The Best Mortgage Lenders of 2023

Compare America's Top Mortgage Providers

List updated September 2023
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1
Consumers Top Pick
A+ Best Rating
9.8

BetterPenny score

Quicken Loans
Largest Online Mortgage Lender
  • Offers Verified Approvals
  • High Customer Satisfaction
  • 24/7 Online Mortgage Services
  • Wide Range of Loan Options
VIEW RATES
19631 Reviews
Trustpilot
4.6 of 5.0
TrustPilot Score

Based on 19631 User Reviews

High
Consumer Interest

Based on the past 7 days

Excellent
Products and Services

BetterPenny Review Score

19631 Reviews
Trustpilot
2
9.6

BetterPenny score

LendingTree
Compare Rates From Multiple Lenders
  • Low Fixed Mortgage Rates
  • Fast & Easy Online Process
  • Cash-out Refinance Available
  • 24/7 Customer Support
VIEW RATES
13190 Reviews
Trustpilot
4.4 of 5.0
TrustPilot Score

Based on 13190 User Reviews

High
Consumer Interest

Based on the past 7 days

Excellent
Products and Services

BetterPenny Review Score

13190 Reviews
Trustpilot
3
9.2

BetterPenny score

AmeriSave
Get Custom Quotes in Minutes
  • Certified Pre-Approval Process
  • Will Not Affect Your Credit
  • 24/7 Easy Online Application
  • Get Rates in Just Minutes!
VIEW RATES
11416 Reviews
Trustpilot
4.3 of 5.0
TrustPilot Score

Based on 11416 User Reviews

Good
Consumer Interest

Based on the past 7 days

Great
Products and Services

BetterPenny Review Score

11416 Reviews
Trustpilot
4
8.4

BetterPenny score

Better
Top Rated Lender: No Fees/Commissions
  • Pre Approval Takes Minutes
  • 24/7 Customer Service
  • Forbes Best Mortgage Lender
  • Easy Online Application
VIEW RATES
1569 Reviews
Trustpilot
4.2 of 5.0
TrustPilot Score

Based on 1569 User Reviews

Good
Consumer Interest

Based on the past 7 days

Great
Products and Services

BetterPenny Review Score

1569 Reviews
Trustpilot
5
8.4

BetterPenny score

Rocket Mortgage
Fast Mortgage Loan Process
  • Award-Winning Client Service
  • JD Power Satisfaction Award
  • Easy Online Application Process
  • 24/7 Customer Service Center
VIEW RATES
12228 Reviews
Trustpilot
4.6 of 5.0
TrustPilot Score

Based on 12228 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

12228 Reviews
Trustpilot
6
8.3

BetterPenny score

LoanDepot
Offers Competitive Mortgage Rates
  • 275 Billion Loans Funded
  • 179 Billion Mortgages Refinanced
  • 96 Billion New Home Purchases
  • 200 Locations Nationwide
VIEW RATES
3986 Reviews
Trustpilot
3.8 of 5.0
TrustPilot Score

Based on 3986 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

3986 Reviews
Trustpilot
7
8.2

BetterPenny score

New American Funding
Offers Large Variety of Loan Options
  • 100% Online Application
  • A+ Better Business Bureau Rating
  • Large Variety of Options
  • 24/7 Customer Service Center
VIEW RATES
246 Reviews
Trustpilot
3.6 of 5.0
TrustPilot Score

Based on 246 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

246 Reviews
Trustpilot
8
7.1

BetterPenny score

BankRate
Compare The Best Mortgage Loan Options
  • Compare 15/30 Year Rates
  • No Personal Details Required
  • Compare Multiple Lenders
  • Choose From Top Providers
VIEW RATES
780 Reviews
Trustpilot
2.6 of 5.0
TrustPilot Score

Based on 780 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

780 Reviews
Trustpilot
9
7.0

BetterPenny score

SoFi
Competitive Rates & Low Down Payment
  • As Little as 5% Down Payment
  • Get Mortage Rates in Minutes
  • Super Fast 30 Day Funding
  • Won't Affect Your Credit Score
VIEW RATES
7011 Reviews
Trustpilot
4.7 of 5.0
TrustPilot Score

Based on 7011 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

7011 Reviews
Trustpilot
Featured
Customized Quotes in Minutes!
Start Now

BetterPenny Score

Our Ranking consists of the following 3 scoring criteria:

  • TrustPilot Score

    Total Score is a numerical estimate of the brand's overall quality based on TrustPilot reviews by anybody seeking to share a review. The brand's score on TrustPilot will be included in the our Total Score. If a company does not have a TrustPilot rating, the total score will be determined solely by Consumer Interest.

  • Consumer Interest

    Consumer Interest is a simple calculation to determine how visitors engage with the brands on our website. User interest is based on clicks and transactions received in the last 7 days. This interest may vary based on an updated weekly average.

  • Products & Services

    Our editorial staff researches and reviews financial services based on criteria such as product and service range, ease-of-use, online accessibility, customer support, special accolades, and more. Each brand is assigned a score for each criterion based on the offerings in that category. If our staff is unable to discover information relevant to a brand's Products & Services Score, it will not be calculated.

Consumer Reviews

Quicken Loans
Read review
LendingTree
Read review
AmeriSave
Read review
Rocket Mortgage
Read review

Recent Reviews

It’s been a great experience and I like that I can pay my bill through a app that shows me my progress and information

JD reviewed LendingTree

They were prompt and got me the info I needed.

I have used bankrate.com for years to check CD rates. Right now, rates are pathetically low so I have ventured into blue chip dividend stocks paying 5-6% PA.

Eunice reviewed AmeriSave

Everyone was so professional and responsive; Derek effectively answered all my questions hence very helpful.

Consumer reviewed SoFi

The process was simple. If and when you had a question or issue during the process the customer service agents weee very helpful and polite.

Our #1 Consumer Choice
A+ Best Rating
9.8

BetterPenny score

Quicken Loans
Largest Online Mortgage Lender
  • Offers Verified Approvals
  • High Customer Satisfaction
  • 24/7 Online Mortgage Services
  • Wide Range of Loan Options
4.6
TrustPilot Score

Based on 19631 User Reviews

High
Consumer Interest

Based on the past 7 days

Excellent
Products and Services

BetterPenny Review Score

Understanding Mortgage Rates

Understanding the factors that go into the calculation of a mortgage rate is necessary for those who have never had to purchase a home before. In order to choose the best possible deal, you need to know everything about your potential lender's rates. This can be as simple as determining which method they use when figuring out their rates, or it could entail learning more about the factors that go into this process.

How to Choose the Right Lender:

  • Compare Various Options Available
  • Research About Different Types of Loans Available
  • Review the Terms and Conditions
  • A Credit Check Is Compulsory
  • Ask for Advice



How Are Rates Determined?

There are a few different methods that mortgage lenders use in order to arrive at a rate for you. The most common one is using something known as an index plus a margin, meaning they will take the current market value of an index and add a percentage margin to it. This percentage may be predetermined, or they could use their own discretion to determine an appropriate margin.

What is a Fixed Rate Mortgage?

A fixed-rate mortgage is a type of home loan where the interest rate stays the same for the duration of your repayment term. with this kind of mortgage, you have a monthly payment amount and that will not change unless you refinance to a different rate.

What is a Variable Rate Mortgage?

A variable rate mortgage refers to a type of home loan in which the interest rate fluctuates along with an index prime rate. Since this rate is not capped, it can rise or fall as much as the market allows. Variable-rate mortgages are available for both short and long terms.  

What's The Purpose of a Rate Lock?

A mortgage rate lock is used by lenders as a way for you to protect yourself financially throughout the process of your loan application not becoming approved. A rate lock guarantees that the lender will keep the same rate for a certain period of time, even if their market changes in that time.

Does an ARM Affect My Loan?

An adjustable-rate mortgage or ARM is a type of loan that has a variable interest rate. This means that they aren't fixed when you get them but may change over the duration of you having them. The advantage to this kind of loan is that their initial rate will probably be lower than a fixed, and it may benefit those who are expecting a significant increase in their income within the next year or so.

Why Are There Multiple Mortgage Rates?

There are many different types of mortgages, each with its own interest rates. This means that there are many different possible rates because some lenders will offer a number of loans at once. To make this even more complicated, even if you have the same loan type from two separate lenders, they may vary by as much as 1/8th of a percentage point.

What's a Good Mortgage Rate?

A good mortgage rate is one that you find most beneficial to your personal situation. It's not an objective number, because what seems like a great deal to some people may not be so for others due to their financial status. Mortgage rates can vary according to a variety of factors, and it's important to understand them in order to get the best possible deal. By knowing what these factors are, you'll be able to make an informed decision about which lender you want to go with.



Conclusion

Choosing a lender is about more than just their rates. You need to spend time understanding all the factors that go into them and how they affect your mortgage, as well as what you want for your future financial situation. The information we've provided should help you get started thinking about which mortgage rate will suit you best based on where you are in life financially.