Best Mortgage Lenders Of January in 2024

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Best Mortgage Lenders Of January in 2024

Best Mortgage Lenders Of January in 2024, There are different kinds of debts. A quick preapproval process is important to some mortgage lenders, while lower interest rates or lower closing costs may be important to others.

This list of the best mortgage lenders was made by comparing dozens of lenders. It will make it easier for you to shop around for a mortgage, whether you want to buy a house or find out if 2024 is a good year to refinance your current mortgage.

Chase

Chase is one of the best mortgage lenders because it has low interest rates, loan programs for people with small down payments, and close times that aren’t too long.

People with bad credit or no down payment can get a DreaMaker mortgage, which has flexible credit and income standards. This type of mortgage is designed for people on a budget. DreaMaker borrowers who are eligible may also get $500 after taking a course on how to buy a house.

Chase also gives qualified current Chase customers relationship discounts in the form of lower rates and lower processing fees. For instance, customers with Chase savings and investment accounts worth between $150,000 and $499,999 will get $500 off the mortgage processing fee. Processing fees will be cut by $1,500 for people who borrow at least $500,000. If you have at least $1 million in savings and investments at Chase, you can get a rate discount of up to 0.25%.

Flagstar Bank  Flagstar Bank

Flagstar Bank offers all the major mortgage options (conventional, jumbo, construction and government-backed loans) both online and at its branch locations in Indiana, Michigan, Ohio and Wisconsin.

The lender has low minimum credit score requirements for some of its loans, which is helpful for first-time home mortgage borrowersor people who are repairing their credit.

The lender also offers several discount programs, including discounts for borrowers whose employers have a relationship with Flagstar, incentives for returning customers and discounts for first responders, active military and veterans.

Available in All 50 States

Online application process available in all states; in-person branches also are available in four Midwestern states.

How to Apply

Flagstar Bank offers several ways for customers to get a mortgage. They can apply online or visit a lender in person. They can also visit a branch location in Indiana, Michigan, Ohio and Wisconsin.

Customer support hours, including for email, phone and online chat, are Monday through Friday, 7:30 a.m. to 9 p.m. ET and Saturday 8:30 a.m. to 6 p.m ET.

Speed

Preapproval time is less than three days. Their average closing time is 35 days, which is shorter than the industry average. In some cases, the closing can occur in as few as 11 days.

Credit Requirements 

Flagstar Bank has mortgage products with minimum credit score requirements of 620.
The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications. Alternative credit data takes into account credit information that’s not usually captured in the FICO score, such as utility bills, rent and cell phone payments.

Loan Types Offered

Flagstar Bank offers fixed and adjustable-rate (ARM) conventional and jumbo mortgages, FHA, VA and USDA loans. It also offers construction and renovation loans as well as specialty loans, which include loans for multiple properties and loans in high-cost areas. Home equity loans are available in limited areas. You can enter your ZIP code on the Flagstar website to find out if you qualify for a home equity loan.

Mr. Cooper Mr. Cooper

It is said that Mr. Cooper is one of the biggest non-bank mortgage providers in the country. Mr. Cooper’s main office is in Dallas, but he works in all 50 states and offers the usual mortgage types, such as conventional, large, FHA, and VA loans.

Once the loan is approved, Mr. Cooper gives customers a better digital experience through its customer monitor. Its Home Intelligence mobile app helps people handle their finances in general, not just their debt. The app tells users how much their home is worth, what the area is like, and how much equity they have in their home right now.

Another piece of technology that Mr. Cooper’s Digital Loan Tracker is meant to make is the home loan process more simplified, informative, and simple to understand. The tracker gives customers real-time dashboards to see the latest updates on the state of their applications. It also gives them a single way to send in documents, which makes the process more clear.

Available in All 50 States

Prospective borrowers from all 50 states can apply online—Mr. Cooper offers no brick-and-mortar locations.

How to Apply

The entire application process takes place online. Customer support by phone is available Monday through Thursday from 7 a.m. to 8 p.m. CT, Friday from 7 a.m. to 6 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT.

Speed

Preapproval takes less than 5 hours, while closing time is between 30 and 45 days.

Credit Requirements 

Mr. Cooper requires a minimum credit score of 620. For FHA borrowers, the requirement is 580.

Loan Types Offered

Mr. Cooper offers both mortgages for buyers and refinancers. The lender offers fixed and adjustable-rate conventional and jumbo mortgages, FHA loans and VA loans. It doesn’t offer USDA loans, home equity loans or HELOCs.

New American Funding New American Funding

Rick and Patty Arvielo started New American Funding in California. They want to help borrowers and have set a goal of giving $25 billion in home loans to Latinos by 2024. It also wants to close the income gap between black and white people by giving $20 billion in new mortgages to black people by 2028.

There is also a credit with no down payment from New American Funding. People who qualify can get an I Can mortgage, which is a variable loan with terms from eight to thirty years.

Credit Requirements 

New American Funding requires a minimum credit score of 580.

Loan Types Offered

30-year fixed-rate mortgage, USDA loan, conventional loan, FHA, I CAN mortgage

(allows you to customize your loan terms from 8 to 30 years), Buydown loan

(allows you to reduce your mortgage payment rate), VA loan, ARM, 15-year fixed-rate and reverse mortgage.

Bank of America

With its low down payment Affordable Loan Solution mortgage, Bank of America stands out. This mortgage only needs 3% down and doesn’t require mortgage insurance.

For borrowers who want to apply either online or in person, Bank of America has 4,300 financial centers in the U.S. and gives both options. It also has online mortgage options, such as the Bank of America Digital Mortgage Experience. Customers can use this to apply for jobs online, sign papers electronically, and lock in their rates online. People who want to borrow money can also talk to a loan expert online.

Bank of America has mortgage rates that are lower than normal, and you can apply in person or online, which is very convenient. Their Affordable Loan Solution mortgage has a low down payment of only 3% and doesn’t require mortgage insurance, which can save people hundreds of dollars a month.

Credit Requirements 

Bank of America requires a minimum credit score of 620.

The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications. Alternative credit data takes into account payments you make that are not traditionally included in credit reports. This can help borrowers who might not have a long credit history or had a prior bankruptcy show a good track record with on-time payments in areas that are not usually counted in traditional credit data.

Methodology

We looked at more than 50 mortgage companies from all over the U.S. who do business both online and in person. The lenders we looked at are some of the biggest mortgage lenders by volume. They are banks, credit unions, and online lenders. Lenders whose interest rates aren’t posted online for everyone to see can’t be reviewed.

Forbes Advisor rates home loan lenders based on factors that have a real effect on the cost of the mortgage. These factors include the requirements for borrowers to be eligible, the range of loan choices, and loan features that can affect the homebuying process.