Whether this is your first or fifth time obtaining a mortgage, the best step you can take is to compare different loan offers from various lenders, including banks and online stores. To assist you in your research, we have compiled a list of the best online mortgage lenders below. Consider this list and others while shopping for the best rates.
Bankrate’s Picks for the Best Online Mortgage Lenders
Here is a list of the best online mortgage lenders according to Bankrate’s ranking:
How We Chose the Best Online Mortgage Lenders
To determine the best online mortgage lenders, Bankrate evaluated over 80 lenders based on factors related to cost, availability, and borrower experience, and assigned a Bankrate rating of up to five stars for each lender. Based on this methodology, the best online mortgage lenders in 2024 have a Bankrate rating of 4.8 stars or higher and are available in all or most U.S. states.
Ally Bank
Bankrate Rating: 4.9
Available in all U.S. states
Offers traditional, jumbo, fixed-rate, and adjustable-rate loans; refinancing at competitive rates and terms; minimum credit score: 620 for conventional loans and 700 for jumbo loans; minimum down payment: 3%-5% for conventional loans and 10% for jumbo loans; available online; displays interest rates online for easy comparison; pre-approval in three minutes; no government-backed loans; no mortgage products.
Better
Bankrate Rating: 5
Available in all U.S. states
Offers traditional, jumbo, FHA, and VA loans, with fixed and adjustable rates; bridge loans; minimum credit score: 620 for conventional and FHA loans; minimum down payment: 3% for conventional loans, 10.01% for jumbo loans, and 3.5% for FHA loans; available online; no fees; pre-approval in three minutes; no USDA loans; no mortgage products.
E-Click Lending
Bankrate Rating: 4.8
Available in all U.S. states except New York
Offers traditional, jumbo, FHA, VA, and USDA loans with fixed and adjustable rates; refinancing at competitive rates and terms; minimum credit score: 620 for conventional loans; minimum down payment: 3% for conventional loans, 3.5% for FHA loans, and no down payment for VA loans; available online; average closing in 15 days; high borrower ratings on Bankrate; no online pre-approval; slightly higher credit score requirements for conventional loans.
Homfinity
Bankrate Rating: 5
Available in all U.S. states except Nevada and New York
Offers traditional, jumbo, FHA, VA, and USDA loans with fixed and adjustable rates; refinancing; physician loans; minimum credit score: 620 for conventional loans, 600 for FHA and VA loans; minimum down payment: 3% for conventional loans, 3.5% for FHA loans, and no down payment for VA loans; available online; application through app or online; offers pre-approval the same day or the next day; not available in New York; some loan officers are not nationally licensed.
Laureates.com
Bankrate Rating: 4.8
Available in all U.S. states except Georgia and Massachusetts
Offers traditional, jumbo, FHA, VA, and USDA loans with fixed and adjustable rates; refinancing at competitive rates and terms; home equity line of credit (HELOC); mortgage loans; construction and renovation loans; investment property; reverse mortgages; minimum credit score: 620 for conventional and jumbo loans, and 500 for FHA and VA loans; minimum down payment: 3% for conventional loans, 3.5% for FHA loans, and no down payment for VA and USDA loans; some branch and online locations; verification can be completed within 24 hours; offers assistance with down payments; branches are located only in some states; not available in two states.
Mr.
Cooper
Bankrate Rating: 4.8
Available in all states of the United States
Offers conventional, FHA, and VA loans with fixed and adjustable rates; refinancing with competitive terms and rates; real estate investment; minimum credit score: 620 for conventional loans and 580 for FHA and 600 for VA loans; minimum down payment: 5% for conventional loans and 3.5% for FHA loans, no down payment for VA loans; available online; application via app or online; available nationwide; charges fees; no USDA loans.
New American Funding
Bankrate Rating: 4.8
Available in all states of the United States except Hawaii and New York
Offers conventional, jumbo, FHA, VA, and USDA loans with fixed and adjustable rates; refinancing with competitive terms and rates; home equity line of credit (HELOC); real estate investment; flexible terms; non-QM loans; reverse mortgages; minimum credit score: 620 for conventional loans; minimum down payment: 3% for conventional loans and 3.5% for FHA loans, no down payment for VA loans; available online; dedicated initiative for minority borrower funding; displays interest rates online for easy comparison; limited upfront information about fees; not available in New York.
Chipponic Financial
Bankrate Rating: 4.8
Available in all states of the United States
Offers conventional, jumbo, FHA, VA, and USDA loans with fixed rates; refinancing; minimum credit score: 580 for conventional loans and 550 for FHA loans; minimum down payment: 5% for conventional loans and 3.5% for FHA loans, no down payment for VA and USDA loans; available online; provides an online platform for accepting and processing applications; limited upfront information about rates and fees; no mortgage products.
Sofi
Bankrate Rating: 4.9
Available in all states of the United States except Hawaii
Offers conventional, jumbo loans with fixed and adjustable rates; refinancing with competitive terms and rates; mortgage loan; real estate investment; minimum credit score: 620 for conventional loans; minimum down payment: 3%-5% for conventional loans; available online; closing guarantee and discount when purchasing a home; quick online onboarding; no government-backed loans; membership required to benefit from mortgage loan offers.
Tomo
Bankrate Rating: 4.8
Available in Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Washington D.C., and Wisconsin
Offers conventional, jumbo, FHA, and VA loans; real estate investment; minimum credit score: 620 for conventional loans; minimum down payment: 3% for conventional loans and 3.5% for FHA loans, no down payment for VA loans; available online; displays interest rates online for easy comparison; long-term rate locks and limited fees; no USDA loans; no refinancing.
How to Choose the Best Online Mortgage Lender for You
Getting financing to buy a home is a process, so many borrowers are attracted to online mortgage lenders simply because of their ease, efficiency, and speed. These are important factors to consider when searching for the best online mortgage lender, but it’s also vital to compare costs for your individual situation and read mortgage lender reviews to understand what to expect from the online experience. When comparing digital lenders, look for:
- Types of loans they offer
- Credit and down payment requirements
- Application and origination fees
- Rate locks and other benefits
- Available support options
Frequently Asked Questions About Online Mortgages
What is an online mortgage?
An online mortgage is a home loan executed by a lender that operates entirely online, providing a digital experience from start to finish from application to closing, or by a company that has branches and offers services online. While many large banks have developed their capabilities to include a digital mortgage platform, many mortgages are also executed by non-bank institutions, such as LoanDepot and Rocket Mortgage.
How
Does online mortgage work?
With online mortgages, all or many of the steps in the lending process can be completed electronically, either via an app or an online portal. These steps may include: pre-approval or preliminary qualification; application and document upload; loan processing and verification; and closing (sometimes known as e-closing). By streamlining these steps – and in the case of a digital lender, eliminating offices and expenses – online mortgages generally have lower rates and costs.
What are the advantages and disadvantages of online mortgages?
There are many benefits to obtaining a mortgage online, including: low mortgage rates and fees due to lower costs; online pre-approval or pre-qualification, often within minutes, and generally shorter timelines; and real-time status updates. However, disadvantages include the inability to always communicate with a person for support or answers to questions, and the inability to know the rates you qualify for without pre-approval. Another drawback is the potential for security breaches or fraud.
Source: https://www.aol.com/best-online-mortgage-lenders-2024-155118138.html
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