HOW TO FIND THE BEST MORTGAGE OPTION IN 2020

Your mortgage is an important investment and hence involves a lot of planning and attention. Whether you are a first-time buyer or an experienced real estate investor, choosing the right mortgage loan is important. Since the amount of loan is big, getting it approved at the best possible interest rate is not always simple. Mortgage loans are not only limited to banks but with the Internet and modern banking regulations, you can expand your search to online and nationwide leaders.

Things to know before taking a Mortgage Loan

● If you want to qualify for the lowest mortgage interest rates , you should have a credit score above 750.
● Make sure that you have a low debt to income ratio. This is the percentage of your gross monthly income that goes towards debt each month. The maximum debt to income ratio you can have is 43% but the mortgage lenders prefer much lower percentages than that.
● Check with your mortgage company whether there is any penalty for paying the loan off before it comes to term.
Let’s take a look at some of the mortgage lenders that offer the best mortgage loans as per your requirements.

1. Quicken Loans

Quicken Loans is a renowned mortgage lender with huge online and TV advertising campaigns that offer the best mortgage loans to its borrowers. Quicken Loans has a nationwide footprint and makes applying for a mortgage online easier for the borrowers. It also offers competitive rates that help solidify its position as the best overall mortgage lender. The online lending application is appealing as it does not involve the same hassles of several traditional mortgage lenders need like lots of physical paper and typing in a list of all your accounts. With Quicken Loans, the application process is simple and quick, which is why many people use it every year.

2. PennyMac

PennyMac is one of the best mortgage lenders that serve over a millioncustomers. It offers a full range of loans including conventional, Jumbo, FHA, USDA, VA, and cash-out loans. PennyMac also provides information and tips to help its borrowers decide what type of loan is suitable for them. First-time buyers might find good rates and a better experience with this California based lender. Applying for a mortgage loan via PennyMac is easy. Using their online Mortgage Access Center (M.A.C) you can enter the information and start the process.

3. Freedom Mortgage

Freedom Mortgage specializes in government-backed mortgages such as FHA loans, VA loans, HARP loans, and USDA-backed loans. One of the merits of government-backed loans is that they typically have more lenient credit score requirements. This mortgage lender is best suited to help borrowers sift through the government paperwork required while applying and can help speed up the application process. However, to qualify for these loans, your primary mortgage should also be through one of these programs, that is you can only refinance an FHA loan with another FHA loan.

4. Lenda

Lenda is an online-only mortgage lending industry. It offers quick and easy pre-qualifications, and refinancing estimates through its website. Lenda offers a concierge service to help its borrowers through the lending process from beginning to end. The paperless process is transparent, comfortable, and familiar to digital natives or anyone with experience browsing the Web. Lenda’s digital system eases the hassles of paperwork by making it clear what documents you are required to send in and offer updates for what is missing so that you don’t have your approval or funding delayed by one form or document.

5. LendingTree

LendingTree offers a large variety of loan options, from home and auto to business and Instant personal loans. Among their refinancing products, they offer conventional fixed and adjustable-rate loans, and cash-out loans. Apart from its online application process, LendingTree also offers several online tools like a refinance calculator and a Mortgage Comparison Shopping Report that will compare mortgage rates and provide information on the pros and cons of each type of refinance option.

6. Citi Mortgage

Citi Mortgage is related to CitiBank and is one of the largest banks in the United States. If you want either an FHA or VA loan, Citi Mortgage is a good option. Citi offers mortgage options for nearly anyone who qualifies. However, it does not mean that everyone will qualify. If you do qualify for the FHA or VA loan programs, you have a good chance of approval from Citi Mortgage.

7. SoFi

Social Finance (SoFi) started as a student loan refinancing company but quickly grew into other areas of personal finance, including mortgage loans. The borrowing process in SoFistarts with a pre-qualification process that does not affect your credit score and takes around two minutes to complete. It takes about 30 days to end a loan application and obtain funding from SoFi. SoFi offers 30-year and 14-year fixed loans as well as 7/1 ARM and 5/1 interest-only ARM loans. However, SoFi mostly lends for owner-occupied primary and second homes.