Best mortgage lenders of December 2024
Published on December 01, 2024
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4 min read
Worawee Meepian/Getty Images; Illustration by Bankrate
You have many choices when shopping for a mortgage, from big banks to online lenders to local credit unions and more. We’ve researched and ranked the top lenders in terms of availability, affordability and borrower experience to help you choose. Here are our picks for best mortgage lenders in December 2024.
Learn more:
How we rate mortgage lenders
Best mortgage lenders
| Lender | Bankrate Score | Credit requirements | Down payment minimum |
|---|---|---|---|
| Bethpage Federal Credit Union | 4.9 | 620 for conventional loans, 500 for FHA loans | 3% for conventional loans, 3.5% for FHA loans |
| Veterans United Home Loans | 4.9 | 620 for conventional and VA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans |
| Cardinal Financial | 4.8 | 580 for conventional loans, 550 for FHA and VA loans, 580 for USDA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans |
| First Mortgage Direct | 4.8 | 620 for conventional loans, 580 for FHA and VA loans | 3% conventional loans, 3.5% for FHA loans, none for VA and USDA loans |
| New American Funding | 4.8 | 620 for conventional loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans |
| USAA | 4.8 | 620 for conventional loans, 640 for VA loans | 3% for conventional loans, none for VA loans |
| U.S. Bank | 4.8 | 620 for conventional loans, 740 for jumbo loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans |
| Wells Fargo | 4.8 | 620 for conventional loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans |
Bethpage Federal Credit Union
Learn more
in our Bankrate review
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- Availability: All U.S. states except Texas
- Loans offered: Conventional, jumbo, FHA
- Credit requirements: 620 for conventional loans, 500 for FHA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans
- Where to find: Branch locations and online
Veterans United Home Loans
Learn more
in our Bankrate review
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional and VA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
Cardinal Financial
Learn more
in our Bankrate review
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 580 for conventional loans, 550 for FHA and VA loans, 580 for USDA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
First Mortgage Direct
Learn more
in our Bankrate review
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- Availability: All. U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 580 for FHA and VA loans
- Down payment minimum: 3% conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Online
New American Funding
Learn more
in our Bankrate review
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- Availability: All U.S. states except Hawaii and New York
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
USAA
Learn more
in our Bankrate review
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, VA
- Credit requirements: 620 for conventional loans, 640 for VA loans
- Down payment minimum: 3% for conventional loans, none for VA loans
- Where to find: Branch locations and online
U.S. Bank
Learn more
in our Bankrate review
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 740 for jumbo loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
Wells Fargo
Learn more
in our Bankrate review
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
How to compare mortgage lenders
Your first step to finding the best mortgage lender is to comparison shop. Borrowers who do more upfront research tend to save more money than those who go with the first lender they find. It’s best to get quotes from three lenders, at minimum. Because rates fluctuate frequently, it’s also best to get these quotes on the same day.
As you compare loan estimates, look at the APR (annual percentage rate) and interest rate quoted by each lender. Consider what’s important to you as far as experience, too. For some, how fast a lender can turn around a preapproval letter or close a loan is critical. If you have specific needs or financing preferences — for example, you want an FHA loan — you might want to focus on the top mortgage lenders who specialize in those loans.
Once you determine what your needs and preferences are, get started by comparing mortgage rates.
Best mortgage lenders by category
- Best mortgage lenders for first-time homebuyers
- Best online mortgage lenders
- Best FHA mortgage lenders
- Best VA mortgage lenders
- Best jumbo mortgage lenders
- Best refinance mortgage lenders
- Best mortgage lenders for bad credit
- Best low-down payment mortgage lenders
- Best mortgage lenders with no origination fees
FAQ
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There are several types of mortgage loans: conventional conforming loans; jumbo loans; FHA, VA and USDA loans; and fixed- and adjustable-rate mortgages. Conventional loans, offered by private financial institutions, are ideal for borrowers with strong credit scores. Jumbo loans are for higher-priced homes that exceed Federal Housing Finance Agency borrowing limits. FHA, VA and USDA loans are either government-guaranteed or government-insured and designed for borrowers with lower credit scores and low or no down payment, military members (VA loans) or those buying in a rural area (USDA loans). Fixed-rate mortgages have the same interest rate for the life of the loan, while the rate on an adjustable-rate mortgage (ARM) can fluctuate.
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Before applying for a mortgage, it’s important to bolster your credit score and savings and have a clear understanding of how much you can afford and what type of loan would best fit your needs. In addition, gather documentation about your finances so you’re prepared to complete a mortgage application when the time comes. Once you’ve taken these initial steps, begin comparing mortgage lenders based on factors such as annual percentage rate (APR), fees and your overall experience. It’s best to get rate quotes from at least three different lenders. When you know which lender you want to work with, get preapproved so you can start house-hunting with financing in hand.
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The minimum down payment requirement varies based on loan type. If you qualify, you can obtain a 3 percent-down conventional loan, a 3.5 percent-down FHA loan or a no-down payment VA or USDA loan. If you want to avoid paying mortgage insurance, however, you’ll need to make a down payment of 20 percent.
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To determine the best mortgage lenders overall, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best mortgage lenders overall generally have a Bankrate Score of 4.8 stars or higher. Learn more about our methodology.
Andrew Dehan writes about home loans, real estate and personal finance. He's taken the NMLS Loan Originator education classes and passed the MLO SAFE test. Besides Bankrate, his work has been published by Rocket Mortgage, Forbes Advisor and Business Insider. He’s also a poet, musician and nature-lover. He lives in metro Detroit with his wife and children.
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