Everyone’s dream home is different and there is no one-size-fits-all mortgage solution for everyone. While one person may prefer a shorter-term loan with bigger payments, another person may prefer a longer-term loan where the monthly payment is lower. You can gauge payments with a mortgage estimator to calculate your monthly mortgage payment. You can input a different home price, down payment, loan term, and interest rate to see how your monthly payment changes.
There are pros and cons to each mortgage and it’s up to you to weigh it all before you sign and get the keys to your house. Finding a mortgage lender involves more than just getting a good interest rate; you want to work with the best mortgage companies, staffed by professionals who will guide you through the process.
Here are our top 3 banks to open a mortgage with.
Quicken Loans
Quicken Loans has overtaken Wells Fargo to become the leading direct-to-consumer mortgage lender in the nation. Quicken loans have shortened the time to close a mortgage to as few as 16 days for purchase and eight days for refinancing. Quicken Loans offers the Power Buying Process. This assures all parties involved, that you’re qualified for your mortgage approval. Beyond this, Quicken Loans offers RateShield Approval, which allows you to lock the current market interest rates for up to 90 days. If rates go down by the time you sign your purchase agreement, your rate will drop to the lower one.
Sebonic Financial
Sebonic Financial is ideal for borrowers who want a loan with flexible down payment and credit score requirements. Sebonic Financial is a direct lender offering a variety of mortgage products including FHA and VA loans. The company, which offers full mortgage services and is an approved seller for Freddie Mac and Fannie Mae, specializes in providing quick home financing through a simplified loan application process. The company strives to make obtaining a home loan simple, quick, and secure for customers.
LendingTree
LendingTree is the internet’s largest loan marketplace. LendingTree has helped tens of thousands of people get pre-qualified for mortgages. LendingTree works with a network of more than a hundred lenders to help its users find the best mortgage for their needs. LendingTree is a great place to start if you’re looking to find the best rates. Like anything, the secret to its success is competition. By gathering all the top lenders in one place, LendingTree forces each provider to compete on rates and fees, which benefits the borrower.
Here are some of the things to look for when comparing lenders: APR, terms and customer service. Search for a lender that is transparent about rates and fees, open about the requirements, and won’t waste your time dragging out the application process.