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Best Mortgage Lenders in the U.S.
Ashee Lamba
Shivanand Pandey
Sonali Jadhav
What to know first: Learn about the best mortgage lenders of 2025, ranked for rates, approval speed, loan options, and customer satisfaction. If you’re a first-time buyer or refinancing, this guide helps you choose a lender that fits your goals, credit profile, and long-term homeownership needs.
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Best Mortgage Lenders of May 2025
The mortgage market in 2025 remains dynamic, with buyers navigating elevated rates and gradually improving inventory. After a period of volatility, the average 30-year mortgage rate hovers just below 7%, and while prices are still high, experts expect a moderate growth of 3–5% in home values this year. Inventory is slowly rising, though it remains below balanced market levels, keeping competition strong in many regions. Despite these challenges, forecasts suggest a modest decline in mortgage rates by year-end, which could boost both purchase and refinance activity.
To help you find the best mortgage lenders of 2025, we’ve reviewed top lenders-comparing rates, loan options, and customer service-so you can confidently choose the right partner for your home financing journey.
Our Top Picks for Best Mortgage Lenders of 2025
Rocket Mortgage
| Trustpilot Rating | 4.7/5 (34,000+ reviews; 82% 5-star) |
|---|---|
| Minimum FICO Score | 580 |
| Minimum Down Payment | 1% (Rocket ONE+ conventional), 3.5% (FHA), 0% (VA) |
| Loan Types Offered | Conventional, FHA, VA, jumbo, home equity loans |
| Current Mortgage Rates | 6.99% (30-year fixed), 6.25% (FHA/VA), 6.25% (jumbo) |
Why We Picked It
Rocket Mortgage leads in digital innovation, offering AI-driven approvals and a fully online process, making it ideal for tech-savvy borrowers prioritizing speed.
Pros
- Fast closings – 15 days quicker than industry average.
- Strong customer service – 747/1,000 in J.D. Power’s origination satisfaction (vs. 727 average).
- Flexible down payments – As low as 1% for conventional loans.
Cons
- Higher APRs – Rates often exceed market averages.
- Limited loan types – No USDA, HELOC, or construction loans.
- Mixed reviews – Complaints about communication delays and unexpected fees.
Overview
Rocket Mortgage excels in digital-first service, with a streamlined app and AI tools for quick preapprovals. Recent moves include a $11B acquisition spree (Redfin, Mr. Cooper) to dominate homebuying end-to-end, though high rates and fees remain concerns. Customer support is accessible via phone, app, or limited branches (Detroit, Cleveland, Phoenix).
Chase Home Lending
| Trustpilot Rating | 1.3/5 (mostly non-mortgage reviews) |
|---|---|
| Minimum FICO Score | 620 (conventional), 580 (FHA), 500 (FHA with 10% down), 700+ for certain programs (e.g., jumbo) |
| Minimum Down Payment | 3% (DreaMaker), 3.5% (FHA), 0% (VA), 10% (jumbo) |
| Loan Types Offered | Conventional, FHA, VA, jumbo, refinance, DreaMaker loans |
| Mortgage Rates | Slightly below national averages (e.g., 6.8% 30-year fixed as of 2025) |
Why We Picked It
Chase offers competitive rates, robust down payment assistance (up to $7,500 grants), and a seamless hybrid application process (online/in-person), ideal for first-time buyers and existing clients.
Pros
- Closing cost grants – Up to $7,500 to reduce upfront expenses.
- On-time close guarantee – Compensation for delays caused by Chase.
- Product diversity – Jumbo, FHA, VA, and low-down-payment DreaMaker loans.
Cons
- Strict criteria – Requires 700+ FICO and 20% down for select programs (excl.)
Wells Fargo Mortgage
| Trustpilot Rating | 1.7/5 (mostly negative reviews related to customer service and delays) |
|---|---|
| Minimum FICO Score | 620 for conventional loans, 580 for FHA, with more lenient requirements for some programs |
| Minimum Down Payment | 3% for conventional loans, 3.5% for FHA, 0% for VA loans |
| Loan Types Offered | Conventional, FHA, VA, USDA, jumbo, refinance, new construction |
| Mortgage Rates | Approximately 6.5%–6.9% for 30-year fixed (varies by loan type and borrower profile) |
Why We Picked It
Wells Fargo offers a broad range of mortgage products with competitive rates and valuable down payment assistance programs, making it a solid choice for first-time and low-to-moderate income buyers.
Pros
- Wide variety of loan options including low down payment and government-backed loans.
- Down payment and closing cost assistance available through the Dream. Plan. Home. Mortgage program.
- Competitive mortgage rates relative to large national lenders.
Cons
- Low Trustpilot and BBB ratings due to customer service and communication issues.
- No home equity loans, HELOCs, or reverse mortgages offered.
- Mortgage business scaled back to focus on current customers and minority communities, limiting broader availability.
Overview
Wells Fargo provides a comprehensive mortgage offering with a streamlined online application and in-branch support. Its Dream. Plan. Home. Mortgage program helps lower-income buyers with flexible credit requirements and assistance grants. While rates remain competitive, customer reviews highlight service and communication challenges. The lender is focusing more on existing customers and minority borrowers, reflecting a strategic shift in its mortgage business. Wells Fargo economists forecast mortgage rates staying elevated near 6.5%–6.9% through 2025, maintaining a challenging environment for affordability.
Bank of America Mortgage
| Trustpilot Rating | 1.3/5 (mostly negative, many reviews cover all bank services, not just mortgages) |
|---|---|
| Minimum FICO Score | No strict minimum; new Community Affordable Loan Solution program uses alternative credit data |
| Minimum Down Payment | As low as 0% (Community Affordable Loan Solution), 3% (Affordable Loan Solution), 5% typical |
| Loan Types Offered | Conventional, FHA, VA, USDA, jumbo, refinance, Community Affordable Loan Solution |
| Mortgage Rates | Around 6.7% for 30-year fixed (varies by loan type and borrower profile) |
Why We Picked It
Bank of America combines competitive mortgage rates with innovative low- or zero-down payment programs aimed at expanding homeownership access, particularly for first-time and minority buyers.
Pros
- Innovative zero-down mortgage program with no minimum credit score requirement.
- Offers up to $7,500 in closing cost grants through America’s Home Grant®.
- Large national footprint with both digital and in-person support.
Cons
- Mixed customer reviews citing slow communication and servicing issues.
- Trustpilot and BBB ratings are low despite BBB “A” accreditation.
- Some loan programs have stricter credit and income requirements.
Overview
Bank of America has seen an 80% surge in mortgage applications in early 2025, driven by increased home inventory and slightly lower rates near 6.7%. Its new Community Affordable Loan Solution program eliminates down payments, mortgage insurance, and minimum credit scores by considering alternative credit factors like rent and utility payments, targeting historically underserved communities. The lender offers a hybrid application process combining online tools and branch support, alongside traditional loan products. While customer service reviews are mixed, its efforts to improve affordability and expand access stand out in today’s market.
Better Mortgage
| Trustpilot Rating | 4.4/5 (“excellent” from 1,700+ reviews) |
|---|---|
| Minimum FICO Score | 580 (FHA), 620 (conventional), 620 (VA) |
| Minimum Down Payment | 3.5% (FHA), 0% (VA), 3% (conventional with low-down-payment options) |
| Loan Types Offered | Conventional, FHA, VA, jumbo, HELOCs |
| Mortgage Rates | Near or below national averages (e.g., 6.5–6.9% for 30-year fixed) |
Why We Picked It
Better Mortgage excels in digital-first lending with transparent rates, rapid preapprovals, and low-down-payment options, ideal for tech-savvy borrowers seeking efficiency.
Pros
- Fast preapproval – As quick as 3 minutes online.
- Competitive rates – Often below industry averages with no hidden fees.
- Zero lender fees – On some loan products (varies by program).
Cons
- No USDA loans – Limited government-backed options.
- Mixed reviews – Complaints about documentation requests and communication lapses.
- No physical branches – Fully digital process may deter traditional borrowers.
Overview
Better Mortgage offers a 100% online application with 24/7 support, appealing to first-time buyers and refinancers. Recent enhancements include expanded HELOC offerings and rate transparency tools. While Trustpilot reviews praise its speed and rates, some borrowers report underwriting delays. The lender focuses on affordability, with J.D. Power ranking it slightly below average (715/1,000 vs. 730 industry), but maintains an A BBB rating.
U.S. Bank Mortgage
| Trustpilot Rating | 3.9/5 (positive reviews highlight customer service and digital tools) |
|---|---|
| Minimum FICO Score | 620 for conventional loans, 580 for FHA loans |
| Minimum Down Payment | 3% for conventional loans, 3.5% for FHA, 0% for VA loans |
| Loan Types Offered | Conventional, FHA, VA, USDA, jumbo, refinance |
| Mortgage Rates | Around 6.75% for 30-year fixed conventional loans (as of April 2025) |
Why We Picked It
U.S. Bank combines competitive mortgage rates with personalized service and a user-friendly digital platform, ideal for borrowers seeking a balance of technology and support.
Pros
- Competitive rates close to national averages with transparent pricing.
- Wide variety of loan types including government-backed and jumbo loans.
- Strong digital tools for rate comparison and application tracking.
Cons
- Limited branch presence compared to larger national banks.
- Some borrowers report slower processing times during peak periods.
- Stricter credit requirements for certain loan products.
Overview
U.S. Bank offers a streamlined mortgage application process with both online and in-branch support, catering to a broad borrower base. Their current mortgage rates hover near 6.75% for 30-year fixed loans, aligning with national averages in 2025. Recent enhancements focus on improving digital tools for rate transparency and loan tracking. While customer service is generally well-reviewed, some delays have been noted during high demand. U.S. Bank remains a solid choice for borrowers looking for a trusted lender with a balance of technology and personal assistance.
Compare the Best Mortgage Lenders in 2025
Choosing the right mortgage lender can make a big difference in how much you pay over the life of your loan. Here are the factors to consider when comparing mortgage lenders:
Interest Rates: Even a slight difference in rates between lenders can save or cost you thousands over the life of your mortgage. Always compare APRs, not just the advertised rate, to get a full picture of your borrowing cost.
Closing Costs: Closing costs typically range from 2% to 5% of your loan amount and include fees like origination, appraisal, and title services. Some lenders offer lower fees or may roll them into your loan, so be sure to get a full loan estimate to make an accurate comparison.
Loan Types: Not all lenders offer every type of loan. While most provide conventional and FHA loans, others may specialize in VA, USDA, jumbo, or first-time homebuyer programs. Choose a lender that offers loan products suited to your financial needs and goals.
Customer Reviews: Online reviews can offer insight into a lender’s customer service, transparency, and support throughout the loan process. Look at independent review platforms like Trustpilot, BBB, or NerdWallet to gauge borrower satisfaction and identify potential red flags.
Types of Mortgage Loans
There are several main types of mortgages, each designed to meet different borrower needs and financial situations. Here’s an overview of the most common mortgage types:
Conventional Loans
These are not backed by the government and typically require a higher credit score and a down payment of at least 3%. They’re ideal for borrowers with strong credit and steady income.
Jumbo Loans
Jumbo loans are a type of non-conforming conventional loan designed for borrowers purchasing more expensive homes that exceed conforming loan limits. They require strong credit, larger down payments, and often higher income levels. Because they are not backed by government agencies, they can carry higher interest rates and stricter qualification criteria.
Government-Backed Loans
These loans are insured or guaranteed by federal agencies, making them accessible to borrowers with lower credit scores or smaller down payments:
- FHA Loans: Backed by the Federal Housing Administration, FHA loans allow for lower credit scores and down payments as low as 3.5%. They require mortgage insurance premiums.
- VA Loans: Available to eligible veterans, active-duty service members, and certain military spouses, VA loans require no down payment or mortgage insurance, though a funding fee applies.
- USDA Loans: Designed for rural and some suburban homebuyers, USDA loans offer no down payment options and lower mortgage insurance fees, but have income and location restrictions.
Fixed-Rate Mortgages
With a fixed-rate mortgage, the interest rate remains the same for the entire loan term, typically 15 or 30 years. This provides predictable monthly payments and is ideal for borrowers planning to stay in their home long-term.
Adjustable-Rate Mortgages (ARMs)
ARMs start with a lower fixed interest rate for an initial period (such as 5 or 7 years), after which the rate adjusts periodically based on market conditions. These loans can offer initial savings but carry the risk of higher payments if rates rise. They are best for borrowers who plan to move or refinance before the adjustment period ends.
Major Mortgage Types
| Mortgage Type | Best For | Key Features & Considerations |
|---|---|---|
| Conventional | Strong credit, flexible property use | 3–20%+ down, PMI if <20% down, broad eligibility |
| Jumbo | Expensive home buyers, strong finances | Exceeds conforming limits, stricter requirements |
| FHA | Lower credit, smaller down payment | 3.5%+ down, mortgage insurance, primary homes only |
| VA | Veterans/military, no down payment | No PMI, funding fee, primary homes only |
| USDA | Rural/suburban buyers, low/moderate income | No down payment, location/income limits |
| Fixed-Rate | Long-term owners, budget stability | Rate/payment never changes |
| Adjustable-Rate (ARM) | Short-term owners, initial savings | Lower intro rate, possible future increases |
Each mortgage type has unique benefits and requirements, so it’s important to assess your financial situation, long-term plans, and eligibility before choosing the best option for your needs.
Mortgage Requirements and How to Qualify
Getting approved for a mortgage requires meeting several key financial criteria set by lenders. Understanding these requirements can help you prepare and improve your chances of qualifying for the best possible loan terms.
Credit Score: Lenders use your credit score to assess your reliability as a borrower. Higher scores can help you secure lower interest rates and more favorable loan options.
DTI Ratio: Your debt-to-income (DTI) ratio measures how much of your monthly income goes toward debt payments. Most lenders look for a DTI below 43% to ensure you can comfortably manage your mortgage along with other debts.
Income: Stable and sufficient income is essential for qualifying for a mortgage. Lenders typically require proof of steady employment and income for at least the past two years.
Loan Amount: The loan amount you qualify for depends on your income, credit, debts, and the property’s value. Lenders will not approve a loan that exceeds what you can reasonably afford to repay.
Down Payment: A down payment is the upfront cash you pay toward the home’s purchase price. While some loans allow as little as 3% down, a larger down payment can lower your monthly payments and may eliminate the need for mortgage insurance.
How Mortgage Interest Rates Work
Mortgage interest rates are a crucial factor in determining the cost of your home loan, impacting both your monthly payments and the total amount you’ll pay over time. These rates are set based on a combination of market conditions and individual borrower factors, and understanding how they work can help you make informed decisions when choosing a mortgage.
Rates: Mortgage rates fluctuate based on economic conditions, inflation, and government bond yields, which influence the baseline rates lenders can offer. When market rates rise or fall, the rates available to borrowers typically move in the same direction.
Loan Type: Fixed-rate mortgages lock in your interest rate for the entire loan term, providing payment predictability. Adjustable-rate mortgages (ARMs) start with a lower rate that can change periodically, potentially increasing your payments in the future.
Loan Term: Shorter-term loans, such as 15-year mortgages, generally offer lower interest rates but require higher monthly payments. Longer-term loans, like 30-year mortgages, have higher rates but lower monthly payments, resulting in more interest paid over time.
Credit History: Lenders use your credit score and history to assess your risk as a borrower, directly affecting the rate you’re offered. Borrowers with strong credit typically receive lower rates, while those with weaker credit may face higher rates.
Our Selection Methodology: Lending Palm evaluated lenders based on 2025 loan requirements, including minimum credit scores (500–700+), down payments (0–10%), loan types (FHA, VA, conventional, niche products), and customer service. We prioritized lenders offering competitive rates, low denial rates, specialized programs, and transparency in fees.
Trustpilot/BBB ratings, J.D. Power scores, and borrower feedback on communication, closing speed, and digital tools were key factors. Lenders like Navy Federal and Fairway Independent stood out for military-focused options and low rejection rates, while Movement Mortgage and CrossCountry earned marks for rapid processing and down payment grants. Each lender was assessed against 2025-specific criteria like Fannie Mae’s updated DTI flexibility and student loan accommodations.
How to Get a Mortgage Preapproval Letter?
A mortgage preapproval letter is a document from a lender indicating they are tentatively willing to lend you up to a certain amount based on your financial information. Getting preapproved helps you understand your budget and shows sellers you are a serious buyer, often required before making an offer on a home.
- Gather pay stubs, tax returns, W-2s, bank and investment statements, and ID.
- Check your credit report for accuracy.
- Submit a preapproval application with all required documents.
- Ask the lender about assumptions and possible impacts on approval.
Step-by-Step Mortgage Loan Process
The mortgage process can vary depending on if you’re buying a home or refinancing. Here are the basic steps to get a mortgage when buying a house:
1. Apply for the Mortgage
2. Receive and Review Your Loan Estimate
3. Lock in Your Mortgage Rate
4. Consider Discount Points
5. Schedule a Home Inspection
6. Pay for a Home Appraisal
7. Purchase Homeowners Insurance
8. Underwriting and Loan Processing
9. Review the Closing Disclosure
10. Close on the Loan
Selecting The Best Mortgage Lender of May 2025
The ideal mortgage lender varies based on your unique financial situation and homeownership goals. There’s no one-size-fits-all solution, and what works for one borrower may not be the best choice for another. Whether you prioritize the lowest rates, flexible credit requirements, specialized loan products, or outstanding customer service, it’s essential to do your homework.
Take the time to carefully compare rates, terms, fees, and program options from multiple lenders to ensure you’re making an informed decision. Don’t settle for the first offer you receive.
Compare quotes now from top lenders and take your first step toward your new home.
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FAQ’s
FAQs About Best Mortgage Lenders
Which mortgage lender has the lowest interest rates right now?
As of May 2025, the lowest mortgage rates in the USA average 6.4–6.85% for 30-year fixed loans. Compare lenders like Rocket Mortgage or Fairway Independent via Bankrate or LendingTree for rates as low as 6.15%. Refinance options may drop below 6.5%. Check eligibility for personalized quotes.
What credit score do you need for a mortgage?
Minimum credit scores for mortgages: FHA (500–580), VA (580–620+), conventional (620+), USDA (640+). Freedom Mortgage offers FHA loans from 550. Best rates require 740+. Compare FHA vs conventional loans and lenders for low credit score mortgage options in 2025.
How much should you put down on a house?
For a house down payment, minimums are 3% (conventional), 3.5% (FHA), or 0% (VA/USDA). Average down payments are 8–13% for first-time buyers and 16–18% overall. Aim for 20% to avoid PMI, though most buyers put less. Compare FHA vs conventional loans and down payment assistance programs for affordability.
Can you buy a house without a mortgage?
Yes, you can buy a house without a mortgage by paying full cash or using seller financing/lease-to-own agreements. Government programs like USDA/VA loans offer 0% down options, but still involve mortgages. Cash buyers avoid loans, while seller financing bypasses traditional lenders. Low-income home buying programs may assist but typically require mortgages.
Are credit unions better than banks for home loans?
Credit unions offer lower mortgage rates (6.73% average) and personalized service but fewer loan options vs. banks (6.84%). Banks provide wider loan choices and superior tech. Compare both for lowest rates, customer service, and loan flexibility when choosing a home loan.
Are there zero down payment mortgage lenders in 2025?
Yes, there are zero down payment mortgage lenders in 2025. VA loans for eligible veterans and USDA loans for qualifying rural homebuyers both require no down payment. Lenders like Navy Federal Credit Union and others offer 100% financing options, making it possible to buy a home with no money down if you meet the program requirements.
