Which Banks Give You the Best Mortgage Rates?
The lender that will provide you with the best mortgage rate will depend on your circumstances and what kind of loan you are seeking. The U.S. News and World Report (U.S. News) conducts an in-depth review and rating of leading direct mortgage lenders. The U.S. News ranking includes availability of loans, customer satisfaction ratings, and requirements imposed on borrowers to qualify for loans.
According to U.S. News, "The Best Mortgage Lenders of 2019" are as follows:
1) Quicken Loans. Best for customer satisfaction
2) Bank of America. Best for 100% loan-to-value options
3) Guild Mortgage. Best for extensive loan options
4) LoanDepot. Best for fair credit
5) Chase. Best for adjustable-rate mortgages
6) Veterans United Home Loans. Best for VA loans
7) Fairway Independent Mortgage. Best for USDA loans
The interest rate a lender will offer to a borrower largely depends on the borrower's situation, including their credit score. Interest rates will also vary by state, county, and the type of mortgage the borrower wants.
In addition, making an upfront interest payment can help the borrower to get a preferable interest rate. If the lender has more money up front, then they feel more secure with you as a borrower.
There is no definite answer as to which bank offers the best mortgage rate. In practice, borrowers should conduct research and comparison shop when choosing a lender for their mortgage loans.
- How Are Interest Rates Calculated?
- What Interest Rate Predictions Do Economists Have for the Upcoming Years?
- What Is the Difference Between Mortgage Interest Rates and APRs?
- How Long Is My Mortgage Rate Good For?
- What Is the Difference Between Fixed-Rate and Adjustable-Rate Mortgages?
- What Are the Advantages of a Fixed-Rate Mortgage?
- What Are the Disadvantages of a Fixed-Rate Mortgage?
- What Are the Advantages and Disadvantages of an Adjustable-Rate Mortgage?
- What Are the Interest Rate Trends for 2019?