Next Advisor Logo. Share Share on Social Media. Taylor Moore June 15, 6 Min Read. Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission.
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Thanks for signing up! Sign up. Trending 1. These lenders are usually private companies or individuals with significant cash reserves. Hard money loans generally must be repaid in a few years so they appeal to fix-and-flip investors who buy, repair, and quickly sell homes for profit. Hard money lenders also use the property as collateral to secure the loan. If the borrower defaults, the lender seizes the home. This can be a huge time-saver for busy families or professionals as they balance choosing the best mortgage , searching for a home, and their day-to-day lives.
Some lenders even provide apps so you can apply, monitor, and manage your loan from a mobile device. At a glance, it can be overwhelming. A mortgage calculator can show you the impact of different rates on your monthly payment. If you prefer to apply online with minimal face-to-face or phone interaction, look for online-only lenders.
If you do business with a bank or credit union, check online to see what products and conditions they offer. Remember, comparison shopping, along with working on your credit and financial health, will help you find the best loan for your needs. Keep in mind that these sites usually have a limited network of lenders. Also, they typically make money on referrals to lenders featured on their site. Finding the right lender and loan can feel daunting.
Researching and educating yourself before you start the process will give you more confidence to approach lenders and brokers. You might have to go through the pre-approval process with a few lenders to compare mortgage rates, terms, and products. Have your documentation organized and be frank about any challenges you have with credit, income or savings so lenders and brokers offer you products that are the best match.
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Before proceeding, please refer to the full Disclaimer and the Terms and Conditions. ET and Saturday 10 a. For borrowers who are asked to supply additional information, such as proof of income for self-employed borrowers, monetary gifts or additional assets, the preapproval time might be longer. The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications.
Alternative credit data takes into account payments you make that are not traditionally included in credit reports. This can help borrowers who might not have a long credit history or had a prior bankruptcy show a good track record with on-time payments in areas that are not usually counted in traditional credit data.
Ally offers fixed- and adjustable-rate conventional and jumbo mortgages and HomeReady Loans. LoanDepot is one of the largest non-bank mortgage lenders in the U. Its loan products include conventional mortgages , government-backed loans and refinances.
Additionally, Mello Smartloan can digitally conduct title clearance, which is often one of the more time-intensive steps of the underwriting process. Another benefit of this technology is that it also determines whether some borrowers can waive the appraisal requirement, which can shave time and a few hundred dollars off the cost of your mortgage. Borrowers can apply online or in the more than branch locations in the U.
LoanDepot currently has origination centers in Arizona, Tennessee and two in California and is currently licensed in 50 states.
LoanDepot customers can apply online for a mortgage. Once they submit their application, a loan officer will call them to go through the next steps, which include submitting income documentation and personal identification. Customer service hours are fairly flexible on weekdays, from 8 a. ET Monday through Friday and Saturday from 11 a.
Borrowers who use their Mello Smartloan technology, which is said to cut down on the amount of paperwork applicants are required to submit and— in some cases—even eliminates the need for a home appraisal , can shorten the closing process by up to 17 days.
LoanDepot requires a minimum credit score of for conventional and VA home loans , which is the average requirement for most lenders. For FHA mortgages, the credit requirement is less stringent, dipping to a minimum. Finally, jumbo borrowers must have a minimum credit score.
Quicken Loans is one of the largest mortgage lenders in the U. Offering a completely online experience, with flexible customer service hours, borrowers can access customer service day and night. Full approval can occur in less than 10 minutes. Competitive mortgage rates are one of the top advantages Quicken Loans offers. Quicken Loans is an online lender, with four branch locations in Charlotte, Cleveland, Detroit and Phoenix.
Borrowers can apply online. Customer support hours, including for email, phone call and online chat, are Monday through Friday, 7 a. Quicken Loans has three types of preapprovals: a prequalified approval which is basically a prequalification ; a verified approval this is a traditional preapproval, where the lender verifies your income, assets and credit score and a RateShield Approval2.
The RateShield Approval2 goes a step beyond the preapproval and allows you to lock in your interest rate for 90 days. Quicken Loans requires a minimum credit score of One of its unique offerings is YourGAGE, a fixed-rate mortgage that allows you to choose a custom term from eight to 29 years.
Finally, its FHA Streamline product allows existing FHA borrowers to refinance into a lower rate with less paperwork and no appraisal required. Guild Mortgage offers both in-person and online mortgage services. With office locations in 31 states, borrowers who prefer to do business face-to-face can visit a branch location.
Conversely, borrowers in 48 states not in New York and New Jersey can apply online through its MyMortgage digital mortgage program. Guild Mortgage is a great option for borrowers with lower credit scores, as its minimum requirement is —about 20 points less than what the average lender requires. Tech-forward, Guild Mortgage provides services like auto-matching customers with down-payment help from state and local programs, which is ideal for people who might not have time to do the research themselves.
This is considerably faster than the industry average of 43 days to close, according to Freddie Mac. Guild Mortgage is available online everywhere in the U. Guild Mortgage offers both branch locations and online access to borrowers who want to apply for a mortgage.
Phone support is very limited, operating only Monday through Friday from a. PT; the lender is closed on weekends. Preapproval times are not as fast as other lenders, with a 1- to 3-day turnaround on preapproval letters.
However, Guild Mortgage offers a day closing guarantee, which can be attractive for borrowers who need to close quickly. Guild Mortgage minimum credit score requirements differ depending on the mortgage. Guild Mortgage Loans offers both mortgages for buyers and refinancers. Guild Mortgage also offers FHA renovation loans and reverse mortgages. For new construction, the lender offers its StrongStart Program. Depending on the loan, preapproval time can happen in 20 minutes or about 1 to 3 days.
Cooper is among the largest non-bank mortgage lenders in the country. Headquartered in Dallas, Mr. Cooper operates in all 50 states, offering the basic mortgage lineup: conventional, jumbo, FHA and VA loans. Cooper is a good choice for borrowers with credit scores as low as FHA loans and conventional loans , which is considerably less than the average minimum required score.
Cooper also offers customers an enhanced digital experience once the loan is secured, namely through its robust customer dashboard. Their Home Intelligence mobile app helps customers manage not just a mortgage but their broader financial well-being.
The tracker provides customers with real-time dashboards to see the latest on their application status, as well as a unified system to submit documents and add transparency to the process.
The application process is completely digital as Mr. Cooper offers no brick-and-mortar locations. Borrowers can begin their application process online. Customer support by phone is available Monday through Thursday from 7 a.
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