Best Mortgage Lenders Of January 2024 | Bankrate (2024)

Best Mortgage Lenders Of January 2024 | Bankrate (1)

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4 min readPublished January 01, 2024

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Written by

Andrew Dehan

Andrew Dehan

Edited by

Suzanne De Vita

Suzanne De Vita

Reviewed by

John Stearns

John Stearns

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for .

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Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.

Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner.

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From national banks to online lenders, there’s no shortage of places to get a mortgage. We’ve researched and evaluated many types of lenders across several Bankrate Score criteria to select the very best. Here are our picks for best mortgage lenders in January 2024.

Learn more:Best mortgage lenders in 2024

Best mortgage lenders

LenderCredit requirementsDown payment minimumBankrate Score
Veterans United Home Loans620 for conventional and VA loans3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans4.9
New American Funding620 for conventional loans3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans4.8
Old National Bank620 for conventional loans, 640 for FHA loans, 680 for VA loansUndisclosed4.6
PNC Bank620 for conventional, jumbo and FHA loans, 640 for USDA loans3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans4.5
Valley BankUndisclosed3% for conventional loans, 3.5% for FHA loans, none for VA loans4.4

Best Mortgage Lenders Of January 2024 | Bankrate (2)

Veterans United Home Loans

Learn morein our Bankrate review

    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional and VA loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Branch locations and online

Best Mortgage Lenders Of January 2024 | Bankrate (3)

New American Funding

Learn morein our Bankrate review

    • Availability: All U.S. states except Hawaii and New York
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Branch locations and online

Best Mortgage Lenders Of January 2024 | Bankrate (4)

Old National Bank

Learn morein our Bankrate review

    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional loans, 640 for FHA loans, 680 for VA loans
    • Down payment minimum: Undisclosed
    • Where to find: Branch locations and online

Best Mortgage Lenders Of January 2024 | Bankrate (5)

PNC Bank

Learn morein our Bankrate review

    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional, jumbo and FHA loans, 640 for USDA loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Branch locations and online

Best Mortgage Lenders Of January 2024 | Bankrate (6)

Valley Bank

Learn morein our Bankrate review

    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: Undisclosed
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
    • Where to find: Branch locations and online

How to compare mortgage lenders

Your first step tofinding the best mortgage lenderis to comparison shop. Borrowers who do more upfront research tend tosave more money than those who go with the first lender they find. It’s best to get quotes from three lenders, at minimum. Because rates fluctuate frequently, it’s best to get these quotes on the same day so you have an accurate basis of comparison.

As youcompare loan estimates, look at the APR (annual percentage rate) and interest rate quoted by each lender. Consider what’s important to you as far as experience, too. For some, how fast a lender can turn around a preapproval letter or close a loan is critical. If you have specific needs or financing preferences — for example, you want an FHA loan — you might also want to focus on the top mortgage lenders who specialize in those products.

Once you determine what your needs and preferences are, get started by comparing mortgage rates and finding a lender in your areathrough Bankrate.

Current mortgage rates

Bankrate regularly publishes mortgage rates for purchases and refinances, based on its latest lender surveys. They include:

  • Current 30-year mortgage rates
  • Current 15-year mortgage rates
  • Current 30-year refinance rates
  • Current 15-year refinance rates

FAQ about mortgages

  • There are several types of mortgage loans: conventional conforming loans; jumbo loans; FHA, VA and USDA loans; and fixed- and adjustable-rate mortgages. Conventional loans, offered by private financial institutions, are ideal for borrowers with strong credit scores. Jumbo loans are for higher-priced homes that exceed Federal Housing Finance Agency borrowing limits. FHA, VA and USDA loans are either government-guaranteed or government-insured and designed for borrowers with lower credit scores and low or no down payment, military members (VA loans) or those buying in a rural area (USDA loans). Fixed-rate mortgages have the same interest rate for the life of the loan, while the rate on an adjustable-rate mortgage (ARM) can fluctuate.

  • Before applying for a mortgage, it’s important to bolster your credit score and savings and have a clear understanding of how much you can afford and what type of loan would best fit your needs. In addition, gather documentation about your finances so you’re prepared to complete a mortgage application when the time comes. Once you’ve taken these initial steps, begin comparing mortgage lenders based on factors such as annual percentage rate (APR), fees and your overall experience. It’s best to get rate quotes from at least three different lenders. When you know which lender you want to work with, get preapproved so you can start house-hunting with financing in hand.

  • The minimum down payment requirement varies based on loan type. If you qualify, you can obtain a 3 percent-down conventional loan, a 3.5 percent-down FHA loan or a no-down payment VA or USDA loan. If you want to avoid paying mortgage insurance, however, you’ll need to make a down payment of 20 percent.

  • To determine the best mortgage lenders overall, Bankrate periodically evaluates more than 80 lenders for factors relating to affordability, availability and borrower experience, assigning each a Bankrate Score out of five stars. The best mortgage lenders overall generally have a Bankrate Score of 4 stars or higher. Learn more about our methodology.

As a seasoned financial expert with years of experience in the industry, I can confidently affirm the importance of accurate and trustworthy financial information. In this article published by Bankrate on January 01, 2024, it is emphasized that the content has been "expert verified" by the Financial Review Board, which comprises a panel of financial experts. This verification process ensures that the information presented is both accurate and clear.

The article is authored by Andrew Dehan, a reputable figure in the financial domain, and has been meticulously edited by Suzanne De Vita and reviewed by John Stearns. This underscores the commitment to maintaining editorial integrity and providing readers with reliable content.

Bankrate, established in 1976, has a distinguished history of assisting individuals in making informed financial decisions. The organization follows a strict editorial policy, ensuring that content is objective, accurate, and trustworthy. This commitment is further reinforced by the involvement of highly qualified professionals and subject matter experts in the creation and editing of content.

Key principles such as editorial independence, transparency, and the avoidance of direct compensation from advertisers contribute to Bankrate's reputation for delivering credible and dependable information. The article outlines the publication's mission to help readers make smart personal finance decisions and its dedication to providing expert advice and tools throughout life's financial journey.

The highlighted information focuses on mortgage lenders, providing insights into the best options available in January 2024. The article showcases a selection of lenders, including Veterans United Home Loans, New American Funding, Old National Bank, PNC Bank, and Valley Bank. Key details such as credit requirements, down payment minimums, and Bankrate Scores are provided for each lender, offering readers a comprehensive overview.

The article also guides readers on how to compare mortgage lenders, emphasizing the importance of comparison shopping. Tips on evaluating loan estimates, considering APR and interest rates, and understanding specific needs and preferences are shared to empower readers in making well-informed decisions.

Additionally, the article offers information on current mortgage rates, including 30-year and 15-year rates for both purchases and refinances. Frequently asked questions about mortgages are addressed, covering topics such as types of mortgage loans, credit score considerations, documentation requirements, and the minimum down payment for various loan types.

In conclusion, this Bankrate article serves as a valuable resource for individuals navigating the complex landscape of mortgage decisions. The comprehensive and expert-reviewed content reflects Bankrate's commitment to providing trustworthy information, making it a reliable source for those seeking guidance in the realm of personal finance.

Best Mortgage Lenders Of January 2024 | Bankrate (2024)
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