2.73% APR
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Last updated:October 2020

Best Mortgage Lenders 2020

Mortgage rate comparison made simple

These handpicked lenders can turn your dream home into a reality, with low
mortgage rates and good service. Take the deed into your hands, today.

Which mortgage lender is right for you?

Credit Score
  • Excellent (720-850)
  • Good (690-719)
  • Fair (630-689)
  • Poor (350-629)
Loan Amount
  • up to $100K
  • $100k-$250K
  • $250K-$400K
  • $400K and up
Closing soon?
  • As soon as possible
  • Within a few months
  • Just looking around
What type of mortgage are you looking for?
What type of mortgage are you looking for?
Home Equity
1/3 Steps
What is your credit score?
What is your credit score?
Excellent (720-850)
Good (690-719)
Fair (630-689)
Poor (350-629)
1/3 Steps
How soon do you want to close?
How soon do you want to close?
As soon as possible
Within a few months
Just looking around
1/3 Steps
Looks like you can quickly pre-qualify for a loan
Looks like you can quickly pre-qualify for a loan
Yes, get pre-approved
No, view all lenders
1/3 Steps
Sorry! There are no offers that match your criteria.Please try another search.

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Editorial Reviews

Quicken Loans

Quicken Loans

Read review
Veterans United Home Loans

Veterans United Home Loans

Read review


Read review
Refi Rate Guide

Refi Rate Guide

Read review
Read all reviews
Refinancing your Mortgage?These are the top 3 choices:
Most Popular
Quicken Loans
America's largest online mortgage lender
  • 15- to 30- year fixed rate loans
  • Flexible refinancing
  • Borrow up to $3 million
  • Wide range of loan options
Compare loan offers from multiple loan providers
  • Easy 3 minute form
  • Match with providers
  • Compare low rates
USA Rate Center
No Reviews
Online mortgage marketplace for purchase & refinance
  • Receive and compare multiple offers in minutes
  • Borrow up to $100K w/ Cash-Out Refinance
  • Save up to $3,200 a year

What is a mortgage loan?

A mortgage is a type of loan that is used to finance the purchase of property. This might be a single family home, a condo unit, a multi-family dwelling or an investment property. Mortgages are also used on the commercial side to purchase industrial buildings, office space or other types of commercial property.

A mortgage is a secured loan, the loan is secured by property that is being purchased. In the event the borrower can’t repay the mortgage, the lender can use the underlying property to try and recoup the remaining balance on the mortgage. 

Buying a home is generally the largest purchase that most people make. Understanding mortgage loans is critical. Getting the right mortgage for your situation can have a big impact on your overall financial situation and can help you make the home of your dreams an affordable reality.

Buying a House in 2020

Even under normal conditions, buying a house presents challenges of one sort of another for buyers. Buying a house in 2020 comes with any number of challenges.

One factor has been a dwindling supply of homes in some parts of the country. This stems from a combination of some sellers taking their home off the market and increased demand for homes in many areas. In some cases, sellers may have decided that this isn’t a good time to move, or perhaps they’ve encountered a financial situation that has led to this decision. Due to the pandemic, many families have decided to move out of congested urban areas and into suburban areas. In many cases the lower supply coupled with increased demand has resulted in both higher prices and stiff competition for some properties.

Our Top Lenders

Lender Required Credit Score Minimum Down Payment Visit Site
Quicken Loans

No minimum

3.5% View Rates


3% View Rates
AmeriSave 620 for most loans 3% View Rates

Mortgages & COVID-19

The economic fallout from COVID-19 has impacted the mortgage market in the form of tougher requirements from many lenders. Perhaps having learned from the financial crisis of 2008, many lenders have tightened their lending standards. 

These tougher requirements vary by lender, but some examples are:

  • Some lenders have raised their minimum credit scores in general, or at least to qualify for more preferential interest rates and mortgage terms. 
  • Some lenders have increased the down payment amount required to qualify for a loan.
  • In some cases, mortgages that had previously been pre-approved are subject to a reverification process prior to finalization of the loan.
  • Even government backed loans through the FHA and VA have been impacted in the form of tougher minimum requirements by some lenders to obtain these loans. 

The bottom line for home buyers is that these tougher requirements may require more shopping to obtain an affordable mortgage. 

How to Choose the Right Lender

Choosing the right lender takes a fair amount of research and requires a thorough review of your own situation before you even start your search. For example, if you are a first-time buyer there are some lenders that might be better than others for your situation. Other factors that can help determine the best lender for your situation might include:

  • Do you have a high credit score or are there issues here?
  • Are you looking for a 30-year mortgage or perhaps one with a 15-year term
  • Are you a veteran?

The key factors to consider when starting your search include:

  • Your credit score
  • The amount of your down payment
  • The loan term you are seeking
  • Extra fees and closing costs associated with the mortgage
  • The interest rate

The types of lenders you might consider include:

  • Banks
  • Credit unions
  • Online lenders

In some cases it might make sense to work with a mortgage broker who can help you look across the mortgage lender spectrum and can often help you obtain the best deal. Some online mortgage sites offer access to a number of different lenders, much like a traditional mortgage broker. 

How to Apply

A mortgage application is a longer process than most other financial transactions that you might engage in. It’s important to be prepared with the required documents and information before completing the application. This includes:

  • Recent pay stubs or verification of employment
  • Bank statements for all accounts
  • Your most recent personal and if applicable, business tax returns
  • W-2s for at least the past two years

Additionally the lender will run a credit check on to obtain your credit score. They will also ensure that the property that you are looking to finance is actually worth the amount of the purchase price. 

Our Top Lenders

1. Quicken Loans 

Quicken Loans

Quicken Loans offers a quick application process and fast pre-approval for potential borrowers. Rates are updated daily, and there are a lot of loan options available. If you’re looking for a jumbo 30-year mortgage loan, Quicken can lend up to $3 million to qualified customers.

  • Online home buyers guide
  • Email and text rate updates
  • Fast online application

Best for: Tech-friendly borrowers

Standout feature:  Low rates and online customer service

Quicken Loans Quicken Loans View Rates

2. Better Mortgage


If you’re looking for a mortgage, there are few options out there that can match the ease and convenience of Better mortgage

The company is an all-digital platform that looks at your goals and means in order to develop a personalized loan for you. There are no origination or lender fees and no commission. That said, there are prepayment penalties. Better allows you to lock in your rate and connects you with a single loan officer once you've finished the pre-approval process. 

  • Top rated lender with no fess and no commisions

  • Pre-approval takes as little as 3 minutes

  • 100% online, with phone support when you need it

Best for: Simple, online mortgage

Standout feature: Instant loan estimates

View Rates

3.  AmeriSave Mortgage


AmeriSave Mortgage Corporation is a full-service mortgage lender operating in 49 states and DC. Established in Atlanta in 2002, it has funded 220,000+ homes for a total value of more than $55 billion. AmeriSave is known for offering streamlined online applications with the option of contacting customer support any time you need assistance.

  • Apply and submit forms directly online
  • No SSN needed to get pre-approved rates
  • Wide range of loan options
  • View Rates


    Here are the answers to some commonly asked questions about obtaining a mortgage. 

    What's the difference between an adjustable and a fixed rate mortgage?

    A fixed rate mortgage is based off of a fixed interest rate. This is the rate used to calculate the monthly payments which will remain fixed over the term of the loan. The benefit is certainty about the level of your monthly payment over the life of the loan. With an adjustable rate mortgage (ARM), the interest rate can adjust periodically. Typically the interest rate is fixed for an initial period of time and then adjusts periodically. Sometimes there is a cap on the amount of the adjustment. Often whether the rate adjusts and by how much is based upon some sort of benchmark such as the rate on 1-year Treasury Bills. An ARM might start off with a lower rate than a fixed rate mortgage, but if interest rates rise the interest rate could skyrocket drastically increasing your monthly payment.

    Should I get a conventional or government backed loan?

    The answer depends upon your situation. If you have good credit, have the ability to make the required down payment and have a steady employment history a conventional mortgage might be the best option for you. Conventional loans often carry the best interest rates and terms. An FHA loan might be a good option for those who are not “perfect” applicants. This might include a lower credit score, an inconsistent work history or other blemishes that could deter a lender on a conventional loan. An FHA loan carries a government guarantee which gives the lender a bit more security.  If you are a veteran, a VA loan might be a good option for you. Again the government guarantee allows the lender to take a risk on you even if your financial situation doesn’t match up with what might be required for a conventional loan.

    Will applying for a mortgage affect my credit score?

    When lenders check your credit score it is reflected as a credit inquiry. If you apply for several mortgages within a compressed time frame of 45 days or less these multiple inquires by mortgage lenders will show up as a single credit inquiry

    How long will the process take?

    Generally the mortgage application process should take about 30 days . This could end up being longer or shorter. Some online lenders might be able to complete the process in as little as a week. In other cases, especially during peak periods for applications, this process can stretch out a bit longer. Much will also depend upon how prepared you are with the information the lender requires.