The mortgage industry in the United States is highly competitive. With so many different companies offering their services, how do you know who to trust?
There are over 7,000 lenders licensed in the United States today; it can be difficult to find which ones are best suited to your particular needs.
To make things easier, we compiled this list of 9 of the best mortgage companies in the US, based on popularity and customer satisfaction ratings from across the country.
In 2006, Chase acquired a subprime lender, EMC Mortgage Corporation. One year later, Chase purchased another subprime lender called HFC and its subsidiary Chevy Chase Bank. In 2008, Chase completed their biggest acquisition to date by buying Washington Mutual and its subsidiary WaMu Federal Bank FSB.
This added 20 branches and over 2,000 mortgage employees to Chase’s existing operations; it also made Chase one of the nation’s largest banks with $1 trillion in assets.
The bank has continued acquiring smaller companies since then but has stayed away from major purchases since the acquisition of WaMu Federal Bank FSB.
However, analysts predict that when small community banks fail—as is predicted for many—Chase will be there to pick up more branches.
2) Wells Fargo
It’s no secret that Wells Fargo is one of America’s top mortgage lenders. With over 5,000 branches across all 50 states, it’s never been easier to apply for a mortgage with Wells Fargo.
Whether you need to apply for a new home loan or refinance an existing one, their online application tool will walk you through each step of your application and make sure that everything is processed efficiently.
On top of its widespread branch network, it also has some of the lowest interest rates in the industry, which means that there are fewer hidden fees involved when applying for your loan.
Once your application has been approved, they offer two separate processes to help you get a mortgage: one through local branches and another through direct bank channels.
3) Quicken Loans
Owned by online lending giant Rock Holdings, Quicken Loans is one of America’s largest mortgage lenders. Founded in 1985, Quicken employs more than 16,000 people and offers home loans in all 50 states.
In 2016, they helped more than $192 billion worth of homebuyers finance their mortgages—the most of any other lender nationwide.
The company handles everything from processing loan applications to closing on homes to maintaining records and sending tax documents for a seamless process for everyone involved.
The average Quicken Loans homebuyer spends just 19 days (as opposed to 30+ days with other lenders) between applying for a mortgage and moving into their new home, making them one of America’s fastest-moving lenders.
Quicken Loans was also named Best Mortgage Lender of 2017 by J.D. Power, ranking highest overall among all mortgage lenders in customer satisfaction across five factors: application process; communication; information resources; loan terms; and problem resolution.
4) Bank of America
As a leader among lenders, Bank of America provides financing for new homes and also existing homes.
For existing homes, you can use their online loan application to submit an application with rates that vary from prime plus .50% to prime plus .75%.
For example, if your bank’s prime rate is 5%, your loan will be at 7.5% or 8%. You must have a minimum credit score of 640 to qualify for their conventional loans. In addition, you’ll need a down payment of 10% on FHA loans and 20% on VA loans.
5) Rocket Mortgage by Quicken Loans
To paraphrase a former president, It’s morning again in America. We can certainly say that Quicken Loans is feeling bullish about 2023, and so are we.
At Quicken Loans, we know homebuyers and have become a market leader because of our ability to anticipate what’s next for our customers.
And right now, there are more opportunities than ever before to simplify how people find and get mortgages so they can purchase their dream homes quickly and with less hassle.
LendingTree provides one of the best mortgage comparison sites around. The company compares mortgages, credit cards, checking accounts, and other financial products from lenders across multiple services.
It also lists exclusive rates that aren’t available elsewhere, giving you access to loans with better terms than you might find on your own or through another bank or credit union.
What’s more, LendingTree makes it easy to apply directly for a loan via its site; you don’t have to go back and forth with a broker for approval.
If you need help along the way, LendingTree’s customer service is available 24/7 by phone or email. That can be a huge help when it comes time to move ahead with your loan application.
7) SunTrust Bank
SunTrust Bank, one of America’s largest financial services holding companies and one of Fortune Magazine’s World’s Most Admired Companies, has approximately 1,600 branches and 2,200 ATMs. SunTrust is listed on Fortune magazine’s list of 100 Best Companies to Work For for several years running.
In addition to personal banking and lending products, SunTrust provides wealth management services and investment products such as a brokerage firm. You can also enjoy online access via SunTrust Online® Banking—the convenience you need at your fingertips!
8) Fannie Mae and Freddie Mac
These two government-sponsored enterprises, commonly known as GSEs, guarantee a large share of all mortgages originated in the United States.
Backed by taxpayers, Fannie Mae and Freddie Mac buy loans from lenders and repackage them into securities to sell to investors.
This allows banks and other lenders to make riskier loans that they couldn’t sell directly on their own balance sheets. Both GSEs have been in conservatorship since 2008 after losses stemming from toxic subprime mortgages caused huge losses.
These government bailouts cost U.S. taxpayers $187 billion at last tally; both companies have paid back some but not all of their bailout funds over time.
9) HomeStreet Bank
HomeStreet Bank has a long and proud history of local service. As one of Washington State’s largest privately owned banks, it’s also one of its oldest, having been founded back in 1890 by two Seattle businessmen.
The bank still maintains its original head office on Fourth Avenue and is now headquartered in Seattle’s burgeoning South Lake Union neighborhood.
However, HomeStreet has also expanded into Oregon with offices throughout Portland, as well as California and Hawaii.
In fact, HomeStreet made headlines just last year when it purchased out-of-state mortgage lender NLS Inc., bringing its total assets under management to a whopping $26 billion.
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