Best Mortgage Lenders of October 2025

Before buying a home, refinancing, or tapping into your home equity, it’s crucial to shop for the best mortgage lender. Some lenders specialize in certain types of clientele, such as first-time home buyers or those in underserved communities. Finding the best mortgage lender depends on your needs and financial situation. Here are our picks for the best mortgage lenders in October 2025.

Why Rocket Mortgage stands out: Rocket offers a grant program helping renters make the leap to homeownership.

Availability: All 50 states and Washington, D.C.
Types of mortgage loans: Conventional, FHA, VA, and a 1%-down loan
Minimum down payments: 1% for conventional, 3.5% for FHA, and 0% for VA loans
Minimum credit scores: 620 for conventional, 580 for FHA, and 580 for VA loans

Renters can receive a grant of 10% of their annual rent (up to $5,000) to apply to loan closing costs.
A 2% grant to first-time buyers allows a 1% down payment on a conventional loan (known as the ONE+ program).
For years, Rocket topped the J.D. Power customer satisfaction survey among mortgage lenders. Although it is no longer the leader, it still ranks above average.

Rocket charged borrowers significantly higher-than-median loan fees in 2024.
If you shop for mortgage rates on the Rocket website, be aware that the site uses up to two discount points to lower them.

Read our complete Rocket Mortgage review.

What is the best time of year to buy a house?
How much house can I afford? Affordability calculator
Is now a good time to take out an FHA loan?

Why PNC mortgages stand out: PNC offers grants to eligible borrowers that can be applied to FHA loan closing costs.

Availability: All 50 states and Washington, D.C.
Types of mortgage loans: Conventional, FHA, VA, and USDA loans
Minimum down payments: 3% for conventional, 3.5% for FHA, 0% for VA, and 0% for USDA loans
Minimum credit scores: 620 for conventional, 600 for FHA, VA, and USDA loans

PNC offers grants that can be applied to FHA closing costs. Amounts vary by location and can go up to $10,000 in most areas, but as high as $15,000 in Pittsburgh.
Offers both FHA fixed-rate and adjustable-rate mortgages.
Scores above average in customer satisfaction, according to J.D. Power.

Federal data shows that in 2024, PNC charged near-median loan costs and interest rates. That’s not high; it’s just average.
PNC requires a minimum credit score of 600 for 3.5%-down FHA loans. Many FHA mortgage lenders look for a minimum FICO 580 — or as low as 500 with 10% down.

Why Navy Federal mortgages stand out: Navy Federal is a natural choice for VA loans, especially due to its track record of low rates and costs.

Availability: All 50 states and Washington, D.C.
Types of mortgage loans: Conventional and VA loans
Minimum down payments: 5% for conventional, 0% for VA loans
Minimum credit scores: “Navy Federal does not disclose its credit score thresholds for proprietary reasons,” a public relations contact for NFCU told Yahoo Finance.

Yahoo Finance analysis of 2024 loan data shows NFCU offered below-median interest rates and loan costs to borrowers.
NFCU’s Special Freedom Lock offers a 0.50% interest rate deduction if mortgage rates fall before you close your loan.
Navy Federal will also match a lower rate offered by a competitor or pay you $1,000.

Published mortgage rates are listed “as low as …” and include discount points and a 1% mortgage origination fee.
Its lack of transparency on credit scores is disappointing.

Why Pennymac mortgages stand out: USDA loans are a niche product that can sometimes be hard to find. Pennymac is the nation’s highest-volume USDA loan lender.

Availability: All 50 states and Washington, D.C.
Types of mortgage loans: Conventional, FHA, VA, and USDA loans
Minimum down payments: 3% for conventional, 3.5% for FHA, 0% for VA, and 0% for USDA loans
Minimum credit scores: 620 for conventional, 580 for FHA, VA, and USDA loans

Pennymac offered below-median interest rates to borrowers in 2024.
In-depth mortgage rate estimates are available without requiring contact information.

Rated well below average in the 2024 J.D. Power customer satisfaction survey.
While interest rates were favorable, loan costs were much higher than the median, according to a Yahoo Finance analysis.

Why Guild Mortgage stands out: Guild offers all of the most common low- and no-down-payment loans — and goes the extra mile with a 1%-down mortgage program.

Availability: 49 states (excluding New York) and Washington, D.C.
Types of mortgage loans: Conventional, FHA, VA, USDA, 1% Down, and the Complete Rate program
Minimum down payments: 3.5% for FHA, 0% for VA, 0% for USDA, 1% for the 1% Down program, and varies by loan type for the Complete Rate program
Minimum credit scores: 620 for conventional, 540 for FHA, VA, and USDA, 620 for the 1% Down loan, and no credit score for the Complete Rate program

It offers all the most popular mortgage types with low and no down payments, such as FHA, VA, and USDA loans, making it one of the best mortgage lenders for low down payments available.
First-time or repeat buyers can qualify for the 1%-down-payment program. Income limits apply.
With the Complete Rate program, first-time buyers can get a mortgage without a credit score by using payment histories and bank statements.

Has below-average performance in customer satisfaction in the latest J.D. Power survey.
Guild charged high loan costs to borrowers in 2024, according to government data.

Why New American Funding mortgages stand out: New American Funding offers loan-qualifying solutions for borrowers who have had serious credit issues in the past.

Availability: All 50 states, Washington, D.C., and Puerto Rico
Types of mortgage loans: Conventional, FHA, VA, USDA, and non-qualified mortgages
Minimum down payments: 3% for conventional, 3.5% for FHA, 0% for VA, 0% USDA, and unspecified for non-qualified mortgages
Minimum credit scores: 620 for conventional, 580 for FHA, VA, and USDA, and 620 for non-qualified mortgages

NAF focuses on underserved households with Black and Latino programs that foster homeownership.
New American Funding offers non-qualified mortgages to borrowers with histories of bankruptcies or foreclosures.

Advertised mortgage rates are misleading because they are lowered with three discount points.

Read our complete New American Funding mortgage review.

Why Better’s home equity line of credit stands out: Better already had a compelling home equity line of credit, but recently added a bank-statement-only qualifying HELOC.

Availability: HELOC available in all states except Texas
Types of home equity products: Home equity loans and lines of credit
Maximum combined loan-to-value ratio: 90%
Minimum credit score: 680

Offers a bank-statement-only HELOC for self-employed, small business, and gig workers without requiring W-2s, tax returns, and profit-and-loss statements.
Better publishes a detailed list of HELOC closing costs.
HELOCs are available from $50,000 to $500,000.
HELOCs are available on primary residences as well as second homes and investment properties.
Better’s maximum 90% combined loan-to-value ratio (CLTV) is higher than what most HELOC lenders allow, so you can qualify with less equity in your home.

The initial draw from a HELOC must be $50,000 or 75% of your credit limit, whichever is greater.

Why Fifth Third Bank’s home equity loans stand out: Fifth Third’s home equity loan features no closing costs.

Availability: Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia
Types of home equity products: Home equity loans and lines of credit
Maximum combined loan-to-value ratio: “We don’t disclose a maximum CLTV or a fixed minimum credit score as eligibility depends on a range of factors, including CLTV, income, and overall creditworthiness,” a Fifth Third Bank media contact told Yahoo Finance via email.
Minimum credit score: N/A

Fifth Third charges no closing costs on its home equity loan.
It charges a fixed interest rate that never changes, and your payments remain the same for the life of the loan.
Automatic payments from a Fifth Third eligible checking account make borrowers eligible for a quarter-point interest rate discount.

Fifth Third only serves 12 states.

Why Bank of America mortgages stand out: Bank of America offers fixed-rate and adjustable-rate mortgage refinancing, with discounts available to existing customers.

Availability: All 50 states and Washington, D.C
Types of mortgage refinance loans: Conventional, FHA, and VA loans
Minimum credit scores: “We don’t publish minimum credit scores,” Susan Atran, senior vice president of Bank of America, told Yahoo Finance via email.

Existing customers may qualify for lender fee discounts or interest rate reductions when refinancing their mortgages.
Scores very well for customer satisfaction, according to J.D. Power.
A tool in the BofA Real Estate Center offers a home value based on an address, giving you an idea of what your home is currently worth.

Sample mortgage rates are based on a credit score of 740 or higher with built-in and non-adjustable discount points.

Why Truist Bank mortgages stand out: Truist offers cash-out refinancing on a variety of mortgage types, including VA, FHA, and conventional loans (both conforming and jumbo).

Availability: 17 states and Washington, D.C.
Types of cash-out refinance mortgage loans: Conventional (conforming and jumbo), FHA, and VA loans
Minimum credit scores: 620

Truist offers mortgage refinancing sample rates that allow you to adjust discount points from one to zero. That helps you compare rates with fewer fees.
Rate locks on refinances are available for up to 90 days.

Sample mortgage rates on conventional loans require a credit score of 740 and 680 for FHA loans. That’s higher than typical loan requirements.

Why Mutual of Omaha reverse mortgages stand out: Mutual of Omaha is a long-standing provider of reverse mortgages and offers a wide range of options.

Availability: 49 states (excluding New York), though some products have limited state availability
Types of reverse mortgages: Home Equity Conversion Mortgage (HECM), HECM for Purchase, jumbo reverse for higher-value homes, and reverse refinances.

Mutual of Omaha has a record of financial stability, earning high grades from leading credit rating companies.
Offers a SecureEquity reverse mortgage option for homeowners with high-value properties and higher income goals.
The HECM for Purchase is a reverse mortgage federally insured by the FHA that allows borrowers to buy a new home and use the reverse mortgage proceeds to cover up to half of the cost. This way, buyers don’t have to take out two mortgage loans and pay two sets of closing costs.
Reverse refinances allow borrowers to replace their existing reverse mortgage with another to get better terms, lock in a lower interest rate, or access more value in their home.

Mutual of Omaha is not licensed to serve New York state.
Information can be hard to find with most searches leading to a contact form for a reverse mortgage guide.

Your effort to find the best mortgage lender begins early in the home-buying process — before you start seriously shopping for a house.

You’ll reach out to a lender to get an idea of where you stand. Perhaps confirm your homebuying qualifications with a second lender. Get a preapproval from one or the other. Then start house hunting.

After you have a contract on a home in hand, you’ll expand your mortgage lender search, ask for loan offers, and narrow the field to a home loan lender that hits all the right notes.

Learn more: Crucial questions to ask a mortgage lender

Your personal nominees for “best mortgage lender” to finance your house should come from different types of lenders: a bank, an online provider, or a local credit union, to name a few. Each will have their own strengths and weaknesses.

You will also want to consider lenders that specialize in the type of loan you may be looking for (if you know) — that might include conventional loans, VA-backed mortgages, lenders that cater to first-time home buyers, FHA loans, refi, jumbo, or home equity products.

When shopping multiple lenders, protect your credit score by submitting all loan preapproval applications within 45 days. FICO considers numerous credit inquiries for a single type of loan within a 45-day period to be related and won’t compound the impact to your credit score.

A mortgage is a type of loan used to buy a home. If you can’t afford to pay for a house in cash, you use the money you do have on hand for a down payment, then borrow the rest with a mortgage.

A mortgage is a secured loan, meaning your house is used as collateral. If you fail to make mortgage payments, you could face foreclosure and lose the house.

There are many types of mortgage loans, but the best mortgage lenders usually offer the following common kinds of home loans that benefit the most borrowers:

You might think of a conventional loan as a “regular mortgage.” There are two types of conventional loans: conforming and jumbo.

People often use the terms “conventional” and “conforming” interchangeably — a conforming loan is simply a mortgage under the limit set by the Federal Housing Finance Agency (FHFA). In 2025, the conforming loan limit is $806,500 in most parts of the United States and $1,209,750 in higher-cost areas.

A jumbo loan is a type of conventional loan for more than the FHFA limit, and you’ll usually need a higher credit score and down payment to qualify.

FHA loans are mortgages insured by the Federal Housing Administration (FHA). Though the FHA backs these mortgages, you’ll still apply for them with a private mortgage lender.

These are good options for first-time home buyers because they only require a 580 credit score (with a 3.5% down payment) or a 500 score (with a 10% down payment). You can also qualify with a higher debt-to-income ratio than with conventional loans.

A VA loan is insured by the U.S. Department of Veterans Affairs (VA), and it’s for people affiliated with the military and their spouses. VA loans don’t have a set minimum credit score — the required score varies by lender. These loans also don’t require a down payment.

A USDA mortgage is for low-income borrowers buying in qualifying rural areas, and it’s insured by the U.S. Department of Agriculture (USDA).

The list of mortgage types goes on and on, but here are a few other kinds of mortgage loans you might qualify for:

Fixed-rate mortgage: This is a very common type of mortgage (you can get conventional, FHA, VA, and USDA loans with fixed rates) that keeps your rate the same for the entire life of the loan. On a 30-year loan, your monthly payment toward the mortgage principal and interest will be the same for the entire 30 years.
Adjustable-rate mortgage (ARM): An ARM locks in your rate for a predetermined amount of time and then changes it regularly. For example, a 5/1 ARM keeps your rate the same for the first five years, then it increases or decreases once a year for the rest of your term.
HELOCs and home equity loans: Home equity lines of credit (HELOCs) and home equity loans are “second mortgages.” You borrow against the equity in your home and have a second mortgage payment along with your first one.

To get a mortgage loan, first, narrow your search down to three or four lenders. Apply for mortgage preapproval with all of them in a short time frame so that when you’re looking at interest rates and fees, you’re comparing apples to apples. Once you have a preapproval letter in hand, you can start shopping for homes.

When you make an offer on a home — and it is accepted — you’ll choose your favorite lender from your list and send them the necessary documentation, such as bank statements and tax returns, to apply for an official mortgage approval. The lender will usually take around 30 to 45 days to complete the underwriting process and schedule a closing day.

The day you close on the house, you will sign the paperwork for your mortgage, become a homeowner, and receive the keys to your new house.

When adding lenders to your roster of contenders, look for these five traits shared by the best mortgage lenders:

A preapproval is the ticket to shopping for a house. But it’s only the first step. The lenders competing to win your business should have low-friction application procedures and easy document exchange, preferably with secure online paperwork capabilities.

Starting out, you may not know your best loan option. Is it a conventional mortgage or an FHA-backed loan? Maybe a jumbo? The lenders you talk to should be well-equipped to meet your funding needs with a variety of mortgage loan types.

The best mortgage companies fairly price their loans without piling on a lot of expensive fees. There is a long list of potential loan charges to be aware of, but a mortgage origination fee can be as much as 0.5% to 1% or more of the loan cost. Look for lenders who waive lender origination fees.

4. Responsive and proactive customer support

Are your questions answered quickly, and are you guided through the loan process along the way? The best mortgage lenders provide concierge-level service.

The best lenders will show interest rates on a number of loan options and clearly disclose fees built into the interest rate, such as discount points.When to shop for a mortgage lender