Smart decisions start with our list of top mortgage lenders
Our Nerds reviewed rates, fees, and more from a variety of lenders — including HELOC lenders — to bring you the best mortgage lenders of 2024. While some winners may be partners, this didn't influence our decisions.
Smart decisions start with our list of top mortgage lenders
Our Nerds reviewed rates, fees, and more from a variety of lenders — including HELOC lenders — to bring you the best mortgage lenders of 2024. While some winners may be partners, this didn't influence our decisions.
Minimum credit score requirement is lower than most competitors.
Repayment period up to 30 years.
Among the largest HELOC lenders by origination volume.
Cons
Annual fee of $50.
Borrowers in California, North Carolina and New York will pay an origination fee.
Why We Like It
PNC is a large HELOC lender with a higher-than-average borrowing limit, a wide range of repayment terms and no initial draw requirements.
Why our Nerds love it
PNC Bank offers a home equity line of credit with a fixed-rate repayment option, a rate discount for bank customers using autopay and a smooth online application process.
Offers several low-down-payment loan options, including FHA, VA, USDA and the PNC Community Loan.
Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Mortgage rates are lower than the industry average, according to the latest federal data.
Jumbo loans available with 5% down payment.
Cons
Doesn't offer renovation mortgages or home equity loans.
In-person service is not available in every state.
You’ll have to create an account or supply personal data to get answers by phone.
Why We Like It
Good for: borrowers with low to moderate incomes or limited down payments, as well as home buyers seeking mortgages in higher-priced regions of the nation.
Why our Nerds love it
PNC Bank originates a significant volume and variety of jumbo loans, with low mortgage rates compared with other lenders.
Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
Offers low rates and fees compared with other lenders, according to the latest federal data.
Cons
HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
Why We Like It
Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis.
Why our Nerds love it
NBKC Bank originates fewer VA loans than some lenders, but it wins again with comparatively low VA rates and fees and a convenient online application process.
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.
Cons
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.
Why We Like It
Flagstar Bank stands out for its range of accessible loans and programs, including loans with flexible requirements and down payment grant options. Its mortgage operations will be acquired by Mr. Cooper in 2024.
Why our Nerds love it
Flagstar Bank offers a variety of loan types with relatively low rates, including FHA, VA and USDA mortgages. It’s simple to browse options and apply online.
NerdWallet's award winners are chosen through a rigorous evaluation process involving 39 writers and editors. NerdWallet's ratings formulas for credit cards, for example, consider the type of card being reviewed (such as cash back, travel, or balance transfer) and the card's rates, fees, rewards, and other features. For mortgages, we evaluate loan average rates and fees, loan types and products, online rate information, ease of application and other factors. For more info, see our methodologies.
Our team of nerdy experts is composed of writers and editors — based all across the country — who have a combined 493 years of journalistic experience reviewing and writing about personal finance products for consumers.
Yes. Writers and editors use comprehensive scoring formulas that assess each financial product’s key features, weighting them according to their importance to consumers.
Nope. Editorial team members are solely responsible for creating all product reviews and ratings, and these assessments reflect their opinions alone. Only products that meet the editorial team’s standards appear in our Best-Of Awards lists, meaning no company can “buy” an award.
Our Best-Of Awards are given annually to the top financial products on the market. Our other “best” articles may:
• be longer than our Best-Of Awards list
• offer additional consumer choices
• get updated as products change or are discontinued and as new products emerge
This year's Best-Of-Awards list winners were chosen in mid-October 2023, with the exception of Best Airline Rewards Program, which was chosen in early November 2023. Student loan winners were chosen in early April 2024.
Our 2023 Best-Of Award winners are still live. If you’d like to see who won last year, feel free to take a look and compare with this year’s winners.
