Mortgage
Finding the right mortgage lender and the right mortgage loan to buy a house is not easy. You have to consider loan types and costs, customer experience, lender stability, and much more.
Investopedia / Tara Anand
We designed and built a robust data collection and analysis process to evaluate lenders and help borrowers find and choose the best purchase mortgage loan for them.
First, we surveyed recent homebuyers about their experience and learned what features and services were most important to them. This information fueled the creation of a list of 55 criteria to include in a quantitative model to rank 38 direct-to-borrower lenders.
We then collected over 2,000 data points for the model, surveying mortgage lenders and collecting data via media contacts, lender websites, customer service calls, and industry and government databases. After collection and verification, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean the most to borrowers. Those scores resulted in the following list of the best mortgage lenders.
Winners
- Best Overall, Best for Customer Experience, Best for First-Time Homebuyers: Rocket Mortgage
- Also Good for Customer Experience: Chase
- Also Good for First-Time Homebuyers: Ally Bank
- Best for Fast Closing, Best for Range of Loan Types: Rate
- Also Good for a Range of Loan Types: U.S. Bank
- Best Big-Bank Mortgage Lender: Bank of America
- Best for Bad Credit: American Pacific Mortgage
- Best for Veterans: Veterans United Home Loans
- Best Credit Union Mortgage Lender: PenFed Credit Union
Mortgage
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Many mortgage servicers accept online payments directly through their websites—register for an online account and connect your checking account so you can schedule payments. Another option is to use the online bill-pay service through your checking account to pay for your mortgage. Make sure to find out how far in advance you need to schedule your payment so your loan servicer receives it on time.
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If your credit is bad, you can still be approved for a mortgage through a Federal Housing Administration Loan with 10% down, as long as your credit score is at least 500. You also may be able to improve your credit more quickly than you think to qualify for a conventional mortgage.
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Closing costs are the fees over and above the property purchase price due at the closing of a real estate transaction. They may include fees related to the mortgage loan origination and underwriting, commissions, taxes, and insurance premiums, as well as title and record filings.
Learn More Understanding Mortgage Closing Costs -
Lenders are prohibited from discriminating against borrowers who are ill or disabled, so they are not allowed to ask questions related to your physical condition. Under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are planning a family. In the past, this question was used to discriminate against female borrowers because lenders assumed women would quit work when they became pregnant.
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The longer you can prove income history for self-employment in the same industry, the more likely you are to be approved for a mortgage. As a general rule, you'll want to have at least two years of documented self-employment income at or above the level you need to afford the loan you want.
Learn More How to Get a Mortgage When Self-Employed -
First, interest rates determine how much we will have to pay to borrow money to buy a property, and they influence the value of real estate. Second, low interest rates tend to increase demand for property, driving up prices, while high interest rates generally do the opposite.
Learn More How Interest Rates Affect the Housing Market
Key Terms
- Pre-Approval Definition
A mortgage pre-approval is a statement from a lender that a borrower is likely to be approved for a loan of a certain value. It is not a guarantee, as it is based on assumptions and estimates. But it helps borrowers know what they can afford, and it demonstrates to sellers that a buyer is serious, and well-qualified.
- Prepayment Penalty
This clause states that a penalty will be assessed if the borrower significantly pays down or pays off the mortgage, often within the first five years of the loan. The penalty protects lenders against losing interest income, and mortgage lenders are required to disclose prepayment penalties at the time of closing on a new mortgage.
- Adjustable Rate Mortgage
An adjustable-rate mortgage (ARM) is a home loan with an interest rate that can fluctuate periodically based on the performance of a specific benchmark.
ARMs generally have caps that limit how much the interest rate and/or payments can rise per year or over the lifetime of the loan.
- Mortgage Interest
Mortgage interest, calculated as a certain percentage of the full mortgage loan, is the interest charged on a loan used to purchase a piece of property. Mortgage interest may be fixed or variable and is compounding.
- Mortgage Rate Lock
A mortgage rate lock guarantees the current rate of interest on a home loan while a home buyer proceeds through the purchase and closing process—it protects borrowers from the potential of rising interest rates during the home buying process. Typically, a rate lock period ranges from 30 to 60 days.
- Buydown Definition
A buydown is a mortgage financing strategy that lets a buyer obtain a lower interest rate for at least the first few years of the mortgage or possibly its entire life. Buydowns can save homeowners money on interest over the life of the loan. A buydown may involve purchasing discount points against the mortgage loan, which may require an up-front fee.
- Private Mortgage Insurance (PMI)
If you purchase a home with a down payment of less than 20% of the home's cost, you will likely need to pay for private mortgage insurance (PMI). This insurance protects the lender, not the borrower, against potential losses should the home fall into foreclosure. Borrowers can remove PMI when their equity in the home surpasses 20%.
- Conventional Mortgage
A conventional mortgage is simply a mortgage issued by a private lender and not backed or insured by a governmental agency such as the FHA or the USDA.
Many conventional mortgages are also "conforming." This means they conform to the requirements set by Fannie Mae or Freddie Mac. These government-sponsored enterprises (GSEs) buy mortgages issued by lenders to help the market stay liquid and affordable.
- Mortgage Broker
A mortgage broker brings mortgage borrowers and mortgage lenders together but does not use their own funds to originate mortgages.
A mortgage broker finds the best lender for the borrower's financial situation and interest-rate needs and later assists with the application and underwriting processes.
- Mortgage Closing
Closing is the final step in home buying when the mortgage becomes official and the title transfers to the new owners. A closing agent, often an attorney or official from a title or mortgage company, oversees the closing process, which usually takes place at a title company or escrow office, although online or remote closing is becoming more popular.
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