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Mortgage lenders of december 2022 in the United States

Apply for mortgage loans from companies verified by our specialists. On 03.12.2022 you have access to 0 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Mortgage lenders calculator in the United States

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Mortgage online application in the United States

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Mortgage online application
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Types of mortgage loans

Arrowhead Advance
3.2
Olivia H
Olivia H
01.12.2022 at 06:07
My experience with getting a personal loan from this company was quite pleasant. The service was fast, no one asked about any collateral or my creditworthiness. Such things are always annoying...
Review
Spotloan
4.4
Noah J
Noah J
30.11.2022 at 20:45
Before taking out a loan, I compared Spotloan with other lenders and found out that their rates are the most acceptable. The mobile application works flawlessly. I quickly received approval...
Review
Spotloan
4.4
Isabella H
Isabella H
30.11.2022 at 20:40
At first, I liked everything in this company. I needed a payday loan and they offered a good alternative. Almost no documents are needed, it's true...
Review
Spotloan
3.8
Camila J
Camila J
30.11.2022 at 20:40
Spotloan is like a good old friend to me. I always try to make payments on time, so I usually have no problems with creditors. This company has simplified all possible procedures for obtaining a loan...
Review
Spotloan
3.6
Emma S
Emma S
30.11.2022 at 20:40
A very convenient application of the company. You can borrow small amounts starting from $3,000. In addition, the company operates in most states...
Review
Spotloan
4.6
Mateo J
Mateo J
30.11.2022 at 20:35
If you've never seen a company that can give you a maximum of $800, then this is just about it. But they respond to the application very quickly, they also quickly approve and transfer money to you...
Review
Mortgage lenders of december 2022

What is a mortgage lender?

The mortgage lender is a bank, online lender, credit union, or any other financial institution that issues mortgages to borrowers. This credit union accepts an application from a potential borrower, processes it, makes a credit check, and signs a loan estimate with the borrower. Such a financial institution buys real estate that the borrower takes on a mortgage. Further, it divides the cost of the house plus interest payments accrued to the borrower by their interest rate for equal monthly payments throughout the loan term. The mortgage is available for a period of 15, 20 or 30 years.

What mortgage to choose

Choosing the right mortgage type depends on the needs of the borrower. Lenders offer many different mortgages for borrowers with different social statuses, budgets, and credit histories. If the borrower is eligible for a mortgage that is backed by the state. They should choose just such a mortgage, since mortgage options that any government agency backs often have better conditions and lower interest rates than conventional loans.

Reverse mortgage

This type of mortgage allows pensioners to get money against their home's equity. The bank or another type of lender pays the borrower an amount equal to the house's value on the condition that the property will become the bank's property after the borrower's death. If the pensioner changes their mind and wants to transfer the property by inheritance, they terminate the loan agreement, and the borrower pays the bank the amount received plus interest. This mortgage is only suitable for borrowers 62 years and older.

FHA loans

An FHA loan is a mortgage guaranteed by the state organization Federal Housing Administration (FHA). This mortgage requires a reduced minimum down payment of 3.5% of the loan amount. At the same time, if the borrower does not make an initial payment of 20%, then private mortgage insurance (PMI) payments are added to their monthly payments. FHA loan has lower interest rate as the state guarantees it. This mortgage is great for young families who purchase their first home.

USDA loan

USDA loans are guaranteed by the U.S. Department of Agriculture. Such a mortgage does not require the borrower to make a down payment and is designed for borrowers with a low or moderate income level. Moreover, such a loan does not have a limit on the amount of real estate purchase. To obtain this type of mortgage, the borrower needs to purchase real estate in special rural territories.

VA loan

VA loans are mortgages that are guaranteed by the U.S. Department of Veterans Affairs. Only eligible veterans, active servicemembers, or military spouses can take such a loan. This mortgage does not require any down payment. Moreover, the borrower does not need to make payments on PMI. The borrower can be a member of the payment assistance programs from the VA in case they have problems with payments.

Fixed-rate mortgage

A fixed-rate mortgage is a traditional mortgage with a fixed interest rate. In this mortgage, the interest rate is determined before signing the loan agreement and remains unchanged throughout the life of the loan. Fixed-rate mortgages are suitable for borrowers who have a stable source of income and want to have equal monthly payments for 15, 20, or 30 years.

Adjustable rate mortgage

Adjustable rate mortgages have variable interest rates. The interest rate in this mortgage can both decrease and increase depending on the standard financial index that is established by the Federal Reserve or the Secured Overnight Financing Rate (SOFR). Lenders indicate the repayment term for this mortgage as "5/1" or "7/1", where 5 means 5 years fixed rate term during which mortgage rates do not change, and 1 means that 1 time a year, the value of the mortgage rates is revised and changed. Such a loan is suitable for those borrowers who want to be able to have lower mortgage rates when the real estate market falls.

Jumbo loans

A Jumbo loan is a mortgage that has a limit on the purchase price above the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In other words, a jumbo loan allows the borrower to purchase real estate for more than $ 647,200. Jumbo mortgages have a mortgage rate and down payment amount higher than other conventional loans.

How to compare mortgage offers

Look for the information

Comparing mortgage offers is the right step on the way to finding the most profitable loan option. To compare different loan options from different lenders, the borrower needs to turn to open Internet sources that update information about this quite often. Some of them present comparative tables of best mortgage lenders in which they highlight such key points as what types of mortgage options lender offers, what is the minimum mortgage rate of this lender, and what minimum credit score the borrower needs to be eligible to get a mortgage from this lender.

Do your research

The borrower is recommended to get as much pre-qualification as possible from different lenders. Pre-qualification allows the borrower to find out their loan terms according to their income level, debt-to-income ratio, credit score, and the value of the desired property. Filling out a pre-qualification application usually takes no more than 15 minutes. When applying for pre-qualification, the borrower needs to be prepared because the lender may require downloading some documents to confirm the identity of the borrower, income level, and employment status. The answer from the online mortgage lender may come within a couple of hours. Having received a large number of mortgage offers, the borrower will be able to compare the terms and lender fees and choose the option that suits them.

How to choose a mortgage lender?

Key aspects to pay attention to

When choosing a lender, the borrower should start with their needs. Some lenders may not issue certain types of mortgages, such as VA or USDA loans. Other lenders may request a high minimum credit score. Lenders who issue FHA loans usually require a low credit score from the borrower. For example, Rocket Mortgage requires a minimum of 580 credit score. When choosing a lender, the borrower needs to pay attention to the additional fees that will be added to the monthly payment. These fees are loan origination fees, closing costs, mortgage process fees, late fees, and prepayment penalties.

Examples of good lenders

Some of the top lenders of September 2022 can be considered the best for various types of loans. For example, Internet sources indicate that Bank of America is the best mortgage lender for borrowers to participate in down payment assistance programs. Fairway Independent Mortgage Corporation is an excellent choice for renovation loans. The main criterion by which a borrower should choose a lender is mortgage interest rates. Usually, comparative tables for good lenders indicate that their interest rates are equal to the national average, which currently stands at 6.83% for a 30-year fixed-rate mortgage.

FAQ

What is the difference between a bank and a mortgage lender?

Both the bank and the mortgage lender can issue mortgages to borrowers. However, the mortgage lender has a narrow focus on services and deals exclusively with the issuance and signing of mortgages. At this time, the bank has a wide range of services in addition to mortgages and loans. These services are credit and debit cards, deposits, checking, and savings accounts.

What are the three types of lenders?

The main types of mortgage lenders are mortgage brokers, who are intermediaries between the lender and the borrower, direct lenders, who work with borrowers without intermediaries, and secondary market lenders, who issue mortgages for secondary housing.

Can you get a mortgage loan from any bank?

A large number of banks offer customers many different credit options, including mortgages. Some potential borrowers think they can get a mortgage from their bank faster because they are bank customers. However, this is not the case. The bank's clients go through the same mortgage process as other borrowers.

What credit score do I need to get a bank loan for a house?

Usually, mortgage lenders require a borrower to have a credit score of at least 600-620. However, some mortgage options have less stringent requirements. For example, an FHA loan requires a credit score of 580 as it is designed for borrowers who are buying their first home.