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Our Favorite Mortgage Lenders in 2020

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Applying for a mortgage can be exciting, but it can also be stressful. How many lenders should you get quotes from? How do you know you’re choosing the right one? Should you pay attention to low rates, customer service, closing times, or a combination of factors? At RateZip, we understand that this process can be intimidating, which is why we created a list of some of our favorite mortgage lenders from 2020! Read on to learn which lenders took the top spots for Best Overall, Online Platform, Promotions, Customer Service, Mobile App, and Great Rates!

Best Overall
New American Funding

New American Funding takes the top spot as our Best Overall lender! Their average closing time is under 30 days, and they have an application process that can be started online, over the phone, in person, or through email – whatever works best for the consumer. What truly sets them apart is their manual underwriting model. With a manual model, borrower applications are examined case-by-case, to get a better grasp of the borrower’s complete financial picture. Automated underwriting may reject certain applications based on details such as credit score without considering other factors, such as income or savings. If automated underwriting has been an issue for you, try a lender with manual underwriting, such as New American Funding. For these reasons, plus their national presence, comparable rates, and good customer service ratings, New American Funding deserves Best Overall Lender!

Best Online Platform

If you hate talking on the phone or going to in-person meetings, AmeriSave may be the lender for you! Their online platform is easy to use and intuitive, and allows consumers to complete their mortgage application and rate lock request all online. In fact, it’s possible to complete the entire mortgage process without ever having to speak to a loan officer! Of course, for certain borrowers, more personalized help may be necessary. This may be true if you have a more unique borrowing situation, such as if you’re self-employed. Of course, if at any point you want to speak to a loan officer, you’ll have multiple options to contact one of AmeriSave’s experts! Customer service is available through online chat, phone, or email. Whether you decide to contact customer service or go through the online application without talking to anyone, we think you’ll be happy with AmeriSave!

Best for Promotions

Bargain hunters are always looking for the best deals, and since getting a mortgage is one of the biggest financial decisions of your life, it pays to do your research and find the best offer. loanDepot takes the cake for Best for Promotions because of their Lifetime Guarantee, which says that if you close with them for your mortgage or refinance, they’ll waive the lender and appraisals fees for all future loanDepot refinances! That means that you can take advantage of any future rate drops and save on some of the closing costs. loanDepot is also currently hosting a Mortgage Sweepstakes for 2020, with several winners receiving $10,000 and then two grand prize winners receiving $250,000 towards paying off their mortgage! With a little bit of luck, working with loanDepot could turn into a really big payoff! And regardless of the sweepstakes, thanks to their Lifetime Guarantee, you can save when you decide it’s the right time to refinance.

Best Customer Service
Paramount Bank

One key indicator of a good lender is how they’re rated by their customers. Paramount Bank has a 97.2% customer satisfaction rating and over 1,300 five-star reviews! Borrowers can contact them via phone, email, or by stopping by one of their branches. Paramount’s portfolio of loan products includes conventional loans, non-conforming loans, VA loans, FHA loans, and 203(k) loans, giving borrowers a lot of options to help them find the mortgage that works best for them! Paramount also has banking services such as Certificates of Deposit, Savings Accounts, and High Interest Checking Accounts. If customer service is important to you, then consider lending with Paramount Bank!

Best Mobile App
Quicken Loans

Quicken Loans is the creator of Rocket Mortgage, the premier mortgage mobile app. Not only is the app easy to use, but it also boasts powerful security measures to protect your data. You can safely and securely share financial information and documents via the app, which not only saves time, but is also safer than handling paper copies. Rocket Mortgage is even useful after closing, allowing you to make mortgage payments and view your mortgage information all online or on your smartphone. Customer support is available 7 days a week by phone or online chat, which is great if you need further assistance. Quicken Loans is available in all 50 states, and you can also access your account on your computer or other internet-accessible device. For those looking for a great way to keep tabs on their mortgage on their smartphone, Quicken Loans and Rocket Mortgage is the way to go!

Best for Great Rates
Better Mortgage Corporation

One of the most important things when considering a mortgage is their rates. Better Mortgage Corporation consistently has great rates for conventional, VA, and jumbo loans. Their on-demand rate lock helps ensure that you get the rate that you want, and, with no origination fees or commissions, loan officers are focused on making sure you get the mortgage that’s best for you! Better also has the Better Price Guarantee, which states that if Better can’t beat another competitor’s loan estimate, you’ll get $1,000! This guarantee combined with their great rates makes them our favorite lender for great rates for 2020!

Still not sure which lender to go with? You can compare multiple lenders right here on RateZip! Read more or compare mortgage rates in just a few minutes!

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