Best Online Mortgage Lenders Of October 2024

Rocket Mortgage excels at offering mortgage products to fit the needs of almost every borrower. In addition to conventional fixed- and adjustable-rate mortgages, it provides jumbo, FHA and VA loan options. It also provides specialized loan programs such as ONE+ By Rocket Mortgage, which lets you put as little as 1% down on a home purchase.

Why We Like It

Rocket Mortgage makes applying for a mortgage easy because its streamlined Q&A application sequence evaluates your eligibility for loan programs. It also offers extended customer service hours if you need assistance navigating the application process.

What We Don’t Like

Although Rocket Mortgage has an impressive variety of loan options, it doesn’t offer USDA mortgages or provide loans to purchase land.

Who It’s Best For

Rocket Mortgage is best for home buyers who want to explore a variety of loan products to find the best rates and terms for their financial situation.

How to apply

Borrowers can apply online or through the Rocket Mortgage app. The lender can preapprove loans within eight minutes.

Phone support is available for in-process and closed loans by calling (800) 603-1955; available hours are Monday through Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. For new loans, call (888) 452-8179; available hours are Monday through Friday from 7 a.m. to midnight ET, Saturday from 9 a.m. to 8 p.m. ET and Sunday from 9 a.m. to 7 p.m. PT.

Chat support is available seven days a week. You reach chat support Monday through Friday from 7 a.m. to midnight ET and Saturday and Sunday from 8 a.m. to midnight ET.

Speed

As of February 2024, the average time to close a conventional refinance with Rocket Mortgage is 21 days, and the average time to close a conventional purchase loan is 36 days.

Eligibility

• Minimum credit score of 580 for FHA and VA loans, 620 for conventional mortgages and 680 for jumbo loans
• Minimum down payment of 0% for VA loans, 3% for some conventional loans and 3.5% for FHA loans
• Alternative credit data, such as rent and utility payments, is accepted

Loan types

Rocket Mortgage’s product line includes fixed and adjustable-rate mortgages, conventional, jumbo, FHA and VA loans. It also offers its own conventional loan, YOURgage, a custom-term, fixed-rate mortgage. Finally, its FHA streamline refinance loan allows existing FHA borrowers to refinance at a lower rate with less paperwork and no appraisal required. The lender offers home equity loans, but it doesn’t offer USDA loans or HELOCs.

Loan Type	Yes	No
Conventional	✓
FHA	✓
VA	✓
USDA		✓
Jumbo	✓
ARM	✓
Home equity loan	✓
Specialty	✓- YOURgage Flexible-Term Mortgage

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PNC Bank maintains an extensive branch network that includes approximately 2,200 locations in over 28 states and Washington, D.C. That makes it ideal for borrowers who want to meet with a loan officer in person. At the same time, PNC offers an online application or the option to work with a specialist over the phone.

Why We Like It

PNC blends online and in-person banking, allowing borrowers to apply for a mortgage in whatever way works best for them. The bank also maintains low credit score requirements and quick turnarounds for loan preapproval.

What We Don’t Like

PNC Bank doesn’t have branches in all 50 states.

Who It’s Best For

PNC is best for borrowers who want to meet with a banker face-to-face to discuss their mortgage options, assuming they are in one of the states with branch access.

How to apply

Borrowers can apply online or in person at a bank location in the following states and Washington D.C.: Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.

Customer support by phone is available Monday through Thursday from 8 a.m. to 9 p.m. ET, Friday from 8 a.m. to 5 p.m. ET and Saturday from 9 a.m. to 2 p.m. ET. Preapproval can take as little as 30 minutes or up to one day.

Speed

The average closing time is 45 days, which is about the industry average. In some cases, the closing can be as short as 30 days.

Eligibility

• Minimum credit score of 620; 700 for jumbo borrowers
• Minimum down payment of 0% for VA loans, 3% for conventional loans and 3.5% for FHA loans (PNC doesn’t publish its down payment requirements for other loan types)

Loan types

PNC Bank offers a wide selection of home loans, including conventional, FHA, VA, USDA and jumbo loans, home equity loans and specialty loans for medical professionals.

Loan Type	Yes	No
Conventional	✓
FHA	✓
VA	✓
USDA	✓
Jumbo	✓
ARM	✓
Home equity loan	✓
Specialty	✓ – Community (No PMI) Loan, Medical Professional Loan

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New American Funding is a national mortgage lender that offers more than a dozen different loan types. These include mortgage products with low down payments and flexible terms. The company can issue mortgages to applicants with credit scores as low as 580 and offers non-qualified mortgages (non-QM) for those who are self-employed or have unique streams of income.

Why We Like It

In addition to working with self-employed borrowers and those with lower credit scores, New American Funding has demonstrated a commitment to helping improve access to homeownership for Latino and Black borrowers.

What We Don’t Like

Unlike some of the lenders listed here, New American Funding doesn’t offer a 100% online application process. It also advertises low lender fees but doesn’t disclose what those fees are.

Who It’s Best For

New American Funding is best for borrowers with lower credit scores or incomes that don’t meet standard underwriting requirements.

How to apply

Borrowers can apply online and preapproval can take one day.

Speed

Closing on a mortgage can take up to 30 days.

Eligibility

• Minimum credit score of 500
• Minimum down payment of 0% for USDA and VA loans, 3% for conventional loans, 3.5% for FHA loans, 5% for I Can mortgages and 10% for jumbo loans

Loan types

New American offers 15- and 30-year, fixed-rate mortgages, including conventional loans, FHA loans and VA loans. Additionally, it offers a proprietary “I Can” mortgage, rate-buydown loans, ARMs and reverse mortgages.

Loan Type	Yes	No
Conventional	✓
FHA	✓
VA	✓
USDA	✓
Jumbo	✓
ARM	✓
Home equity loan	✓
Specialty	✓- I CAN loans

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Guaranteed Rate offers mortgages with terms ideal for first-time home buyers. Its credit requirements are reasonable, and some mortgages require as little as 1% down. Both features can benefit young or new home buyers who have limited cash reserves and credit history.

Why We Like It

Guaranteed Rate has competitive interest rates and operates in all 50 states. Plus, there are no lender fees for its VA loans.

What We Don’t Like

Guaranteed Rate offers a same-day mortgage approval option with closing in as little as 10 days. However, it’s not available in certain states, and self-employed workers may not be eligible.

Who It’s Best For

Guaranteed Rate is best for first-time home buyers due to low minimum credit score and down payment requirements. If you have limited credit, the lender may even consider alternative data, such as your rent and utility payments, to qualify you for a loan.

How to apply

Borrowers can apply online or in person at one of Guaranteed Rate’s locations. Customer support is available by phone Monday through Friday, 8:30 a.m. to 5:30 p.m. CT. Expect a one- to two-day turnaround on preapproval letters.

Speed

Closing takes as few as 10 days with Guaranteed Rate’s Same Day Mortgage.

Eligibility

• Minimum credit score of 620
• Minimum down payment of 0% down for VA loans, 3% for some conventional loans, 3.5% for FHA loans

Loan types

Guaranteed Rate offers fixed- and adjustable-rate mortgages, including conventional and jumbo mortgages, FHA and VA loans and interest-only mortgages. Guaranteed Rate also offers home equity lines of credit (HELOCs).

Loan Type	Yes	No
HELOC	✓
Conventional	✓
FHA	✓
VA	✓
USDA		✓
Jumbo	✓
ARM	✓
Specialty	✓- Interest-only mortgages

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Mr. Cooper is an online lender that offers a variety of mortgage and home equity loan products. As one of the nation’s largest nonbank home loan servicers, getting a loan with Mr. Cooper also means communicating with the same company from your loan application to closing and throughout the duration of loan repayment.

Why We Like It

In addition to sometimes offering interest rate markdowns on certain loans, Mr. Cooper has relatively flexible minimum credit score requirements. Its minimum requirement for an FHA loan is just 580, and a company spokesperson says there’s no set minimum for conventional loans. Even so, conventional loans are subject to underwriting approval.

What We Don’t Like

Although several government-backed programs are available, Mr. Copper offers no USDA loans.

Who It’s Best For

Mr. Cooper is best for anyone seeking to establish a long-term relationship with one mortgage company because it offers loan products and servicing.

Overview

Mr. Cooper is among the largest nonbank mortgage lenders in the country. It operates in all 50 states and offers conventional, jumbo, FHA and VA loans. Mr. Cooper is an online lender with no brick-and-mortar locations.

How To Apply

The entire application process takes place online. Customer support by phone is available Monday through Thursday from 7 a.m. to 8 p.m. CT, Friday from 7 a.m. to 7 p.m. CT and Saturday from 8 a.m. to 12 p.m. CT. Preapproval takes less than five hours.

Speed

Closing takes between 30 and 45 days.

Eligibility

• No set minimum credit score for conventional loans and 580 for FHA borrowers
• Minimum down payment of 0% for VA loans, 3% for conventional loans and 3.5% for FHA loans

Loan Types

Mr. Cooper offers both mortgages for buyers and refinancers. The lender offers fixed and adjustable-rate conventional and jumbo mortgages, FHA loans and VA loans. It doesn’t offer USDA loans or HELOCs.

Ally has a lightning-fast application and preapproval process. It says its Q&A-style application can be completed in 15 minutes, and you could receive a preapproval letter in mere minutes. Ally also says it can close loans 10 days faster than the industry standard.

Why We Like It

Borrowers can lock their mortgage rate and get a commitment letter from Ally within 24 hours of locking in their rate. The bank also currently offers an Ally Home Grant, which provides $5,000 toward down payment or closing costs for a qualified loan if you meet income and location requirements.

What We Don’t Like

Ally has limited loan options. For instance, it offers no FHA, VA or USDA loans.

Who It’s Best For

Ally is best for anyone shopping in a hot housing market or facing the prospect of a bidding war due to its quick preapprovals and speedy commitment letters.

How to apply

The application process is 100% online. Because Ally has no brick-and-mortar locations, customers will have to rely on phone correspondence for customer support. The only customer support option is by phone Monday through Friday, 9 a.m. to 9 p.m. ET and Saturday 10 a.m. to 6 p.m. ET. Preapproval takes as little as three minutes.

Speed

The lender’s average closing time is 36 days.

Eligibility

• Minimum credit score of 620
• Minimum down payment of 3% for some conventional programs and 10% for jumbo loans
• Alternative credit data, such as rent and utility payments, is accepted

Loan types

Ally offers fixed- and adjustable-rate conventional and jumbo mortgages and HomeReady Loans. It doesn’t offer government-backed loans such as FHA, VA or USDA loans.

Loan Type	Yes	No
Conventional	✓
FHA		✓
VA		✓
USDA		✓
Jumbo	✓
ARM	✓
Home equity loan		✓
Specialty	✓ – HomeReady Loans

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