To find the best mortgage lenders of 2025, Business Insider reviewed dozens of different types of lenders — big banks, online lenders, established companies and newcomers, lenders that specialize in certain types of loans and ones that offer something for everyone — to find the best ones for every type of borrower.
We looked for lenders that have low rates and affordable Rocket Mortgage: Best for refinancing
Current Mortgage Rates
Best Mortgage Lender Overall
Undisclosed
3%
Conforming, jumbo, FHA, VA, HELOC, Community Affordable Loan Solution, Physician Loans
- Variety of loan options
- Low average rates and fees
- If you're a Bank of America Preferred Rewards customer, you can get discounts
- Down payment assistance and affordable mortgage programs available
- Doesn't have a USDA or reverse mortgage, home equity loan, or construction loan
- Doesn’t disclose minimum credit score requirements
Bank of America is a very affordable mortgage lender, offering low rates and fees, plus a few different affordable homebuying programs for first-time and low-income borrowers.
Bank of America- Offers mortgages in all 50 US states and Washington, D.C.
- Minimum credit score and down payment displayed are for conforming mortgages
Bank of America is our favorite lender thanks to its affordability, range of loan options, and generous homebuyer assistance programs.
Low rates and fees
This lender's rates and closing costs are low compared to other lenders, according to origination fee.
Additionally, the lender's Community Affordable Loan Solution is an extremely affordable mortgage aimed at first-time homebuyers. It requires no down payment, closing costs, or mortgage insurance, and it has no minimum credit score requirement.
What to look out for: To qualify for Bank of America's Community Affordable Loan Solution, you'll need to live in a "designated market," which includes some historically Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. You'll also need to earn less than the program's income limits.
Bank of America doesn't disclose its minimum credit score requirements, so it's hard to know if you meet the lender's standards without applying.
Best Mortgage Lender for Low Rates
620
3%
Conforming, jumbo, FHA, VA, HELOC, HELOAN
- See personalized interest rates online before applying
- Quick preapproval
- Low average rates
- Get a conditional commitment letter in 24 hours
- May be able to get a loan with recent negative credit event
- Only available online
- No USDA mortgages, reverse mortgages, or construction loans
- Doesn't accept non-traditional credit
Better Mortgage is one of our best mortgage lenders. It offers a convenient online experience and lets you easily see personalized rates online. But Better's mortgage offerings are fairly basic.
Better Mortgage- Online-only mortgage lender
- Offers mortgages in every U.S. state and Washington, D.C.
- Minimum credit score and down payment displayed are for conforming mortgages
Really low average rates
Better Mortgage borrowers enjoyed significantly lower rates in 2023 compared to many other lenders we've reviewed, based on Business Insider's review of HMDA data.
Convenient online lender
In addition to its low rates, Better Mortgage offers features that make it a convenient option, including a tool that lets you compare rates based on your ZIP code and a quick online application process. Better's fees are also around average, so you shouldn't pay a lot in closing costs to get a good rate with this lender.
What to look out for: Better's loan offerings are relatively limited compared to some of the other lenders included on this list.
Best Mortgage Lender for Refinancing
620
3%
Conforming, jumbo, FHA, VA, ONE+, Purchase Plus, BorrowSmart Access, home equity loan
- Affordable mortgage programs
- Quick, user-friendly online experience
- Terms as short as eight years
- Offers mortgages in all 50 U.S. states and Washington, D.C.
- Can't apply in person
- No USDA loan, HELOC, reverse mortgage, or construction loan
- Can't apply with alternative credit data (like utility bills)
Rocket Mortgage, formerly known as Quicken Loans, is a strong lender in general and our "best overall" pick for the best mortgage refinance lenders. It's a great option if you're comfortable applying online and have a good credit score.
Rocket Mortgage- Minimum credit score and down payment displayed are for conforming mortgages
- Offers homes loans in all 50 U.S. states and Washington, D.C., but there are no physical branches
Refinance with terms between eight and 30 years
Rocket Mortgage offers a quick, easy online experience and has mortgages with terms as short as eight years. This makes it a particularly good choice for those who are refinancing, because you can pick the exact term length you need. Most lenders only offer a small number of term options, such as 15-year and 30-year refinances.
Assistance for first-time buyers and renters
We also think it's a great option for first-time homebuyers. Rocket's ONE+ mortgage combines a 1% down payment with a 2% grant from the lender, helping those who don't have a ton of cash saved for their down payment. The lender also has a area median income to qualify for a ONE+ mortgage. Rocket's rates and fees are around average compared to other lenders, according to HMDA data.
Best Mortgage Lender for Customer Service
620
3%
Conforming, jumbo, FHA, VA, USDA, construction, renovation, condo, reverse, DSCR, home equity loan, HELOC
- Has loan officers throughout the U.S.
- High customer satisfaction ratings
- FHA borrowers can get down payment and closing cost assistance
- No customized mortgage rates shown on the website
Movement Mortgage ranks high in customer satisfaction, has a wide range of mortgage offerings, and is a top USDA loan lender. But you can't see customized rates online.
Movement Mortgage- Offers mortgage rates in all 50 U.S. states and Washington, D.C.
- Minimum credit score and down payment displayed are for conforming mortgages
Stands out in customer satisfaction
While all of our top picks rank high in customer satisfaction, Movement Mortgage earned the number-two spot in J.D. Power's 2024 satisfaction study, and it has a 4.98 out of 5-star rating on its paid $23.7 million to settle allegations that it originated FHA and VA loans that didn't actually meet the government's requirements for these loans.
Best Mortgage Lender for Loan Options
620
3%
Conforming, jumbo, FHA, USDA, VA, reverse, renovation, manufactured, bridge, energy-efficient, doctor, 3-2-1 Home Plus, Payment Advantage, non-QM
- Offers many unique types of mortgages
- Has multiple types of down payment assistance
- Apply with rental payment history if you have no score
- Minimum credit score if 540 for FHA and USDA loans
- You'll need to have a loan officer contact you to start your application
- Can't see mortgage rates online
Guild Mortgage is our favorite lender for first-time homebuyers, thanks to its flexible credit requirements and easy online process. It offers a huge range of mortgages, making it a good option for many types of borrowers.
Guild Mortgage- Offers mortgages in every U.S. state except New York
- Show alternative credit data, such as utility bills, to help your application if you have no credit score
- Minimum credit score and down payment displayed are for conforming mortgages
Unmatched variety of loans to choose from
Guild Mortgage frequently ranks on our "best of" mortgage guides, thanks to its huge variety of mortgage offerings, which includes conventional loans, government-backed mortgages, reverse mortgages, renovation loans, physician loans, non-QM loans, home equity options, and more.
Qualify with rent history
Borrowers can get a mortgage from this lender using non-traditional credit, such as rent payment history, if they don't have a traditional credit score. Guild also offers a hybrid digital closing option.
What to look out for: Guild doesn't display any rates online, making it difficult to get an idea of exactly how affordable this lender is. In our review of the latest HMDA data, Guild's rates and fees were around average compared to other lenders. It also ranked low in J.D. Power's 2024 mortgage origination satisfaction study.
Best Mortgage Lender for Low Closing Costs
N/A
3%
Conforming, Smart Rate Adjustable Mortgage, jumbo, bridge loan, HELOC, home equity loan
- Low Cost Mortgages come with only $495 in closing costs
- Down payment assistance available
- Services all of its loans
- Low average rates
- Only available in 22 states and Washington, D.C.
- Only has physical branches in Ohio and Florida
- No government-backed mortgages
Third Federal Savings and Loan is a really unique mortgage lender that offers an impressive number of perks compared to other lenders we've reviewed.
Third Federal Savings and Loan- Available in California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Washington, D.C.
- Third Federal Savings and Loan doesn’t set a minimum credit score for its mortgages. In general, borrowers should aim to have a score of at least 620 to be considered for a conventional mortgage.
- Minimum down payment displayed is for conforming mortgages
Pay just $495 in closing costs
Third Federal Savings and Loan offers a wide range of unique benefits to its mortgage borrowers, including low down payment mortgages with no PMI and down payment assistance offerings. This lender also offers a Low Cost Mortgage option where you pay only $495 in closing costs — however, you will pay a slightly higher rate with this option.
Low rates
In our review of the latest HMDA data, we found that Third Federal had low average rates compared to other lenders.
Services all of its loans
Third Federal says it services all of its conforming loans, so you don't have to worry about being transferred to a new lender after your loan closes.
What to look out for: Third Federal is only available in California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, Washington, and Washington, D.C. Its only physical branches are in Ohio and Florida.
It also doesn't offer any government-backed mortgages.
Best Mortgage Lender for Non-Traditional Borrowers
N/A
3%
Conforming, FHA, VA, USDA, jumbo, renovation, buydown, manufactured, non-QM, home equity loan, HELOC, reverse
- Accepts non-traditional credit if you don’t have a credit score
- Many positive online customer reviews
- Offers a wide variety of mortgages
- Offers multiple forms of down payment assistance
- Doesn’t display rates online
- Ranks low in J.D. Power's 2024 customer satisfaction study
CrossCountry Mortgage is a very strong mortgage lender overall, particularly for borrowers looking for affordable mortgage options or those who might not qualify elsewhere. It accepts non-traditional credit (such as rent or utility payment history) from borrowers who have no credit score on some of its loans, and it doesn't set minimum credit scores on its products.
CrossCountry Mortgage Mortgages- Lends in all 50 states
- Minimum down payment displayed is for conforming mortgages. CrossCountry Mortgage does not set a minimum credit score
Mortgages for unique situations
CrossCountry Mortgage offers a wide range of mortgages, including more niche loan types for those in unique situations. In addition to its standard lineup, you can get manufactured home loans, foreign national loans, bank statement loans, and many other types of mortgages from this lender. Its CCM Smart Start and CCM Community Promise programs also offer down payment assistance for eligible borrowers.
Flexible credit requirements
CrossCountry doesn't set a minimum credit score on its loans, and it will let you apply for some of its loans with non-traditional credit (like your rent payment history) if you don't have a credit score.
What to look out for: CrossCountry Mortgage doesn't display any sample rates online. Through our review of HMDA data we found that this lender's rates and fees are around average.
To qualify for CCM Smart Start, you'll need to be a low-to-middle income first-time homebuyer. To qualify for CCM Community Promise, you'll need to live in an eligible metro area.
What Makes a Mortgage Lender the 'Best'
Since everyone's circumstances are different, the right lender for you might not be the same lender that's right for someone else.
In general, looking for lenders that have low average rates and fees while providing great customer service is a strong place to start.
Factors to Consider When Choosing a Mortgage Lender
As you shop for a mortgage lender, consider both the rates you're offered as well as other costs you'll pay, including lender fees or discount points. Think about what additional features are important to you, too, such as an easy online application or other digital tools.
Not every lender offers every type of mortgage. If you aren't sure what type is right for you, it might be worth talking to a USDA loan lenders
How to Apply With a Top Mortgage Lender
Preparing Your Documentation
Lenders will ask for many different appraisal to make sure the home is worth what you've agreed to pay for it, and underwriters will work to verify that you meet the lender's standards and can afford the loan. If all goes well, you'll receive final approval and be cleared to close.
Why You Should Trust Us: Our Expert Panel on Choosing the Best Mortgage Lender
To help you learn more about homebuying, mortgages, and lenders, four experts weighed in:
- Anthony Park, author of government-backed loans, and See our full ratings methodology for mortgage lenders »
FAQs
What is the best bank to get a mortgage?
Our top pick mortgage lender is Bank of America, but that doesn't mean it's the best bank for you to get a mortgage from. The best mortgage lender for you is the one that you qualify with that offers the type of mortgage you're looking for and can give you the best deal in terms of its interest rates and fees.
What lender has the lowest mortgage rates?
For the lender with the lowest mortgage rates, we recommend Better Mortgage based on its average rates in 2023, but you might find lower rates elsewhere depending on your individual financial situation. Take a look at Business Insider's daily mortgage rate updates to see the average mortgage rates for various term lengths.
Who is the No. 1 mortgage lender in America?
The largest mortgage lender in America in 2023 was Rocket Mortgage, closely followed by United Wholesale Mortgage, according to a Consumer Financial Protection Bureau analysis of Home Mortgage Disclosure Act data.
Is it better to go through a lender or bank?
Nonbank mortgage lenders sometimes are able to offer better rates because they have fewer operational costs compared to banks, but this isn't always the case. Banks also often offer benefits to existing customers who get a mortgage through them. Get preapproved with different types of lenders to see who can offer you the best overall deal.
Can I switch mortgage lenders if I find a better rate?
Yes, you can switch mortgage lenders before closing, and it may help you save if you find a better deal elsewhere. But this can cause closing delays or cost you money (if, for example, you need to get a new appraisal), so be sure to consider all the pros and cons.
