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Today's 30 Year fixed purchase rate
6.064%
APR
0.055%
1 day change
0.970%
90 day change
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Best Mortgage Lenders of June 2022
Save with today's low rates
Comparing different mortgage loans can help you get the most current rates. Check our leading mortgage lenders to find the best home loan for purchase or investment today.
Best Mortgage Lenders of June 2022
Comparing different mortgage loans can help you get the most current rates. Check our leading mortgage lenders to find the best home loan for purchase or investment today.
Best Mortgage Lenders of June 2022
1
Low Rates
7.6
Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 4,070 Reviews
3.9
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Digital-only mortgage platform
  • Loans customized to your needs
  • Fast Streamlined Application
  • Millions of satisfied borrowers
2
6.1
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 767 Reviews
3.3
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Free comparison tool
  • No sign-up requirement
  • Cross-section of top lenders
  • Compare rates from many top lenders
3
6.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Works specifically with VA loans
  • Get discounts for past service
  • No minimum credit score
4
6.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Displays latest rates on home page
  • Lets you compare and pre-qualify to multiple lenders
  • User-friendly and transparent website
5
7.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Quick and easy comparison tool
  • A+ rating from Better Business Bureau
  • No maximum loan amount
Looking to refinance your mortgage?
1
Low Rates
  • Digital lender with strong reputation
  • Variety of closing cost options
  • Get pre-qualified in 3 minutes
  • View rates without hard credit pull
2
  • America’s largest mortgage lender
  • 24/7 online mortgage portal
  • Award-winning client service
  • Real-time updates on loan progress
3
  • Trusted independent mortgage lender
  • Customizable loan options
  • Flexible repayment terms
  • Competitive refinance interest rates
Current Mortgage Rates for June 2022
Average Rate
Today
Average Rate
3 Months Ago
Purchase
30-year fixed
6.064%
5.094%
Purchase
15-year fixed
4.796%
3.766%
Refinance
30-year fixed
5.739%
4.693%
Refinance
15-year fixed
4.794%
3.758%
880,182
people have compared mortgage lenders with
Editorial Reviews
Rocket mortgage
Read Review
Bankrate
Read Review
VA Rate Guide
Read Review
RateZip
Read Review
AmeriValue
Read Review
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Comparing the Top Mortgage Lenders

Whether you’re a first-time buyer or you’ve done this before, purchasing a new home is always a complex process. Getting a mortgage can be particularly challenging given the costs, fees, and paperwork involved. The purpose of this website is to help you understand how to get a mortgage for your home purchase and compare the best mortgage lenders. We’ll tell you everything you need to know about the mortgage lending market so you don’t have to go to the trouble of researching it yourself.

Types of Mortgages

Conventional Home Loans

The most common form of mortgage is a conventional mortgage, also known as a conforming loan. This type of home loans involves two parties: the borrower (you) and the lender. Most lenders require at least a 20% down payment on a conventional mortgage, e.g., if the home costs $300,000, the lender requires at least a $60,000 down payment and loans out the remaining $240,000. In recent years, an increasing number of lenders have begun offering low down payment mortgages with minimum down payment of as little as 3%.

Jumbo Loans

Jumbo loans are loans that exceed the legal conforming loan limits set by the Federal Housing Finance Agency (FHFA). Because jumbo loans involve more money and therefore greater risk to the lender, they typically have stricter qualifying requirements. In 2021, the maximum conforming loan limit at $548,250 in most U.S. counties, meaning any loan above that amount is considered a jumbo loan. The limit is higher in some counties with higher property prices, going as high as $822,375 in America’s most expensive counties – namely the greater New York, Washington, D.C., San Francisco, and Los Angeles areas, the entire states of Alaska and Hawaii, and a handful of wealthy small towns in various states. If you’re buying in Dallas or St Louis, to give two examples, a jumbo loan is anything above $548,250; but if you’re buying in Los Angeles or an exclusive ski town like Aspen, Colorado, a jumbo limit is anything above $822,375.

FHA Loans

This is a government-backed loan administered by the Federal Housing Administration for buyers with poor credit or little money for a down payment. FHA loans come in two forms: 3.5% down payment for borrowers with credit of 580-619, or 10% down payment for borrowers with 500-579 credit. The one catch with FHA loans is that it requires monthly private mortgage insurance (PMI), which you can stop paying once you reach 20% equity. Many, but not all, mortgage lenders offer FHA loans. Most lenders only offer FHA loans to borrowers with credit of 580+ or 600+, but a handful serve borrowers with as little as 500 credit. Therefore, if you have poor credit, it pays to shop around for FHA loans.

VA Loans

VA loans are a government-backed loan administered by the Department of Veteran Affairs. The minimum credit requirement for a VA loan is usually 620+, the same as a conventional loan, but the big prize here is the down payment requirement or rather the lack of one. That’s right: VA loans don’t require any down payment, so you can take out a loan for the full value of the property. The following people may apply for a VA loan: veterans who have served at least 90 consecutive days of active service in wartime or 181 days of active service in peacetime; members of the National Guard and Reserve who have served at least 6 years; and spouses of veterans who died in the line of duty or as a consequence of a service-related injury.

USDA Loans

Like other government-backed loans, lenders may only offer USDA loans to borrowers who meet the qualifying requirements – in this case, the main requirement is purchasing in a rural or semi-rural area. USDA mortgages require no down payment but do require monthly PMI until you reach 20% equity.

Types of Rates

Fixed-Rate Mortgages

Fixed-rate mortgages are the most common type of mortgage, especially among first-time home buyers. As the name suggests, fixed-rate mortgages are mortgages with fixed rates for the entire duration of the loan. When you take a fixed-rate mortgage, you pay more in year one than you would with an adjustable-rate mortgage. However, you protect yourself from the risk of having to pay a higher rate and higher monthly installments later in life. Given that interest rates are close to all-time lows in 2021, the only direction that rates can realistically go from here is upward – which is why locking in a fixed-rate mortgage is currently a better option than betting on an adjustable rate.

Adjustable-Rate Mortgages

Adjustable-rate mortgages, also known as ARMs or variable-rate mortgages, carry higher risk and higher reward than fixed rates. An ARM is always cheaper than a fixed-rate mortgage in year one, but it carries the risk of higher interest rates in the long-term. ARMs have two components: the number of years the initial rate gets locked in for; and the intervals at which rates get updated. Most lenders offer ARMs of 3/1, 5/1, 7/1, or 10/1. A 3/1 ARM refers to an ARM with a fixed rate for the first three years and a rate update every year after that. The shorter your fixed period, the better your introductory rate (and the riskier the loan). Because of their unpredictable nature, ARMs are best for borrowers with high risk appetite or borrowers who plan on selling the home or paying off the mortgage early.

Average Mortgage Rates for Purchase Loans

Each lender sets its own mortgage rates, with some updating rates on a daily basis. Of course, the market in which the lenders operate is the same for everyone, and all lenders are influenced by the Federal Reserve’s benchmark interest rate, so all lenders tend to fall within a certain range at any given time.

As of April 1 2021, the average mortgage rates were:

  • 3.18% for a 30-year fixed-rate mortgage
  • 2.45% for a 15-year fixed rate mortgage
  • 2.84% for a 5/1 adjustable-rate mortgage

How to Apply for a Mortgage

Whenever a lender provides a mortgage loan to a borrower, they take on a certain amount of risk because there is never a 100% guarantee that the borrower will have the ability to pay back the entire loan. The best protection for the lender is the property itself, which the lender can seize or foreclose if the borrower defaults on payments. The other way lenders protect themselves is by running a background check on the borrower.

When assessing a borrower, the lender is likely to take into account credit score, income, expenses, and the size of the down payment. In order to run an assessment, your lender is likely to ask for the following:

  • Social security number
  • Recent pay stubs
  • W-2s or I-9 from the past two years
  • Proof of other sources of income
  • Federal tax returns
  • Recent bank statements
  • Details of other debts, e.g., auto loans or student loans

Our Top Mortgage Lenders

#1
View Rates
Pros
  • Digital-only mortgage platform
  • Loans customized to your needs
Cons
  • Only cash-out refinance option is available
  • No physical branches
One thing makes Rocket Mortgage stand out from all other mortgage lenders: speed. Some lenders might be able to offer you better rates, others might offer great customer service, but few come close to matching Rocket for speed. This might seem like a small thing, but speed is important in the mortgage industry. Getting stuck with a time-consuming mortgage application and not even knowing whether you’ll get approved can be costly in terms of both time and energy. With Rocket, you know where you stand within a few minutes of applying and you can save time by having all your documentation verified automatically.
#2
View Rates
Pros
  • Free comparison tool
  • No need to enter personal details
  • Gives you an overview of the market
Cons
  • Bankrate is not a lender
  • Bankrate works with a cross-section of lenders – but not with all lenders
  • No customer support
Although its lender network isn’t the most extensive, Bankrate is a useful comparison tool for the simple reason that it works with a cross-section of some of the top lenders in the mortgage industry. The fact that Bankrate doesn’t require contact details is a big plus because it allows you to compare lenders without the hassle of having your phone ring off the hook from advertisers.
#3
View Rates
Pros
  • Lets you quickly scan the VA loan market
  • Results in your inbox instantly
  • No SSN or hard credit query
Cons
  • Expect to receive lots of phone calls
  • Not a licensed broker or lender
VA Rate Guide is a free loan matching service specializing in VA loans and other types of mortgage loans. Its huge network of lenders (numbering in the hundreds) includes specialist VA lenders and large national lenders. After you complete the short online form, VA Rate Guide quickly scans its network and connects you to the top VA and mortgage lenders.

What to Look for When Comparing Mortgages

APR

The monthly payments on a mortgage comprise principal, as in the amount remaining on your loan, and interest, as in the money the lender collects for providing the loan. Your APR, or annual percentage rate, consists of the interest rate plus certain other lender fees. The lower the interest rate / APR, the lower your monthly payments to the lender.

Terms

The repayment term, or loan duration, is another important factor when comparing mortgages. The typical repayment term is 15-30 years although some lenders offer mortgages with terms as short as eight years. There is no right or wrong when it comes to repayment terms; what’s best for you depends largely on how much you can afford to pay each month. The shorter the term, the higher your monthly payments but the less you’ll pay in interest over the life of the loan. The longer the term, the lower your monthly payments but the more you’ll pay your lender in the long run.

Closing costs

Closing costs are the fees and charges owed to the lender when the loan begins and usually range from 2-6% of the loan value. Therefore, if you take out a $300,000 loan and your closing costs are 3%, this means you’ll pay the lender $9,000 in upfront fees. Closing costs may include origination fees, property appraisal, title fees, taxes, and various other costs – some of which go directly to the lender and some which the lender collects on behalf of third parties. Closing costs vary from lender to lender, so knowing each lender’s approximate closing costs can assist you in doing a proper comparison.

Ease of application

Gone are the days when you had to walk into a physical branch to apply for a mortgage. These days, the best mortgage lenders let you apply online, sometimes through a fully automated online mortgage platform and other times with phone assistance from a loan agent. If convenience is important to you, then keep an eye out for digital-friendly lenders.

Transparency

Customer service is always important, but even more so when we’re talking about six-figure deals. Always search for a lender that’s transparent about rates and fees, open about the requirements, and has good reviews. Be suspicious of lenders that hide or make it difficult to find important information.