Guaranteed Rate is a Chicago-based lender that has a strong online presence and 400 branch locations across the country. It offers conventional mortgage purchase loans as well refinances and the full range of government-sponsored loans. Guaranteed Rate provides home equity lines of credit, or HELOCs, but not home equity loans. 

Guaranteed Rate advertises daily rates for all of its products, such as 30-year and 15-year fixed conventional loans, FHA loans and VA loans. But, you can also personalize the quote based on loan size, down payment, credit range and location. Borrowers need a credit score of at least 620 and a minimum down payment of 3% to qualify for a conventional loan. VA loan borrowers will need a credit score of 580 and zero down payment. 

The lender offers a breadth of information about the homebuying process as well as multiple calculators to help you get a better understanding of what you can afford as well as any additional costs associated with your loan. Borrowers won’t be met with any prepayment penalties on any loan originated by Guaranteed Rate. The company doesn’t disclose its closing costs but you can use its closing cost calculator to get an estimate of what those will be. 

The lender says you can lock in a fixed mortgage rate for up to one year in some cases — but fees may apply if you need to extend the lock. 

You can apply for a mortgage with Guaranteed Rate using their digital mortgage application.You can get preapproved for a home loan on the lender’s website within 15 minutes. Closing time can vary with each mortgage, but Guaranteed Rate’s goal is to be clear: close within 10 days.

• Conventional
• Jumbo
• Refinance
• FHA
• VA
• USDA

• Available in all 50 states and the District of Columbia
• Strong customer service
• Advanced online experience to streamline mortgage process
• Full line up of major mortgage programs

• Lender fees not disclosed online
• Doesn’t offer home equity loans 
• Some loans, like reverse mortgages and home equity products, are brokered off to other lenders

Rocket Mortgage is one of the largest online mortgage lenders in the US, operating in all 50 states and the District of Columbia. It offers a wide range of both purchase loans and mortgage refinance loans, including government-backed mortgages. However, it doesn’t offer USDA loans, home equity loans or HELOCs. 

Rocket Mortgage advertises daily refinance and purchase rates for 15-year loans, 30-year loans, VA loans and FHA loans. These rates change every day and are based on a few assumptions, such as that your credit score is higher than 720 and your debt-to-income, or DTI, ratio is less than 30%. So, not everyone will qualify for the lowest rates. 

Rocket Mortgage allows you to lock in your interest rate for up to 60 days for free. But, there is a deposit of $500 required to cover the appraisal and rate lock. 

There are no application fees or prepayment penalties for any loans with Rocket Mortgage. As is common among many lenders, late fees may apply and will vary depending on how late the payment is. To get a complete breakdown of closing costs, including lenders fees and discount points, you’ll need to submit an application.

Rocket Mortgage was the first lender to offer a completely digital mortgage application, and it has one of the best user experiences among the lenders we evaluated. Rocket Mortgage says you can be preapproved in just a few minutes. In 2022, Rocket Mortgage topped J.D. Power’s customer satisfaction study for mortgage origination.

• Conventional
• Jumbo 
• Refinance
• FHA 
• VA

• Available in all 50 states and the District of Columbia
• Streamlined digital application process
• Strong customer service

• No branch locations
• Does not offer USDA loans, home equity loans or HELOCs
• Limited information available online regarding lenders fees

Veterans United Home Loans, headquartered in Missouri, specializes in VA home loans in all 50 states and the District of Columbia. The US Department of Veterans Affairs listed Veterans United as the top VA loan lender by volume in 2022. While the company focuses heavily on VA loans, it also offers conventional, jumbo, refinance, FHA and USDA loans. 

Veterans United provides an eligibility chart to help determine if a VA loan is an option for you. 

Among the benefits of VA loans is the ability of borrowers to make a 0% down payment, avoid private mortgage insurance and qualify for a competitive interest rate without a top-notch credit score. 

The lender doesn’t advertise rates on its website, but you can get an online quote without a credit check. You’ll just need to provide your phone number and email address. Veterans United typically considers applicants with a credit score of at least 620. 

Closing costs can vary depending on the exact details of the loan. For VA loans, for example, borrowers can expect to pay a funding fee of anywhere from 0% to 3.5%, depending on how often you utilize the program, the loan type and where you qualify for exemption. A funding fee is a one-time payment that a veteran, service member or survivor pays on a VA loan — it helps to lower the cost of the loan for US taxpayers as these types of loans require no down payment or mortgage insurance. 

Information on the company’s conventional, FHA and USDA loans was difficult to find on the lender’s website, but you can reach out to a customer service representative to get information. 

Borrowers can begin the application process online, in person or over the phone, but Veterans United’s fully digitized and easy-to-follow online application process stands out to us. Borrowers can expect the process to take between 30-45 days from start to finish. The lender’s website provides tons of educational content on the mortgage process, and if you have questions, its customer service representatives are available via phone 24/7. Compared with other lenders we’ve reviewed, the company excels in customer satisfaction.

• Conventional
• Jumbo
• Refinance
• FHA
• VA
• USDA

• Available in all 50 states and the District of Columbia
• Highly experienced in VA loans
• Strong customer satisfaction

• Limited rate information available online
• Difficult to find information regarding non-VA loan options
• Doesn’t offer home equity loans or HELOCs

PNC Bank is a full-service bank based in Pittsburgh and originates a wide selection of mortgages nationwide, including conventional home loans and all government-sponsored mortgages. 

Among PNC’s conventional loan offerings is its Community Loan program, which is geared toward low- to moderate-income borrowers. The loan requires a 3% down payment, waives private mortgage insurance and allows borrowers to use gift funds at closing. 

Like many lenders, PNC advertises daily rates on its website, but you’ll need to enter some information — like your loan amount and zip code — in order to access them. To get a customizable rate, you’ll need to call the lender with your personal details. There’s no hard credit check involved in this step. The bank’s advertised rates are based on a few assumptions, such as that your credit score is at least 740, your DTI ratio is under 36% and your down payment is 20%. So everyone won’t be able to qualify for the lowest rates.

PNC’s lender fees include an origination fee and other closing costs, which can range from 3% to 5% of the total loan amount. 

When you’re ready to request a preapproval or start a mortgage application, you can do so online and track your progress through a dedicated portal. Unlike some other big bank lenders, PNC doesn’t have an app for mortgage borrowers, but you can access some basic tools through the general banking app. Closing on your home loan will take about 30 to 60 days. 

PNC landed in the top five for customer satisfaction according to J.D. Power’s 2022 mortgage origination survey.

• Conventional
• Jumbo
• Refinance
• FHA
• VA
• USDA

• Available in all 50 states and the District of Columbia
• Application can be tracked online
• Offers all conventional mortgages, government-sponsored loans, and HELOCs

• Limited app functionality for mortgage borrowers
• Advertised rates are for creditworthy borrowers

Based in Virginia, Navy Federal Credit Union serves all 50 states and the District of Columbia with 344 branches worldwide. Membership is limited to service members, veterans and certain government contractors. In addition to a full suite of banking services for its members, Navy Federal offers conventional, jumbo and VA loans. It doesn’t offer FHA loans, USDA loans, renovation loans, reverse mortgages and other niche products.

Navy Federal advertises daily purchase and refinance rates for each type of loan it offers in 15-year and 30-year terms, though you won’t find customized rates based on credit score or other factors before you apply.

The lender offers no-down payment and flexible credit requirements on most mortgage products to qualified military service members and their families. Navy Federal Credit Union also doesn’t charge private mortgage insurance. The credit union also has a rate lock option: You can lock in your interest rate for up to 60 days before closing, free of charge. 

Navy Federal doesn’t charge prepayment penalties, but the lender may charge origination fees and other closing costs that can be wrapped into your loan principal. Closing costs will vary by location and typically run from 2% to 4% of the home’s purchase price. 

Navy Federal’s website is easy to use and offers an array of guides that explain the homebuying process and different types of mortgage loans. The lender lists the types of mortgages it offers, but doesn’t advertise minimum credit score and DTI ratio requirements. It does, however, flag minimum down payment requirements, which vary from 0% to 15% depending on the type of home loan you get. 

To get a mortgage, you can apply online, over the phone or in person. Navy Federal has streamlined its online process with a digital application called HomeSquad. Applicants can, for example, set up a personalized portal where they can get preapproved, upload documents, connect their bank accounts to verify assets and receive notifications on the status of their loan. According to Navy Federal’s website, it takes 30 days to close on a mortgage loan, and 45 days for a refinance.

• Conventional
• Jumbo
• Refinance
• VA

• Available in all 50 states and the District of Columbia
• Offers no-down-payment mortgages
• Flexible credit requirements
• Doesn’t charge private mortgage insurance

• Membership is limited to service members, veterans and certain government contractors
• Doesn’t offer FHA loans and USDA loans
• You’ll have to request a customized rate quote

Founded in 2008, Pennymac is a lesser known name in the mortgage industry. But it offers a range of conventional and government-backed loans in 50 states and the District of Columbia. 

Customers can view daily purchase and refinance rates on the lender’s site. A minimum credit score of 620 is required to qualify for both conventional and VA loans, but as low as 580 for an FHA loan. The lender doesn’t specify its lender fees online. 

Homebuyers can lock in a rate with Pennymac for up to 60 days. To extend the locked rate, customers must initiate a mortgage application for a specific party at least 20 days prior to lock expiration. Pennymac doesn’t disclose its extension fees online. After the rate lock, customers may be eligible for a one-time reduction in rate of up to 0.50%  once the mortgage application has been initiated. 

People who are pre-approved with Pennymac prior to locking in its mortgage get a $1,000 discount on total closing costs (with the exception of jumbo, refinance, third-party and in-process loans). 

While Pennymac has sales office locations, customers can apply for a mortgage online or over the phone. The lender says the underwriting and closing process averages 36 days for purchases.

• Conventional
• Jumbo
• Refinance
• FHA
• VA
• USDA

• Available in all 50 states and the District of Columbia
• Full line up of major mortgage programs
• Preapproved customers can get $1,000 off closing costs (not applicable to jumbo loans or refinancing)

• Online information about lender fees is limited
• Below-average customer satisfaction score

Based in New York, Citibank is one of the top 10 largest banks in the US. It offers a range of mortgage products, including conventional loans, FHA loans and VA loans in all 50 states, the District of Columbia and Puerto Rico.

Citibank displays the latest rates for 15-year and 30-year fixed mortgages on its website. To get the lowest rate available, you can expect to buy mortgage points. Each point you buy will cost you around 1% of the total loan amount. If you choose to buy points, it will increase the amount you need to pay at closing. 

To qualify with Citibank, borrowers will need a credit score of at least 620 for conventional loans, 680 for jumbo loans and 620 for FHA and VA loans. Citibank offers down payments as low as 3% through its HomeRun Mortgage. Account holders who set up automatic payments can qualify for relationship pricing in the form of an interest rate discount or closing cost credit (up to $500) based on balance level. 

The lender says that closing costs range between 1% to 4% of your home’s value, but the exact amount will depend on the loan type and your geographic location. 

Borrowers can get prequalified and apply for a mortgage on the bank’s website. Citibank’s app allows you to track your application status as well as make payments later on. Purchase closings typically take 45 days to complete. Citibank ranked third for customer satisfaction in J.D. Power’s 2022 mortgage origination survey.

• Conventional
• Jumbo
• Refinance
• FHA
• VA

• Available in all 50 states, the District of Columbia and Puerto Rico
• Rate discount or closing cost credit available to new and existing customers when they set up autopay from their Citibank savings account 
• HomeRun Mortgage has low down payment requirements and flexible credit guidelines

• Doesn’t offer USDA loans
• Doesn’t disclose down payment requirements for loans other than the HomeRun Mortgage
• Branch locations in only 10 states (California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota and Virginia), the District of Columbia and Puerto Rico

U.S. Bank is the fifth largest bank in the US and offers mortgages in all 50 states, with physical branches in 26 states. The bank offers both conventional and government-backed mortgages, as well as home equity loans and home equity lines of credit. 

U.S. Bank advertises a few mortgage products with potential rates. However, the rate you see is based on ideal creditworthiness and assuming a 20% down payment. You’ll need to prequalify to get an understanding of what rates and fees each borrower can get. 

The company doesn’t disclose origination fees online because it varies by state, but the lender does charge a $395 application fee that will be refunded as a credit once you close. U.S. Bank can be a good option for existing customers, who are eligible for a discount of 0.25%, up to $1,000, on total closing costs. The bank doesn’t charge a prepayment penalty. 

You can apply for a mortgage online, in person or over the phone. U.S. Bank also provides prequalifications and preapprovals for applicants. You can get prequalified on the same day as your mortgage and a typical closing takes 30 days for a purchase or 45 days for a refinance. The U.S. Bank app allows you to track your application, complete some e-closing steps and make payments. 

You can lock a rate for up to 30 days by submitting an application to U.S. Bank. You’ll then receive confirmation from a mortgage loan officer.

• Conventional
• Jumbo
• Refinance
• FHA
• VA
• USDA

• Eligible existing customers can get a closing discount of up to $1,000
• Can apply online, in person or over the phone
• Range of loan offerings

• Advertised mortgage rates are for creditworthy borrowers
• Limited lender fee information available online
• Long closing period for refinances

LoanDepot is one of the biggest non bank retail mortgage lenders in the US. It operates in all 50 states and offers a range of loans including purchase and refinance loans, as well as two types of government-backed loans. LoanDepot, however, doesn’t offer USDA loans, home equity loans or HELOCs. 

LoanDepot doesn’t advertise daily purchase and refinance rates, nor does it offer a list of lender fees. But you can work with one of its loan officers to estimate your rate. To qualify for a mortgage, you’ll need a credit score of 620 for conventional loans, 580 for FHA loans and 620 for VA loans. 

You can lock in your interest rate for between 15 and 270 days, but extending the lock can get pricey. The extension fee is equal to a quarter of a percentage point of the loan balance. So, for example, if you borrow $200,000, the fee would be $5,000 for every 15 days you extend the lock. 

LoanDepot has no application fees or prepayment penalties for any of its loans, but the lender charges a late fee if a borrower is more than 15 days late on a mortgage payment. Refinancing with LoanDepot comes with a major benefit: the “lifetime guarantee.” If you take out a mortgage with LoanDepot, and later refinance it with the company, it will waive your lender fees and reimburse your appraisal costs. 

Applicants can apply either in person at one of its 200 branches nationwide or complete the mortgage application process entirely online. The lender says its online closings are 75% faster than the industry average, and in some cases closings take just eight days. J.D. Power ranks LoanDepot above average in customer satisfaction, but the lender is beat out by top scorers including Rocket Mortgage and Guaranteed Rate.

• Conventional
• Jumbo
• Refinance
• FHA
• VA

• Available in all 50 states and the District of Columbia
• More than 200 branches nationwide 
• Waives fees for existing customers who choose to refinance

• Rates and fees aren’t available online
• Doesn’t offer USDA loans

Truist Bank became one of the largest banks in the US after merging with BB&T Bank and SunTrust Bank in 2019. The lender offers all the major mortgage programs, including conventional and government-backed loans in 47 states and the District of Columbia. 

Homebuyers can check daily purchase and refinance rates on the lender’s site, though the lender’s advertised rates are based on a few assumptions. For instance, the 30-year fixed mortgage quote assumes your credit score is higher than 740 and your down payment is at least 20%. To qualify for a conventional loan, you’ll need a credit score of at 620.

The bank doesn’t disclose its fees or down payment requirements online. 

Customers can apply for a mortgage with Truist online, over the phone or at a branch location. A typical purchase closing with the lender takes between 30 and 45 days, while a refinance closing takes about 60 days.

• Conventional
• Jumbo
• Refinance
• FHA
• VA
• USDA

• Available in 47 states and the District of Columbia.
• Can submit an application online, by phone or in person
• Advertises sample mortgage rates online
• Offers a full line up of major mortgage programs

• Not available in Alaska, Arizona or Hawaii
• Doesn’t disclose down payment requirements or lender fees online