Best Online Mortgage Lenders • Benzinga

Online mortgage lenders allow prospective homebuyers to complete their entire mortgage process – from preapproval to closing – without meeting their lender face to face. Whether you are a first-time homebuyer or investor, looking for a new loan or refinance, you can complete the entire process online with one of these lenders. 

Quick Winners List

Best for Pre-Approval Process: Rocket Mortgage

Pros: 

• Offers variety of loan types
• Quick online application process
• View personalized rates online
• Highly rated customer service

Cons: 

• Fewer loan options than some competitors
• Rates can be higher 

Nitty Gritty: Rocket Mortgage, formerly known as Quicken Loans, is a popular online lender and one of the first to offer online closings. Borrowers can complete their entire mortgage process online, starting with a rate visualizer and quick prequalification process. The mortgage provider offers a variety of loan types, including Jumbo, FHA and VA loans, plus programs for first-time homebuyers. Though Rocket Mortgage doesn’t offer physical locations, you can contact customer support by phone or chat seven days a week. 

Specs: 

• Minimum credit score: 580
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA and Jumbo loans
• States served: 46 states (excluding Iowa, Maryland, Nevada and West Virginia)

Best for Conventional Loans: New American Funding

Pros: 

• Multiple loan types
• Offers educational resources and calculators 
• Offers FHA loans 
• Strong customer service and loan officer support

Cons: 

• Higher credit score requirement for some loan types
• Physical branches not available in all states

Nitty Gritty: While New American Funding does offer branch locations, it also allows borrowers to complete their mortgage application process online for a streamlined experience. The lender offers conventional loans with flexible repayment terms – including FHA loans and first-time homebuyer programs with down payment assistance – and Jumbo loans and non-QM loans for less traditional borrowers. Its website also hosts extensive educational content, such as calculators for estimating payments and a learning center with articles about all parts of the homebuying journey. 

Specs: 

• Minimum credit score: 580
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA, construction, USDA, non-QM, interest-only and Jumbo loans
• States served: All 50 states

Best for Nonconforming Mortgage Loans: Angel Oak Mortgage Solutions

Pros: 

• Flexible income verification options 
• Available to permanent and non-permanent U.S. residents
• Interest-only loans available 
• Dedicated loan officers

Cons: 

• Doesn’t operate in all states
• Nonconforming loans may have higher rates

Nitty Gritty: In addition to offering an online application process, Angel Oak Mortgage is one of our top picks for nonconforming mortgage loans, offering jumbo loans plus various programs for those with nontraditional income. These include asset qualifier mortgages, bank statement loans and 1099 income loans – which can be good options for self-employed borrowers or anyone with irregular income. 

Specs: 

• Minimum credit score: 640
• Minimum down payment: Not disclosed
• Loan types offered: Non-QM and Jumbo loans
• States served: Alabama, Arizona, Alaska, California, Colorado, Connecticut, Florida, Hawaii, Idaho, Indiana, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Minnesota, Michigan, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, Wyoming

Best for Refinancing: Better

Pros: 

• Get personalized rates with no credit score impact
• AI tools for higher approval rates
• Offers refinancing and HELOCs
• High TrustPilot score

Cons: 

• Doesn’t offer USDA loans
• Fewer loan options than competitors

Nitty Gritty: Better Mortgage is another fully online lender with a quick and easy application process. New applicants can see customized rates in as little as three minutes, with a commitment letter in as little as 24 hours. In addition to its range of home purchase loans, Better offers a variety of refinancing loans, including cash-out refinancing. 

Specs: 

• Minimum credit score: 580
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA and Jumbo loans
• States served: All 50 states

Best for First-Time Homebuyers: Rate.com

Pros: 

• Educational resources for first-time homebuyers
• Approval in as little as one day
• Quick online application process
• Operates in all 50 states

Cons: 

• Higher credit score requirements 
• Does not offer USDA loans

Nitty Gritty: Rate, formerly known as Guaranteed Rate, is another great option for borrowers looking for an online experience. The lender’s online application process can be completed quickly, with approvals offered in as little as one day. Rate also offers educational resources and down payment assistance programs for first-time homebuyers, making it easy to navigate the process. 

Specs: 

• Minimum credit score: 620
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA and Jumbo loans
• States served: All 50 states

Best for Self-Employed Borrowers: CrossCountry Mortgage

Pros: 

• Wide variety of loan types including non-QM loans
• Down payment assistance available
• Lower credit score requirement for some loans 
• Educational resources available 

Cons: 

• Rates not posted online
• No online preapproval

Nitty Gritty: CrossCountry Mortgage is a great choice for nontraditional borrowers thanks to its wide variety of loan types, especially non-QM loans. The lender offers bank statement, 1099, P&L and asset-qualifier mortgages, which can be more flexible options for self-employed borrowers or others without steady income. CrossCountry Mortgage has more flexible credit score requirements on some of its loans – as low as 500 depending on the product.

Specs: 

• Minimum credit score: 500
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA, USDA, non-QM and Jumbo loans
• States served: All 50 states

What is an Online Mortgage Lender?

Online mortgage lenders operate similarly to traditional lenders. Still, the application, review and underwriting process is completed entirely online – rather than borrowers having to visit a physical bank to submit paperwork or documentation. Borrowers who apply for a mortgage online still have access to customer support and will be guided through the process by a representative. 

Why You Should Trust Us

Emily Sherman has over seven years of experience writing personal finance content and reviewing credit cards, loans and banking products. She has written financial content for various publications, including Benzinga, U.S. News & Bankrate. In addition to confirming all details about online lenders with the mortgage provider, she consulted mortgage experts to ensure that this story’s information is current. 

Methodology 

To choose the best online mortgage lenders, we compared lenders based on factors including various loan types, average time to close and minimum credit scores. We also considered customer experience including the online platform and customer service reputations per sources like TrustPilot and the Better Business Bureau. The best lenders offered accessible online mortgage applications in addition to these features. Read our full methodology here. 

FAQ