5 Best Mortgage Lenders in 2021

Many mortgage lenders can be found around the country. Some are completely digital, while others have an online and physical presence. Banks, credit unions, and non-banks all provide loans, but there are some things to consider when choosing the right lender.

To find the top mortgage lenders, we looked at several factors to determine which ones are the best. We considered their affordability (such as an interest rate); how quickly they approve applications (the approval process) and how quickly they close loans (closing times); and their experience (such as customer service). Generally, the top mortgage lenders have a score of 4.7 stars or higher out of five. Based on this, the best mortgage lenders in 2021 are….

Best mortgage lenders

  1. Better.com
  2. Direct Home Lending
  3. Navy Federal Credit Union
  4. Ally Home
  5. American Federal Mortgage

Better.com

Better.com offers mortgages in 46 states and Washington, D.C. It offers a variety of loan products:

  • Fixed-rate and adjustable-rate mortgages
  • Conventional loans
  • Jumbo loans
  • FHA loans
  • Refinancing (rate-and-term and cash-out)
  • Bridge loans

Better.com has some of the lowest mortgage rates among lenders who make them public.A 100-percent online process, Better.com can issue preapprovals in three minutes and complete closings within 21 days, and doesn’t charge commissions or fees, which amounts to an average $3,500 in savings, according to lender. In contrast, the average closing in August 2021 took only 46 days.

If you’re looking for a mortgage, Better.com is a great option. The lender has no fees and a quick process, and it offers a guarantee: If you can find a lower rate, the lender will match it and give you $100 (and if it can’t match the rate, you keep the money). This guarantee is only available to people who apply directly through the lender, however.

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Direct Home Lending

Many people need a mortgage. In Arizona, California, Colorado, Florida, Oregon and Washington, Direct Home Lending provides mortgages to those who want one. It offers a wide range of home loans for borrowers who need them.

  • Fixed-rate and adjustable-rate mortgages
  • Conventional loans
  • Jumbo loans
  • FHA loans and VA loans
  • Refinancing (rate-and-term, cash-out, FHA and VA)
  • Investment property loans
  • Reverse mortgages

Navy Federal Credit Union

Navy Federal Credit Union is a credit union for armed forces members and their families. It has more than 10.8 million members worldwide, and it has 347 branches globally and throughout the U.S. It offers a wide range of products including banking services, mortgages, credit cards, and loans.

  • Fixed-rate and adjustable-rate mortgages
  • Conventional loans
  • Jumbo loans
  • VA loans
    HomeBuyers Choice loans and Military Choice loans (100-percent financing)
  • Refinancing (rate-and-term, cash-out and VA)
  • Investment property loans

Ally Home

Ally is a bank and lender that offers a wide range of services. However, in the mortgage space, it focuses on a simple and basic lineup.

  • Fixed-rate and adjustable-rate mortgages
  • Conventional loans
  • Jumbo loans
  • Refinancing (rate-and-term and cash-out)

American Federal Mortgage

American Federal Mortgage is an East Coast lender that operates mainly in Illinois and Texas. There are no American Federal Mortgage branches, but the trade-off comes in the form of lower rates on popular products like:

  • Fixed-rate and adjustable-rate mortgages
  • Conventional loans
  • Jumbo loans
  • FHA loans and VA loans
  • Refinancing (rate-and-term and cash-out)

Current mortgage rates

The average mortgage borrower is paying 3.3% for a 30-year fixed loan and 2.7% for a 15-year fixed loan. The average refinance borrower is paying 3.2% for a 30-year fixed loan and 2.6% for a 15-year fixed loan.

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