Mortgage rates have spiked by nearly half a percentage point in recent weeks, even though they are still down year-over-year. While you can’t control rates, you can control your lender, which could be just as important when it comes to affording your home purchase.
CNBC Select analyzed more than 40 banks, credit unions and fintech companies to find the best mortgage lenders based on rates, loan types, down payment options and other criteria. New additions to our list include Bank of America and Citizens Bank — both ranked highly in J.D. Power’s customer satisfaction surveys in 2025.
To learn how we made our picks, check out our methodology.
Best mortgage lenders
Best for applying online: Rocket Mortgage
Who’s this for? One of the largest lenders in the U.S., 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 receive a grant for an additional 2%. Rocket also offers government-backed HomeReady and Home Possible loans, which require a 3% down payment.
- Offers 1% down mortgage
- Above average scores for customer satisfaction from J.D. Power
- Average closing time of 22 days.
- Rebate of up to $10,000 for buying with Rocket Homes
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
Best for applying in person: Chase Bank
Who’s this for? Chase Bank operates nationwide and has more than 4,700 branches across the continental U.S. It has home loan advisors in 37 states and Washington, D.C.
Standout benefits: The DreaMaker loan is available with 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.
- Chase DreaMaker℠ loan only requires 3% down payment
- Existing customers eligible for rate reduction
- Above-average customer satisfaction scores
- Closing timeline guarantee
- Homebuyer grants of up to $7,500
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
Best for bad credit: Guild Mortgage
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 credit score to qualify for Guild’s Zero Down mortgage.
Standout benefits: If you earn up to 160% of the area’s 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.
- Homebuyer Express loan closes in 17 days or borrowers can receive $500 in closing costs
- More than 740 branches in 46 states
- Offers home equity loans and reverse mortgages
- E-closings available
- Rates are not available online
- Does not issue mortgages in New York
Best for first-time homebuyers: Flagstar Bank
Who’s this for? Flagstar Bank‘s Gift Program gives eligible first-time buyers 3% of their purchase price to put toward a down payment or closing costs, up to $3,000. Buyers in Arizona, California, Florida, New Jersey and New York are eligible for up to $10,000.
Standout benefits: Through the Flagstar Power Up program, first-time buyers in select census tracts can receive up to $8,000 in grants and gift funds.
- Destination Home Mortgage allows qualified buyers to put 0% down
- Grants of up to $15,000 for first-time homebuyers
- Possible to close in as few as 15 days
- Rates tend to be higher than industry average
- Home equity loans only available in nine states
Best for military families: Veterans United
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 their credit scores.
- Available in all 50 states
- Specializes in home loans for veterans
- Largest VA loan lender
- 24/7 customer service line
- Physical locations in only 16 states
Best for refinancing: PNC Bank
Who’s this for? PNC offers refinancing for primary homes, secondary homes and investment properties.
Standout benefits: Borrowers who make up to 140% of the area’s median income and are buying in majority-minority census tracts can receive a credit of up to $10,000. 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 offer lower rates and more flexible credit requirements, but they also don’t require private mortgage insurance.
- Lower-than-average mortgage rates
- Offers USDA loans
- PNC Community Loan requires only 3% down and no PMI
- $7,500 grant for down payment or closing cost
- No home renovation or home equity loans
- High credit score requirement for FHA mortgage
- Ranked below average for customer satisfaction by J.D. Power
Best for customer satisfaction: Bank of America
Who’s this for? Bank of America has a stellar record of customer satisfaction. It scored higher than any other lender in J.D. Power’s 2025 Mortgage Servicer Satisfaction Survey and higher than all but two other lenders on J.D. Power’s 2025 Mortgage Originator Satisfaction Survey.
Standout benefits: Eligible first-time homebuyers can receive up to $17,500 in grants to put toward a down payment or closing costs.
- Affordable Loan Solution® mortgage only requires 3% down
- Up to $10,000 in down payment assistance for eligible borrowers
- Up to $7,500 in closing cost grants in select markets
- No annual fees or closing costs for HELOCs
- Existing BoA customers eligible for discounted rates or fees
- Lender fees not disclosed
- No USDA loans, home equity loans or reverse mortgages
Best for on-time closing: SoFi
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 a home through the SoFi HomeStory Rewards program.
- Fast pre-qualification
- 0.25% price reduction when you lock in a 30-year rate
- Up to $9,500 cash back if you purchase a home through the SoFi HomeStory Rewards
- Doesn’t offer USDA loans
- Purchase mortgages not available in Hawaii
Best for rate discount: Citizens Bank
Who’s this for? If you’re looking for simple ways to bring down your mortgage rate, Citizens Bank offers a rate discount of 0.125% for those who enroll in autopay.
Standout benefits: Homebuyers who use HomeStory Real Estate Services — Citizens partner real estate brokerage — to buy or sell their home can receive up to $9,500.
- Existing Citizens customers are eligible for a rate discount
- Ranked highly for mortgage origination by J.D. Power
- Borrowers can earn up to $9,500 by buying through the Your Home Rewards program
- Rate information available online
- Rates may be higher than competitors
- Rate discount only available in select states
Best credit union: FourLeaf Federal Credit Union
Who’s this for? If you want the personalized customer service, low fees and flexible credit requirements that come with a member-owned credit union, FourLeaf Federal Credit Union is a great option. It’s available in all states (except for Texas) and all you have to do to be a member is open a savings account with a $5 deposit.
Standout benefits: Borrowers can qualify for a conventional mortgage with a credit score as low as 580, while most mortgage lenders require a 620 credit score.
- Free rate lock for 60 days
- $5 deposit for membership
- Only has branches in New York and New Jersey
- Home loans not available in Texas
- No USDA or home equity loans
Best for affordability: Rate
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.
- Approval in as little as one day
- Mortgage rates advertised online
- Offers HELOC
- Licensed to lend in all 50 states
- Remote closing available in some states
- Higher credit score requirements
- No USDA loans
- Does not offer home equity loans
Calculate your mortgage payments
What is a mortgage?
A mortgage is a personal loan used to buy a home, with the property serving as collateral.
As of 2025, over 92% of first-time buyers and 70% of repeat buyers took out a mortgage, according to the National Association of Realtors.
You can choose a fixed-rate mortgage with consistent payments or an adjustable-rate mortgage (ARM), which has a fixed rate for a number of years before changing at intervals.
Types of mortgages
Here are the most common types of home loans and the requirements for approval.
| Loan type | Description | Typical minimum credit score | Typical minimum down payment |
|---|---|---|---|
| Conventional loan | A home loan provided by a private lender that meets conforming loan limits | 620 | 5% to 20% |
| Jumbo loan | Exceeds the conforming loan limit set by the federal government | 680 | 10% to 20% |
| VA loan | For active service members and veterans | 620 | 0% |
| FHA loan | Guaranteed by the Federal Housing Authority, with lower credit and down payment requirements | 580 | 3.5% |
| USDA loan | Available for qualified properties in rural and suburban areas | 640 | 0% |
How to choose a mortgage lender
Here’s what to consider when selecting a mortgage provider.
Interest rate: Many lenders list sample mortgage rates on their websites, allowing you to compare rates without applying.
Loan types: Does the lender offer FHA, VA or USDA loans? Does it offer proprietary low-down-payment mortgages to help first-time homebuyers?
Down payment: Lenders have different requirements for the amount of cash required upfront. Your down payment also impacts your home equity and can influence 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 significantly increase the cost of buying a home. Some lenders clearly lay out their fee structure, while others are less transparent.
Loan limits: 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 advertises that its closings average 22 days, nearly half the industry average.
Online mortgage lenders can often help homebuyers with lower interest rates and faster closing times
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
5% for conventional loans, 3.5% for FHA loans, 0% for VA loans, 10.01% for jumbo loan
How to get preapproved for a mortgage
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.
While it’s not a guarantee, preapproval is a good indication of your status. It also shows sellers and real estate agents that you are serious about buying.
Mortgage FAQs
How much mortgage can I afford?
The size of the mortgage you can afford depends on your income, debts and assets. One rule of thumb is to dedicate no more than 30% of your income to housing costs. CNBC Select’s mortgage payment calculator will show you what your monthly mortgage payment would be based on a variety of variables, like home price, interest rate and down payment.
What is a reverse mortgage?
A reverse mortgage is a home equity loan for homeowners 62 and older. Instead of making regular monthly payments, however, the full balance is due in a lump sum when you sell the house, stop using it as your personal residence or pass away.
How much do you need for a down payment on a home?
As of 2025, the average down payment among first-time homebuyers was 10% and 23% for repeat buyers, according to the National Association of Realtors. Some government-backed mortgages allow borrowers to put as little as 3% down or nothing at all. A down payment of less than 20% on a conventional mortgage will typically require private mortgage insurance, however.
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Why trust CNBC Select?
At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. 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 independently of our commercial team and any outside third parties, and we pride ourselves on maintaining high journalistic standards and ethics.
Our methodology
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 pre-approval and application process, as well as whether they had 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:
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
