Buying a home may be the single most significant expense you have to encounter, and chances are that you’ll need to apply for a mortgage. Choosing the right lender can make your loan experience an easy one. We’ve studied what the best lenders have to offer, and here’s what you can expect.
Alliant Credit Union
Pros
Available in 49 states
Mortgages available to those with fair credit (minimum 620)
Loan amounts up to $2,000,000
Cons
Charges origination fees
Does not offer USDA, FHA, and VA loans
Navy Federal Credit Union
Pros
Choice of conventional fixed-rate, Military Choice Homebuyers choice, VA, ARM, and jumbo mortgages
Many mortgages don’t require mortgage insurance
Loan amounts up to $2,000,000
Access to many mortgages with no down payment requirements
Accepts discount points
Cons
Membership restricted to serving and ex-military personnel and specifically qualified civilians
Does not offer USDA and FHA mortgages
Includes funding and origination fees
Carrington Mortgage Services
Pros
Wide range of loans available
Loans available with a minimum credit score requirement of 500
Low down payment requirement of 3%
Loan amounts up to $2,500,000 available
Cons
Restricted online tools and facilities
Not available in all states
Ally Bank
Pros
Convenience of transacting online
Maximum mortgage amount of $4,000,000
Loans specific to first-time homebuyers
Discounts offered
Minimum FICO score of 620
Cons
Does not offer government-backed loans
No physical locations
NBKC Bank
Pros
Available across the country
Multiple loan options
Loans available to borrowers with FICO scores of 620 and above
No lender fees for VA loans
Cons
Does not offer home equity loans
No clarity on fees charged
Bank of America
Pros
Nationwide availability with physical branches
Large umbrella of mortgage products
Discounts for Bank of America customers
Cons
Does not offer home equity and USDA mortgages
Almost all mortgages require a down payment
Veterans United Home Loans
Pros
Loans for military families and veterans
Offers refinance, VA, and VA jumbo mortgages
Mortgages without down payment requirements
Maximum loan amount of $1,500,000 and no minimum
Cons
Does not offer home equity loans
Requires a minimum FICO score of 660
Comparing the advantages and drawbacks can help you make an educated decision when choosing a mortgage provider.