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4 min readPublished January 01, 2024
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Written by Andrew Dehan Andrew Dehan
Edited by Suzanne De Vita Suzanne De Vita
Reviewed by John Stearns John Stearns
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for .
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner.
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From national banks to online lenders, there’s no shortage of places to get a mortgage. We’ve researched and evaluated many types of lenders across several Bankrate Score criteria to select the very best. Here are our picks for best mortgage lenders in January 2024.
Learn more:Best mortgage lenders in 2024
Best mortgage lenders
| Lender | Credit requirements | Down payment minimum | Bankrate Score |
|---|---|---|---|
| Veterans United Home Loans | 620 for conventional and VA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.9 |
| New American Funding | 620 for conventional loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 |
| Old National Bank | 620 for conventional loans, 640 for FHA loans, 680 for VA loans | Undisclosed | 4.6 |
| PNC Bank | 620 for conventional, jumbo and FHA loans, 640 for USDA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.5 |
| Valley Bank | Undisclosed | 3% for conventional loans, 3.5% for FHA loans, none for VA loans | 4.4 |
Veterans United Home Loans
Learn morein our Bankrate review
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional and VA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
New American Funding
Learn morein our Bankrate review
- Availability: All U.S. states except Hawaii and New York
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- 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: Branch locations and online
Old National Bank
Learn morein our Bankrate review
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 640 for FHA loans, 680 for VA loans
- Down payment minimum: Undisclosed
- Where to find: Branch locations and online
PNC Bank
Learn morein our Bankrate review
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional, jumbo 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: Branch locations and online
Valley Bank
Learn morein our Bankrate review
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: Undisclosed
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
- Where to find: Branch locations and online
How to compare mortgage lenders
Your first step tofinding the best mortgage lenderis to comparison shop. Borrowers who do more upfront research tend tosave more money than those who go with the first lender they find. It’s best to get quotes from three lenders, at minimum. Because rates fluctuate frequently, it’s best to get these quotes on the same day so you have an accurate basis of comparison.
As youcompare loan estimates, look at the APR (annual percentage rate) and interest rate quoted by each lender. Consider what’s important to you as far as experience, too. For some, how fast a lender can turn around a preapproval letter or close a loan is critical. If you have specific needs or financing preferences — for example, you want an FHA loan — you might also want to focus on the top mortgage lenders who specialize in those products.
Once you determine what your needs and preferences are, get started by comparing mortgage rates and finding a lender in your areathrough Bankrate.
Current mortgage rates
Bankrate regularly publishes mortgage rates for purchases and refinances, based on its latest lender surveys. They include:
- Current 30-year mortgage rates
- Current 15-year mortgage rates
- Current 30-year refinance rates
- Current 15-year refinance rates
FAQ about mortgages
There are several types of mortgage loans: conventional conforming loans; jumbo loans; FHA, VA and USDA loans; and fixed- and adjustable-rate mortgages. Conventional loans, offered by private financial institutions, are ideal for borrowers with strong credit scores. Jumbo loans are for higher-priced homes that exceed Federal Housing Finance Agency borrowing limits. FHA, VA and USDA loans are either government-guaranteed or government-insured and 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 life of the loan, while the rate on an adjustable-rate mortgage (ARM) can fluctuate.
Before applying for a mortgage, it’s important to bolster your credit score and savings and have a clear understanding of how much you can afford and what type of loan would best fit your needs. In addition, gather documentation about your finances so you’re prepared to complete a mortgage application when the time comes. Once you’ve taken these initial steps, begin comparing mortgage lenders based on factors such as annual percentage rate (APR), fees and your overall experience. It’s best to get rate quotes from at least three different lenders. When you know which lender you want to work with, get preapproved so you can start house-hunting with financing in hand.
The minimum down payment requirement varies based on loan type. If you qualify, you can obtain a 3 percent-down conventional loan, a 3.5 percent-down FHA loan or a no-down payment VA or USDA loan. If you want to avoid paying mortgage insurance, however, you’ll need to make a down payment of 20 percent.
To determine the best mortgage lenders overall, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best mortgage lenders overall generally have a Bankrate Score of 4 stars or higher. Learn more about our methodology.
As an enthusiast and expert in the field of personal finance and mortgages, I bring forth a wealth of knowledge and experience to dissect the information provided in the article dated January 01, 2024, from Bankrate. My expertise spans various facets of financial decision-making, with a focus on mortgage-related topics.
Firstly, the article emphasizes the importance of accuracy and credibility, stating that the content is "expert verified" by Bankrate's Financial Review Board. This board consists of financial experts who thoroughly evaluate articles to ensure accuracy and clarity. This process indicates a commitment to providing trustworthy information to readers.
The author of the article, Andrew Dehan, has likely undergone a meticulous review process, overseen by the Review Board. This review ensures that the content is objective, balanced, and in line with Bankrate's editorial policy. The names Suzanne De Vita and John Stearns, listed as editors and reviewers, further reinforce the expertise involved in producing the article.
Bankrate, founded in 1976, boasts a long track record of helping individuals make informed financial decisions. The commitment to demystifying the financial decision-making process and maintaining a reputation for over four decades signifies a depth of experience and reliability.
The article outlines Bankrate's editorial policy, emphasizing transparency and the placement of readers' interests first. The editorial team, composed of highly qualified professionals and subject matter experts, ensures that all content is objective, accurate, and trustworthy.
Key principles, such as editorial independence and a strict firewall between advertisers and the editorial team, underscore the dedication to maintaining credibility. The article articulates how Bankrate makes money, highlighting its status as an independent, advertising-supported publisher.
Moving to the core content of the article, it provides a list of the best mortgage lenders in January 2024, evaluated based on criteria such as credit requirements, down payment minimums, and the Bankrate Score. The highlighted lenders include Veterans United Home Loans, New American Funding, Old National Bank, PNC Bank, and Valley Bank.
Each lender's credit requirements and down payment minimums for various loan types are clearly presented. The article also encourages readers to compare mortgage lenders by considering factors such as APR, interest rates, and the lender's specialization in specific loan products.
Additionally, the article offers information on current mortgage rates for purchases and refinances, including 30-year and 15-year rates. It addresses frequently asked questions (FAQs) about mortgages, explaining different types of mortgage loans, fixed-rate vs. adjustable-rate mortgages, and the importance of bolstering credit scores and savings before applying for a mortgage.
The article concludes by providing insights into the methodology used by Bankrate to determine the best mortgage lenders overall, highlighting factors like affordability, availability, and borrower experience.
In summary, the presented information is backed by a thorough review process, an extensive editorial policy, and the expertise of financial professionals, providing readers with a reliable guide to navigate the complex landscape of mortgage decisions.
