5 Best Mortgage Lenders in the US for 2022
If you're in the market for a new home or investment property, you'll likely need to secure a mortgage loan. But with so many lender options available, it can be difficult to know where to start. That's why we've compiled a list of the best mortgage lenders in the US for 2022. Best For New home Lenders
2022-04-11 20:27:44 - Boaz Sanuel
MINIMUM CREDIT SCORE
LoanDepot does not have a minimum credit score requirement. However, Quicken Loans, one of the best new home lenders on our list, requires a minimum credit score of 580 for their FHA loans and 620 for conventional loans. This is not an unattainable goal, and by working on your credit score prior to applying for a mortgage, you can increase your chances of getting approved. The higher your credit score, the lower your interest rate will be, so it's worth it to try to improve your score before you apply.
RATES
LoanDepot offers competitive rates for both fixed-rate and adjustable-rate mortgages (ARMs). For a 30-year fixed-rate mortgage, rates start at 3.5% and go up to 5.0%. For a 5/1 ARM, rates start at 2.75% and go up to 4.25%. These rates are lower than the average for both types of loans, so if you're looking for a competitive rate, LoanDepot may be a good option
DETAILED FEATURES
i. Adjustable Rate Mortgages
LoanDepot offers adjustable rate mortgages (ARMs) with terms of 3, 5, 7, 10 up to 30 years. The initial interest rate is fixed for 3, 5, 7 or 10 years depending on the term of the loan, and then it adjust annually after that. ARMs are a good option if you're planning on selling your home before the end of the initial fixed-rate period, or if you think rates will go down in the future. Having an adjustable rate can also help you qualify for a larger loan amount.
ii. Fixed-Rate Mortgages
LoanDepot also offers fixed-rate mortgages with terms of 15 and 30 years. The interest rate is fixed for the life of the loan, so your monthly payment will never change. A traditional fixed-rate mortgage is a good choice if you plan on staying in your home for the long term, or if you want the stability of knowing your monthly payment will never increase.
iii. FHA Loans
LoanDepot offers FHA loans with terms of 15 and 30 years. The minimum down payment for an FHA loan is 3.5%, which is lower than the minimum down payment for a conventional loan. FHA loans are a good option if you have a low credit score or if you're looking for a low down payment option.
PROS & CONS
Pros:
- LoanDepot offers competitive rates for both fixed-rate and adjustable-rate mortgages.
- They have a wide variety of loan products available, including FHA loans.
- The minimum down payment for an FHA loan is 3.5%, which is lower than the average.
Cons:
- LoanDepot does not have a minimum credit score requirement, but Quicken Loans, one of the best new home lenders on our list, requires a minimum credit score of 580 for their FHA loans and 620 for conventional loans.
OUR EDITOR'S REASON FOR PICKING IT
LoanDepot is a good option for new home buyers because they offer competitive rates and have a wide variety of loan products available. The minimum down payment for an FHA loan is 3.5%, which is lower than the average, making them a good choice for those who are looking for a low down payment option.
Best For Refinance lenders
MINIMUM CREDIT SCORE
New Silver Rentals have a minimum credit score requirement of 620 for their refinancing products. This is a bit higher than the average, but still attainable for many people. They just want to ensure that you have a good credit history before they lend you money.
RATES
New Silver Rentals offers competitive rates of 6.99-9.5% for their refinancing products. These rates are lower than the average, so if you're looking for a competitive rate, New Silver Rentals may be a good option. Their maximum loan amount is $5,000000 and the lowest is $75,000.
DETAILED FEATURES
i. Interest Only Payments
One of the unique features that New Silver Rentals offers is interest only payments. This means that you only have to pay the interest on your loan for a certain period of time, usually 5-7 years. After that, you will begin paying both the principal and interest. This can help make your monthly payments more manageable in the short term.
ii. No Hard Credit Pull
Another unique feature of New Silver Rentals is that they do not do a hard credit pull when you apply. This means that your credit score will not be affected by the application process. This is a good option if you're worried about your credit score taking a hit. The only downside is that you won't know what interest rate you'll get until after you've been approved.
iii. No Previous Fix and Flip Experience Required
One of the great things about New Silver Rentals is that they do not require you to have previous fix and flip experience. This makes them a good option for those who are new to the process or who don't have a lot of experience.
PROS & CONS
Pros:
- New Silver Rentals offers competitive rates.
- They offer interest only payments, which can help make your monthly payments more manageable in the short term.
- They do not do a hard credit pull, so your credit score will not be affected by the application process.
Cons:
- You won't know what interest rate you'll get until after you've been approved.
- You must have a minimum credit score of 620 to qualify.
- The maximum loan amount is $5,000000.
OUR EDITOR'S REASON FOR PICKING IT
New Silver Rentals is a good option for those who are looking for competitive rates and who want the option of interest only payments. They are also a good choice for those who are new to the fix and flip process because they do not require you to have previous experience. The only downside is that you won't know what interest rate you'll get until after you've been approved.
MINIMUM CREDIT SCORE
LoanDepot has a minimum credit score requirement of 620 for their refinancing products. With a score of 620, you should be able to get a decent interest rate.
RATES
LoanDepot offers rates as low as 3.99% for their refinancing products. This is a competitive rate and is lower than the average.
DETAILED FEATURES
i. Flexible Loan Terms
One of the great things about LoanDepot is that they offer flexible loan terms. This means that you can choose a repayment plan that fits your needs. You can choose a shorter term to get the loan paid off quickly, or a longer term if you need lower monthly payments.
ii. No Prepayment Penalty
Another great thing about LoanDepot is that they do not have a prepayment penalty. This means that you can pay off your loan early without having to pay a fee. This can save you a lot of money in the long run.
iii. Fixed Rate Loans
LoanDepot offers both fixed rate and adjustable rate loans. With a fixed rate loan, your interest rate will not change for the life of the loan. This can help you budget better because you'll know exactly how much your monthly payments will be.
PROS & CONS
Pros:
- LoanDepot offers competitive rates.
- They offer flexible loan terms, so you can choose a repayment plan that fits your needs.
- They do not have a prepayment penalty, so you can pay off your loan early without having to pay a fee.
Cons:
- You must have a minimum credit score of 620 to qualify.
- The maximum loan amount is $5,000,000.
OUR EDITOR'S REASON FOR PICKING IT
LoanDepot is a good option for those who are looking for competitive rates and flexible loan terms. They are also a good choice for those who might want to pay off their loan early because they do not have a prepayment penalty. The only downside is that you must have a minimum credit score of 620 to qualify.
Best For New Construction Lenders
4. New Silver Ground Up Construction
MINIMUM CREDIT SCORE
New Silver has a minimum credit score requirement of 620 for their ground up construction products. This ensures that you'll get a decent interest rate.
RATES
New Silver offers rates as low as 6.99-9.55% for their ground up construction products. The rate you get will depend on the project you're doing and your credit score.
DETAILED FEATURES
i. Must be Shovel Ready
One of the requirements for getting a loan from New Silver is that your project must be shovel ready. This means that you have all of the permits and approvals needed to begin construction.
ii. No Hard Credit Pull
Another great thing about New Silver is that they do not do a hard credit pull. This means that your credit score will not be affected by the application process.
iii. Previous Experience Required
One downside of New Silver is that they require you to have previous experience in the fix and flip industry. This can be a barrier for those who are new to the business.
iv. Interest Only Payments
New Silver offers interest only payments for their ground up construction loans. This can be a great option for those who want to lower their monthly payments.
PROS & CONS
Pros:
- New Silver offers competitive rates.
- No junk fees
-Discount for repeated borrowers
- They do not do a hard credit pull, so your credit score will not be affected by the application process.
Cons:
- You must have a minimum credit score of 620 to qualify.
- The maximum loan amount is $5,000,000.
- You must have previous experience in the fix and flip industry.
OUR EDITOR'S REASON FOR PICKING IT
New Silver is a good option for those who are looking for competitive rates and who have previous experience in the fix and flip industry. They are also a good choice for those who want to avoid a hard credit pull. The only downside is that you must have a minimum credit score of 620 to qualify.
Best For Fix and Flip lenders
5. New Silver- Fix and Flip Loans
MINIMUM CREDIT SCORE
New Silver has a minimum credit score requirement of 620 for their fix and flip loans. With a better credit score, you could potentially get a lower interest rate.
RATES
New Silver offers rates as low as 6.99-9.55% for their fix and flip loans. The rate you get will depend on the project you're doing and your credit score.
DETAILED FEATURES
i. No Hard Credit Pull
One of the great things about New Silver is that they do not do a hard credit pull. This means that your credit score will not be affected by the application process.
ii. Previous Experience Required
One downside of New Silver is that they require you to have previous experience in the fix and flip industry. This can be a barrier for those who are new to the business.
iii. Interest Only Payments
New Silver offers interest only payments for their fix and flip loans. This can be a great option for those who want to lower their monthly payments.
iv. Fix and Flip Loans up to $5,000,000
One thing that sets New Silver apart from other lenders is that they offer fix and flip loans up to $5,000,000. This can be helpful for those who are doing larger projects.
PROS & CONS
Pros:
- No junk fees
-Discount for repeated borrowers
- They do not do a hard credit pull, so your credit score will not be affected by the application process.
Cons:
- You must have a minimum credit score of 620 to qualify.
- The maximum loan amount is $5,000,000.
- You must have previous experience in the fix and flip industry.
OUR EDITOR'S REASON FOR PICKING IT
New Silver is a good option for those who are looking for a lender that does not do a hard credit pull. This can be helpful for those who are trying to avoid a hard inquiry on their credit report. The only downside is that you must have a minimum credit score of 620 to qualify.
All of the lenders on our list offer competitive rates and features. So, how do you choose which one is right for you? Our editor's reason for picking New Silver is their interest only payments option. This can be a great way to lower your monthly payments and help you stay within your budget. If you're looking for a lender who offers no junk fees and does not do a hard credit pull, New Silver is a great option.