Rocket Mortgage placed 6th (out of 22) in J.D. Power’s 2024 U.S Mortgage Origination Satisfaction Study, and second in J.D. Power’s 2024 U.S. Mortgage Servicer Satisfaction Study. Our researchers gave Rocket Mortgage’s website top marks for online experience and educational resources ♔(5 out of 5 for both). 

Every borrower’s situation is different, but you’ll generally need a credit score of 620 or higher to qualify for a conventional loan. Borrowers with lower credit scores may opt for an FHA loan, which features lower credit score requirements but higher down payments. As part of our research, we tracked lenders' advertised interest rates, and Rocket Mortgage’s rates were above average. However, its lender fees were slightly lower than average.

Rocket Mortgage offers an easy-to-use online application and approval process. However, it’s not entirely digital: 澳洲幸运5官方开奖结果体彩网:closing and document signatures still happen in person. To keep things moving, the le൩nder employs nearly 4,500 loan officers and has 250 branch locations in the 50 states. 

Rocket Mortgage is the nation’s largest mortgage lender, depending on how you measure it and when you ask. The lender was founded in 1985 and is h꧙eadquartered in Detroit, Michigan.

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Chase ranks well in online mortgage review sites like Zillow, and Investopedia’s researchers gave the bank 4 out of 5 for its online experience and educational resources. In J.D. Power’s 2024 U.S. Mortgage Origination Satisfaction Study, Chase placed eighth (out of 22). And in J.D. Power’s 2024 U.S. Mortgage Servicer Study, it ranked third (out of 34). The bank offers conventional, jumbo, FHA, and VA loans. For 澳洲幸运5官方开奖结果体彩网:first-timers and l♛ower-income borrowers, it offers grants and a more accessible “DreaMaker” loan program.

Chase doesn’t share details on lender fees, but it does offer a frequently updated rates page, so you can shop around (you can also get pre-qualified to compare offers from other lenders). 𒅌We tracked lender rates during our research process and found Chase’s to be lower than average.

You can start your loan application online with Chase, but you’ll work with a lending advisor throughout most of the process. Since Chase has more than 20,000 lending advisors, so you shouldn’t worry about efficient service. Chase also operates nearly 5,000 branches nationwide. Compared to other lenders we researched, 🔯a mortgage with Chase closes relatively quickly: 21 days,꧂ on average.

JPMorgan Chase, Chase Bank’s parent, traces its history back to the nation’s ༒founding. It is headquar🎃tered in New York, New York.

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Investopedia’s researchers gave Rate’s website a 4 out of 5 for navigation and usability and 5 out of 5 for its collection of educational resources and tools like affordability calculators and checklists. The lender also rates well on Zillow Loans. However, in J.D. Power’s 2024 U.S. Mortgage Originator Study, the lender placed in the lower quarter of the 22 lenders surveyed. 

Like most lenders, Rate requires a minimum credit score of 620 for a conventional loan (that’s why it’s called a conventional loan). It also originates FHA loans, which have lower minimum credit score requirements, and 澳洲幸运5官方开奖结果体彩网:non-QM loans, which are 🦄even more flexible. If you need help with your down payment oᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚr closing costs, Rate offers several affordability programs. Lender fees are right about average. Advertised APRs are also right about average, too.

Rate offers an almost fully online digital loan application and closing process. Borrowers will only need to sign a few documents in person at a scheduled appointment. Rate says it can sometimes approve and fund a mortgage in a single day. This streamlined process means Rate can forgo hiring thousands of༺ loan advisors like many mortgage lenders do: according to our research, Rate employs just 2,000 of them. Rate is licensed in all 50 U.S. states.

Rඣate, founded in 2000, is head𝄹quartered in Chicago, Illinois.

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U.S. Bank has earned high marks from Zillow loan reviewers and placed near the top in J.D. Power’s 2024 U.S. Mortgage Servicers Study. However, it placed in the bottom half of J.D. Power’s 2024 U.S. Mortgage Originators Study. Our reviewers gave the lender’s website a 4 out of 5 and its educational resources a 3 out of 5. Our evaluati🥀on mode✨l gave the bank a 3.7 out of 5 for its overall customer experience. Still, U.S. Bank offers all the customer service tools a borrower needs, including a current rates page, a mobile app, and telephone and email support.

U.S. Bank’s advert﷽ised APRs a𒈔re about average. Lender fees are not disclosed. Minimum credit score requirements are also not disclosed, but borrowers should expect they align with the rest of the industry: 620 for conventional loans and 580 with an FHA loan.

U.S. Bank sets itself apart by offering a wide variety of mortgage types: fixed-rate conventional, FHA, VA, USDA, adjustable-rate, jumbo, investment pr🌳operty, and new construction loans. The bank also♕ offers loan programs for lower-income borrowers or for borrowers who buy in underserved regions. These programs feature low down payments, closing cost assistance, and flexible underwriting. Existing customers can get a credit for up to $1,000 to apply toward closing costs.

U.S. Bank is also ahead of its traditional bank peers when it comes to online application and approval process. Through it, you can manage docume💦nts and track your loan through underwriting. U.S. Bank also gives you the option of working directly with a loan advisor (it has more than 14,000 of them).

U.S. Bank, the fifth largest bank in the nation, was founded in 1863 and is headquartered in Minneapolis, Minnesota.

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Bank of America scored well in our rating model for customer experience. It offers its borrowers helpful educational resources, a navigable and easy-to-use online experience, several ways to contact customer service, and the option of a digital application experience supported by a loan officer. In J.D. Power’s 2024 U.S. Mortgage Originators Study, the bank placed third (out of 22); in J.D. Power’s 2024 U.S. Mortgage Servicers Study, it placed sixth (out of 34). Zillow Loans reviewers also rate it highly.

Bank of America doesn’t disclose lender fees. According to our analysis of advertised rates, its APRs are higher than average. Existing Bank of America customers can get lender fee reductions or rate discounts. Applican༺ts will need credit scores of at least 660 to qualify for a conventional loan and have cash reserves of at least two🌳-and-a-half months. Pre-qualification is available to help you see if you’re eligible and to compare offers.

Bank of America offers a digital application and approval process. It also employs more than 20,000 loan officers and has 3,700 branches, so you can seek out the kind of help with your mortgage that suits you. The bank doesn’t offer as many loan types as competitors, but you’ll still find conventional, VA, and 澳洲幸运5官方开奖结果体彩网:FHA loans and a “Doctor” loan meant for medical professionals. It also offers a 3% down payment mortgage option and a couple of home grant programs with lender credits of $7,500 or $10,000ဣ.

Bank of America was founded in 1904 in San Francisco (as the Bank of Italy) by an Italian-American entrepreneur. In 1930, it became Bank of America. Today, it is headquartered in Charlotte, North Carolina, and is the nation’s second-largest bank.

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Our researchers gave American Pacific Mortgage’s online experience a 3 ou💖t of 5 and its educational resources a 5 out of 5. For borrowers unsure about the home-buying process, APM provides a wealth of resources, including calculators, checklists, blog posts, and ebooks. The lender also scores well with reviewers on Zillow loans. In our scoring model, APM earned a 4 out of 5 for customer experience.

Despite its strengths, the lender has a couple of glaring customer-support misses. It does not provide loan pre-qualification, which can be a valuable shopping tool, nor does it provide ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚa “rates page” where potential borrowers can get a sense of loan costs. Origination fees are not disclosed either.

American Pacific Mortgage shines with its wide range of loan options, from conventional loans to “Specialty” loans for borrowers with unconventional financial pictures—income from self-employment or 澳洲幸运5官方开奖结果体彩网:lower credit scores. APM also offers a 1% down paymen🐻t program, which includes a grant of up to $4,500 to help with affordability.  

American Pacific Mortgage, founded in 1996, is licensed to operate in 49 states🐲 (all but New York).

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Veterans United earned a stellar score of 793 (out of 1,000) in J.D. Power’s 2024 U.S. Mortgage Originators Study, and Zillow reviewers give it high marks, too. Investopedia researchers rated its online experience a 3 out of 5 and its educational reso🌠urces a 4 out of 5.🧸 Informed borrowers make more confident choices, and our ranking model rewards lenders that provide accurate information and advice.

Veteꦬrans United’s advertised APRs are lower than average. Its lender fee, $3,500, is on the high end. The minimum required credit score is 620.

This lender specializes in VA loans and offers conventional, FHA, and USDA loans. The lender's website provides few details on those options. However, it does offer helpful educational resources and calculat💜ors to help borrowers understand the home-buying process in general and VA loans in particular, which have some quirks. Borrowers can apply and track their loans online (or through a smartphone app) and will work with a loan 𓂃officer.

Vetera♛ns United Home Loans was founded in 2002 and is headquartered in Columbia, Missouri.

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Investopedia’s researchers were impressed with the scope of the educational resources PenFed offers on its website. In our scoring model, lenders are rewarded for providing potential applicants with tools and resources to help them understand home-buying and borrowing. The credit union also enjoys strong reviews from Zillಞow Loans and Trustpilot. PenFed’s engaging online experience shows its focus on customer support. Borrowers have plenty of ways to get in touch if they need more help: telephone, chat, email, and mobile app.

PenFed’s advertised APRs are lower than average. For conventional loanꦚs, origination and lender fees are capped at $1,995. Borrowers must have a credit score of 650 or higher to qualify. For FHA loans, PenFed requires a credit score of 620; many lenders will offer FHA loans to borr💝owers with credit scores as low as 580.

PenFed offers an online application and tracking tool, and you’ll work with a loan advisor. Although you must join the credit union to get a mortgage, membership is open to everyone. If you work with a PenFed Realty agent, you can save up to $2,300 on closing costs. PenFed offers low down payment and 澳洲幸运5官方开奖结果体彩网:adjustable rate opti♔ons 𒊎for first-timers and others looking for an affordable home purchase.

Pentagon Federal Credit Union (“PenFed”) is the nation's second-largest credit union, established in 1935. Its headquarters are in Alexandria, Virginia.

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