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Our top 5 lenders offer low rates, online applications, and a broad range of mortgage products. But there are some differences between them. To help you compare between the best online mortgage lenders, we created the following features-comparison chart. Take a look at the rates, terms, customer support, and the range of loans on offer to find the best lender for you.
Overall Rating
Editor’s Choice
Direct Lender or Marketplace
Direct lenders provide loans to borrowers. Marketplaces help borrowers compare direct lenders.
Marketplace
Direct
Direct
Direct
Direct
Terms
The duration of your loan, i.e. the number of years to repay it.
10-30
15-30
10-30
15-30
15-30
Minimum Credit Score
All
Fair +
Fair +
All
Good +
Minimum Down Payment
Lowest down payment across all mortgage products
0%
0%
0%
0%
0%
Pros & Cons
Advertises rates
Non-conventional loans
Government-backed loans such as FHA, VA, and USDA.
Market-beating rates
Top Pro
Free to use
Quick and effective approval process
Closure in 3 weeks
Quick application and closure
Physical branches in 25 states
Top Con
Not a direct lender
No rates without contact details
Not available to NY residents
No HELs or HELOCs
Not available in New York
Bottom Line
Compares lenders in seconds
Combining experience and digital
Broad selection of loans
Nation’s largest mortgage lender
Wide selection of mortgage products
Types of Loans
Fixed Rate
Conventional loan with fixed rate for duration of loan
Adjustable Rate
Conventional loan with adjustable rate for introductory period of 3-10 years
Cash Out Refinance
Alternative way of using home equity to borrow cash
HEL/HELOC
Loans and lines of credit that let homeowners tap into their equity to borrow large sums
Jumbo
Loan that exceeds FHA’s conforming limits, usually more than $424,100.
FHA
Government-backed loan for borrowers with low credit, with 3.5-10% down payment
VA
Government-backed loan for military personnel and veterans
USDA
Loans backed by Department of Agriculture for rural and suburban homes
Reverse Mortgage
Enables homeowners aged 62 and older to use their home equity to borrow
Operations
Year Founded
1996
1991
2003
1985
2003
Headquarters
North Carolina
Pennsylvania
Ohio
Michigan
California
States
50
43
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, VT, VA, WA, WV, WI, WY
30
AZ, AR, CA, CO, CT, DE, IL, IN, LA, MA, ME, MD, MI, MN, NC, NH, NJ, NM, OH, OK, OR, PA, SC, TN, VA, VT, WI, WA, GA, NV,
50
48
AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WA, WI, WY, LA
Online
Physical Branches
Customer Support
Phone
Email
Live Chat
FAQ
In Branch
Refinance
With many different mortgage companies out there it can be challenging to find a refinance mortgage that suits you. However with the increase in comparison websites at your disposal, it is easier than ever before. Multiple different companies such as J.G. Wentworth and Lending Tree, offer you refinance mortgages that can be adapted to suit you. With flexible mortgage refinance interest rates, the choice is yours. Here we are going to look at different refinance mortgages and how they can benefit you.
Why Refinance Your Home?
Refinancing your home allows the homeowner to have a better interest rate when paying for a mortgage on your home. Refinancing most commonly takes place when the home owner believes that they can find a mortgage with a better interest rate in order to reduce payments being made on the home. This is beneficial to the home owner because it allows them to be in control of the interest rates that they are paying. Lower interest rates are beneficial when paying off a mortgage, however there is a catch. Every time you refinance your mortgage you are adding years to the overall time of payment. Therefore, it is not advised to refinance your mortgage when you only have 36 months left as you will end up paying more. With resources such as online finance, you can refinance your mortgage. The length of the refinanced mortgage is completely up to you with companies offering 15 year and 30 year repayment loans, the choice is up to you.
How To Find The Best Deal For You
Price comparison websites have made it increasingly easy to find a mortgage that benefits you, the current market leader is Lending Tree. Lending Tree offer you multiple different refinancing mortgages that benefit you no matter the home. With prices varying dependant on the size of the accommodation that you are remortgaging, there is a service that best suits everyone. Price comparison websites help to make it easier than ever, as they compare all prices of people offering this service and give you the best available prices based on your unique requirements. When the mortgage has been found, you then will have to lock the mortgage rate. This will insure that the interest rate you are paying is set for the period of time within your contract.
Cashing Out During Refinance
During the time of refinancing your mortgages companies such as J.G. Wentworth allow to you cash out on your home equity. This is an option that comes with many pro’s and con’s as the ability to turn your home equity into money could mean that your house could be at risk if you cannot pay the mortgage. However, the Pros of being able to do this you can use the money to pay off medical bills or college fees, allowing you to have a carefree life with minimal debts. This is however completely up to the homeowner as home equity can be built up and protected in order to give you financial security if monthly repayments where to be missed.
How Easy Is It To Refinance My Mortgage?
Refinancing your mortgage is now easier than ever with the ability to use an online mortgage refinance program. It’s as simple as picking a supplier suitable for you and applying online. You will get a quote back in within minutes and be able to begin your journey of finding a suitable mortgage for you. The more websites that you use the wider the range of mortgage refinance offers you will receive, allowing you to fix the rate and the rest is taken care of. With 24/7 customer service there is someone helping you through every aspect of remortgaging your home in order to get the best quality deal for you.
Lending Tree
The current market leader Lending Tree makes refinancing your home easy, they shop around for the best mortgage for you based off of the information you supply them, allowing you to rest assured that you are getting the best possible mortgage for your home. Just make an account and follow the easy to follow instructions and be well on your way to finding a mortgage. No matter your credit score, they will assist you with any problems that you may encounter, with their large network of people every question will be answered quickly and effectively.
What To Expect From These Sites And How Can They Help You?
Each of these websites are uniquely designed to help you find a mortgage tailored to you! You enter your information and they do the rest, they sort out the interest rates and which fixed rate will benefit you based on information such as your credit score and spending habits. The lower the credit score, the more limited your mortgage choices will be, however the higher your credit score the more availability you will have. Therefore, it is beneficial to check your credit score before applying for a loan in order to increase chances.
Mortgages are something to be strongly considered and should not be taken lightly, with all the above elements in mind it is important to conduct the relevant research before changing mortgages to ensure that you can afford to do so. However, with this websites and plenty of financial aids it’s easier than ever to successfully refinance your home no matter your financial situation.