Best mortgage lenders of May 2025

If you need a mortgage, there's an army of lenders out there. But figuring out which is the right one can be difficult.

Do you want to go with a brick-and-mortar bank or an online lender? A growing number of homebuyers are working with nonbank lenders — institutions that specialize in mortgages but lack traditional financial services like checking accounts, CDs and personal loans.

About three-quarters of all homebuyers financed their purchase with a mortgage in 2024, including more than 90% of first-time buyers.

We analyzed dozens of mortgage providers to find the top ones, based on rates, loan types, down payment options and more. (See our methodology for more information on how we made our selections.)

Who's this for? One of the largest lenders in the U.S., online lender Rocket Mortgage lists sample rates on its website and, in states where it's allowed, offers remote closings.

Standout benefits: With Rocket'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.

Who's this for? Guild Mortgage has flexible credit requirements, especially for FHA, VA and USDA loans. Borrowers who meet income requirements only need a 600 to qualify for Guild's Zero Down mortgage.

Standout benefits: If you earn up to 160% of the area median income, you may be eligible for another zero-down mortgage, Guild's Arrive Home loan. First-timers or repeat buyers can qualify for 3.5% or 5% down payment assistance through a repayable second mortgage.

Who's this for? PNC Bank is one of the country's largest providers of USDA loans, which allow eligible homebuyers to get zero-down 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: Borrowers who make up to 140% of the area median income and are buying in majority-minority census tracts can receive a credit of up to $10,000.

Who's this for? Veterans United is the largest issuer of VA loans in the nation and has a dedicated military relations team that works with active service members, veterans and their families.

Standout benefits: Borrowers can apply for preapproval online and customer service is available by phone 24 hours a day. Veterans United counselors will also provide free tips to help boost your credit score.

Who's this for? PenFed boasts both the competitive rates and low fees associated with credit unions, and has a reputation for superior customer service.

Standout benefits: PenFed's Power Buyer Certification is a fully underwritten preapproval process with an optional 60-day rate lock. Eligible buyers may also be able to close up to seven days sooner through the Fast Pass program.

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 grants and gift funds through the Flagstar Power-Up program.

Who's this for? Chase Bank lends nationwide and has more than 4,700 branches across the continental U.S. and home loan advisors in 37 states and the District of Columbia.

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 eligible borrowers may receive $5,000.

Who's this for? If saving money is your priority, Rate's average mortgage rates are significantly lower than the industry average.

Standout benefits: Eligible applicants can receive mortgage approval within one business day. Qualified borrowers may also receive a $250 closing cost credit.

Who's this for? With SoFi's on-time closing guarantee, you could be eligible for a credit of up to $10,000 if you don't close by the time stated in your contract.

Standout benefits: Sofi offers a 0.25% rate discount if you lock in a 30-year fixed-rate loan. Borrowers may earn a credit of up to $9,500 if they purchase their home through the SoFi HomeStory Rewards.

Who's this for? Fairway Independent Mortgage Company ranks above average for mortgage origination with J.D. Power and earned 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.

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

In 2024, 74% of all buyers financed their home purchase with a mortgage, according to NAR, down from 80% in 2023. More than 90% of first-time buyers had a mortgage, while only 69% of repeat buyers did.

As you make payments on your mortgage, your home equity — the amount of your house that you own outright — increases. If you take out a mortgage with 8% down, for example, you will start with 8% equity.

You can choose a fixed-rate mortgage, with monthly payments that remain static through the life of your loan, or an adjustable-rate mortgage (ARM), which has a fixed rate for several 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.

Interest rate
Many lenders list sample mortgage rates on their website, so you can compare without having to apply for preapproval.

Loan types
Does the lender offer FHA, VA and USDA loans? Does it have proprietary low-down-payment mortgages that can help first-time homebuyers?

Down payment
Lenders have different requirements for how much they require up front for approval. Your down payment can also impact your interest rate.

Repayment terms
What options does the lender offer when it comes to how many years you can take to pay back your mortgage?

Fees
Lender fees and closing costs can add a lot to the cost of buying a home. Some lenders clearly lay out their fee structure, while others are less transparent.

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

Closing timeline
The amount of time it takes to close on your new home can make a big difference. Rocket Mortgage touts that its closings average 22 days, nearly half the industry average.

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

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

Mortgage types: 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

San Diego-based Guild Mortgage is licensed to lend in all states except New York, with more than 200 physical 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.

Mortgage types: Conventional, FHA, VA, USDA, HomeReady, jumbo, refinancing, home equity loan, HELOC, reverse mortgage

Minimum credit score: 620 for conventional, 500 for FHA

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

PNC Bank has more than 2,300 branches in 28 states. The Pittsburgh-based lender received an A+ rating from the Better Business Bureau but has ranked poorly on J.D. Power's mortgage satisfaction surveys.

Mortgage types: Conventional, FHA, VA, USDA, HomeReady, Home Possible, jumbo, refinancing, HELOC

Minimum credit score: 500 for FHA loans

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

Founded by brothers Brant and Brock Bukowsky, Veterans United has been the largest VA loan lender annually since 2016. It received the highest scores in J.D. Power's 2024 U.S. Mortgage Origination Satisfaction Study.

Mortgage types: 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

While it originally only served members of the military, the Pentagon Federal Credit Union, more commonly known as PenFed, is now open to anyone who makes a $5 deposit. Homebuyers who find their house through the PenFed Homes Program may be eligible for a closing credit of up to $1,500.

Mortgage types: Conventional, FHA, VA, jumbo, refinancing, HELOC

Minimum credit score: 620 for conventional loans, 500 for FHA loans, 700 for jumbo loans

Minimum down payment: 3% for conventional loans, 3.5% for FHA, 0% for VA

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.

Mortgage types: Conventional, FHA, VA, USDA, jumbo, refinancing, home equity loan, HELOC

Minimum credit score: 500 for FHA

Minimum down payment: Not disclosed

Chase Bank can trace its origins back to 1799, when Aaron Burr helped 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.

Mortgage types: 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

Originally known as Guaranteed Rate, 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.

Mortgage types: 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

SoFi began as a student loan refinancing lender at Stanford University in 2011 but has 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.

Mortgage types: 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

Madison, Wisconsin-based Fairway has 700 branches and is licensed 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. It dropped several spots in 2024 but still ranked above average.

Mortgage types: Conventional, FHA, VA, USDA, reverse mortgage, jumbo, refinancing, HELOC

Minimum credit score: 620 for conventional, 500 for FHA

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

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.

To determine the best mortgage lenders, CNBC Select analyzed more than 50 U.S. banks, credit unions and other financial institutions. We focused on the following features:

Loan offerings: We weighed lenders more heavily if they offered government-backed FHA, VA and USDA loans, jumbo mortgages and specialty loans aimed at low-income borrowers

Down payment: We noted when lenders had specialty loans with lower minimum down payments or offered down payment assistance. 

Credit score: Most lenders require a 620 FICO score to secure a conventional mortgage. We noted if a lender had options for borrowers with poor credit.

Closing times: We gave more weight to lenders with shorter-than-average closing times or that guaranteed an on-time closing.

Fees: The mortgage process includes origination, application and underwriting fees, as well as charges for appraisals, title insurance, attorneys and other closing costs. When possible, we noted if a lender had lower fees, discounts or waived certain fees.

Application process: We considered whether lenders offered an online preapproval and application process and if there were physical branches for an in-person experience. 

Customer service: We gave more weight to lenders that scored highly on J.D. Power's mortgage origination and servicing surveys. We also noted if they had robust customer service phone hours and a website with an online chat feature and educational resources.

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

Based on that criteria, our picks for the best mortgage lenders are:

• Best for applying online: Rocket Mortgage
• Best for low minimum credit score: Guild Mortgage
• Best for USDA loans: PNC Bank
• Best for military families: Veterans United
• Best for credit union: PenFed Credit Union
• Best for first-time homebuyers: Flagstar Bank
• Best for applying in person: Chase Bank
• Best for affordability: Rate
• Best for on-time closing: SoFi
• Best for customer service: Fairway

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