Best mortgage lenders of September 2024

More than three-quarters of homebuyers took out a mortgage to finance their purchase in 2023, according to the National Association of Realtors. 

There's an army of lenders out there, but the one that's the best depends on your priorities.

We analyzed dozens of mortgage providers to find the top 10, based on affordability, types of loans offered, down payment options, customer service and other criteria. (See our methodology for more on how we made our selections.)

Who's this for? Rate is a top choice if cost is your priority — Its rates are significantly lower than the national average.

Standout benefits: Rate offers same-day approval and you may be able to close on your home within 10 days. Eligible borrowers who submit all the required documents within eight business hours receive a $250 closing cost credit.

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Who's this for? Guild Mortgage has flexible credit requirements, especially for FHA, VA and USDA loans. Non-traditional credit sources, like on-time rent and utility payments, are also considered.

Standout benefits: Borrowers who meet income requirements can be approved for Guild's Zero Down mortgage with a credit score of 600. If you earn up to 160% of the area median income you may qualify for another zero-down mortgage, The Arrive Home™ loan.

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Who's this for? Ally Bank does not charge application, origination, processing or underwriting fees, which can equal up to 2% of your total loan amount.

Standout benefits:  The Freddie Mac-backed HomeOne® mortgage only requires 3% down with no income requirements. Ally's One Day Mortgage program will provide you with a conditional commitment letter within 24 hours of locking in your rate.

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Who's this for? Flagstar Bank's Gift Program provides eligible first-time buyers with up to 3% of their purchase price for a down payment or closing costs, up to a maximum of $3,000. Buyers in Arizona, California, Florida, New Jersey and New York are eligible for up to $10,000.

Standout benefits: First-time buyers in select census tracts can receive up to $8,000 in grant and gift funds through the Flagstar Power-Up program.

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Who's this for? One of the largest lenders in the U.S., Rocket Mortgage lists current sample rates online and makes it easy to apply for a mortgage from the comfort of your couch. And In states where it's allowed, Rocket offers remote closing.

Standout benefits: With Rocket Mortgage's ONE+ home loan, you can put as little as 1% down and get a grant for another 2%. Rocket also offers government-backed HomeReady and Home Possible loans, which only require a 3% down payment.

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Who's this for? Licensed to lend nationwide, Chase Bank has more than 4,700 branches across the lower 48 states. Home loan advisors in 37 states and the District of Columbia can walk you through the mortgage process in person.

Standout benefits: The DreaMaker loan is available for just 3% down and income requirements have been lifted in 15 metro areas, including New York City, Los Angeles and Chicago. Chase guarantees on-time closing on conventional mortgages or you could receive $5,000.

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Who's this for? PNC Bank is one of the country's largest providers of USDA loans by volume, allowing eligible homebuyers to get zero-down-payment mortgages in rural and suburban areas. Not only do USDA loans have lower rates and flexible credit requirements, but they don't require private mortgage insurance.

Standout benefits: PNC offers medical professional loans of up to $1 million with no private mortgage insurance, with cash gifts allowed for the down payment. Borrowers who make 140% of the area median income can receive a credit of up to $10,000 if they buy in a majority-minority census tract.

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Who's this for? Veterans United is the largest issuer of VA loans and has a dedicated military relations team, making it an excellent choice for active service members, veterans and their families.

Standout benefits: Borrowers can apply for preapproval completely online and customer service is available by phone 24 hours a day. Veterans United's counselors can help boost your credit score for free.

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Who's this for? SoFi offers a 0.25% rate discount if you lock in a 30-year fixed-rate loan and provides up to $9,500 if you purchase your home through the SoFi Real Estate Center.

Standout benefits: With SoFi's on-time closing guarantee, you could get a credit of up to $10,000 if you don't close by the time stated in your contract.

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Who's this for? Fairway Independent Mortgage Company ranked No. 1 on J.D. Power's 2023 Mortgage Origination Satisfaction Survey and has an A+ from the Better Business Bureau.

Standout benefits: Fairway offers Fannie Mae HomeStyle renovation mortgages, which let you buy and renovate a property with a single loan.

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Founded as Guaranteed Rate in 2000, Rate is licensed to lend in all 50 states and Washington, D.C., with more than 400 branches nationwide. In addition to conventional and government-backed mortgages, Rate offers foreign national loans for non-citizens and physician loans for qualified medical professionals.

Types of mortgages
Conventional, FHA, VA, USDA, jumbo, refinancing, HELOC, reverse mortgages

Minimum credit score
620 for conventional, 500 for FHA

Minimum down payment 
0% for VA or USDA, 3% for conventional, 3.5% for FHA

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Founded in San Diego in 1960, Guild Mortgage is licensed to lend in all states except New York and has more than 200 branches in 32 states. It was ranked No. 4 on J.D. Power's Mortgage Servicer Satisfaction Survey in 2024, but scored well below average for mortgage origination.

Types of mortgages
Conventional, FHA, VA, USDA, HomeReady, jumbo, refinancing, home equity loan, HELOC, reverse mortgage

Minimum credit score
620 for conventional, 540 for FHA

Minimum down payment
0% for VA or USDA, 3% for conventional

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Ally Bank began as GMAC, an auto financing company founded by General Motors in 1919. Today, this all-digital lender is known for its low rates and down payment requirements. Existing Ally Bank customers may qualify for a discount or cash-back offer on a home loan.

Types of mortgages
Conventional, HomeReady, HomeOne, jumbo, refinancing

Minimum credit score
620 for conventional

Minimum down payment
3% for conventional, HomeReady and HomeOne

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Founded as First Security Savings Bank in 1987, Flagstar was acquired by New York Community Bank in 2022 and currently has 390 locations across 10 states. It received an A- from the Better Business Bureau, but ranked below average on J.D. Power's 2024 survey of mortgage servicers.

Types of mortgages
Conventional, FHA, VA, USDA, jumbo, refinancing, home equity loan, HELOC

Minimum credit score
Not disclosed

Minimum down payment
Not disclosed

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The second largest mortgage lender in the U.S., Rocket Mortgage originated 289,000 home loans in 2023, worth $78 billion. Verified approval is available in as little as two hours and closings with Rocket average 22 days, nearly half the industry average.

Types of mortgage loans
Conventional, FHA, VA, HomeReady, Home Possible, Rocket ONE+, jumbo, refinancing, home equity loan

Minimum credit score
620 for conventional, 500 for FHA

Minimum down payment
0% for VA, 1% for Rocket ONE+, 3.5% for FHA loan

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Chase Bank traces its origins to 1799, when Alexander Hamilton and Aaron Burr helped co-found the Bank of the Manhattan Company, a progenitor of JPMorgan Chase. Today, Chase is the largest retail bank in the U.S. and its home loan division earns above-average scores on J.D. Power's mortgage satisfaction surveys.

Types of mortgage offered
Conventional, FHA, VA, DreaMaker, jumbo, refinancing, home equity loan

Minimum credit score
620 for conventional, 500 for FHA

Minimum down payment
0% for VA, 3% for DreaMaker, 3.5% for FHA

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PNC Bank is the ninth-largest mortgage originator in the U.S., by volume in 2023 and has more than 2,300 branches in 28 states. This Pittsburgh-based lender received an A+ rating from the Better Business Bureau but has ranked poorly on J.D. Power's mortgage satisfaction surveys.

Types of mortgages
Conventional, FHA, VA, USDA, HomeReady, Home Possible, jumbo, refinancing, HELOC

Minimum credit score
Not disclosed

Minimum down payment
0% for VA or USDA, 3% for HomeReady, 3.5% for FHA

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Veterans United was founded in 2002 by brothers Brant and Brock Bukowsky. It has been the largest lender of VA loans in the U.S. since 2016 and received one of the highest scores in J.D. Power's 2023 U.S. Mortgage Origination Satisfaction Study.

Types of mortgages
Conventional, FHA, VA, USDA, jumbo, refinancing

Minimum credit score
620 for conventional, 500 for FHA

Minimum down payment
0% for USDA or VA, 3.5% for FHA,

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SoFi began as a student loan refinancing lender on the campus of Stanford University in 2011. Since then, it's added a full suite of finance services and lends in all 50 states and Washington, D.C. Although SoFi does not appear on J.D. Power's latest mortgage satisfaction surveys, it received an A+ from the Better Business Bureau.

Types of mortgages
Conventional, jumbo, FHA, VA, HomeReady, Home Possible, refinancing

Minimum credit score
620 for conventional, 500 for FHA

Minimum down payment
0% for VA, 3% for HomeReady, 3.5% for FHA

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Madison, Wisconsin-based Fairway has 700 branches and is licensed to issue mortgages in all 50 states. It received an A+ from the Better Business Bureau and was ranked No.1 in J.D. Power's 2023 U.S. Mortgage Origination Satisfaction Study.

Types of mortgages
Conventional, FHA, VA, USDA, jumbo, refinancing, reverse

Minimum credit score
620 for conventional, 500 for FHA

Minimum down payment 
0% for VA or USDA, 3% for conventional, 3.5% for FHA

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A mortgage is a personal loan used to finance the purchase of a house. For many Americans, the mortgage process is an essential part of homeownership — some 80% of homeowners took out a mortgage to buy their home in 2023.

A mortgage is a secured loan that uses your house as collateral. So, if you fail to make payments, your lender has the right to foreclose and take the property. 

If you do keep up with your payments, however, your home equity — or the amount of your house that you own outright — will increase. If you take out a mortgage with an 8% down payment, for example, you will start with 8% equity. By the time you pay off your mortgage, you will own 100% of your home.

You can take out a fixed-rate mortgage, with monthly payments that remain the same through the life of your loan. Another option is an adjustable-rate mortgage (ARM), which has a fixed rate for a period of years before changing at set intervals.

Here are the most common types of mortgages and their requirements.

What to consider when selecting a mortgage provider.

Down payment requirement: Consider lenders' minimum down payment if you plan to put down less than 20%.

Loan type: If you're looking for a specific type of loan, make sure the lender offers it

Interest rate: Compare lenders' interest rates to see the cheapest option for you.

Repayment terms: Think about how long you want to need to repay the loan.

Loan amount: If you're looking to borrow more than the conforming loan limit, make sure the lender offers jumbo mortgages large enough to meet your needs.

Monthly payment: Look at how monthly payment estimates compare among lenders.

Closing costs: Figure out how much you'll pay in closing costs with each lender

Closing timeline: Find how long it could take to close on your mortgage. The national average in September 2024 is 43 days.

Preapproval allows homebuyers to see how much a lender may be willing to lend them and what their monthly mortgage rate might be. To get preapproved, you'll need to undergo a hard credit inquiry and provide documentation of your finances, including pay stubs, tax returns, bank statements and other proof of assets and debts.

A preapproval letter is an estimate, not a guarantee, but it's a good indication of your status and shows sellers and real estate agents that you are serious about buying.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best mortgages.

To determine the best mortgage lenders, CNBC Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar institutions that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best mortgages, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender can cater to a wider range of applicant needs. We have also considered loans that would suit the needs of borrowers who plan to purchase their second home or a rental property. 
• Closing timeline: The lenders on our list can offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as many as 45 days after the agreement has been signed. Specific closing timelines have been noted for each lender.
• Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances where a lender does charge such fees. 
• Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches. 
• Customer support: Every mortgage lender on our list provides customer service via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Minimum down payment: Although down payment requirements depend on the type of loan, we noted lenders that offer specialty loans with lower minimums. 

After reviewing the above features, we sorted our recommendations by best for affordability, best for low minimum credit score, best for no lender fees, best for first-time homebuyers, best for applying online, best for applying in-person, best for USDA loans, best for military and veterans, best discounts and best for customer service.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Rates and fee structures cited for mortgages may fluctuate with the Fed rate.

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