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Today's 30 Year fixed purchase rate
6.394%
APR
0.496%
1 day change
0.056%
90 day change
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2022’s Best Mortgage Lenders
Lock-in before the interest rates increase
Comparing different mortgage loans can help ensure you are getting the most current rates. Compare our leading mortgage lenders today to find a home loan for purchase or investment
2022’s Best Mortgage Lenders
Comparing different mortgage loans can help ensure you are getting the most current rates. Compare our leading mortgage lenders today to find a home loan for purchase or investment
Best Mortgage Lenders of December 2022
1
Low Rates
9.8
Outstanding
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).
Based on 19,570 Reviews
4.6
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).
  • America’s largest mortgage lender
  • Award-winning customer service
  • Real-time updates on loan progress
  • Custom loans to suit your goals
  • Fast online application process
2
8.8
Very Good
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).
Based on 10,291 Reviews
4.3
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).
  • Digital lender with strong reputation
  • Variety of closing cost options
  • Get pre-qualified in 3 minutes
  • View rates without hard credit pull
3
8.0
Very Good
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).
Based on 9,515 Reviews
4.9
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).
  • Top-rated VA refinance lender
  • Free expert advice from Veterans
  • Loan agents operate 24/7
  • Favorable VA loan interest rates
4
7.0
Fair
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).
Based on 86 Reviews
3.2
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).
  • Independent mortgage lender
  • Customizable loan options
  • Flexible repayment terms
  • Competitive interest rates
5
7.7
Good
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).
Based on 12,293 Reviews
4.5
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).
  • USA`s largest mortgage marketplace
  • Compare mortgage rates
  • One application, multiple offers
  • Prequalify without affecting credit score
6
7.0
Fair
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).
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).
  • Make a cash offer on your home
  • Flexible term lengths
  • Diverse range of loan products
  • Option to move in before loan is finalized
  • Close quickly with its cash offer program
  • 580 minimum credit score
  • Easy application process
7
7.4
Fair
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).
Based on 4,238 Reviews
3.8
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
  • Home loan experts available 24/7
8
7.5
Good
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).
Based on 5,289 Reviews
4.7
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).
  • Aids you make better borrowing decisions
  • Compare loan offers at multiple lenders fast
  • Generate a preapproval letter instantly
  • Licensed loan experts when you need them
9
7.0
Fair
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).
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).
  • Best place to compare VA loans
  • Network of 270+ VA lenders
  • Loads of useful information about VA loans
  • Compare multiple lenders to find lowest rates
10
7.0
Fair
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).
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
  • No SSN or hard credit query
Looking to refinance your mortgage?
1
Low Rates
  • Custom rate quote in < 3 minutes
  • Custom quote no SSN, no impact to credit
  • Low refinance rates + cashout refi option
  • 24/7 100% online application
2
  • America’s largest mortgage lender
  • 24/7 online mortgage portal
  • Award-winning client service
  • Real-time updates on loan progress
3
  • Digital-only mortgage platform
  • Loans customized to your needs
  • Fast streamlined application
  • Millions of satisfied borrowers
  • Home loan experts available 24/7
Current Mortgage Rates for December 2022
Average Rate
Today
Average Rate
3 Months Ago
Purchase
30-year fixed
6.394%
6.450%
Purchase
15-year fixed
5.508%
5.058%
Refinance
30-year fixed
6.335%
6.017%
Refinance
15-year fixed
5.631%
5.030%

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). The limit is higher in some counties with higher property prices 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. Because jumbo loans involve more money and therefore greater risk to the lender, they typically have stricter qualifying requirements.

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

USDA loans are a niche government-backed loan administered by the US Department of Agriculture.

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.

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.

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
  • 100% online application (in most cases)
  • Quick pre-approval and closing times
  • Flexible repayment terms (8-29 years)
Cons
  • Lack of support for self-employed borrowers
If you’re looking for an easy and comfortable loan, QuickLoans can help. Not only do QuickenLoans help ensure you get a mortgage that’s right for you to save time, but the platform ensures you are aware of your loans status 24/7 so you can keep track of what is required of you and what has already been done to avoid repeating steps that have already been completed, saving you time and confusion.
#2
View Rates
Pros
  • Offers Fannie Mae 3% down conventional loans
  • Loan experts are on hand to assist at any time
  • Full suite of non-conventional loans
Cons
  • No weekend phone hours
  • Not licensed in NY
AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since 2002, it has financed more than 400,000 homes to the tune of $105 billion in funding. It is known for its competitive rates and streamlined application, with approvals in as quickly as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance their mortgage.
#3
View Rates
Pros
  • Specialist VA lender
  • No need for down payment
  • 24/7 customer support
Cons
  • No conventional loans
  • No FHA loans
Veterans United Home Loans is a private mortgage lender specializing in VA Loans. In fact, it is America’s largest VA Loans provider, accounting for 8.5% of all the VA Loans issued in 2019. Veterans United is operated by Mortgage Research Center, LLC, a privately owned company based in Columbia, MO. It offers VA Loans to eligible borrowers in all 50 states.

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.

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people have compared mortgage lenders with
Editorial Reviews
Quicken Loans
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AmeriSave
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Veterans United
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New American Funding
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Lending Tree
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