Best Online Mortgage Lenders of 2020

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Using an online mortgage lender makes finding the perfect loan so that you can purchase your perfect home. When you are looking for a mortgage lender you want someone that is trustworthy and easy to work with.

However, going online and looking for this perfect lender is much easier said than done. Just typing in a search engine is going to bring up so many results, you will be drowning in options.

This is why we are here, to help you find the right online mortgage lender to get you your new home. We have looked into several online lenders to help you narrow down your options.

Once you feel you are comfortable with a lender, all that is left to do is straighten out the paperwork. Which just so happens to be something we took into consideration when making this list, just how easy the lenders are to work with. 

Here are The Smart Investor select’s picks for the top online mortgage lenders:

Reali (Lenda) Mortgage

reali mortgage review

On Reali Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

Also known as Reali Loan, founded in 2011, headquarter in San Francisco and available in 12 states only, Lenda Mortgage is one of the top-notch lenders in the lending industry. The Bank has no physical branch; this implies that all the lending process is done solely online, and the application process is fast. This Bank provides an easy, transparent and free of fees and commission home loans. Reali also provides loans for both investment and residential properties.

Lenda Mortgage offers refinance loan, purchase loan, and fixed-rate loan of 15 years and 30 years. However, at this time, the Bank does not provide the following loans; jumbo loans, adjustable-rate, home improvement loan, home equity loan, or government-backed loans.

  • Fixed-Rate Mortgage
  • Mortgage Refinancing
  • HARP Loans
  • Pre-qualification
  • Minimum Down Payment: 5%
  • Customer Service
  • Competitive Rates
  • Turn Times
  • Available Only In 12 States
  • Limited Loan Types

Sofi Mortgage

Sofi Mortgage review

On Sofi Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

Sofi Mortgage is a solid loan partner for the best loans in the market. The Company specializes in personal finance, and their products are geared towards providing financial empowerment for individuals seeking loans. They require a minimum credit score of 660 and a minimum down payment of 10% for customers seeking to collect a loan. They provide full digital support for clients and do not require private mortgage insurance for jumbo loans.Some of the loan plans offered by the provider include Jumbo loans, adjustable-rate mortgage, FHA loans, VA loans, cash-out refinance, and fixed mortgages. The initial process to get a loan can be started online, and once the preapproval has been passed, you will be assigned a loan officer who will work you through the loan process.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Jumbo Loans
  • FHA & VA Mortgage
  • Minimum Down Payment: 10%
  • BBB Rating: A
  • Full Online Loan Process
  • Underwriting Process
  • No Hidden Fees
  • Ideal for No credit history/First Time Homebuyers
  • Online Only Lender
  • Higher Rates
  • Lacking in Loan Products
  • Not a National Lender

LoanDepot Mortgage

loanDepot-logo-square

On LoanDepot Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

LoanDepot is a physical and online lender with over 150 branches and is available in all the 50 states nationwide. The Bank also gives an end-to-end online product, Mello smart loan program, which enables the borrowers to have a completely online experience when obtaining a loan. For individuals that value speed, the Mello smart loan program makes use of proprietary digital technology that speeds up the online application and closing process.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Jumbo Loans
  • FHA & VA Mortgage
  • Minimum Down Payment: 3%
  • BBB Rating: A
  • Variert Of Loan Products
  • Cutting-edge technology
  • Website
  • High customer satisfaction
  • Turnaround times
  • Doesn’t offer programs for bad credit

Better Mortgage

Better Mortgage review

On Better Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

Better Mortgage provides an excellent online service where resources, loan approval and rates are readily available. It also offers different mortgage and loan options for individuals that want to buy home; Better Mortgage provides a coherent and easy to navigate the loan application process and does not charge any fee. The Bank uses an outstanding digital mortgage experience, which makes it easy to get a rate quote immediately and verified preapproval within 24 hours. The Better Business Bureau has accredited better Mortgage, and it has an A+ rating with four stars out five stars from 238 customers that provided reviews.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Jumbo Loans
  • FHA Loans
  • HomeReady
  • Minimum Credit Score: 620
  • Better Business Bureau Rating: A+
  • Website
  • Low Fees
  • Competitive Interest Rates
  • Communication
  • Limited Types Of Loans
  • Turn Times

Suntrust Mortgage

suntrust personal loan review

On Suntrust Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

Suntrust is best suited for the borrower who can deal with technology (if not located in the Southeastern United States) and who meets reasonable standards for credit score (620 – 850), can qualify based on their income and demonstrate down payment and reserve requirements for Suntrust’s programs.

You do not have to have the highest credit scores or significant cash down payment for their loans.  Suntrust has a solution for most borrowers, including some that require no cash down and a workaround for jumbo borrowers who cannot meet the reserve requirements.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Jumbo Loans
  • FHA & VA & USDA Loans
  • Broad Set of Products
  • Website
  • Complete Loan Application on Suntrust’s SmartApp
  • Flexibility
  • Communication
  • Turnaround Times
  • Limited Retail Branches

Quicken Loans Mortgage

Quicken-Loans-mortgage-logo-square

On Quicken Loans Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

Quicken Loans is best suited for the borrower who embraces technology, who meets reasonable standards for credit score (620 – 740), and can qualify based on their income and ability to demonstrate down payment and reserve requirements for Quicken Loans’ programs.  If you have low credit scores or unverifiable income, Quicken Loans is probably not where you would go for your financing.  Otherwise, they are the industry gold standard.

Quicken Loans does not have to boast about its Customer Service ratings – it is a widely respected company by both consumers and major and minor rating agencies (BBB.com, JD Powers & Associates, ConsumerAdvocate.org, etc.).  Negative ratings can be found, but they are in the minority.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Government Loans
  • Reverse Mortgage
  • Bad Credit
  • Minimum Down Payment: 3%
  • Volume
  • Simple, Friendly App
  • Customer Service
  • “Rate Shield Approval”
  • No Retail Branches
  • No Bad Credit Options