Anyone who has applied for the mortgage knows that it is an ordeal, to put it lightly, and having the right lender can make a world of difference. Knowing this, Bankrate [1] has scored and ranked more than 80 of the most popular lenders across the country and compiled the data for the 2022 Bankrate Awards for Best Mortgage Lenders.
To start, Bankrate ranked lenders on the affordability of their loans (APR and associated fees), convenience and speed of the application process, and finally the “borrower experience” in relation to customer service.
All-in-all, Bankrate found that Bank of America [2] was the best overall lender due to its online preapproval/prequalifications, availability to borrowers nationwide, advertisement of daily mortgages rates, and an array of loan options, competitive pricing, timely approvals, and closings.
According to Bankrate, first time homebuyers should seek a loan from First Midwest Bank [3].
“Launched during the Great Depression, First Midwest Bank grew with the goal to ‘treat the person in the overalls and the person in the business suit the same way.’ First Midwest markets down payment assistance programs that help first-time buyers get into the ownership game. The bank is also an approved lender in some state-sponsored first-time buyer loan programs.”
Potential customers can look forward to availability in a majority of states, large range of loan products for first-time homebuyers, including down payment assistance, banking customer discounts, competitive pricing, and exceptional service.
But if you are looking to refinance your home, start with Lower.com [4].
“Lower boasts many options to refinance, including rate-and-term (lower mortgage rate and/or faster payoff), cash-out and streamline (no appraisal) refinancing. Borrowers who already have a loan through Lower qualify for the lender’s ‘Free Refi For Life’ program, which means you won’t be charged an application or lender fee on a future refinance. The lender also offers HELOCs and second mortgages.”
Click here to view the list in its entirety at Bankrate.com. [5]