List of mortgage lenders in the US in 2024: A mortgage is a type of loan specifically used for purchasing real estate, typically a home. In a mortgage agreement, the borrower (often the homebuyer) receives funds from a lender (usually a bank or mortgage company) to purchase the property. The borrower then agrees to repay the loan amount, plus interest, over a specified period, typically ranging from 15 to 30 years.
Mortgages usually involve monthly payments that include both principal (the amount borrowed) and interest (the cost of borrowing the money). The terms of a mortgage, including the interest rate, loan amount, repayment period, and any additional fees or conditions, are outlined in a mortgage contract signed by both parties.
There are numerous mortgage lenders in the United States, ranging from large national banks to smaller regional banks, credit unions, and online lenders. Here are some details about different types of mortgage lenders in the US. Check all top lenders in the USA Below.
List of mortgage lenders in the US in 2024
Borrowers should think about things including interest rates, fees, reputation, customer service, and the lender’s capacity to accommodate their particular demands and financial circumstances when selecting a mortgage lender. Before choosing a lender, it’s a good idea to shop around and compare offers from several of them.
Borrowers should also be informed of the many kinds of mortgage products that are out there, including jumbo loans, VA loans, FHA loans, adjustable-rate mortgages (ARMs), and fixed-rate mortgages. Every kind of loan has unique terms and conditions as well as qualifying requirements.
List of Mortgage Lenders in the US:
- AAG (American Advisors Group)
- Academy Mortgage
- Ally Bank
- Alterra Home Loans
- Ameris Bank
- AmeriSave
- Axos Bank
- BancorpSouth
- Bank of America
- Bay Equity Home Loans
- BB&T
- BBVA
- BECU
- Beeline
- Better
- BMO Harris Bank
- BNC National Bank
- Caliber Home Loans
- Carrington Mortgage Services
- Chase Bank
- Churchill Mortgage
- CIT Bank
- Cornerstone Home Lending
- Costco
- Credible
- Credit Union of Texas
- CrossCountry Mortgage
- Delta Community Credit Union
- Discover
- Draper & Kramer Mortgage Corp.
- Embrace Home Loans
- Fairway Independent
- Fifth Third Bank
- Figure home equity
- Finance of America
- First Citizens Bank
- First Home Mortgage
- Flagstar
- Freedom Mortgage
- Guaranteed Rate
- Home Point Financial
- Homebridge
- HomeLight
- Hometap equity partners
- HSBC Bank
- Huntington National Bank
- Investors Bank
- Keller Mortgage
- KeyBank
- LendingTree
- LoanDepot
- M&T Bank
- Mortgage Investors Group
- Morty
- Motto Mortgage
- Mr. Cooper
- Mutual of Omaha
- Navy Federal Credit Union
- NBKC VA loans
- Neat Capital
- Network Capital
- New American Funding
- Newrez
- North American Savings Bank
- Northpointe Bank
- On Q Financial
- PenFed Credit Union
- PennyMac
- PHH Mortgage
- Planet Home Lending
- PNC Bank
- PrimeLending
- Quicken Loans
- Reali
- Rocket Mortgage
- RoundPoint Mortgage Servicing
- Sebonic Financial
- State Employees’ Credit Union
- Stockman Bank
- SWBC
- Trustmark National Bank
- U.S. Bank
- Union Bank
- United Wholesale Mortgage
- USAA
- Vanderbilt Mortgage and Finance
- Veterans United
- Wells Fargo
- Wintrust Mortgage
- ZeroDown
- Zions Bank
Which Are the Best Online Mortgage Lenders for 2024?
List of Mortgage Lenders in the US online is following:
| Company | Best for | Types of purchase loans |
|---|---|---|
|
Warp Speed Mortgage
|
Comparing interest rates for different mortgage types
|
Conventional, ARM, FHA, VA, Jumbo, and USDA
|
|
Calque
|
Buying a new home with your current home’s equity
|
Conventional
|
|
Ally Mortgage
|
No lender fees
|
Conventional, ARM, and Jumbo
|
|
Rocket Mortgage
|
Below-average credit score
|
Conventional, ARM, FHA, VA, and Jumbo
|
|
Better
|
One-day mortgage approval
|
Conventional, ARM, FHA, and Jumbo
|
|
Mr. Cooper
|
Mortgage rate discounts
|
Conventional, ARM, FHA, VA, and Jumbo
|
|
PNC Bank
|
Loan options
|
Conventional, ARM, FHA, VA, Jumbo, and USDA
|
|
LoanDepot
|
Instant online preapproval
|
Conventional, ARM, FHA, VA, and Jumbo
|
Which are the 10 largest mortgage lenders in the U.S.?
The top 10 largest lenders by number of mortgages originated last year data are the following:
- Rocket Mortgage
- United Wholesale Mortgage
- LoanDepot
- Wells Fargo
- Fairway Independent Mortgage
- Bank of America
- U.S. Bank
- JPMorgan Chase
- PNC Bank
- Citizens Bank
List of Mortgage Lenders in the US: Types of Mortgage Lenders
There are different types of Mortgage lenders in the USA. Here we have provided a complete list of all types of lenders:
National Banks:
- These are large banks that operate across the country.
- They typically offer a wide range of mortgage products and services.
- Examples include Wells Fargo, Chase Bank, Bank of America, and Citibank.
Regional Banks:
- These banks operate within specific regions or states.
- They may offer competitive mortgage rates and personalized service.
- Examples include PNC Bank, US Bank, and SunTrust Bank.
Credit Unions:
- Credit unions are member-owned financial cooperatives that often offer competitive mortgage rates and fees.
- They may have membership requirements, such as belonging to a specific community or organization.
- Examples include the Navy Federal Credit Union and the Pentagon Federal Credit Union (PenFed).
Online Lenders:
- Online mortgage lenders operate entirely or primarily online, offering convenience and often competitive rates.
- They may have lower overhead costs compared to traditional brick-and-mortar banks.
- Examples include Quicken Loans (now Rocket Mortgage), Better.com, and SoFi.
Mortgage Brokers:
- Mortgage brokers act as intermediaries between borrowers and lenders, helping borrowers find suitable mortgage products from various lenders.
- They can be especially helpful for borrowers with unique financial situations or credit challenges.
Non-Bank Lenders:
- These are financial institutions that specialize in mortgage lending but are not traditional banks.
- They may offer innovative mortgage products and competitive rates.
- Examples include loanDepot and Freedom Mortgage.
Documents Required for Mortgage Loan:
The following documents are required for a Mortgage loan in the USA:
- Copy of a photo ID (driver’s license, government ID, etc.)
- Last 2 years of W-2 forms from your employer
- Last 30 days of pay stubs
- Last 12-24 months of profit and loss statements (if self-employed)
- Last 2 months of bank statements (both checking and savings) – all pages
- Last quarter (3 months) of stocks/bonds/mutual funds/401K – all pages
- Name and phone number of your landlord to verify rental payments, if applicable
- Divorce decree or court order defining alimony or child support payments, if applicable
- College transcripts (if you graduated within the last 2 years)
- Information on any deferred student loans
FAQ: List of mortgage lenders in the US
What is a mortgage lender?
Ans: A mortgage lender is a financial institution or entity that provides loans to individuals or businesses to purchase real estate. These loans are secured by the property being purchased.
What types of mortgage lenders are there?
Ans: There are various types of mortgage lenders in the USA including banks, credit unions, mortgage bankers, mortgage brokers, and online lenders. You can choose anyone to get a loan.
How do mortgage lenders determine eligibility for a loan In the USA?
Ans: Mortgage lenders In the USA typically consider factors such as
- Credit score
- Income
- Employment history
- Debt-to-income ratio
- Down payment amount
- The property is being purchased.
What types of mortgages do lenders offer In the USA?
Ans: In the USA Lenders offer various types of mortgages including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, USDA loans, jumbo loans, and others.
What is the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?
Ans: With a fixed-rate mortgage, the interest rate remains constant throughout the loan term. An ARM typically starts with a lower interest rate that may adjust periodically based on market conditions.
What is PMI and when is it required?
Ans: PMI stands for Private Mortgage Insurance and is typically required when the borrower makes a down payment of less than 20% of the home’s purchase price. It protects the lender in case the borrower defaults on the loan.
What is the difference between interest rate and APR In the USA?
Ans: The interest rate is the cost of borrowing the principal loan amount, while the APR (Annual Percentage Rate) includes the interest rate plus any additional fees or costs associated with the loan, expressed as a yearly rate.
What is a mortgage rate lock In the USA?
Ans: A mortgage rate lock is an agreement between the borrower and lender that guarantees a specific interest rate on the mortgage loan for a specified period, typically until the loan closes.
Can I refinance my mortgage In the USA?
Ans: Yes, borrowers can refinance their mortgage to take advantage of lower interest rates, change the loan term, or access equity in the home. Refinancing involves replacing an existing mortgage with a new one.
