Best mortgage lenders to know now, plus advice on buying and refinancing - CBS News

## Summary
The best mortgage lenders to know now The following lenders represent some of the strongest options available right now, each excelling in specific areas that may match your priorities: Best for streamlined digital experience: Rocket Mortgage Best for self-employed or non-traditional borrowers: Guild Mortgage Best for competitive rates: PenFed Credit Union Best for lower credit scores: loanDepot Best for budget-conscious borrowers: Better Mortgage Best for streamlined digital experience: Rocket Mortgage Rocket Mortgage has built its reputation on making the mortgage loan process as painless as possible. What's unique about this credit union, though, is that anyone can join by opening a savings account with a small deposit, giving you immediate access to the lender's rate advantages and extensive loan options, which span conventional, adjustable-rate, jumbo, FHA, VA and USDA products. Best for budget-conscious borrowers: Better Mortgage Better Mortgage strips away the costs associated with maintaining branch networks and passes those savings directly to borrowers through lower fees and competitive rates. Available in all 50 states, Better Mortgage covers the essential loan products most buyers need, though you won't find the same breadth of options as larger, full-service competitors.

## Article Content
Finding the right mortgage lender can be tricky, but doing so can also pay off, both literally and figuratively, especially over time.
William_Potter/Getty Images
The
mortgage lender you choose
can either cost or save you tens of thousands of dollars over the life of your loan. Still, many borrowers spend more time researching a new home appliance than they do comparing the mortgage lenders available to them. In a market where elevated rates and stubborn home prices
continue to squeeze affordability
, though, that oversight can carry real consequences.
Today's lending landscape is broader
than many buyers realize, too. Traditional banks, credit unions and online-first platforms all compete for your business, and each operates differently. Banks may reward loyal customers with rate discounts, credit unions often pass savings directly to members and digital lenders typically leverage lower overhead to move faster through underwriting. The right fit, though, depends heavily on
which terms and trade-offs align
with your specific financial picture.
To help you cut through the noise, we've identified the best mortgage lenders available right now, each standing out for a particular strength. We'll also walk through what today's buyers and refinancers need to understand before signing anything.
Compare your top mortgage loan options online to find the right fit now
.
The best mortgage lenders to know now
The following lenders represent some of the strongest options available right now, each excelling in specific areas that may match your priorities:
Best for streamlined digital experience: Rocket Mortgage
Best for self-employed or non-traditional borrowers: Guild Mortgage
Best for competitive rates: PenFed Credit Union
Best for lower credit scores: loanDepot
Best for budget-conscious borrowers: Better Mortgage
Best for streamlined digital experience: Rocket Mortgage
Rocket Mortgage has built its reputation on making the mortgage loan process as painless as possible. The lender's online platform guides you through each step with clarity, from uploading documents to tracking your application status in real time. Its customer service ratings consistently rank among the highest in the industry, and the assistance programs offered by this lender can make a real difference. For example, current renters may qualify for up to $5,000 in closing cost credits based on their rental payment history.
Rocket also offers a wide range of loan options to choose from nationwide, including conventional, jumbo, FHA and VA loans, with down payments starting at 1% for qualifying programs. Borrowers need a credit score of at least 620 to qualify, which is about average. The main drawback, though, is pricing. While Rocket Mortgage excels at service and convenience, the lender's interest rates tend to run slightly higher than some competitors.
Find out how affordable your mortgage loan could be today
.
Best for self-employed or non-traditional borrowers: Guild Mortgage
If you're self-employed, work in the gig economy or earn income that doesn't fit traditional W-2 documentation, Guild Mortgage specializes in mortgage loans that work for your situation. This lender has built expertise in evaluating alternative income sources and offers customizable loan structures that accommodate complex financial profiles.
Guild operates in 49 states (it's not available in New York) and provides a broad product mix, including conventional, adjustable-rate, FHA, VA and USDA loans. Minimum credit score requirements start at 620 for conventional mortgages, though the borrower requirements shift depending on the loan type. The one notable limitation is that Guild doesn't offer online applications, so you'll need to work with a loan officer directly throughout the process.
Best for competitive rates: PenFed Credit Union
PenFed consistently delivers some of the lowest mortgage rates available, a benefit of its credit union structure that prioritizes members over profits. What's unique about this credit union, though, is that anyone can join by opening a savings account with a small deposit, giving you immediate access to the lender's rate advantages and extensive loan options, which span conventional, adjustable-rate, jumbo, FHA, VA and USDA products.
Operating nationwide and in U.S. territories, PenFed requires a 620 minimum credit score and accepts down payments as low as 3%. First-time buyers can also tap into additional incentives that may help reduce initial costs. Over the life of a 30-year mortgage, even a quarter-point rate difference translates into substantial savings, which makes PenFed's pricing power particularly valuable for long-term homeowners.
Best for lower credit scores: loanDepot
With a minimum credit score requirement of just 520, loanDepot opens doors for borrowers with prior credit issues who might be turned away elsewhere. That's significantly lower than the 620 threshold most major lenders impose, creating opportunities for borrowers who

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## Expert Analysis

### Merits
- The one notable limitation is that Guild doesn't offer online applications, so you'll need to work with a loan officer directly throughout the process.
- Best for competitive rates: PenFed Credit Union PenFed consistently delivers some of the lowest mortgage rates available, a benefit of its credit union structure that prioritizes members over profits.
- Over the life of a 30-year mortgage, even a quarter-point rate difference translates into substantial savings, which makes PenFed's pricing power particularly valuable for long-term homeowners.
- It's worth noting that loanDepot has one recent regulatory action on record, but the lender's commitment to serving credit-challenged borrowers with varied product choices remains a strong selling point.

### Areas for Consideration
- The main drawback, though, is pricing.
- The one notable limitation is that Guild doesn't offer online applications, so you'll need to work with a loan officer directly throughout the process.
- By looking over your credit report weeks or months in advance, you'll have more room to dispute errors and take steps to improve your score if needed.

### Implications
- Banks may reward loyal customers with rate discounts, credit unions often pass savings directly to members and digital lenders typically leverage lower overhead to move faster through underwriting.
- The best mortgage lenders to know now The following lenders represent some of the strongest options available right now, each excelling in specific areas that may match your priorities: Best for streamlined digital experience: Rocket Mortgage Best for self-employed or non-traditional borrowers: Guild Mortgage Best for competitive rates: PenFed Credit Union Best for lower credit scores: loanDepot Best for budget-conscious borrowers: Better Mortgage Best for streamlined digital experience: Rocket Mortgage Rocket Mortgage has built its reputation on making the mortgage loan process as painless as possible.
- For example, current renters may qualify for up to $5,000 in closing cost credits based on their rental payment history.
- Find out how affordable your mortgage loan could be today .

### Expert Commentary
This article covers mortgage, credit, loan topics. Notable strengths include discussion of mortgage. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 1431.