Best Mortgage Lenders for First-Time Buyers in the US: Buying your first house is an important achievement that can be very exciting but also exhausting and challenging. There is a high level of careful planning, analysis, and financial preparation. In all of this, one of the most crucial decisions you must make is to choose the right mortgage lender. This decision takes up a lot of consultations and is overwhelming because of the high number of lenders available in the US.
To assist you in making an informed decision, we have analyzed and put together a list of the best mortgage lenders for first-time buyers in the US. Our criteria for making this list include low-interest rates, flexible terms, excellent customer service/reviews, and fees that are reasonable. Below are the best mortgage lenders for first-time buyers in the US.
1. Quicken Loans
The first on our list is Quicken Loans, which is one of the leading online mortgage lenders in the US. They offer a wide range of mortgage options for new and existing home buyers, which include FHA loans, and conventional loans. They have a reputation for their seamless and efficient online application process, which can be completed in as little as 8 minutes.
Quicken Loans owns a tool called “Rocket Mortgage” which allows their customers to customize their mortgage options and gain access to real-time rates and approvals. The company has a team of professional mortgage experts who can guide you as you go through the whole process. All questions you have will be handled by this team. You can visit the Quicken Mortgage website for details about their loan offers.
2. Wells Fargo
Wells Fargo is one of the largest mortgage lenders in the US, and they offer a variety of mortgage options which include VA loans, FHA loans, and conventional loans. Wells Fargo boasts of a user-friendly online application process and offers interests and rates that are competitive in the industry.
Wells Fargo is well established with numerous branches across the US. This makes it easier for you if you prefer to walk into any of their offices to talk to them in person. They are known to provide a wide variety of educational resources and tools to help their customers understand the mortgage process and make informed decisions. You can visit the Wells Fargo Mortgage website for details about their loan offers.
3. Bank of America
Bank of America is another large mortgage lender in the US, with a unique range of mortgage options being offered to their customers. These loan packages include FHA loans, VA loans, and conventional loans. The online application by Bank of America is a straightforward process that offers competitive rates and fees.
Bank of America is a big lending company and has a network of branches across the US, making it easy for you to walk in and speak to them about your loan needs. They offer a wealth of educational resources and tools that help you understand the mortgage process and make informed decisions. You can visit the Bank of America Mortgage website for details about their loan offers.
4. Ally Bank
Ally Bank is an outstanding online-only bank that offers the full list of mortgage options to its clients, ranging from conventional loans to VA loans and FHA loans. Their interest rates and fees are competitive, providing you with a user-friendly online application process.
Ally Bank works with a dedicated and professional team who can guide you through the process and also answer any questions you may have concerning your mortgage needs. They are known around the country for their excellent customer service, with transiency in their fees and rates. You can visit the Ally Bank Mortgage website for details about their loan offers.
CitiMortgage is a subsidiary of the renowned Citibank, offering its clients a unique range of mortgage options, including VA loans, FHA loans, and conventional loans. Their online application process is straightforward, and they offer competitive interests and fees.
CitiMortgage just like the above-mentioned lenders has a wide network of branches around the United States. You can walk into any of the branches to make inquiries about your mortgage needs. They too provide standard educational materials and tools to help you have a complete grasp of the mortgage process and what is required of you. You can visit the CitiMortgage Mortgage website for details about their loan offers.
6. SunTrust Mortgage (Truist)
SunTrust Mortgage (Truist) is a subsidiary of the renowned SunTrust Bank, and are known for its flexibility in offering a unique range of mortgage option, which includes VA loans, FHA loans, and other conventional loans. They have a 30-year Fixed mortgage with a 7.375% interest rate, a 15-year Fixed mortgage with a 6.4% interest rate, a 30-year Jumbo mortgage plan with a 6.575% interest rate, and many more options.
Their website provides all the necessary answers to any questions you might have concerned the percentage of down payments to make. If you do not want to make your inquiries on their website, you can visit any of their many branches scattered all over the country. They also provide adequate resources to guide you on a seamless home-buying journey. You can visit the SunTrust Mortgage website for details about their loan offers.
7. Guaranteed Rate
With its headquarters in Chicago, Guaranteed Rate is an exceptional mortgage lender in the US that offers you fixed and also adjustable rates and fees for loans. Their range of mortgage options includes FHA, VA, Jumbo, and interest-only mortgages. They also make available to their clients refinance and home-renovation homes, making their service a highly valued one among the rest.
Guaranteed Rate operates an online payment system that can be used once your account is activated. There is also an option to make payments over the phone. You can visit the Guaranteed Rate Mortgage website for details about their loan offers.
Penny Mac is a leading online mortgage lender known for its range of mortgage loan options. They provide you with refinancing loans such as home refinance loans, cash-out refinancing, and home equity loans. Their website provides you with tools such as Home Connects, mortgage calculators, a home value estimator, a learning center, and a First-Time homebuyer guide.
Penny Mac boats of 4 million plus lifetime customers. They are the #2 Lender in the US and have $564 Billion+ in loans serviced. Penny Mac is present in 1 locations all over the US.
Penny Mac offers VA loans, FHA loans, and other conventional loans while maintaining the reputation for taking the number 7 spot for best VA lenders in the US. You can visit the PennyMac website for details about their loan offers.
9. AmeriSave Mortgage Corporation
AmeriSave Mortgage Corporation is another renowned online mortgage lender that offers a variety of mortgage options, including conventional loans, FHA loans, Refinance Loans, USDA loans, VA loans, and Cash Out loans. They have over 20 years of experience in the business, have 49 state licenses, and have financed over 733,000 borrowers since their creation.
Their trusted partners are Zillow, Fannie Mae, Equal Housing Lender, Experience.com, and Lendingtree. You can visit the AmeriSave Mortgage Corporation website for details about their loan offers.
10. U.S. Bank
U.S. Bank is a leader in the mortgage industry. They offer you a free and fast 5 minutes prequalification application, which does not affect your credit score in any way. They guide you from purchasing your first home to financing an investment property. The range of loans they offer includes Conventional Fixed-Rate Loans (which last for a period of 30 years), FHA Loans with lower credit score requirements (which last for 30 years term), and VA Loans with an option to make $0 down payments for military members (which also lasts for 30 years).
They have a straightforward online application process that offers you competitive fees and rates. The U.S. Bank has a network of branches across the US, in case where you need to face-to-face discussion with any of their professional team mortgage advisors. You can visit the U.S. Bank website for details about their loan offers.
One of the most tedious and important decisions you will ever make in life is choosing the right mortgage lender when you are buying your first home. The lenders we researched and listed on this list are the very best in the industry and offer a variety of options as we have listed above distinctively. Whether your preferred choice is an online-only lender or a bank with branches across the US, there are multiple options above for you if you are a first-time homebuyer. We really hope that our list above will help you make a worthy low-risk decision and find the best mortgage lender for your needs in the US.