Best Mortgage Lenders of May 2025

NBKC Bank is our pick for the best mortgage lender overall, based on its competitive closing cost guarantee and high customer service ratings, earning  4.8/5 stars. However, taking out a mortgage is a big financial decision and the best lender for you will depend on your financial situation and the type of loan you need. This guide highlights the best lenders offering low interest rates, excellent customer service, a wide range of loan options, and a speedy underwriting process. 

Whether you’re buying a new home or refinancing an existing loan, shopping around for lenders can help you find the one that’s best for you.

Best mortgage lenders of 2024

Why you can trust our Credible experts

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best mortgage for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank mortgage lenders. To learn more, read our methodology below. 

Best mortgage lenders comparison

What is a mortgage and how does it work?

A mortgage is a loan to purchase a home. While you could buy a home without getting a mortgage, the average American cannot afford an all-cash payment and needs financing. According to a 2024 study from the National Association of REALTORS®, 74% of homebuyers used a mortgage to buy a home. Homebuyers typically pay a set percentage of the home price upfront (known as the down payment) and then pay back the loan on a monthly basis over a set number of years (typically 15 or 30 years). The monthly payments include interest and other fees. The lender you work with sets the interest rate on your loan and that figure can change depending on several micro factors such as your unique financial profile, including your credit score and debt-to-income-ratio (DTI), and macro factors, such as the Federal Funds rate and inflation. 

Types of mortgage loans

There are five major types of mortgages borrowers can choose from, based on their needs:

FHA loans 

FHA loans are insured by the Federal Housing Administration. Because a government agency backs FHA loans, lenders can accept lower credit scores, smaller down payments, and low closing costs — while still offering competitive rates.

VA loans 

VA loans are insured by the Department of Veterans Affairs and available to eligible veterans, service members and surviving spouses. The government backing makes VA loans less risky for lenders, so they can set low interest rates, require no down payment and offer special refinancing options.

USDA loans 

USDA loans are guaranteed by the United States Department of Agriculture. These also come with no down payment, but borrowers must pay mortgage insurance upfront and throughout the life of the loan. They’ll also need to meet income restrictions and buy a home in a designated rural area to qualify.

Conventional loan 

Conventional loans are funded by banks and credit unions but aren't backed by a government agency. A conforming conventional loan meets special criteria designed by the Federal Housing Finance Agency (FHFA). These mortgages come with higher borrowing limits compared to FHA loans, and borrowers can save money by eventually getting rid of private mortgage insurance.

Jumbo loan 

Jumbo loans are a conventional loans that exceed the dollar limit set by the FHFA. The conventional limit is $766,550 throughout most of the U.S., but it stretches to $1,149,825 in some high-cost areas. Compared to the other loan programs, borrowers usually need better credit scores and larger down payments to qualify for these mortgages.

How to choose a mortgage lender

When choosing a mortgage lender, you want the right mix of low rates, great customer service, a speedy closing and the best home loan for your situation. You should weigh all of these details when choosing the company that provides your mortgage. 

When comparing options, look for lenders that operate in your state, set flexible qualification criteria, and have a record of closing loans quickly. Our picks offer all of these features along with competitive interest rates, a range of home loans that cater to different needs, and best-in-class customer service.

Here are five factors to keep in mind:

• Availability: The lender you choose will need to operate in the state where you’re buying a home. You can start your search by making a list of local and national lenders.
• Loan products: Your lender will also need to offer the type of mortgage you want to take out.
• Eligibility requirements: The criteria to qualify for a home loan may vary from one lender to the next. When doing your research, ask multiple lenders about requirements surrounding your credit score, down payment, and DTI.
• Customer service: The lender you choose should also have a strong track record of providing good customer service. You can check out ratings from J.D. Power’s mortgage origination and loan servicing studies or look through the CFPB’s Complaint Database.
• Rates and fees: After submitting a mortgage application to at least three lenders, you should receive a loan estimate from each. This form makes it easy to do a side-by-side comparison of interest rates, annual percentage rates (APRs), closing costs and total cash to close. These factors are likely to vary between lenders.

How to apply for a mortgage

Applying for a mortgage can take a few weeks or months, depending on how quickly you find a home and get your offer accepted. When you’re ready to apply for a mortgage, here are the important steps you’ll need to follow:

• Shop around: Every lender offers its loan products and charges different interest rates and closing costs, so it’s a good idea to do some research before making your decision.
• Get pre-approved: A pre-approval letter shows how much you can borrow and the rate you might receive, which can guide your home search and help you set a budget. During the process, you’ll need to provide details like your income, estimated monthly debts, credit score, and some info about what type of home you’re looking for.
• Make an offer on a home: Once you find a home you like that’s in your price range, you can submit a purchase offer to the seller and include your pre-approval letter. 
• Apply for the mortgage: If the seller accepts your offer, then you’ll sign an agreement and move forward with the purchase. This is when you’ll officially apply for a mortgage with the lender you chose. The lender will need the purchase and sale agreement along with your W-2 forms, tax returns, recent pay stubs, and bank statements.

Methodology

To determine the best mortgage companies, Credible collected over 300 data points on 16 lenders and evaluated them on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best mortgage purchase lenders — which comprise individual criteria that are also weighted.

• Rates and fees: 34%
• Reputation: 25%
• Eligibility: 18%
• Efficiency: 16%
• Customer experience: 6%
• Discounts: 1%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your homebuying journey.

Learn more about our methodology here.