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Best Mortgage Lenders You Should Try In 2022

Lenders for mortgages come in a range of forms, including banks, non-bank lenders, credit unions, and others. Others have both an online and physical presence, allowing you to speak with a loan officer in person or complete some steps of the process using your smartphone. Some are totally online, with the application process managed digitally.

Author:Dexter Cooke
Reviewer:Darren Mcpherson
Nov 16, 2022
Lenders for mortgages come in a range of forms, including banks, non-bank lenders, credit unions, and others. Others have both an online and physical presence, allowing you to speak with a loan officer in person or complete some steps of the process using your smartphone. Some are totally online, with the application process managed digitally.
According to a number of criteria, including affordability (interest rates and fees), timeliness (approval and closing times), and experience, Bankrate compared mortgage service companies (including customer service support). The average Bankrate Score of the top mortgage lenders is 4.5 out of 5 stars or better.

Online mortgage lender is accessible in 46 states and Washington, D.C. Among its lending offerings are:
  • Mortgages with fixed and variable interest rates.
  • Traditional financing.
  • Huge loans.
  • Refinancing (rate-and-term and cash-out).
  • Bridge financing.
  • Loans for investment properties.
Among the lenders who post their rates and are rated by Bankrate, had some of the best mortgage rates available. Better doesn't charge commissions or other costs, can preapprove borrowers in three minutes, and can finalize loans entirely online in 21 days, saving borrowers an average of $3,500 in the process. As of May 2021, the average closure time, as reported by ICE Mortgage Technology, was 53 days.
In addition to having no fees and a quick process, also provides the Better Price Guarantee. The lender will match any cheaper rate you find and offer you $100 (you keep the cash if the lender is unable to do so). But only consumers who apply directly through the lender are eligible for the guarantee.
If you're looking to refinance at a cheaper rate, Better also scored highly on Bankrate's lists of the best refinancing lenders and best cash-out refinance lenders. The firm is listed on both Bankrate's best jumbo lenders and best online mortgage lenders lists.
The drawback is that does not provide FHA, VA, USDA, home equity lines of credit (HELOCs), or home equity loans, so if you're searching for one of these, you'll need to look elsewhere. A totally online approach might not be for you if you value in-person interactions more, however the lender does offer comprehensive support for individuals in need, seven days a week by phone and online.
  • Favorable rates.
  • Low pricing promise.
  • Zero origination costs.
  • Preapproval in a hurry.
  • Choices for fixed and variable rates.
  • No government-backed loans are available.
  • No adjustable terms.
  • Top Benefits.
  • Low prices and a price promise.

Top Features

Low Rates And Price Guarantee

Although Better Mortgage already offers rates that are competitive with many other lenders, its price guarantee guarantees that it will do so going forward. Better will attempt to match and beat a competitor's offer by $100.
The $100 is yours to keep if the lender is unable to help you. $150 off the closing charges. To receive a $150 discount on closing costs or refinancing closing fees, submit an application through The Ascent website. This unique perk can increase the amount of money you keep in your pocket while simultaneously lowering the lender's already affordable costs.

Zero Origination Costs

A fee is frequently charged by mortgage lenders to get a loan. Better doesn't charge an origination fee, which could help you save money on your overall closing costs, which can vary depending on the lender from 0.5 percent to as high as 2%.

Quick Loan Estimates And Pre-approval

Better makes it simple to compare lenders quickly by offering rate quotes and pre-approval letters in just a few seconds. Prospective homeowners can move swiftly to purchase a new home in a competitive market.
It may take several days for another lender's pre-approval letter to come. Better employs automated technology to digitally underwrite your loan, making you more competitive when you make an offer on a home because the seller will be aware that you have been properly underwritten.

Lock In Your Interest Rate On Demand

Applicants can lock in their interest rate at any point during the loan application process. The rate you receive in your initial estimate won't often be guaranteed by lenders, but Better will hold the rate for you so you can complete your application with confidence that it won't alter by the time you close.

The Application Process Is Entirely Online

Most of the closure procedure is carried out totally online (with the exception of signing the final documents). Simply fill out and submit their online application form along with any necessary documents using their secure platform.

Best Mortgage Lenders for First Time Buyers // 95% Mortgages

Sun West Mortgage Company operates the brick-and-mortar and online mortgage lender, also known as LowRates, which provides mortgage loans to borrowers in 48 states, Puerto Rico, and the US Virgin Islands.
For a variety of needs, LowRates offers a wide range of mortgage solutions, including:
  • Mortgages with fixed and variable interest rates.
  • Traditional financing.
  • Loans from the FHA, VA, and USDA.
  • Jumbo loans - one of the top jumbo lenders according to Bankrate
  • Refinancing (rate-and-term, cash-out, FHA, VA and USDA).
  • Home equity loans and home equity lines of credit (HELOCs).
  • Loans for construction.
  • Loans for investment properties.
  • Construction loans.
  • Backward mortgages.
In addition to its wide range of services, LowRates boasts some of the lowest rates among the lenders that Bankrate analyzed. For first-time homebuyers, LowRates also provides programs that help with the down payment. (Bankrate even listed it as one of the best lenders for first-time homebuyers.)
The lender also provides the "TRU Approval" process, which speeds up loan closings to 20 days or less and completes underwriting in 48 hours or less.
Only 22 states have Sun West Mortgage Company locations, so if you require in-person support, it might not be accessible in your area.
  • Numerous loans are accessible in the 48 states and Puerto Rico.
  • In less than 24 hours, the TRU Approval program offers full credit underwriting.
  • Closings within 20 days.
  • Assistance with down payments is offered to qualified applicants.
  • Only 20 states and Puerto Rico have Sun West Mortgage branches.
  • Corporate website may use some organization and usability improvements.
  • Loans unavailable in Massachusetts or Georgia Rates


On its website, publishes rates that are revised frequently each day. You will be given an immediate fee quotation after responding to a few short questions.


The parent firm of, Sun West Mortgage Company, has an A+ rating with the Better Business Bureau. Additionally, Sun West Mortgage Company is rated 3.2 stars on Trustpilot (with only three reviews).
More than 10.5 million people worldwide belong to the credit union for military personnel and their families known as Navy Federal Credit Union. It has 345 locations worldwide and across the United States, and it offers a wide range of services, including loans, credit cards, and banking. Among its mortgage products are:
  • Mortgages with fixed and variable interest rates.
  • Traditional financing.
  • VA loans.
  • Huge loans.
  • Loans offered by HomeBuyers Choice and Military Choice (100-percent financing).
  • Refinancing (rate-and-term, cash-out and VA).
  • Loans for investment properties.
According to Bankrate, Navy Federal was a top jumbo lender as well as a top VA lender. Particularly among all lenders, the credit union had the lowest rate.
Navy Federal offers preapprovals swiftly and doesn't charge an application fee, just like the other lenders on this list. A funding fee could be charged, depending on the loan arrangement.
If you're a Navy Federal member searching for a loan, you can take advantage of the following:
  • 24/7 assistance.
  • Freedom Lock, which provides two complimentary rate relocks.
  • Mortgage Rate Match: If the credit union can't match a competitor's rate, they'll give you $1,000 instead.
  • RealtyPlus is a cash-back perk for using a partner real estate agent.
  • Gives military personnel access to a wide selection of inexpensive mortgage products.
  • Has a pre-approval online application.
  • Compares its rates favorably to those of most lenders.
  • Before you apply, the website does not give you personalized mortgage rates depending on your credit score or other characteristics.
  • Veterans, active-duty service members, their families, some federal employees, retirees, and contractors are the only groups eligible to join credit unions.

Online Practicality

You can use HomeSquad, a Navy Federal digital application platform, to apply for a mortgage preapproval online. The lender asserts that in some situations, you can obtain pre-approval immediately.
You can submit paperwork, link to your bank accounts to verify assets, receive notifications when important milestones are reached, obtain specialized support from credit union staff members, and track the status of your loan using technology.
Additionally, a Navy Federal branch offers the option of starting an application over the phone or in person. No matter how you apply, a home loan counselor can help you choose the mortgage that best suits your circumstances.

How to choose the best mortgage lender (with tips to get the LOWEST RATES!)

Transparency In Rates

On its website, Navy Federal provides sample interest rates and annual percentage rates for the majority of the mortgages it provides. Additionally, you can see samples of monthly payments for particular products. The website does not offer rate information that is geographically or credit score-specific.
Following preapproval, rates for purchase loans can be fixed for up to 60 days. According to Navy Federal, if you discover a better price with another lender, they'll match it or give you $1,000 at closing.

SoFi Mortgage

Financial services company SoFi aims to help clients with all facets of their financial lives. There are many services accessible, including personal loans, investing, banking, financial planning, and mortgages. Customers of SoFi have access to special relationship benefits, which may be sufficient for some borrowers to make up for the rather constrained loan options.
For those who can benefit from relationship savings, SoFi mortgages are excellent for current SoFi clients.
  • Member advantages.
  • Online application.
  • Customized rates with light credit inquiries.
  • Limited choices for low down payments.
  • There are no ARMs.
  • There is no automatic rate lock.
  • No HELOCs or home equity loans.

Top Benefits

To its customers and account holders, SoFi Mortgage offers a number of benefits, albeit eligibility varies depending on the benefit:
  • Charge reduction: Eligible SoFi members may receive a $500 processing and fee discount (current borrowers or investment clients). You can qualify for lower lender fees if you currently have a personal loan with SoFi. Another choice is to keep a minimum balance in a SoFi Invest account. If you have a SoFi product, check with your lender to see if you're eligible for the SoFi member discount.
  • Additional financial benefits include rate reductions on future loans, invitations to exclusive events, and discounts on goods, services, and experiences (not a mortgage). Loans for homes do not qualify for rate reductions.
  • Financial advisors and specialized career aid are both free to members.
  • Access to a private community is granted to members.

SoFi Online Application

The SoFi mortgage application is entirely online and has the ability to connect to other financial organizations to automatically obtain some of your necessary paperwork (such account statements).

Alternatives For Cheap Payments

The single loan option offered by SoFi Mortgage has a minimal down payment and no down payment assistance. SoFi mortgages only demand 5% down, however PMI is required for any conforming loan with a loan-to-value ratio of greater than 80%. This is accurate even if you have a high credit score and a low debt-to-income ratio (DTI).

Rate Lock

SoFi does not provide an automatic interest rate lock, even if a borrower completes a purchase loan application and gets pre-approved by SoFi's underwriters. SoFi evaluates requests for a 45-day rate freeze only after receiving a fully completed refinance application or a signed purchase contract.
The absence of a rate lock may make it challenging to compare options while shopping around because mortgage interest rates might change daily (or even more often).
You can borrow money with a home equity loan, sometimes referred to as a home equity line of credit (HELOCs).
Some borrowers might choose to use their equity instead of refinancing their present loan. SoFi refers customers with home equity loans to a third party.

Axos Bank Mortgage

An totally online financial institution, Axos Bank (formerly known as Bank of Internet), provides a variety of deposit and loan alternatives. For years, Axos has focused on mortgage loans.
In order to do this, Axos Bank Mortgage offers a variety of exciting options, particularly for high-balance loans and clients who don't fit standard lending criteria.
Any borrower searching for a no-fee mortgage should consider using this mortgage company. Customers who have an Axos Bank checking account are exempt from the mortgage lender fee, and opening an account is easy. Axos is a great choice if a super jumbo mortgage is what you need.
  • Customers pay no fees to lenders.
  • Credit for cash back on mortgage payments.
  • Offers elusive loan possibilities.
  • Lender charge for non-clients.
  • Not available in person.
  • Difficult client service.

Top Perks

The Lender Is Not Charged Anything

Axos Bank Mortgage offers home loans with no origination fees to borrowers. To be clear, the bank charges a $995 lender fee, which is eliminated if the borrower has an Axos Bank checking account and the loan is for $250k or more.
During the application process, you can make one if you don't already have one. For account holders who require a mortgage of less than $250 000, the fee is reduced by $200 but is not waived. Axos offers reasonable mortgage interest rates that are on par with those of other lenders.

Cash-back Credit

Due to its affiliation with rewards checking accounts, Axos Bank Mortgage distinguishes itself from the competitors. Up to $1,200 per year, Axos offers mortgage borrowers an annually 3% cash back credit on principal and interest payments. Your Total Loan Rewards Axos checking account must have a minimum average daily balance in order to qualify.

100% Online Procedure

With Axos Bank Mortgage, customers may complete the simplified mortgage application procedure entirely online. You can submit an online mortgage application, upload supporting documentation, and monitor the status of your loan at any time.

Wonderful For Big Loans

Jumbo mortgages, or loans that exceed the lending thresholds of Freddie Mac and Fannie Mae, are Axos Bank's area of expertise. The maximum price for a single-unit property in most American counties in 2021 is $548,250. Some expensive areas have higher restrictions since the restriction is influenced by the county's median house value. For instance, the ceiling for a single unit property is $822,375 in the areas surrounding Washington, DC, and Honolulu, HI.

Excellent For Loans That Don't Conform

Axos Bank Mortgage has lax underwriting guidelines. Borrowers who seek loans but don't meet typical lending criteria can get assistance from Axos. According to Axos, "personalization for complex financial conditions" as well as non-owner occupied buildings.

Outstanding For Interest-only Loans

Interest-only mortgages, which allow borrowers to pay only the interest on a loan for a predetermined period of time, are available through Axos Bank Mortgage. Although they are uncommon, interest-only mortgages can initially lower your monthly payment. With an interest-only mortgage, you frequently have the choice to reduce the amount if you so choose. Although they can be advantageous in some situations, interest-only mortgages aren't for everyone.

Unusually Broad Range Of Products

In addition to standard conforming loans, Axos Bank Mortgage also provides VA and FHA mortgages, HELOCs, jumbo, and super jumbo loans. Additionally, this lender provides more non-conforming loan options than the majority of others.
This includes loans for investment properties, mobile homes, mixed-use loans, and mortgages for foreign nationals. Borrowers with low to moderate incomes are eligible for Axos' unique HomeReady Loan. Fixed and adjustable-rate loans, interest-only mortgages, asset-based financing, and other services are all offered by Axos.

Options For Home Equity

Axos Bank Mortgage offers home equity loans and home equity lines of credit (HELOCs). A fixed-rate loan is a home equity loan, also referred to as a second mortgage. Home equity loans are rare during periods of exceptionally low interest rates. A HELOC is a credit line that allows you to take out loans as needed (usually at a variable rate).


Axos Bank Mortgage provides refinancing in addition to a wide range of buy mortgage options. A refinance of a mortgage can assist a borrower in reducing the interest rate, withdrawing funds from equity, removing mortgage insurance, or any combination of the three.

Axos Bank Online Application

Axos Bank's mortgage qualification procedure is conducted fully online. Customers can get a rate quote in only a few minutes. You will be guided through the streamlined application and documentation process by an Axos mortgage specialist. In 30 days or less, Axos hopes to have all of its mortgages paid off.
But until you apply, you won't know what rate Axos will provide you. Basic questions can be answered by an Axos Bank Mortgage loan officer over the phone, but you shouldn't divulge any private information until you're prepared to submit applications and compare offers.
Lending requirements can vary considerably because Axos focuses on non-traditional mortgages including jumbo and non-conforming loans. Applications for specialty loans are evaluated on an individual basis.

How To Compare Mortgage Lenders

The first step in finding the best mortgage lender is comparing lenders. Compared to borrowers who choose the first lender they find, those who do more initial research end up saving more money.


Getting quotes from at least three lenders is a smart idea so you can understand your options based on your credit and financial situation. When comparing loan estimates, look at the APR (annual percentage rate) and interest rate provided by each lender you're considering.
Think about your top priorities in terms of experiences. Others place great importance on how quickly a lender can issue a preapproval letter or close a transaction. The best mortgage lenders should be contacted if you have special needs, such as those for an FHA loan.
Once you've decided on your wants and preferences, use Bankrate to compare mortgage rates before choosing a local lender.
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Dexter Cooke

Dexter Cooke

He is an orthopedic surgeon who insists that a physician's first priority should be patient care. He specializes in minimally invasive complete knee replacement surgery and laparoscopic procedures that reduce pain and recovery time. He graduated from the Medical University of South Carolina with a medical degree and a postdoctoral fellowship in orthopedic medicine.
Darren Mcpherson

Darren Mcpherson

Darren's gift and passion for seeing great potential and acting on it have helped him to develop his career and perform to audiences all over the world, stemming from a childhood obsession with magic and visualization. He now partners with leading brands to help their workers manage the high-stress, rapid change, and fast-paced world that has become the norm. Darren demonstrates how to reconnect with what matters most in life so that they can accomplish every goal while having the time of their lives.
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