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    You are at:Home » Best Mortgage Loan Lenders Reviewed

    Best Mortgage Loan Lenders Reviewed

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    By pps-DUEditor on April 28, 2021 Finance

    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.

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