising. It’s the affordability of homes that’s more worrying to people, however, not the availability. The survey found that 37% of respondents are more concerned about finding a home they could afford, while 26.9% of respondents are more concerned about finding a home they liked. A large group of respondents (35%) are concerned about both affordability and availability.

To have a chance of successfully purchasing a property, many buyers are being proactive: 51.2% of respondents are saving to make an extra-large down payment, while 39.3% are getting preapproved for a mortgage so they can make an offer quickly.

Additional survey insights:

  • Almost two-thirds of respondents (64.9%) hope to spend $400,000 or less on their homes.
  • 48.2% of respondents are still waiting to make an offer on a home; 6.7% of respondents have had an offer rejected in the past month.
  • The most common reason that people are looking to buy a house (31.9%) is for personal or familial reasons.

For the vast majority of respondents, home prices have risen significantly in the area where they are looking to buy.

Respondents are most concerned about finding a home they can pay for.

Prospective homeowners are doing many things to prepare for their home purchases; almost two-thirds of respondents are saving for a down payment.

To give themselves a greater chance of successfully buying a home in today’s competitive market, more than half of respondents are saving to make a competitive offer with an extra-large down payment.

Of the prospective homebuyers surveyed, just less than half are still waiting to make an offer on a home.

Even though interest rates have been historically low recently, that was only the third-most-common reason why people are looking to buy a house. More people are moving for personal or familial reasons.

About an equal percentage of respondents plan to buy a home that costs $200,000 and under or a home between $200,001 and $400,000.

The most important factor when it comes to evaluating mortgage lenders is interest rates and fees.

  • U.S. News ran a nationwide survey through PureSpectrum Insights in May 2021 with a sample size of 1,304 people.
  • The survey was configured to be representative of the general American population.
  • The survey was screened to only include people who were planning to buy a home within the next year.
  • The survey asked eight questions relating to homebuying.

How Does the Mortgage Loan Process Work?

The mortgage process depends on whether you are purchasing or refinancing a home. Here are the basic steps to buying a house:

  • Submit your mortgage application. Most lenders offer an online application process for home loans. You will complete a full application and provide documentation to the lender.
  • Wait for your loan estimate, which the lender must provide you within three business days of receiving your application. This document will include your estimated interest rate, monthly payment and closing costs.
  • Schedule a home inspection as soon as possible to give you enough time to negotiate with the seller if the inspection reveals any problems.
  • Pay for and arrange a home appraisal. Your lender may offer an appraiser you can use.
  • Purchase homeowners insurance, which is required before your loan can be approved.
  • Sit tight during mortgage processing, which prepares your loan for underwriting. This is mostly a waiting period.
  • Start the underwriting process. Underwriters may use either automated or manual systems to approve or decline loans, which can take anywhere from a few days to a few weeks.
  • Review the closing disclosure, which you should receive at least three business days before you sign the mortgage documents. Be sure to compare the disclosure with the most recent loan estimate from your lender so you don’t miss any big changes.
  • Close the loan. This is when you and all the parties in the mortgage transaction sign the necessary documents. You will pay your down payment and closing costs.

How Does Mortgage Interest Work?

Your mortgage interest rate is the annual cost to finance your home, expressed as a percentage of the loan amount. A 3.11% interest rate on a mortgage means you will pay 3.11% of your loan’s balance in interest each year.

Mortgage interest rates can be fixed or adjustable.

Fixed rate: A fixed-rate mortgage keeps the same interest rate throughout the entire loan term, and your monthly mortgage payment stays the same. You don’t have to worry about costs going up, but you can’t benefit if market rates fall unless you refinance.

The monthly payments on a fixed-rate mortgage are typically higher than the initial monthly payments on an adjustable-rate mortgage because the lender can’t increase your interest rate later.

Adjustable rate: The interest rate on adjustable-rate mortgages can change over time, which means your monthly payments can rise or fall based on market rates. Adjustable-rate mortgage interest rates depend on a benchmark rate, such as the prime rate.

When benchmark rates go up or down, so does your interest rate – and your monthly mortgage payment. Adjustable-rate mortgages can make sense when you plan to sell or refinance your home before the rate increases, or if you expect market rates to decrease.

Whether a fixed-rate mortgage or an adjustable-rate mortgage is best can depend on your market conditions, your finances and how long you plan to keep your mortgage.

How Is Your Mortgage Interest Rate Determined?

Your mortgage rate is determined by a mix of factors linked to your risk as a borrower, your home and your loan, plus economic conditions. When lenders set your mortgage interest rate, they consider your:

  • Credit history.
  • Loan term.
  • Home price.
  • Down payment.
  • Interest rate type
  • Market rates.
  • Property type and use.

As you’re comparing mortgage offers, you should consider both the interest rate and the annual percentage rate, or APR. The interest rate is the cost of borrowing money each year, expressed as a percentage. The difference between the two is that the APR reflects your interest rate plus other charges, such as closing costs, discount points and origination fees.

Which Mortgage Is Best?

The right mortgage for you will depend on your finances, plans and preferences. Here are the common types of mortgages:

Nonconforming loans. These include government-backed loans and jumbo loans, which don’t meet Fannie and Freddie’s criteria for purchase. Jumbo loans exceed conforming loan limits and have stricter qualification standards because of the risk to lenders.

Conventional mortgages. These mortgages are not guaranteed by the federal government and are funded by private lenders. You’ll need a minimum credit score of 620, a low debt-to-income ratio and a down payment of at least 3% to qualify for a conventional loan. However, you will need to buy private mortgage insurance anytime your down payment is less than 20%.

Government-backed loans. These include Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture loans, which are less risky for lenders because the government agency insures the loan. You may have more success getting a government-backed loan if you can’t qualify for a conventional loan.

Most lenders require a credit score of at least 580 and a down payment of 3.5% for an FHA loan, but you could qualify with a credit score between 500 and 579 and a down payment of 10%.

The VA allows you to buy a home with no money down and sets no minimum credit score but requires a lender to review your full financial profile. You will need a Certificate of Eligibility, or COE, to show your lender that you qualify for the VA loan based on your service.

Most lenders require a credit score of 640 with no money down for USDA loans. You will need to meet income requirements and buy a home in eligible rural areas.

Fixed-rate mortgages. Interest rates and payments do not fluctuate with fixed-rate mortgages, which provides stability for budgeting. But if interest rates fall, you will have to refinance to take advantage of savings.

Adjustable-rate mortgages. These loans have interest rates and monthly payments that can rise and fall for the duration of the loan. An adjustable-rate mortgage has lower rates and payments early in the term compared with a fixed-rate mortgage, but rates can dramatically increase over the life of the loan.

Balloon mortgages. These home loans feature interest payments over a relatively short term of five to 10 years, after which a lump sum payment is made. The lower monthly payment compared with a traditional mortgage may appeal to a buyer who plans to sell or refinance before the balloon payment is due.

Which Mortgage Term Is Best?

The right mortgage term for you will depend on your financial goals and circumstances. Short-term mortgages will save on interest and build equity faster, but long-term mortgages are more affordable. Along with the length of your mortgage, you will need to select a fixed or adjustable rate.

Here is more about the most common mortgage terms to help you pick the best one:

30-year fixed-rate mortgage. This tends to be the most popular choice because monthly payments stay low over the loan’s life span.

15-year fixed-rate mortgage. This loan typically comes with a lower interest rate compared with a 30-year loan and even more interest savings because you pay it off in half the time.

5/1 adjustable-rate mortgage. Your initial rate is fixed for five years, and then the rate adjusts once a year until the loan is paid off. If you won’t be staying in a home long, this could be a good choice.

10/1 adjustable-rate mortgage. Your initial rate is fixed for 10 years, and then the rate adjusts once a year for the remainder of your loan term. If you plan to sell or refinance before the 10-year fixed period ends, this mortgage might work for you.

What Do Mortgage Lenders Consider When Reviewing Applications?

Mortgage lenders want to know the risk of lending you money. A lender will look at not only your credit score but also your income, down payment and other key factors when reviewing your application.

Credit score: Your credit score is a major factor, but the minimum credit score can vary by lender and loan program. A conventional loan typically requires a minimum FICO score of 620, but some programs allow you to qualify with a lower credit score. You may be able to qualify with a lower score if the lender uses manual underwriting for your application.

Home price and loan amount: The larger your mortgage, the greater the risk for the lender. Lenders limit risk by following government loan limits. If you want to buy a property that costs more than these limits, you can apply for a jumbo loan.

Down payment: Your down payment is the amount you pay upfront for the property, while the mortgage covers the rest. A larger down payment leads to a lower interest rate on your mortgage. You’ll be borrowing less money, so lenders are taking on less risk.

Loan term: The longer the length of your loan, the higher the interest rate may be.

Loan type: Government-backed loans typically charge lower rates than conventional loans, but FHA loans can be more expensive once you factor in other fees, such as mortgage insurance.

How to Apply for a Mortgage

Before you begin to browse homes, you should start the mortgage preapproval process. Some sellers only work with preapproved buyers, plus preapproval allows you to make an offer as soon as you find a place you love.

If you are ready to apply for a mortgage, here are the steps you will need to take:

1. Check and improve your credit. Review your credit history and fix problems with your credit report before you apply for a mortgage by contacting each of the three credit bureaus separately to dispute errors.

2. Gather documents. For your loan application, you will need pay stubs, tax returns and bank account statements.

3. Apply with a few lenders to allow for comparison shopping. Your credit score will not suffer as long as you contain this process to 45 days.

4. Compare offers. Each lender will provide you with a loan estimate showing your interest rate, monthly payment and other key details, such as closing costs.

5. Choose a lender. Select the best option after you have evaluated the features of each loan.

6. Respond promptly to requests during loan processing and underwriting. Expect questions and document requests.

7. Clear to close. The lender must send you the closing disclosure, which will show your final mortgage costs, at least three business days before your scheduled closing date. Compare the closing disclosure with your most recent loan estimate to check whether any fees have changed and, if so, why.

8. Close. Plan to pay your down payment and closing costs, which range from 2% to 5% of the purchase price. You will sign a heap of documents to complete your purchase. Congratulations!

How to Choose the Right Mortgage Lender for You

You can evaluate mortgage companies based on four key factors:

  • Interest rates. Interest can vary by lender and by product, so when you shop around and compare mortgage rates, you could find a better deal.
  • Closing costs. When you factor in closing costs, including application, appraisal and loan origination fees, the lender with the lowest rate may not offer the best overall mortgage costs. Compare costs between lenders using the APR.
  • Product offerings. Look for a lender that is licensed in your state with options that work for you, whether that’s a 30-year fixed-rate loan, a VA loan or something else.
  • Customer service reviews. Use customer service feedback to research lender performance. Lenders should not only offer great loan rates but also treat customers well.

What Can You Do if You Can’t Make Your Mortgage Payments?

If you’re in a tough financial position and can’t make your mortgage payments, you need to move quickly to protect your home. Whether the reason for your struggles is COVID-19 or something else, reach out to your lender right away to discuss your options if you can’t keep up with your mortgage payments.

COVID hardship forbearances are available for federally backed mortgages, which included Fannie Mae and Freddie Mac loans. If you don’t have a federally backed mortgage, you may still be able to skip mortgage payments under a forbearance or deferment agreement. You can also modify your loan to make monthly payments more manageable.

Mortgage Lending and the Coronavirus

Record-low interest rates and pandemic-related relocations have sparked a homebuying frenzy, despite tightened lending standards.

The minimum FICO score to buy a home in 2021 will depend on the type of mortgage you want. You will need a FICO credit score of at least 620 for a conventional loan and at least 580 for an FHA loan with a 3.5% down payment. Steady employment is also a key factor for lenders as the pandemic continues.

View More Best Mortgage Lenders

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgage and home equity products nationwide. Options include conventional, adjustable-rate, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Veterans Affairs loans. Caliber has been in business since 2008, and is focused on home lending products.

Before You Apply

  • Mortgage types: conventional, FHA, VA, USDA, ARM, refinancing, bond, renovation, Freddie Mac HomeOne, Freddie Mac Home Possible, Fannie Mae HomeReady
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A

Best Features

  • The first-time homebuyer program HomeOne can require a down payment of as little as 3% and borrowers may qualify with a minimum 620 credit score.

  • Government-insured loans including Federal Housing Administration, Veterans Affairs, and United States Department of Agriculture programs are available.

See full profile

Best for low costs

Chase, one of the nation’s largest banks, offers mortgages, refinance loans and home equity loans for qualified borrowers.

Before You Apply

  • Mortgage types offered: conventional, ARM, conforming, FHA, DreaMaker, VA, jumbo, refinancing
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Down payments as low as 3% are accepted.

  • Fixed- and adjustable-rate mortgages are available.

See full profile

Best for digital mortgages

LoanDepot is an online lender operating in all 50 states with more than 200 in-person branches. The company was founded in 2010 and is headquartered in Southern California. LoanDepot offers Federal Housing Administration and Department of Veterans Affairs loans, as well as home equity and refinancing loans.

Before You Apply

  • Mortgage types: refinance, jumbo, hybrid ARM, fixed rate, HARP, VA, FHA, 203k loan
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

  • The company offers a variety of mortgage products.

  • It’s licensed in all 50 states.

See full profile

Best for conventional mortgage

Citizens Bank is a regional bank based in Providence, Rhode Island. It offers traditional banking services and products, including home loans and mortgage refinance loans.

Before You Apply

  • Mortgage types: conventional, ARM, refinance, HELOC, jumbo, fixed rate
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: undisclosed
  • Better Business Bureau rating: A+

Best Features

  • Citizens Bank provides a homebuying service with rewards for borrowers in select states.

  • Homebuyers can get an interest rate discount for qualifying automatic payments.

  • Borrowers can apply online.

See full profile

Best for product range

CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products including conventional, government and specialty mortgages, like jumbo loans.

Before You Apply

  • Mortgage types: conventional, FHA, VA, USDA, jumbo, All in One Loan, 203K Renovation Loan, Fannie Mae HomeReady, Freddie Mac Home Possible, HomeFundIt, refinance
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Exclusive mortgage products include the HomeFundIt for crowdfunding a down payment.

  • The lender has a national presence with regional fulfillment and local support.

  • CMG Financial offers a mobile app.

See full profile

Best for fair credit

Flagstar offers banking and lending products in every state. Borrowers can select from conventional or government-backed mortgages, such as FHA, VA and U.S. Department of Agriculture loans, and opt for adjustable-rate mortgages. Other choices include home equity loans and lines of credit.

Before You Apply

  • Mortgage types: conventional, VA, ARM, FHA, USDA, jumbo, refinance, home equity
  • Minimum FICO credit score: Not disclosed
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Flagstar Bank provides a broad selection of mortgages and home equity loans.

  • Some mortgages require no or a low down payment.

  • Borrowers can apply for loans online.

See full profile

Best for digital customer care

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Before You Apply

  • Mortgage types: fixed rate, ARM, conventional, cash-out refinance, refinance, jumbo, FHA, VA, USDA, new construction, interest rate reduction refinance loan
  • Minimum FICO credit score: 640
  • Maximum loan amount: undisclosed
  • Better Business Bureau rating: A+

Best Features

  • Homebuyers can choose from a variety of mortgage products.

  • Home loans are available nationwide.

  • Down payment and closing cost assistance is available.

See full profile

Best for array of products

Founded in 1999, McGlone Mortgage Group is licensed in multiple states to offer purchase and refinance home loans. Headquartered in Appleton, Wisconsin, McGlone Mortgage Group offers many different mortgage options.

Before You Apply

  • Mortgage types: conventional, jumbo, FHA, VA, USDA, HomeReady, High Balance/Super Conforming, Energy Efficient Mortgage, FHA
  • Minimum FICO credit score: Not disclosed
  • Maximum loan amount: $2 million
  • Better Business Bureau rating: A+

Best Features

  • Varied loan options are available.

  • McGlone Mortgage Group offers mortgage calculators and other tools.

  • Co-signers are allowed for most loans.

See full profile

Best for government loans

Founded in 2008, PennyMac is a national mortgage lender with more than $402 billion in loans serviced. PennyMac offers a range of home loans, including conventional, Federal Housing Administration, Veterans Affairs and investment property mortgages.

Before You Apply

  • Mortgage types: conventional, FHA, VA, ARM, refinancing
  • Minimum FICO credit score: 620
  • Maximum loan amount: $765,600
  • Better Business Bureau rating: A+

Best Features

  • PennyMac accepts a 50% debt-to-income ratio for conventional loans in some instances.

  • Online capabilities include a 24/7 access center and email status updates.

See full profile

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.

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