Leading Mortgage Providers of May 2025
Shopping for the best mortgage deal can be a daunting task, but we've got you covered with our top recommendations for May 2023. We've evaluated lenders based on availability, affordability, and borrower experience to help you find the perfect fit. Here are our picks for the best mortgage lenders this month:
Top mortgage lenders in May 2023:
1. Chase (4.8 ⭐)
- Credit requirements: 620 for conventional loans, 680 for jumbo loans, 640 for FHA and VA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans
- Where to find: Branches and online
Pros:- Widely available, with 4,700 branch locations- Offers rate discounts to existing Chase customers- Secure $5,000 closing guarantee
Cons:- May not be suitable for borrowers with unique credit or financial situations- Branches not located in all states
Chase
Chase scores high marks thanks to its competitive rates and widespread availability, though it might not cater to every borrower's specific needs.
4.9
2. Sage Home Loans (4.9 ⭐)
620 for conventional loans, 680 for jumbo loans, 640 for FHA loans and VA loans
- Credit requirements: 620 for conventional loans, 580 for FHA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans
- Where to find: Online
3% for conventional loans, 3.5% for FHA loans, none for VA loans
Pros:- Dedicated loan officer throughout the process- Offers verified approvals- Most mortgages close within 27 days
Cons:- Doesn't provide home equity lines of credit (HELOCs) or home equity loans- No branch locations
Sage Home Loans
A relatively new player in the market, Sage offers a wide range of loan options in 49 states, with transparency, effective communication, and low fees being its strong points.
4.9
3. Veterans United Home Loans (4.9 ⭐)
620 for conventional loans, 580 for FHA loans
- Credit requirements: 620 for conventional loans and VA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branches and online
3% for conventional loans, 3.5% for FHA loans, none for VA loans
Pros:- Specializes in VA loans- 24/7 phone customer service
Cons:- Limited number of branches- Doesn't offer HELOCs or home equity loans
Veterans United Home Loans
Veterans United Home Loans boasts top-rated VA loan rates, a reputation for trustworthiness, and an informative website catering to VA loans. In addition, it offers other types of mortgages and a 24/7 customer support line.
4.9
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620 for conventional loans and VA loans
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3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
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Bank of America
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4.8620 for conventional loans
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3% for conventional loans, 3.5% for FHA loans, none for VA loans
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4. Bank of America (4.8 ⭐)
Navy Federal Credit Union
- Credit requirements: 620 for conventional loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans
- Where to find: Branches and online
4.8
Pros:- Offers grant programs for low- and moderate-income buyers- Displays rates online- Awards discounts for Preferred Rewards customers
Undisclosed
Cons:- Offers limited transparency about borrower requirements- Doesn't provide USDA loans
3% for conventional loans, none for VA loans
Bank of America earns high marks due to its competitive mortgage rates, widespread availability, excellent customer service, and overall positive reputation.
5. Navy Federal Credit Union (4.8 ⭐)
PenFed Credit Union
- Credit requirements: Undisclosed
- Down payment minimum: 3% for conventional loans, none for VA loans
- Where to find: Branches and online
4.8
Pros:- Allows up to two rate relocks- Offers rate-match guarantee or $1,000 payment- Global presence and outstanding reputation working with servicemembers and their families
650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
Cons:- Membership required- Doesn't offer FHA or USDA loans
3% for conventional loans, 3.5% for FHA loans, none for VA loans
Navy Federal Credit Union receives high scores due to its attractive rates, low fees, global presence, and outstanding reputation.
6. PenFed Credit Union (4.8 ⭐)
PNC Bank
- Credit requirements: 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branches and online
4.8
Pros:- Competitive rates- Convenience of managing banking and mortgage with one provider
620 for conventional loans, jumbo loans and FHA loans, 640 for USDA loans
Cons:- No ability to customize rates online- Higher minimum credit score requirements- Doesn't offer USDA loans
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
PenFed's strong suit lies in its transparent fee structure, competitive mortgage rates, and nationwide availability.
7. PNC Bank (4.8 ⭐)
U.S. Bank
- Credit requirements: 620 for conventional loans, jumbo loans, and FHA loans, 640 for USDA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branches and online
4.8
Pros:- Online and in-person options to apply- Application can be tracked online- Wide availability with many loan options
620 for conventional loans, 740 for jumbo loans, 640 for FHA loans
Cons:- Higher credit minimum on FHA loans- Limited mobile app functionality- Below-average J.D. Power rating for mortgage servicing
3% for conventional loans, 3.5% for FHA loans, none for VA loans
PNC Bank receives top scores due to a nationwide presence, online rate quote tools, a wide range of loan options, and ease of contact.
8. U.S. Bank (4.8 ⭐)
Wells Fargo
- Credit requirements: 620 for conventional loans, 740 for jumbo loans, 640 for FHA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branches and online
4.8
Pros:- Provides lender credit worth up to $1,000 for qualifying banking customers- Displays rates online- Offers new construction loans
620 for conventional loans
Cons:- Tougher borrower requirements for FHA loans (640 credit score in most cases)- Doesn't offer USDA loans
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
U.S. Bank scores high for affordability due to offering many types of homebuying assistance and discounts for banking customers. Like other big banks, it's also available to borrowers nationwide, receiving an above-average customer satisfaction rating from J.D. Power.
9. Wells Fargo (4.8 ⭐)
- Credit requirements: 620 for conventional loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branches and online
Pros:- Displays mortgage rates online- Extensive branch network- Offers low-down-payment options for lower-income borrowers
Cons:- Dialed back mortgage offerings- No longer provides home equity lines of credit (HELOCs)- Below-average customer satisfaction scores and negative past customer reviews
Wells Fargo scores perfect marks for affordability and availability due to its competitive advertised rates, wide range of loan offerings, and large branch network.
How to compare mortgage lenders
Your first step to finding the best mortgage lender is to comparison shop. Borrowers who do more upfront research tend to save more money than those who go with the first lender they find. It's best to get quotes from three lenders, at a minimum. Due to rate fluctuations, it's essential to get these quotes on the same day.
As you compare loan estimates, pay attention to the APR (annual percentage rate) and the interest rate quoted by each lender. Consider what's important to you in terms of experience, too. For some, how quickly a lender can issue a preapproval letter or close a loan is crucial. If you have specific needs or financing preferences—for instance, you want an FHA loan—you might want to focus on the top mortgage lenders who excel in those loan types.
Once you determine what your needs and preferences are, begin by comparing mortgage rates.
FAQ
Types of mortgage loans
There are several types of mortgage loans: conventional conforming loans; jumbo loans; FHA, VA, and USDA loans; and fixed- and adjustable-rate mortgages (ARMs). Conventional loans, offered by private financial institutions, are suitable for borrowers with strong credit scores. Jumbo loans are for higher-priced homes that exceed the Federal Housing Finance Agency (FHFA) borrowing limits. FHA, VA, and USDA loans are either government-guaranteed or government-insured, designed for borrowers with lower credit scores and low or no down payment, military members (VA loans), or those buying in a rural area (USDA loans). Fixed-rate mortgages have the same interest rate for the entire loan term, while the rate on an ARM can change.
Applying for a mortgage
Before applying for a mortgage, it's important to improve your credit score, save money, and understand your financial situation. Gather documentation about your finances to facilitate the mortgage application process once you're ready. Begin comparing mortgage lenders based on factors such as the annual percentage rate (APR), fees, and overall experience. It's best to get rate quotes from at least three different lenders. When you find a lender you'd like to work with, get preapproved so you can start searching for a home knowing your financing is in hand.
Down payment requirements
The minimum down payment requirement varies based on loan type. For example, you can obtain a 3%-down conventional loan, a 3.5%-down FHA loan, or a no-down-payment VA or USDA loan. If you want to avoid paying mortgage insurance, though, you'll need a 20% down payment.
Our rating process
To determine the best mortgage lenders overall, our website evaluates more than 75 lenders based on factors related to affordability, availability, and borrower experience. Lenders are assigned a score out of five stars, with the best mortgage lenders having a score of 4.8 stars or higher. Learn more about our methodology.
- The finance industry has witnessed a growth in popularity for home equity loans, with many borrowers using these loans to consolidate personal-finance debts, fund home improvements, or finance expenses like medical bills.
- Banking-and-insurance professionals often emphasize the fact that not all mortgage rates are created equal; it's essential to shop around for the best rates that can bring substantial savings over the life of a loan.
- The mortgage rate environment is impacted by factors like the federal funds rate, economic growth, and inflation, which explains why it's crucial to stay updated on industry trends and rate fluctuations.
- Carefully evaluating loan terms and conditions is vital when it comes to personal-finance management. Homebuyers should weigh interest rates, closing costs, points, and other fees to ensure they're making an informed decision.
