Best mortgage lenders of 2025

Our top mortgage lender picks

How we picked: We compared interest rates, fees, loan programs, customer service, digital tools, and closing speed across different borrower profiles.

Best overall: Rocket Mortgage

Why it stands out: Leading digital mortgage platform with competitive rates, fast closings, and comprehensive loan options. Strong technology and customer satisfaction ratings make it accessible for most borrowers.

• Digital-first platform: Streamlined online application and approval process.
• Fast closings: Often closes loans in 30 days or less.
• Loan variety: Conventional, FHA, VA, USDA, and jumbo loans available.
• Rate transparency: Real-time rate quotes and clear fee disclosure.
• Customer support: 24/7 phone support and dedicated loan officers.
• Mobile app: Track loan progress and upload documents via smartphone.

Best for first-time buyers: Better.com

Why it stands out: Offers extensive first-time buyer programs, educational resources, and competitive rates on government-backed loans. No origination fees and transparent pricing.

• First-time buyer focus: Specialized programs and down payment assistance options.
• No origination fees: Saves thousands compared to traditional lenders.
• Government loan expertise: Strong FHA, VA, and USDA loan programs.
• Educational resources: Comprehensive homebuying guides and calculators.
• Fast pre-approval: Digital pre-approval in minutes, not days.
• Rate matching: Will match or beat competitor rates in many cases.

Best customer service: PenFed Credit Union

Why it stands out: Member-focused credit union with personalized service, competitive rates, and flexible lending criteria. High customer satisfaction scores and relationship-based approach.

• Personal service: Dedicated loan officers and member support team.
• Competitive rates: Often 0.125-0.25% below market rates.
• Flexible underwriting: Manual underwriting available for complex situations.
• Member benefits: Relationship discounts and exclusive member programs.
• Easy membership: Open to anyone with small donation to military charity.
• Local presence: Physical branches for face-to-face consultations.

Best for jumbo loans: Chase

Why it stands out: Major bank with strong jumbo loan programs, relationship discounts for existing customers, and competitive rates for high-value properties.

• Jumbo expertise: Loans up to $20 million for luxury properties.
• Relationship discounts: Rate reductions for Chase Private Client members.
• Portfolio lending: Keeps some loans in-house for flexible underwriting.
• Nationwide presence: Branch network for in-person service.
• Wealth management integration: Coordinates with investment and banking services.
• Construction loans: Specialized programs for custom home building.

Best low rates: NBKC Bank

Why it stands out: Consistently offers some of the lowest mortgage rates in the market with minimal fees. Online-focused approach keeps costs down and passes savings to borrowers.

• Ultra-low rates: Often 0.125-0.375% below average market rates.
• Minimal fees: Low origination fees and closing costs.
• Rate transparency: Real-time rate displays with no hidden markups.
• Fast processing: Streamlined underwriting for quicker closings.
• Technology focus: Digital tools reduce overhead and improve efficiency.
• Nationwide lending: Serves borrowers in most states.

Best for refinancing: LoanDepot

Why it stands out: Specializes in refinancing with fast turnaround times and competitive rates. Strong digital platform and dedicated refinance teams streamline the process.

• Refinance focus: Specialized teams and processes for refi loans.
• Fast closings: Often closes refinances in 21-30 days.
• Cash-out expertise: Strong programs for cash-out refinancing.
• Rate-and-term refi: Competitive rates for rate/term improvements.
• Digital platform: Upload documents and track progress online.
• No refi fees: Special promotions often waive certain fees.

Best online experience: SoFi

Why it stands out: Tech-focused lender with innovative digital tools, competitive rates, and member benefits. Appeals to tech-savvy borrowers who prefer digital-first experiences.

• Digital innovation: Cutting-edge online platform and mobile app.
• Member benefits: Career coaching, financial planning, and networking events.
• Transparent pricing: No hidden fees or lender markups.
• Fast pre-approval: Instant pre-approval letters for house hunting.
• Unemployment protection: Temporary payment pause if you lose your job.
• Rate discounts: Additional savings for SoFi banking customers.

Best local option: Community Banks

Why it stands out: Local and regional banks often provide personalized service, flexible underwriting, and competitive rates for borrowers in their market areas.

• Personal relationships: Face-to-face service with local decision-makers.
• Flexible underwriting: Manual review for unique financial situations.
• Local market knowledge: Understanding of area property values and markets.
• Portfolio lending: May keep loans in-house for flexible terms.
• Community investment: Supporting local economic development.
• Competitive rates: Often match or beat national lender rates.

Current mortgage rates overview

Mortgage rates fluctuate daily based on economic conditions. Here are typical rate ranges as of late 2025:

Rates vary by lender, borrower profile, and market conditions. Your actual rate may be higher or lower based on credit score, down payment, and other factors.

How we picked these mortgage lenders

We evaluated dozens of mortgage lenders based on interest rates, fees, loan programs, customer service ratings, digital capabilities, closing speed, and borrower satisfaction scores across different loan types and borrower profiles.

What you should know about mortgages

A mortgage is likely the largest financial commitment you'll make. Understanding loan types, terms, and the application process can save you thousands and help you choose the best option for your situation.

Before applying for a mortgage

• Check your credit score: Higher scores qualify for better rates and terms.
• Save for down payment: Larger down payments often mean better rates and no PMI.
• Calculate affordability: Consider total monthly costs, not just the mortgage payment.
• Get pre-approved: Shows sellers you're serious and helps with negotiations.
• Shop multiple lenders: Compare rates, fees, and terms from at least 3-5 lenders.
• Understand closing costs: Budget 2-5% of home price for closing expenses.

Mortgage terms to compare

Interest rates

The interest rate is the cost of borrowing money. Even small differences compound significantly over 15-30 years.

Annual Percentage Rate (APR)

APR includes the interest rate plus fees, giving you the true cost of the loan. Always compare APRs, not just interest rates.

Loan terms

• 30-year fixed: Lower payments but more interest over time.
• 15-year fixed: Higher payments but significant interest savings.
• Adjustable rate (ARM): Lower initial rates that adjust after a fixed period.

Fees and closing costs

• Origination fees: Lender charges for processing the loan.
• Points: Upfront payments to reduce the interest rate.
• Third-party fees: Appraisal, title insurance, and inspection costs.
• Prepayment penalties: Rare but check if you plan to pay off early.

Types of mortgage loans explained

Conventional loans

Not government-backed. Typically require 3-20% down payment and good credit. Best rates for qualified borrowers.

FHA loans

Government-backed with lower down payment requirements (3.5%) and flexible credit standards. Requires mortgage insurance.

VA loans

For eligible veterans and service members. No down payment required and no private mortgage insurance. Competitive rates.

USDA loans

For rural and suburban properties. No down payment required for qualified borrowers in eligible areas.

Jumbo loans

For loan amounts above conforming loan limits ($766,550 in most areas for 2025). Require larger down payments and higher credit scores.

Tips for getting the best mortgage

• Improve your credit score: Even small improvements can lower your rate significantly.
• Shop around aggressively: Get quotes from multiple lender types (banks, credit unions, online).
• Consider points: Paying points upfront can lower your rate if you'll stay long-term.
• Time your application: Apply with multiple lenders within 14-45 days to minimize credit impact.
• Negotiate fees: Many lender fees are negotiable, especially origination fees.
• Consider loan term carefully: 15-year loans save significant interest but increase monthly payments.

Mortgage red flags

• Lenders who don't verify income or assets thoroughly.
• Pressure to close quickly without adequate review time.
• Rates significantly below market with no clear explanation.
• Excessive fees that aren't clearly explained or justified.
• Promises of approval without proper credit and income verification.
• Steering toward adjustable rates without explaining risks.
• Hidden fees that aren't disclosed until closing.
• Poor communication or unavailable loan officers during the process.

Understanding mortgage payments

Principal and Interest (P&I)

Your monthly payment toward the loan amount and interest charges. This is what most people think of as their "mortgage payment."

Property taxes

Annual taxes paid to local governments, usually collected monthly with your mortgage payment through an escrow account.

Homeowners insurance

Required coverage to protect the property, typically paid monthly through escrow along with taxes.

Private Mortgage Insurance (PMI)

Required for conventional loans with less than 20% down payment. Can be removed once you reach 20% equity.

HOA fees

If applicable, homeowners association fees are typically paid separately but should be included in your affordability calculations.

Questions about mortgages

How much house can I afford?

A general rule is that your total monthly housing costs shouldn't exceed 28% of your gross monthly income. Consider all costs including taxes, insurance, and maintenance when calculating affordability.

What credit score do I need for a mortgage?

Minimum scores vary by loan type: FHA (580), VA (580-620), conventional (620), jumbo (700+). Higher scores qualify for better rates and terms.

How much should I put down on a house?

While 20% down avoids PMI and gets better rates, many programs allow 3-5% down. VA and USDA loans require no down payment for qualified borrowers.

Should I get a 15-year or 30-year mortgage?

15-year loans have higher payments but save significant interest over time. 30-year loans offer lower payments and more financial flexibility. Consider your budget and long-term plans.

When should I refinance my mortgage?

Consider refinancing when rates drop significantly (0.5-1% or more), your credit improves, or you want to change loan terms. Factor in closing costs when calculating savings.

What documents do I need for a mortgage application?

Typically: tax returns (2 years), pay stubs, bank statements, employment verification, asset documentation, and credit authorization. Self-employed borrowers may need additional documentation.

How long does the mortgage process take?

From application to closing typically takes 30-45 days, though some lenders can close faster. Get pre-approved before house hunting to speed up the process once you find a home.