Best Mortgage Lenders of April 2022


Before buying a home or refinancing a mortgage, shop around to find some of the best mortgage lenders for your circumstances.

When you buy a home or refinance your mortgage, it’s a big financial decision, so it makes sense to find the best mortgage lender you can. To do that, shop for offers from at least three lenders.

Best Mortgage Lenders

LenderNerdWallet ratingMin. credit scoreMin. down paymentLearn more
New American Funding: NMLS#66065.0/5Best for overall mortgage experience6203%LEARN MOREat New American Funding
Rocket Mortgage, LLC: NMLS#30304.5/5Best for refinancing620N/ALEARN MOREat Rocket Mortgage, LLC
Veterans United: NMLS#19074.0/5Best for VA loans6200%LEARN MOREat Veterans United
NASB: NMLS#4000395.0/5Best for overall mortgage experience6203%LEARN MOREat NASB
Ally Bank: NMLS#1810054.0/5Best for jumbo loansN/A20%LEARN MOREat Ally Bank
Pennymac: NMLS#359534.5/5Best for online lending6203%LEARN MOREat Pennymac
NBKC: NMLS#4096314.5/5Best for refinancing6203%LEARN MOREat NBKC
Watermark Home Loans: NMLS#18384.5/5Best for borrowers with weaker credit6203%LEARN MOREat Watermark Home Loans
Bank of America: NMLS#3998024.5/5Best for first-time home buyers6403%READ REVIEW
Better: NMLS#3305115.0/5Best for online lending6203%LEARN MOREat Better
Chase: NMLS#3997984.5/5Best for jumbo loansN/A20%LEARN MOREat Chase
Guaranteed Rate: NMLS#26114.5/5Best for first-time home buyers6203%LEARN MOREat Guaranteed Rate
BNC National Bank: NMLS#4184674.0/5Best for FHA loans6403.5%LEARN MOREat BNC National Bank

NerdWallet’s editorial picks for the best mortgage lenders

New American FundingBest for nontraditional credit histories
Better MortgageBest for refinancing
North American Savings Bank (NASB)Best for first-time home buyers and VA loans
Ally BankBest for digital convenience
NBKCBest for digital convenience
LenderFiBest for overall mortgage experience
Wells FargoBest for first-time home buyers and jumbo loans
Flagstar BankBest for refinancing
Golden 1 Credit UnionBest for rate transparency
San Diego County Credit UnionBest for rate transparency
Alliant Credit UnionBest for jumbo loans
Network CapitalBest for variety of loan types

How does a mortgage work?

A mortgage is a loan to purchase a home. The loan is repaid with interest in monthly payments over a certain number of years, such as 15, 20 or 30. If the mortgage isn’t repaid, the borrower may lose the home in a multistage process known as foreclosure.

Banks, credit unions and other lenders offer mortgages. To apply, fill out an application and provide documentation about your finances. Lenders consider your income, debts and credit score to decide whether you qualify and the terms to offer.

Types of mortgages

There are a variety of mortgages and home loan programs. Here are some of your choices.

Fixed vs. adjustable rates


There are fixed-rate and adjustable-rate mortgages. The interest rate stays the same for the entire loan term of a fixed-rate mortgage. With an adjustable-rate mortgage, or ARM, the interest rate stays the same for a certain period, up to 10 years, and then adjusts at a specified interval, usually every six months.

15-, 20- and 30-year mortgages

The most popular mortgage term is 30 years, but 15- and 20-year mortgages are also available. Mortgage payments are spread out monthly through the term. At the end, the loan is paid off and the borrower owns the property free and clear.

Government-backed mortgages

These loans are backed by the federal government:

FHA mortgages are backed by the Federal Housing Administration. They allow down payments as low as 3.5% and have more lenient credit score requirements than other loan programs. Borrowers must pay for mortgage insurance.

USDA mortgages, backed by the U.S. Department of Agriculture and meant for rural home buyers, do not require a down payment, but borrowers must pay an upfront and annual guarantee fee, similar to mortgage insurance for FHA loans.


VA loans, backed by the U.S. Department of Veterans Affairs, are for veterans and active military members. VA mortgages require no down payment, but borrowers pay a one-time VA funding fee, which can be rolled into the loan.


What’s the credit score needed for a home loan?

The credit score needed to buy a home depends on the type of loan and the lender. Most borrowers have scores in the high 600s to 700s. FHA loans generally have the most lenient credit score requirements.

How to compare mortgage rates

You can check current mortgage rates to see the average of what lenders are offering. Then get initial quotes online from some lenders based on your location, loan term, purchase price, down payment amount and other factors.


To get a firm quote, you’ll need to apply for preapproval. During the preapproval process, the lender will check your credit and verify your financial information, such as income, assets and debts.

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