Easy Preapproval: 10 Best Online Mortgage Lenders of December 2024
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NerdWallet’s top-rated online mortgage lenders all have well-designed websites, mobile apps and online applications that make it easy to shop around for mortgage rates and get preapproved. We’ve included a mix of traditional banks and nonbank lenders that invest in technology and digital tools for customers.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Easy Preapproval: 10 Best Online Mortgage Lenders of December 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 3% | Learn more at Veterans United | ||
620 | 3% | Learn more at Northpointe | ||
 Rate: NMLS#2611 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 SoFi: NMLS#696891 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 U.S. Bank: NMLS#402761 LEARN MORE on NerdWallet | 620 | 5% | LEARN MORE on NerdWallet |
Explore all of our lender picks by category
Veterans United: NMLS#1907
620
3%
- 24/7 customer service line supports servicemembers stationed internationally.
- Niche VA products, including refinances, EEMs and VA jumbo loans.
- Maintains a network of real estate agents experienced with VA borrowers.
- No HELOCs or home equity loans.
- No renovation loans.
- No live chat feature on website.
Northpointe: NMLS#447490
620
3%
- Closing may be available within 15 business days.
- Offers loans and programs aimed at making homeownership more accessible.
- Offers mortgages for investment properties, including jumbo loans.
- Average mortgage origination fees are on the high side, according to the latest data.
- Bank’s mobile app isn’t useful for mortgage borrowers.
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
- Offers a credit up to $10,000 if closing exceeds the contract date and the lender is at fault.
- Sample mortgage rates are highly customizable.
- Borrowers can lock in their rate for up to 91 days after preapproval.
- Borrowers may experience difficulty with customer service.
- Offers up to $17,500 in down payment and closing cost assistance.
- Wide variety of mortgage types.
- Experienced with construction-to-permanent and renovation loans.
- Assistance programs limited to select cities and states.
- Online rate tool doesn’t customize by credit score.
Andrews Federal Credit Union: NMLS#410421
620
3%
- Has a robust and user-friendly tool for customized mortgage rates.
- Easy to qualify for credit union membership.
- Offers HELOCs and home equity loans.
- Physical branches in the U.S. are limited to Maryland, New Jersey, Virginia and Washington, D.C.
- Does not offer less common mortgage types, like renovation or construction home loans.
- Conventional loan terms extend to 40 years, which is unusually flexible.
- Offers options for high-balance mortgages.
- Offers specialized mortgages for professionals, such as doctors and lawyers, starting their careers.
- Reported average time to close (20-30 days) is faster than industry standard.
- The lender’s mobile app is focused on banking, not mortgages.
- Conventional fixed-rate mortgages require a 5% minimum down payment, higher than some competitors.
- Low-down-payment loan options include FHA, VA, USDA and PNC Community Loan.
- Jumbo loans available with minimum down payments of 5%.
- Customizable mortgage rates are posted online.
- Average mortgage rates are on the high side, according to the latest federal data.
- In-person service is not available in every state.
- You’ll have to supply personal data or account info to get answers by phone.
Bank of America: NMLS#399802
660
5%
National
- Interest rates are lower than most lenders, according to the latest federal data.
- Offers up to $10,000 in down payment assistance to qualified borrowers.
- Banking customers can get discounted interest rates or fees.
- Mortgage origination fees are on the high side, according to the latest federal data.
- Rate estimator tool doesn’t personalize by credit score.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
- Easy to personalize a quote and apply online.
- Can lock in a rate before you’re under contract, earlier than most lenders.
- Perks include a 1% interest rate buydown and “refinance later” cash bonus.
- Origination fees are on the higher end, according to the latest federal data.
- Online chat is available only in the logged-in experience.
- No home equity lines of credit or renovation loans.
Navy Federal: NMLS#399807
National
0%
- Offers unique no-down-payment and no mortgage insurance loan options for military and civilian borrowers.
- 24/7 customer service supports borrowers stationed overseas.
- Has both home equity loans and lines of credit.
- Borrowers must join the credit union before applying for a mortgage.
- Does not offer FHA, renovation or construction loans.
- We sometimes waited longer than 10 minutes before connecting with a customer service representative.
- Mortgage borrowers do not need to become members of the credit union until they’ve reached the closing process, so interested home buyers can apply without committing to membership.
- Sample rates are displayed upfront, and it's easy to get detailed, personalized rates without providing any personally identifying information.
- No application fee.
- Customer service can be difficult to access as a non-member and may require sharing personal information.
- Home equity loans are not available.
State Employees' Credit Union: NMLS#430055
N/A
0%
- Offers a no-down-payment mortgage without private mortgage insurance.
- Participates in multiple first-time buyer assistance programs.
- Very low average mortgage rates, according to the latest federal data.
- Credit union membership eligibility is limited.
- Loans only available in five states.
- Doesn’t offer government-backed mortgages.
Can you get a mortgage completely online?
Yes, it’s more convenient than ever to get a mortgage online. Almost all mortgage lenders have websites, and most offer online applications. But the best online lenders go a step further with transparent, self-service tools that put the customer in control, from mortgage preapproval to closing. (Keep reading to see how NerdWallet scores online mortgage lenders.)
What is an online mortgage lender?
An online mortgage lender is a bank, credit union or other lender that provides self-service digital tools to get a mortgage. Note that some online lenders do business strictly online, while others also have brick-and-mortar branches.
NerdWallet’s editorial team took a deep dive into more than 50 mortgage lenders’ websites, mobile apps and other digital tools to see which lenders come out on top. We're looking for lenders that:
Post mortgage rates online in an easy-to-find spot — no digging through fine print — with details clearly spelled out.
Allow people to personalize their quote with factors that can affect their mortgage rate, such as credit score or location. (See what credit score you need to buy a house.)
Offer a fully online, self-service mortgage application.
Provide customer service through online chat and over the phone.
Have a highly rated mobile app.
Do online mortgage lenders have better rates?
Some online lenders have reduced overhead costs and pass the savings along to you through lower rates and fees. But the best way to get the lowest mortgage rate is to compare mortgage rates from multiple lenders.
That's not always easy. Some lenders don't show sample mortgage interest rates online, instead asking potential borrowers to call or fill out a contact form.
The best online mortgage lenders allow borrowers to see sample rates online, as well as customize rates by location and credit score. That makes it easier for you to shop and compare. Learn how to get the best mortgage rate.
How does an online mortgage lender work?
Generally, an online mortgage lender should allow you to get rate quotes, fill out an application and upload documents from your computer or mobile device. In some cases, you may not even need to dig up all of the documents yourself. Many lenders can access necessary information from government agencies, financial institutions and employers with your permission, and take days off the closing process.
More from NerdWallet:
Last updated on December 17, 2024
Frequently asked questions
- How do I find online mortgage lenders?
Most lenders have some online capabilities. Look for a lender that offers the type of mortgage and services you need that does business in your area. Even if you're just looking for online convenience, location matters. Some top online mortgage lenders aren't available to borrowers in every state.
- What types of online mortgages can I get?
Offerings vary by lender, but with a bit of searching, you can find an online mortgage lender for virtually any type of home loan, including those geared to first-time home buyers, veterans and borrowers with low credit scores.
- How do I choose an online lender?
Compare rates and fees among lenders that offer the type of mortgage you want. Check out customer service options to make sure they meet your needs, and apply for preapproval with at least three lenders. Choose the lender that offers the best rate at the lowest cost.
- Can I get an online mortgage loan with bad credit?
It's possible to get an online mortgage with a low or "bad" credit score, but you'll want to look at lenders’ minimum credit scores before submitting an application. You should also know that a lower credit score generally means you'll be offered a higher mortgage interest rate, making your home loan more expensive. It might make more sense to hold off on purchasing a home while you work on building your credit.
Methodology
The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.
The lenders on this page are chosen using this methodology:
NerdWallet reviewed more than 40 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.
For inclusion in this roundup, lenders must score highly in most dimensions of the mortgage application process, including an easily accessible online application, numbers for phone support and online chat, and a highly-rated mobile app with at least one mortgage feature. Lenders must also post rates online that are easily accessible without digging through fine print and can be personalized by location and credit score. Displayed rates must have at least two details or assumptions, such as APR, discount points, down payment amount, closing costs and fees or other details, clearly spelled out. The highest scoring lenders are included here.
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized the latest Home Mortgage Disclosure Act data for origination volume, origination fee, rate spread and share-of-product data.
NerdWallet's Easy Preapproval: 10 Best Online Mortgage Lenders of December 2024
- Veterans United: Best for military borrowers
- Northpointe: Best for first-time home buyers
- Rate: Best for fast closing
- SoFi: Best for rate transparency
- U.S. Bank: Best for home loans overall
- Andrews Federal Credit Union: Best for borrowers in the mid-Atlantic
- Flagstar: Best for variety of loan types
- PNC Bank: Best for first-time home buyers
- Bank of America: Best for Bank of America customers
- Pennymac: Best for FHA loans
- Navy Federal: Best for military borrowers
- Alliant: Best for credit union borrowing
- State Employees' Credit Union: Best for borrowers in GA, NC, SC, TN or VA
