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Every lender has its own uniqueness - part are good for first time homebuyers, part for government backed mortgages and part for bad credit borrowers.

Also, each of them has its own pros and cons - in terms of technology, customer service, special plans, conditions, pre approval options , turnaround times and many more.

We've reviewed the most popular lenders in the US (and adding more all the time) by checking all of those features.

The reviews include the different mortgage types of the lender, the mortgage process, how to apply and the pros & cons of each mortgage lender, as well as other relevant parameters.

We are happy to share our opinion with you

The Smart Investor Best Mortgages Lenders

LoanDepot

3.5


LoanDepot is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs.  LoanDepot has an abundant and robust online presence.   You can apply in person, from your phone, as well as your computer and conduct the entire process online.

Pros

  • Diversity: products for different types of borrowers, including bad credit/no history
  • Friendly online portal, cutting-edge technology
  • High customer satisfaction

Cons

  • Turnaround times are 30-45 days
  • Loan Processing is centralized, which can result in service issues while in the process
  • Doesn't offer programs for bad credit borrowers

Lending Tree

4


LendingTree is a multi-line loan marketplace, or exchange, where consumers can go online, complete an application and receive quotes from multiple lenders.  They have a comparison shop and obtain the lowest rate available among LendingTree’s stable of lenders.

Pros

  • Diversity: choose your lender from over 400 different lenders
  • "One stop shop" for loans
  • Simple, friendly website & app
  • Online application

Cons

  • Not a direct lender
  • Consumer reviews
  • Connection between borrower to lender

Quicken Loans

4


Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs.  Quicken Loans has an abundant and robust online presence.   You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online.

Pros

  • Simple, friendly app
  • Customer service
  • "Rate Shield Approval" unique plan

Cons

  • No retail branches
  • "Over techi" approach
  • Not have a lot of options for bad credit borrowers

U.S. Bancorp

3.5


Since US Bank has such a wide variety of mortgage products, anyone can find the right loan. There are even options for refinancing or tapping into your homes equity. However, if you do not live near a branch location, getting a mortgage or construction loan may be challenging.

Pros

  • Knowledge Source, Customized calculators
  • Online pre-qualification
  • One stop shop for all your personal banking and mortgage needs
  • Flexible conditions, discounts

Cons

  • The application process cannot be completed 100% online
  • Less competitive rates compared to the market
  • Weak customer review
  • Some loans are only available in areas where US Bank has a physical branch

Flagstar Bancorp Mortgage

4


Flagstar is best for any type of home buyer. If you want to build a home or renovate you might find the added expertise of Flagstar to be chosen. Everyone can find a product to fit their needs with a suite of government loans, conventional mortgages, and even refinance options.

Pros

  • Instant, online quotes
  • Broad set of products
  • Knowledge source
  • Customized calculators

Cons

  • Physical presence
  • Customer review

Guaranteed Rate

4


Guaranteed Rate has a full complement of mortgage products, offering standard mortgage products and a few specialty mortgages. In addition to home purchases, Guaranteed Rate also refinances properties – you can cash out refinance, or you can take equity out of your home with a cash-out refinance.

Pros

  • Broad options for many different types of borrowers
  • Apply from any type of device, in person, or by phone
  • One of the most user-friendly mobile app in the industry, advanced digital approach

Cons

  • Turnaround times
  • Retail branch offices are in 50 states, but in some states, there is only one branch
  • Continuity between the loan officer and the funder can be challenging

Ally Mortgage

4.5

Ally was among the first banks to conduct all their operations for both savings and lending, online.  However, they maintain the human touch in their interactions with those seeking to do business with them.  Rather than let customers struggle with completing the multi-page standard application, the borrower gives minimal basic information online and then requests a call from an Ally loan officer. 

Pros

  • Responsive customer service
  • Easy, quick process
  • State of the art technology
  • Custom made calculators section
  • Price match plan

Cons

  • Typically, don't offer loans bad credit / unusual situations
  • No government loans (FHA, VA, USDA)
  • Lack of professionalism (customer service)

SunTrust

3.5


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

Pros

  • Suntrust is a proven leader in the mortgage lending arena and it has offerings for the entire spectrum of borrowers who meet the minimum credit score and have enough income to qualify
  • The Suntrust web site is an excellent resource, which explains each program in easy-to-understand language and where one can easily find a phone number to call or instantly chat with a representative.
  • Suntrust’s SmartApp allows prospective borrowers who are comfortable using technology to complete the loan application process on their smart phone or other device.

Cons

  • Current turnaround times are 45 days, which can be a challenge in certain high-volume, high demand areas, where the housing supply is short.
  • Retail branch offices in only eleven states – a potential convenience factor for anyone who is not tech-savvy or who doesn’t want to give their information over the phone.

Sofi

4.5


Sofi’s target customer would be young professionals, recently graduated with a bright future and high earning potential ahead. Sofi caters best to those looking for an entirely online loan process, but don’t worry a mortgage professional will still be assigned to you for assistance

Pros

  • Full Online Loan Process
  • No Hidden Fees
  • Unique Underwriting Process
  • Ideal for No credit history/First Time Homebuyers

Cons

  • Online Only Lender
  • Higher Rates
  • Lacking in Loan Products
  • Not a National Lender

Caliber Home Loans

3.5


Caliber Home Loans provide portfolio loans solutions that require a non-traditional approach to home financing. They also provide a convenient application process to make it easier for their target clients. Since Caliber focuses on Mortgages alone - they have many choices, flexibility, and fewer restrictions.

Pros

  • National lender, operates in all 50 States
  • Variety of Mortgage Options
  • Online, Streamlined Application
  • Friendly website & app
  • Good for bad credit borrowers

Cons

  • Exclusively caters to Mortgage, doesn't offer other financial products
  • Estimated rates are missing on the website
  • Doesn't have a physical branch in every state

Citi Mortgage

3.5


Citi mortgage products cover a wide range of opportunities for everyone from first-time homebuyers to new construction. Citi's user-friendly website offers you insights regarding the proper steps to take under these challenging circumstances. 

Pros

  • Homerun special plan
  • Pre-approval options
  • Discounts available
  • Flexible requirements

Cons

  • Not full online lender
  • High Fees
  • High DTI Ratio required
  • "Overselling" approach

New American Funding

4


New American funding is a truly unique company due to their family start up. Through their passion, knowledge, and attitude towards their community they have become a major player in the mortgage world.

Pros

  • Instant, online quotes
  • Broad set of products
  • Knowledge source
  • Customized calculators

Cons

  • Physical presence
  • Customer review

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