Whether you are buying your first home or your seventh, finding the best mortgage lender is essential to exponentially improve your home buying experience. The truth is that not all mortgage lenders are created equal. It’s up to you as an informed buyer to determine the best lender for your individual needs.
Borrowing from a lender that doesn’t suit your needs as a buyer is a surefire way to begin a negative buyer’s experience. There are various different factors that will influence your buyer’s journey. From customer service to lender fees, every little detail matters when choosing your mortgage lender. It can be a difficult decision.
One way to make the experience easier? Work with a Clever Partner Agent. Partner Agents can help you to save money with a Home Buyer Rebate of $1,000 on homes over $150,000 or up to 1% of your home’s value if it’s over $500,000. You can use your rebate toward mortgage points to lower your monthly payments.
Bank of America
As the name so aptly describes, Bank of America serves the entirety of the United States and has helped millions of homebuyers get financed for a mortgage loan. Bank of America’s customers are consistently satisfied with their service, as the institution boasts a four rating on J.D. Power.
Homebuyers looking for conventional, refinance, VA, FHA, or home equity mortgages can find them offered at Bank of America. Applicants should have a minimum FICO score of 620 to be considered by this bank.
With a 30-year fixed mortgage rate of 3.5%, homebuyers can score major savings on their mortgage loan. However, this rate is not applicable to every customer. You can find a more accurate rate by using one of the online calculators find on their site.
A unique “non-bank” Quicken Loans services the nation and provides a variety of home loans. You can find everything that you need on their website. Don’t waste time looking for a physical location though, this institution doesn’t have a single brick and mortar bank.
Quicken Loans offers a number of different mortgage services including refinancing. If you are looking for a specific type of loan, know they offer conventional, ARM, jumbo, VA, and FHA loans.
If you’re a homebuyer with less than stellar credit, there’s no need to worry. The minimum FICO credit score needed to secure an FHA loan is 580. Want to narrow down your budget? Quicken Loans offers a number of calculator tools that will help you assess what you can expect to pay monthly for your home mortgage.
Quicken Loans has competitive mortgage rates with 3.99% being one of the lowest rates for a 30-year fixed mortgage. However, there is no guarantee that you will get rates that low, for an accurate mortgage rate, you should speak to a qualified home loan expert.
As one of the oldest and richest corporations in the United States, Chase Bank certainly has a reputation that precedes it. However, there’s no need to be intimidated by such a big name bank. Homebuyers who are looking for a decent mortgage rate need look no further than Chase.
Chase lists one of its lowest 30-year fixed mortgage rates at 3.875%. While this rate is lower than other lenders on this list, it’s important to note that this may vary greatly from the rate that you receive.
Homebuyers are able to choose from a variety of different mortgage loans including ARM, VA, FHA, jumbo, conventional, and adjustable-rate mortgages. Chase gives customers additional choices with options of 5/1, 7/1 and 10/1 ARMs.
Citi Mortgage Loans
Citi Bank rates sit at 4.375% for a 30-year fixed mortgage, which is one of the highest rates on this list. Despite the high rates, Citi Bank ranks well in terms of customer satisfaction. The bank has a 4.8 out of 5 stars, with over 2,000 reviews.
With multiple calculator tools, Citi works to help its customers find the right loan for them. While the standard FICO credit score needed for a mortgage loan is 620, Citi Bank requires applicants to have a minimum score of 640.
Veterans United Home Loans
Average home loan lenders don’t always fit the needs of their customers. Veterans United Home Loans is a full-service lender catering to the needs of veterans and their families to help get them in the homes of their dreams. Applicants need not worry too much about their credit score when applying, as the minimum FICO credit score to secure a loan is 620.
Veterans and their families can secure refinance, ARM, USDA, VA, FHA loans through this lender. They also offer zero-down home loans to qualified applicants. The mortgage rate of a 30-year fixed loan currently sits at 3.625%, which is one of the lowest rates on this list.
Clever Partner Agents Can Help
An experienced real estate agent is one of the best resources during the process of choosing the right mortgage lender. Local Clever Agent Partners can advise you on which lenders have a good reputation in your area. Partner Agents will work to help you find a house that fits the requirements of your mortgage loan and get you a Home Buyer Rebate.