Top Mortgage Lenders for First Time Home Buyers
Selecting the right type of mortgage loan is essential. The mortgage isn’t only useful to purchase a home, but it might also be the massive loan that you’ll ever take in your life. As the amount will be huge, getting an approval along with the best interest rate isn’t always easy. In recent times, these loans were less available only to the banks as well as some lenders nearby your area, but now with the web as well as modern banking facilities, you can easily search online for the lenders. Here are some of the best ones to consider while applying for a loan.
SoFi – Best online mortgage lender:
Social Finance only started as a refinancing company for students and by time grew in various other fields of finance that include mortgage loans. When lending, SoFi looks more than your credit score. The company keeps in considerations such as earning potential and college degrees.
One major benefit of this loan is it doesn’t charge an extra fee which makes this company cost-effective than other lenders even with the interest rate.
Quicken Loans – Best overall:
Quicken Loans is the most famous lender for a mortgage with various television and online campaigns getting advantages of its products. As per the data found in the year 2016, Quicken Loans is considered to be the largest loan lenders by around 5 lakhs loans and also the second largest based upon the dollar volume.
The company offers the best competitive rates which help it to maintain its position as the best mortgage lender all over the world. The documentation procedure is quick and easy, which is why most of the people use this loan for the mortgage purpose.
New American Funding – Best poor credit lender:
This company is best for the ones having a less credit score or are self-employed. They go through every application personally before accepting or rejecting it. Some of the lenders online deny or approve automatically as per the computer algorithms that make it difficult to apply for a loan with bad credit. This isn’t the case at New American Funding.
As every loan is approved manually, they might consider other factors like high income and better savings. Once everything is accepted, paying your loan on time will help you to improve the credit score.
LoanDepot – Best refinancing lender:
The company makes the refinancing process simple and smooth. It is so famous for this process that it has funded more than $80 billion for the mortgage refinancing loan. Whether your credit score is low, you have a luxurious home, more income or want to upgrade cash, there are various reasons to consider for a refinance. As long as it will save you loads, don’t take any doubts to refinance at a lower rate of interest.
PennyMac – Best low down payment lender:
As the lender is not related to massive lenders Freddie Mac and Fannie Mae, it is the name you might want to know about if you are in the market for FHA loan with the option of low down payment. You’ll find the best rates and experience if you are a first-time buyer.