Best Banks for Mortgages: Make Your Homeownership Dreams Come True
A mortgage is a loan used to purchase a home, which you repay with interest over a specified period. The property acts as collateral, meaning if you default, the lender can take possession of the home. While you're technically a homeowner during the mortgage term, you only fully own the home once the mortgage is paid off. So choosing the right lender can save you thousands of dollars over the life of your loan and provide a smoother, more satisfying home-buying experience.
Known for its wide range of mortgage products, including fixed-rate, adjustable-rate, and FHA loans, Chase offers competitive rates and often runs promotions for new and existing customers. Generally requires a credit score of 620 or higher for most loan products. Down payment options vary depending on the loan type, with some options as low as 3% for qualified borrowers.
They are known for being more flexible with credit scores, sometimes approving borrowers with scores in the 620 range. They also offer options with low or no down payment, especially for VA loan-eligible members. Their focus on service and understanding of military life makes them a popular choice.
As one of the largest banks in the U.S., Bank of America provides a variety of mortgage options and resources, including online tools for pre-qualification and rate comparisons. They typically require a credit score of 620 or higher. Down payment options are varied, with some loans allowing as little as 3% down for qualified buyers.
Generally requires a credit score of 620 or higher. The minimum down payment varies depending on the loan type, with some loans allowing as little as 3% down. They offer a comprehensive selection of mortgage products and have a significant online presence and a vast branch network.
They typically require a credit score of 620 or higher. Offers down payment options as low as 3% in some cases. They are known for competitive rates, low fees, and a variety of loan programs.
Generally, a credit score of 620 or higher is preferred. Down payment options depend on the loan program, with some programs allowing as little as 3% down. They also offer online resources and personalized service through their loan officers.
A major national bank, U.S. Bank offers a variety of mortgage options and is known for its customer service and experienced loan officers. They typically look for a minimum credit score of 620 or higher. They offer a variety of down payment options, with some loans available with as little as 3% down.
Specializing in VA loans for veterans, active-duty military members, and eligible surviving spouses, Veterans United is dedicated to serving the military community. VA loans often have more lenient credit score requirements, sometimes accepting scores as low as 580-620 (depending on other factors). VA loans also offer the significant advantage of no down payment for eligible borrowers.