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Not all mortgage lenders are alike. Shopping around and comparing current mortgage rates from multiple lenders can help borrowers save money on their monthly mortgage payments and ensure they have a good experience buying or refinancing a home.
Best Mortgage Lenders of 2025
- Bank of America: Best overall
- Better Mortgage: Best for low rates
- Rocket Mortgage: Best for refinancing
- Fairway Independent Mortgage Corporation: Best for customer service
- Guild Mortgage: Best variety of options
- Third Federal Savings and Loan: Best for low closing costs
- CrossCountry Mortgage Mortgages: Best for non-traditional borrowers
To find the best mortgage lenders of 2025, we looked for lenders that have low rates and fees, rank high in customer satisfaction, and offer a good variety of loan types. The best lenders also have features that make their loans more affordable, like down payment assistance or flexible credit requirements.
To make your search for the best lender easier, Business Insider has picked mortgage lenders that are affordable, thrive in customer satisfaction, and offer a variety of types of mortgages to meet different borrowers' needs.
Best Mortgage Lender Comparison
Here are the best mortgage lenders of 2025 according to Business Insider editors.
Bank of America: Best Overall
Bank of America has some of the lowest average rates and fees, according to the latest Home Mortgage Disclosure Act data. It also ranked high in customer satisfaction in 2024, according to J.D. Power's Mortgage Origination Satisfaction Study.
Bank of America has robust offerings for lower-income borrowers. With this lender, you could get up to $7,500 in closing cost assistance and up to $10,000 in down payment assistance. If you already have an account with Bank of America, you may be able to get a discount on your origination fee.
The lender's Community Affordable Loan Solution is an extremely affordable mortgage aimed at first-time homebuyers. It requires no down payment, closing costs, or mortgage insurance and it has no minimum credit score requirement.
What to look out for: To qualify for Bank of America's Community Affordable Loan Solution, you'll need to live in a "designated market," which includes some historically Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. You'll also need to earn less than the program's income limits.
Bank of America Mortgage Review
Better Mortgage: Best for Low Rates
Based on Business Insider's review of HMDA data, Better Mortgage borrowers enjoyed significantly lower rates in 2023 compared to many other lenders we've reviewed.
In addition to its low rates, Better Mortgage offers features that make it a convenient option, including a tool that lets you compare rates based on your ZIP code and a quick online application process. Better's fees are also around average, so you shouldn't pay a lot in closing costs to get a good rate with this lender.
What to look out for: Better's loan offerings are relatively limited compared to some of the other lenders included on this list.
Rocket Mortgage: Best for Refinancing
Rocket Mortgage offers a quick, easy online experience and has mortgages with terms as short as eight years — making it a particularly good choice for those who are refinancing, because you can pick the exact term length you need. Most lenders only offer a small couple of term options, such as 15-year and 30-year refinances. Rocket also has a track record of providing great customer service, ranking high for customer satisfaction in J.D. Power's 2024 satisfaction study.
Rocket offers a few different affordable mortgage options, including its ONE+ mortgage, which combines a 1% down payment with a 2% grant from the lender. If you don't have a ton of cash saved for your down payment, you might be able to take advantage of this program from Rocket.
What to look out for: Its loan options are relatively limited, and it doesn't have any in-person branches. You'll also need to earn 80% or less of the area median income to qualify for a ONE+ mortgage. Rocket's rates and fees are around average compared to other lenders, according to HMDA data.
Fairway Independent Mortgage Corporation: Best for Customer Service
Fairway Independent Mortgage Corporation ranked high for customer satisfaction in J.D. Power's 2024 mortgage origination study, and it has many strong ratings on its Zillow lender page as well, earning a 4.95 out of 5-star rating based on more than 36,000 online customer reviews.
This lender provides many types of home loans and has several term lengths to choose from. It also offers both conventional renovation loans and FHA 203(k) rehabilitation mortgages, giving homebuyers purchasing a fixer-upper a range of mortgage options to choose from.
Fairway Independent offers a digital closing option, giving borrowers the ability to have a quick, remote closing experience. You may also be able to use non-traditional credit when applying with this lender.
What to look out for: Fairway Independent doesn't show any rates online, not even sample rates. To see what rate you might pay with this lender, you'll need to talk to a loan officer or apply for preapproval. In Business Insider's review of the latest HMDA data, Fairway's rates and fees were around average compared to other lenders.
Fairway Independent Mortgage Corporation Review
Guild Mortgage: Best Variety of Options
Guild Mortgage frequently ranks on our "best of" mortgage guides, thanks to its huge variety of mortgage offerings. Borrowers can get a mortgage from this lender using non-traditional credit, such as rent payment history, if they don't have a traditional credit score. Guild also offers a hybrid digital closing option.
What to look out for: Guild doesn't display any rates online, making it difficult to get an idea of exactly how affordable this lender it. In our review of the latest HMDA data, Guild's rates and fees were around average compared to other lenders. It also ranked low in J.D. Power's 2024 mortgage origination satisfaction study.
Third Federal Savings and Loan Mortgages: Best for Low Closing Costs
Third Federal Savings and Loan offers a wide range of unique benefits to its mortgage borrowers, including low down payment mortgages with no PMI and generous down payment assistance offerings. This lender also offers a Low Cost Mortgage option where you pay only $295 in closing costs — however, you will pay a slightly higher rate with this option.
In our review of the latest HMDA data, we found that Third Federal had low average rates compared to other lenders.
What to look out for: Third Federal is only available in California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, Washington, and Washington, DC. Its only physical branches are in Ohio and Florida.
It also doesn't offer any government-backed mortgages.
Third Federal Savings and Loan Mortgage Review
CrossCountry Mortgage: Best for Non-Traditional Borrowers
CrossCountry Mortgage offers a wide range of mortgages, including more niche loan types for those in unique situations. In addition to its standard lineup, you can get manufactured home loans, foreign national loans, bank statement loans, and many other types of mortgages from this lender. Its CCM Smart Start and CCM Community Promise programs also offer down payment assistance for eligible borrowers.
CrossCountry doesn't set a minimum credit score on its loans, and it will let you apply for some of its loans with non-traditional credit (like your rent payment history) if you don't have a credit score.
What to look out for: CrossCountry Mortgage doesn't display any sample rates online. Through our review of HMDA data we found that this lender's rates and fees are around average. This lender ranks low in customer satisfaction according to J.D. Power. But it has many positive online customer reviews.
To qualify for CCM Smart Start, you'll need to be a low-to-middle income first-time homebuyer. To qualify for CCM Community Promise, you'll need to live in an eligible metro area.
What Makes a Mortgage Lender the 'Best'
Since everyone's circumstances are different, the right lender for you might not be the same lender that's right for someone else.
In general, looking for lenders that have low average rates and fees while providing great customer service is a strong place to start.
Factors to Consider When Choosing a Mortgage Lender
As you shop for a mortgage lender, consider both the rates you're offered as well as other costs you'll pay, including lender fees or discount points. Think about what additional features are important to you, too, such as an easy online application or other digital tools.
Not every lender offers every type of mortgage. If you aren't sure what type is right for you, it might be worth talking to a mortgage broker, who will have access to many different loan types from a variety of lenders.
Comparing Mortgage Rates
How to Compare Mortgage Rates
You'll want to apply for a mortgage with multiple lenders to get an idea of what's available to you. Many experts recommend getting quotes from at least three different lenders to be sure you're getting a good rate. You can get preapproved with multiple lenders to compare rates, but you may get more accurate quotes once you have a signed purchase agreement.
Fixed vs. Adjustable Mortgage Rates
Adjustable-rate mortgages sometimes (but not always) have lower rates than fixed-rate mortgages. However, ARMs come with the risk that your rate can go up over time once the intro rate period is over.
Make sure you're comparing apples to apples when you compare mortgage rates. This includes both ARMs vs. fixed-rate mortgages as well as other types of mortgages. For example, government-backed mortgages often have lower rates than conventional loans.
Best Mortgage Companies and Customer Support
Importance of Customer Service
If you're buying a home, particularly if you're doing so for the first time, a mortgage lender with good customer service is vital. Home purchase contracts come with tight deadlines and consequences if those deadlines aren't met. You want to work with a lender that is efficient, easy to get ahold of if you need assistance or have questions, and is proactive about potential issues.
Speed isn't as vital when you're refinancing, since you aren't working against a deadline. But it's still important to have a competent lender.
Top Mortgage Lenders for Customer Support
Multiple lenders on this list rank high in customer satisfaction, including Fairway Independent, Rocket Mortgage, and Bank of America.
Online vs. Traditional Lending
Many mortgage lenders now offer online applications and other services, even if they started as traditional brick-and-mortar lenders. But there can still be some differences between lenders that are only online and lenders with both an online and physical presence.
Pros and Cons of Each
Online-only lenders can sometimes be more affordable because they have fewer operational costs. But this isn't always the case. For example, Bank of America has low average rates and fees despite being a large financial institution with branches around the U.S.
You might want to work with a traditional lender if you value in-person support or want to work with a loan officer who is local to you. As you search for the right lender, see which ones have branches near you.
You might also want to consider going with a smaller, local lender or credit union. Because they're smaller and work with fewer clients, these institutions are often able to offer more personalized help and have better knowledge of your local real estate market and its norms.
How to Choose What's Right for You
The best way to find the right fit for you is to apply with multiple lenders. That way, you can compare service, costs, and beneficial features before deciding which one you want to work with.
Specialized Mortgage Lenders
Some mortgage lenders are better for certain borrowers or situations than others. For example, we think Rocket Mortgage is a good lender for refinancing because it offers the ability to customize your term length, which allows you to avoid resetting your loan term.
Best for First-Time Buyers
In our guide to the best mortgage lenders for first-time homebuyers, Bank of America was our top pick. A good lender for first-time buyers should offer loans and features specifically geared toward these borrowers. Look for lenders that have low-down-payment mortgages and offer additional help like down payment grants.
Best for Government-Backed Mortgages
We have guides to the best lenders for each of the three main types of government-backed mortgages.
- In our guide to the best lenders for FHA loans, New American Funding is our top pick
- Veterans United is the "best overall" pick in our best VA lenders guide
- Fairway Independent is our top pick for USDA loan lenders
How to Apply With a Top Mortgage Lender
Preparing Your Documentation
Lenders will ask for many different documents when you apply for a mortgage, so it's a good idea to have them ready to go ahead of time. This will likely include paystubs, W-2s or 1099s, tax returns, bank statements and other asset account statements, and any other documentation showing your income and savings.
Understanding the Mortgage Application Process
Typically, the mortgage application process starts with a preapproval. With this kind of approval, the lender will take a look at your credit and finances and tell you how much it is willing to lend you based on the information it looked at. You'll use your preapproval to shop for homes and make offers.
Once you have an offer accepted, you'll apply for approval. The lender may ask for more documentation at this stage, including a copy of your signed purchase contract. Once you're approved, you'll receive a loan estimate with all the details of your proposed mortgage, including estimated closing costs.
If you decide to move forward, the lender will begin processing and underwriting your loan. It will order an appraisal to make sure the home is worth what you've agreed to pay for it, and underwriters will work to verify that you meet the lender's standards and can afford the loan. If all goes well, you'll receive final approval and be cleared to close.
Best Home Loan Lender Frequently Asked Questions
Our top pick mortgage lender is Bank of America, but that doesn't mean it's the best bank for you to get a mortgage from. The best mortgage lender for you is the one that you qualify with that offers the type of mortgage you're looking for and can give you the best deal in terms of its interest rates and fees.
For the lender with the lowest mortgage rates, we recommend Better Mortgage based on its average rates in 2023, but you might find lower rates elsewhere depending on your individual financial situation. Take a look at Business Insider's daily mortgage rate updates to see the average mortgage rates for various term lengths.
Yes. You should apply for preapproval with more than one mortgage lender to compare the rates and features you're being offered to make sure you're getting the best deal.
Some lenders charge a fee to apply for a mortgage. This fee can cost as much as $500 up front and is typically nonrefundable. Not all lenders charge the same fees, which is why it's important to consider not only the rate a lender is offering you but the overall cost as well.
Yes, you can switch mortgage lenders before closing, and it may help you save if you find a better deal elsewhere. But this can cause closing delays or cost you money (if, for example, you need to get a new appraisal), so be sure to consider all the pros and cons.
Why You Should Trust Us: Our Expert Panel on Choosing the Best Mortgage Lender
To help you learn more about homebuying, mortgages, and lenders, four experts weighed in:
- Anthony Park, author of "How to Buy Your Perfect First Home"
- Lauryn Williams, certified financial planner, founder of Worth Winning Financial Planning
- Julie Aragon, mortgage broker, founder of Aragon Lending Team
- Molly Grace, mortgage reporter at Business Insider
Here's their advice about how to evaluate mortgage lenders, and how to decide which type of mortgage is best for you. (Some text may be lightly edited for clarity.)
What factors should someone take into consideration when choosing a mortgage lender?
Anthony Park, author:
"The canned answer is to just go with the lowest rate. However, you also want to take into account who's going to serve your loan best. Are repayments going to be easy for you? Who is most likely to be able to help you if you need to take out a HELOC or refinance later, versus somebody who's more of a one-off type?
"They may have the lowest rates to get you involved, but they might have very, very little hand holding after the fact. I wouldn't recommend paying an exorbitant amount more for potential services in the future, but just don't always necessarily go with the rock-bottom lowest rate. There's sometimes a cost with that."
Molly Grace, Business Insider:
"Remember that you're not just choosing a mortgage lender — you're also building a homebuying team. To snag the home you want in this competitive market, you need a lender that can move quickly and has good communication with you and your real estate agent.
When I was looking for a house, I was able to text my loan officer (whom my real estate agent recommended) and get quick replies when I had questions or needed an updated preapproval letter for an offer. As you compare lenders, pay attention to how responsive they are, and ask your agent if they have any experience with the lenders you're considering."
How can someone decide between a conventional mortgage vs. a government-backed mortgage?
Molly Grace, Business Insider
"An FHA mortgage is a really helpful option for borrowers with low scores or kind of rocky credit histories. But if you have great credit, you may get a better rate and pay less for mortgage insurance on a conventional mortgage.
VA mortgages are really great deals. If you qualify for one, you should definitely go for it. You get zero down with no mortgage insurance — plus some of the best rates available."
Julie Aragon, Aragon Lending Team:
"The most common government loan that's widely available to almost everyone is the FHA loan. There's a couple of reasons why somebody would go with FHA instead of conventional one. Their credit is a little on the crummy side, let's say below 700. You can get conventional with down to a 620 score, but the mortgage insurance gets really expensive. FHA doesn't discriminate — no matter how perfect or crappy your credit is, the mortgage insurance is the same."
How can someone know whether they're financially ready to buy a home?
Lauryn Williams, CFP:
"You should have funds left over after everything is said and done as it pertains to purchasing the home. So if you don't have an emergency fund plus a down payment, you're probably not ready to purchase a home. Another thing I think about is credit card debt. While you can be approved for a mortgage with credit card debt and student loans and very little cash on hand, you put yourself in a very risky situation."
Molly Grace, Business Insider
"You have to be ready to dedicate a chunk of your budget to homeownership — and I don't mean your mortgage payment. When you own your house, there's always something that needs taking care of, especially in the first year. We got to our new house on moving day to find that the A/C was out. We paid $700 to have it fixed."
Methodology: How Did We Choose the Best Mortgage Lenders?
To choose the top mortgage lenders of January 2025, we looked at five main factors:
- Variety of loan types. The best mortgage lenders have products and services that meet most borrowers' needs. We looked for lenders that offer the most common types of mortgages, including conventional loans, government-backed loans, and jumbo loans. We also considered whether they offer more niche types of loans — such as renovation loans, home equity loans or HELOCs, or specialty loans (mortgages that are unique to a specific lender).
- Customer satisfaction. If the lender appeared in the J.D. Power 2024 Mortgage Origination Satisfaction Study, we looked at its ranking. We also looked at online customer reviews to get a sense of what borrowers think about a particular lender, and if there are any common complaints.
- Affordability. We looked at lenders' average rates and fees as well as their requirements for getting a mortgage. We also checked whether they offer government-backed loans, which can be more affordable for borrowers with less-than-perfect financial profiles. Finally, we looked at whether they have any flexible credit guidelines. This could include allowing borrowers to have recent negative events, such as bankruptcy or foreclosure, on their credit reports, or accepting non-traditional credit, like utility bills and rent payments, in lieu of a traditional credit score.
- Ethics. Almost all of our top picks received an A+ from the Better Business Bureau, which measures companies' trustworthiness. We also researched and considered any scandals in the past three years.
- Attractive features. There are thousands of mortgage lenders in the U.S., and many of them will do a satisfactory job helping you purchase your next home. But the best lenders have extras that make them stand out; things like down payment assistance, rate matching, or the ability to pick the exact number of years you want your loan term to be.
See our full ratings methodology for mortgage lenders »
