The 2023 Bankrate Awards
Winners By Category
Winners By Category
- Best mortgage lender overall
- Best mortgage lender for first-time homebuyers
- Best mortgage lender for refinancing
- Best mortgage lender for borrowers with low or bad credit
- Best VA mortgage lender
- Best no-fee mortgage lender
- Best FHA mortgage lender
- Best lender for jumbo loans
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Published January 10, 2023
Written by Jeff Ostrowski Jeff Ostrowski
Edited by Suzanne De Vita Suzanne De Vita
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Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
You deserve the best in mortgage
Whether it’s your first or fifth time buying a home or refinancing, getting a mortgage is a process. Because a mortgage is likely the largest loan you’ll ever take on, it pays to have the right lender in your corner. To help you determine the one that fits your needs, we reviewed and scored more than 85 lenders, including some of the biggest banks and brand names, credit unions and even regional players, to choose the best lenders across categories like jumbo loans and refinancing.
These are the winners of the 2023 Bankrate Awards for Best Mortgage Lenders.
How we rated these banks
- Bankrate assessed lenders for affordability, including APR (which encompasses fees and interest rate) and diversity of loan products.
- We considered factors such as convenience and speed in terms of approvals and closings.
- We also evaluated the borrower’s experience, focusing on the application process and access to customer service.
Best mortgage lender overall
PNC Bank
Learn morein our Bankrate review
HighlightsAvailable in all 50 statesApply in-person or onlineCustomer service seven days a week
PNC Bank offers a robust slate of mortgage products, including conventional and government-insured loans (FHA, VA and USDA), as well as jumbo loans. Combining convenience with service, PNC rates near the top of J.D. Power’s customer satisfaction rankings for 2022.
- Strong customer service
- Branch and online service
- Online personalized rate tool
Best mortgage lender for first-time homebuyers
Homefinity
Learn morein our Bankrate review
HighlightsApply via app, online or by phoneDesignated loan officerReal-time prequalification and fast preapproval
Homefinity sets itself apart with fast underwriting. The lender also distinguishes itself as an experienced hand at low-down payment conventional loans, FHA and VA loans, three popular choices for first-time homebuyers.
- Bench of low-down payment mortgages
- Participates in down payment assistance programs
- Loan officers available around the clock
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Best mortgage lender for refinancing
U.S. Bank
Learn morein our Bankrate review
HighlightsApply in-person, online or by phoneClosing costs credits for banking customersE-closing functionality
Combining speed and transparency, U.S. Bank can help you refinance your mortgage in an average of 45 days, and on the bank’s app, you can shop for financing options, track your application progress, complete some e-closing steps and make payments. The lender offers both traditional rate-and-term refinances and cash-out refis.
- Countrywide footprint
- Online rate tool
- Also offers home equity lines of credit and loans
Best mortgage lender for borrowers with low or bad credit
Cardinal Financial
Learn morein our Bankrate review
HighlightsPrequalifications and preapprovalsWide range of loansFirst-time buyer and down payment aid programs
Reflecting its focus on credit-challenged borrowers, Cardinal Financial’s credit score minimums are significantly lower than those of other lenders, at 580 for conventional and USDA loans and 550 for FHA and VA loans. If you don’t have a credit score, the lender also has the ability to manually underwrite government-insured loans.
- Available nationwide
- Offers more flexible FHA, VA and USDA loans, along with many other loan options
- Excellent track record with past customers
Best VA mortgage lender
Veterans United Home Loans
Learn morein our Bankrate review
HighlightsSpecializes in VA loans24/7 customer serviceFree credit counseling for service members
Veterans United is the leader in the VA loan sector, with a focus on working with active and retired military members and their families. Although the lender’s branch locations are limited, it offers around-the-clock customer service by phone and through its website. To keep in touch with the needs of VA borrowers, Veterans United even has an advisory board made up of career enlisted officers.
- Experienced in VA loans
- Very competitive pricing
- Credits available for returning borrowers
Best no-fee mortgage lender
LowRates.com
Learn morein our Bankrate review
HighlightsComplete underwriting within 24 hoursClosings in as little as 20 daysDown payment assistance programs
LowRates.com is available in the majority of states and Puerto Rico, with no fees for borrowers and one of the market’s most diverse product suites. The lender’s "TRU Approval" process expedites full underwriting to less than 24 hours. LowRates.com says its 20-day turnarounds are among the fastest in the mortgage industry.
- No lender fees
- Fully online application process
- Updates mortgage and refinance rates online daily
Best FHA mortgage lender
Mr. Cooper
Learn morein our Bankrate review
HighlightsAvailable in all statesEasy-to-use app with trackingVirtual document submission
Mr. Cooper is one of the largest FHA lenders in the U.S. Its mobile app makes it convenient to apply online, monitor your application status and make monthly payments. Mr. Cooper’s Digital Loan Tracker offers transparency during the approval process.
- Experienced in FHA loans
- Available in every state and some U.S. territories
- Combination of app and website helps streamline loan process overall
Best lender for jumbo loans
Ally Bank
Learn morein our Bankrate review
HighlightsOnline preapprovals in minutesNo loan feesShowcases current rates online
Ally Bank offers jumbo loans up to $4 million, requiring just 10 percent down if you’re an otherwise well-qualified borrower. In addition, the bank doesn’t charge lender fees and posts detailed rate information on its website, often updated throughout the day. Ally places near the top of J.D. Power’s customer satisfaction rankings for 2022.
- Relatively high jumbo loan amounts
- Lower jumbo down payment requirements
- Convenient digital experience
Winners for your wallet
Awards home•2023 Visionaries
Check out the 2022 winners