There are more lenders online today than ever before, as more people feel comfortable doing business digitally.
Mortgage
lenders like Better are available everywhere in the U. S. except Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, Vermont and Virginia.If you are a VA borrower or refinancing a VA mortgage, the Guaranteed Rate waives all loan charges. For first-time borrowers or people with credit ratings that aren't perfect, the minimum requirements are lower than average. For example, the minimum FICO requirement for a conforming mortgage and a USDA loan is $620 and only $600 for FHA and VA mortgages. The Guaranteed Rate is available online anywhere in the U.
S., and it has more than 300 branches across the country. The Guaranteed Rate offers both branches and online access to borrowers who want to apply for a mortgage. Its paperless application process allows borrowers to submit documentation electronically, as well as request and track the online application process. The Guaranteed Rate offers mortgages for both buyers and refinancers.
Its product line includes fixed-rate and adjustable-rate (ARM) mortgages, conventional and jumbo mortgages, FHA, USDA and VA loans, as well as interest-only mortgages. The Guaranteed Rate does not offer home equity loans or home equity lines of credit. PNC Bank operates in all 50 states and offers a wide range of mortgage products, including specialty loans for low- and moderate-income borrowers. Home Insight combines an analysis of home affordability, a monthly payment estimator that takes into account insurance and taxes, and the ability to search listings of available housing.
It also connects unique budgets, real-time rates, and loan products with a real estate listing search to help prospective homebuyers better understand the amount of housing they can afford. For basic loan options (you won't find VA, FHA, or USDA loans here), Ally offers competitive rates and standard lender fees, ranging from 2% to 5% of the loan. First-time buyers can take advantage of Fannie Mae's HomeReady loan, which requires a 3% down payment. Ally customers can track their progress online, sign documents electronically, and upload files anytime, from anywhere.
As long as you have an Internet connection, you can do most of the work remotely. Ally is available in all of the U. S., except Hawaii, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New York, Vermont, Virginia and Wyoming. Because Ally has no physical locations, customers will need to rely on telephone correspondence for customer support.
The only customer service option is by phone Monday through Friday from 9am to 5pm. The lender considers alternative credit data such as rent and utility payments when reviewing mortgage applications. Alternative credit data takes into account payments you make that are not traditionally included in credit reports. This can help borrowers who may not have a long credit history or who have had a previous bankruptcy to show a good history of timely payments in areas that are not normally counted in traditional credit data.
Ally offers conventional and jumbo fixed and adjustable rate mortgages and Home Ready loans but does not offer FHA, VA or USDA loans. LoanDepot is one of the largest non-bank mortgage lenders in the U. S., with its credit products including conventional mortgages, government-backed loans and refinancing. Customers using the lender's Mello Smartloan online technology can expect to reduce their closing time by 17 days by reducing paperwork and digitally connecting and verifying assets, income and debt.
In addition, Mello Smartloan can digitally perform the title settlement which is often one of the most time-consuming steps in the underwriting process. Another benefit of this technology is that it also determines if some borrowers can waive the appraisal requirement which can reduce time and cost a few hundred dollars of your mortgage cost. Borrowers can apply online or at more than 150 branches in the U. S.
Currently LoanDepot has home centers in Arizona Tennessee and two in California and is currently licensed in 50 states. LoanDepot customers can apply for a mortgage online once they submit their application a loan officer will call them to perform the next steps including filing income documentation and personal identification. LoanDepot requires a minimum credit score of 620 for conventional and VA mortgage loans which is the average requirement for most lenders. For FHA mortgages the credit requirement is less stringent dropping to a low of 580.
Finally jumbo borrowers must have a minimum credit score of 700. LoanDepot offers fixed-rate mortgages adjustable-rate mortgages (ARMs) FHA loans jumbo loans VA loans and 203 (k) loans but does not offer USDA Loans Home Equity Loans or HELOC. Competitive mortgage rates are one of the main advantages offered by Quicken Loans with its average interest rates currently above the national average. Quicken Loans is an online lender with four branches in Charlotte Cleveland Detroit and Phoenix.
Quicken Loans' product line includes fixed and adjustable rate (ARM) mortgages conventional and jumbo mortgages FHA loans VA loans. One of their unique offerings is YourGage a fixed-rate mortgage that allows you to choose a custom term of eight to 29 years. Finally its FHA Streamline product allows current FHA borrowers to refinance at a lower rate with less paperwork without needing an appraisal. Lender Does Not Offer USDA Loans Home Equity Loans or HELOC.
Guild Mortgage offers mortgage services both in-person and online with offices in 31 states borrowers who prefer to do business face to face can visit a branch. In contrast borrowers in 48 states (not New York or New Jersey) can apply online through their MyMortgage digital mortgage program. Guild Mortgage is a great option for borrowers with lower credit scores as its minimum requirement is 600 about 20 points lower than the average lender requires. Applying for a home loan through Guild Mortgage is also relatively easy and fast making it a great option for people who can't afford to wait.
With advanced technology Guild Mortgage offers services such as automatic customer matching.
