Priority could be given to comprehending the process of choosing the best mortgage lenders who followed low-interest rates policy and could be utilized now and then analyze the list of top performed mortgage lenders during the year 2017. However, there are several big impediments in this process that is completely packed by regulations.
The way how banks and mortgage broker vary in their activity must be well grasped initially. A mortgage broker is the middle person communicating with borrowers and lenders and even assist buyers to get finance. In contrary, banks, and lenders involved in offering financing facility to prospective buyers without anyone’s intervention. Mortgage brokers occupy a reasonably big place in the overall home loan deals alongside connect incompetent persons with a bank to get the former’s needful finance.
Borrowers can definitely contact some leading mortgage banks since the latter enjoy good fame and normally some old prominent banks come under this group. Otherwise, you could contact your current bank and this will be good in reinforcing your relations with them. This will be useful when you approach them for a mortgage wherein the relevant activities will be done swiftly.
In The Article
Bank of America Home Loans
Initially, Bank of America that commenced its ops as Bank of Nantucket’s banking system is still in business for 200 odd years. Bank of America did home loan origination business of $16.5 billion during the years 2015 and 2016 thereafter it became the fifth top mortgage lender.
The main reasons for this bank to come in the list of leading mortgage organizations and lenders are:
- Bank of America also emphasized on customer satisfaction and worked hard apart from its reputation as one of the biggest mortgage lenders and mortgage organizations.
- Its launch of an online tool, Home Loan Navigator merged into its online banking functioning can be highlighted. The facilitation of effective handling of home loan process was the intention behind the creation of the mentioned online tool. The facilities for users through using the online tool are electronically signed and submit documents, communicate with their Home Loan team through secure messaging, upload documents, receive disclosures and process documents and log on to track the status of their application,
- Affordable Loan Solution Mortgage is also provided by the bank to its house buyers with the intent of lowering their down payment money.
- With the main aim of targeting the low and mediocre income group borrowers, the fixed rate loan is in operation. Apart from its reasonable rates, fixed loans even bring down the down payment amount of borrowers to 3%.
- This bank works with the idea of making it practical for good buyers to pay a bigger down payment amount for their home loan with limited savings. Elements like loan amount, loan limits and maximum income will differ from location to location.
- The other goal of this mortgage bank is to render useful information for prospective lenders so that they take wise mortgage-related decisions alongside this enables the strengthening of fundamental mortgage knowledge resulting in ease of carrying out the process.
- The buyers become well informed through getting home buying-related knowledge and also the answers given to frequently asked questions. Individuals who wish to seek the services of leading mortgage organizations will be benefited.
- Bank of America even provides its customers the choice of approaching the US Department of Veteran Affairs (VA) and Federal Housing Administration (FHA) for securing a government loan. Mortgage loans offered by government-based organizations will be the best and safe for new home buyers, who can avail the facilities of flexible credit, low down payments and income guidelines given by the former.
- Depending on the county and location, the FHA loan provides fixed-rate loans and has no caps for earnings or income.
- 100% financing can be availed by home loan borrowers from VA where eligible borrowers are not even required to make down payment. When compared with the other usual loan rules fixed for gauging the eligibility of borrowers, this loan is highly flexible.
Chase is a very prominent and big financial organization in the USA like few others in that range. Its services ranging from personal banking, mortgages, credit cards, small business loans, investment advice et cetera are utilized by nearly 50% of the American households. Chase has $2.4 trillion value of assets, 5200 branches, and worldwide operations. Chase is rated as one of the few big mortgage lending organizations in respect of the quantum of loans offered to its customers in the US. During 2016 Q1, Chase did mortgage loan business amounting to $22.4 billion.
Chase earned his reputation as one amongst the top mortgage lenders majorly because of:
- Firstly, the wide range of loans that are offered. Various kinds of mortgage loans are there for the customers to opt for in line with their requirements such as ARM mortgages, 15- and 30-year loans, VA Loans, FHA mortgages and Jumbo Loans.
- The other services given by Chase to its customers are rendering of comprehensive information to enable them to pick their ideal loan option, key detailing points to be noted and informing them of the various benefits.
- Chase is also considered as a top mortgage lending organization like some others due to its efforts in making the process of loan management and homeownership for its borrowers, highly comfortable and easy-to-do.
- Online services are applied on a large scale by it to achieve this thought.
The different online tools and service choices include:
- Facilitating borrowers to make online payments or schedule things to properly track of.
- Activities like sign up to receive account alerts, review of the escrow account and viewing monthly statement can be done by borrowers.
- Chase Mobile renders comprehensive services in terms of mortgage management for customers to get access to their smartphone or a tablet
- If the borrowers encounter mortgage-related problems such as payment of their mortgage amount, Chase is ready to offer the necessary help.
Mortgage modification also forms part of it where:
- The mortgage conditions set for the borrowers can be modified by the latter so as to pay a lesser monthly payment or interest rate
- Borrowers are enabled to sell their house at a lower rate than the borrowed amount and later pay a part of the principal balance.
- The foreclosure process needn’t be followed by them while releasing their property and doing ownership transfer to Chase
- Chase provides the choice of reinstatement to its borrowers wherein the latter can avert foreclosure by making payment of their overall amount within a particular date.
- Mortgage loan holders can make the partial payment of their overall loan amount by making continual monthly payments for a long time through this repayment policy.
- According to the forbearance policy of Chase, mortgage holders are allowed to do lower mortgage payments or desist from making payments for some time wherein this will make them show financial progress.
Citi Mortgage functions as a subsidiary of the CitiGroup, a mammoth institution with over 100 million customers spread across 24 nations globally. Amongst the leading 10 mortgage lending organizations, it is one that provides a suite of choices, refinancing options and pre-approvals.
Existing homeowners could utilize its services from its website and identify the different sources of assistance or even do a quest for ready-for-sale properties.
This organization was rated as one of the forefront mortgage lenders due to some of the undermentioned reasons:
- CitiMortgage even serves homeowners to get the required help while facing a crisis instead of confining to mortgage-related assistance for applicants.
- The intention of starting the Citi Office of Homeownership Preservation, formed through the partnership between the Citi foreclosure prevention branch of the business and Citi Community Development is to make the homeowners of Citi to get easy access to various organizations, professionals, and counselors, who could ensure the safety of their home.
- Homeowners can even select a suite of other services given to them such as the resources to offer knowledge for averting scams and seeking out for help.
Home Affordable Refinance Program
Providing access to Home Affordable Refinance Program (HARP), a government-sponsored program that facilitates owners feeling difficulty in refinancing to capitalize the ongoing low-interest rate on the mortgage is done by this big lender. During times of possessing minimum capital for lowering their monthly mortgage payments, borrowers will be assisted by this program. The merits of alleviated interest amount on a loan over its life alongside it eliminate mortgage insurance is required if none is used with the current mortgage.
Citi Mortgage Selector
- This is a set of resources and tools provided by Citi Mortgage. This online tool seeks details from customers about the nature of property they wish to purchase, their expected purchase price and location-based information.
- It helps home buyers to select the best option for mortgage and helps avoid frustration. Buyers can input their financial such as credit score and thereafter receive a quote regarding the ideal loan for them along with the conditions.
Online Mortgage Request
Citi Mortgage endows its customers with Online Mortgage Request, a valuable tool that gives many facilities. It will assure that initial confidence for customers in working for accomplishing their desires. The mortgage representative who applies this tool will go to the applicant and detail them about the process in such a way to confirm that they get the best rate. Within half an hour, the process will be finished or else if the applicants wish to opt for completion afterward, they might save their data
Despite Flagstar Bancorp operating exclusively in Michigan at the respective branches with its headquarters at Troy, Michigan, it is recognized as a leading mortgage service company in the USA. It is functioning in 21 states nationwide where its wholesale mortgage network constitutes over 1000 brokers and agents existing across all states in America.
Its subsidiary organization, Flagstar Bank is a listed company (FBC) on the New York Stock Exchange and does $80 billion business in home loans, generated via its 383,000 borrowers.
This bank is recognized as one amongst the top 10 mortgage lenders due to:
- Loan provisioning at very minimal interest rates is offered by it with an interest rate of 4.134%, the closure time interest rate that pertains to this loan.
- Secondly, the 15 years fixed loan with an interest rate of 3.250% is available and this is most sought-after by buyers, who can repay their loan faster through a bigger monthly payment amount and they can save the interest payments on their entire loan life.
- It also gives the choice of 5/1 adjustable rate at 2.859% interest loan where the fixed interest rate will prevail for the first five years and thereafter the adjustment is done annually for furthering or lowering them as per requirement.
- Federal Housing loan, provided by the Federal Housing Administration is available as a choice for customers where the 30-year loan is set at 3.750%. Federal Housing Administration firmly states that this is a very good loan than conventional loans in terms of its flexibility in picking the eligible borrowers and even provides insurance cover.
Flagstar Bank runs the financial hardship programs that can serve well to different problems like:
- Job loss
- Illness or disability
- Reduction in hours or pay rate
- Called to active duty as part of a military reserve unit
Users who wish to enlist in the financial hardship program of Flagstar are required to just fill and upload the Uniform Borrower Assistance Form and even email or fax it to the company. The other areas of choice in the hardship programs are repayment, modifications, mortgage release, partial claims, short sales, and forbearance.
- Flagstar even extends assistance in home loans services to those borrowers who are fresh buyers and can get utmost value for their home.
- Akin to that of credit card usage that takes care of some regular or exigency expenses, this organization started the home loan credit that aimed at making borrowers get their needful finance.
- Homeowners can avail the benefit of doing fixed and comfortable payments over the life of their loan through utilizing this loan.
- The twin advantages of getting a big amount as finance alongside different loan conditions also exist.
- Tax waiver on the interest paid for this loan might be possible. Unconventional loans like doctor loan, fixed second mortgage, jumbo fixed rate and jumbo adjustable rate are provided by Flagstar Bank.
- Doctor loan is created and offered to certified doctorate medical individuals, who can buy or refinance of a new house immaterial of whether they have loan debt or not.
- Jumbo adjustable rate mortgage is permitted for individuals having a repayment amount from $471,001 to $3 million where the payback duration is fixed at 5, 7 or 10 years. 20% down payment is the minimal requirement for this kind of financial instrument.
- Again fixed the second mortgage is a subordinate-lien, closed-end, fixed-rate loan that must be closed concurrently with a Flagstar Bank conventional, agency-eligible first mortgage. The Jumbo fixed rate mortgage works by allowing just 20% down payment amount for borrowers who buy homes in the price category of $5 and $525,000 million.
LendingTree has a noticeable individuality from among the set of leading mortgage organizations since it is an online lending exchange. It only involves in mortgage broking and is headquartered in Charlotte, NC.
This online organization is considered in the US as one amongst the leading lending networks. Its customers can step in and enter a form firstly thereafter involve in shopping and comparison of loans.
The main elements that drive this organization to function as a successful mortgage broker include:
- LendingTree has only earned the name of being a good online marketplace that is solely responsible for its sustained growth because of its elegant handling of this form of work.
- The nature of service offered by it enables applicants and borrowers to get linked with several lenders where the applicants need to just fill out a single form. Within a few minutes, applicants can get their offers.
- Lending Tree even facilitates its customers to analyze the various choices available with no distortion to their credit score.
- Lending Tree helps you to precise link with your desired home loan category.
The kind of home loans given by this broker comprises:
- Home equity line of credit
- Traditional home mortgage loans
- VA loans
- Refinancing options
- FHA loans
- HARP program
- Reverse mortgage loan
- Home equity loans
Nationstar Mortgage is a seasoned organization with 20+ years experience featuring in the group of high-performing mortgage lending organizations. In addition, according to Fannie Mae’s rating, it is a 5-star organization rendering great services coupled with the SQM Group stating it as a forefront organization delivering best-in-class customer services.
It is a mortgage lending organization that has its headquarters at Texas and branches countrywide. It even undertakes transaction-based real estate services and origination.
Nationstar Mortgage rose to become a reputed mortgage lender due to the following cardinal reasons:
- This organization helps in reducing the burdensome mindset of borrowers through engaging its mortgage field expert staff, who will enable the former to get complete knowledge about the process.
- Home buyers get satisfaction from their mortgage service-related experience only when there is minimal paperwork, competitive terms on loans and proper guidance extended by seasoned field professionals.
- The simplistic and genuine approach in lending to customers after they get a mortgage is a crucial reason for Nationstar to stand as one in the list of leading mortgage lenders.
- The Nationstar support team assists borrowers in locating a set of guides, general information on their mortgage and frequently asked questions.
- The other support services are mortgage-related assistance, guiding new customers, escrow, payments, and statements.
- On a comparative scale with some other highly ranked mortgage organizations, Nationstar offers a varied range of home loan products, created to fulfill the aims and needs of many kinds of customers.
There are varied home loan choices given for its customers:
- Firstly, Fixed-rate loans, that keeps the principal and interest of a loan at a fixed level for the full loan duration.
- Adjustable rate loans are a category that carries low-interest rates in the beginning few years of a mortgage and this will suit buyers willing to exit after a small number of years.
- VA/Military loans are loans carrying fixed-rate and lower rate choices that are given to military service members and their families.
- FHA loans are the one that is given by the federal government with insurance guarantee.
- USDA loans are loans created to help property owners in rural areas.
- Jumbo loans are extended for bigger size mortgages where both adjustable and fixed interest rate loan choices are offered…
It is rated as the fifth biggest originator of retail residential mortgages, ninth largest mortgage service and the seventh originator overall in the USA and has a nationwide business. It has been in the home financing business for over 20 years where customers are assisted with utmost sincerity to get such finance.
The major elements that have made this organization to come into the top 10 mortgage organizations list are:
- Primary importance is given by this company to the business of home loans provisioning and related solutions on a comparative basis with other mortgage lenders doing multiple businesses.
- PHH has a team of loan consulting professionals who are experts in ably assisting customers to pick their appropriate home loan product in line with their requirement. They also ensure through the belief in their expertise that the loan closure for customers will be made on the date that was mutually agreed failing which $500 will be paid to customers.
- Customers can arrive at a decision quickly because of the advanced technology in place that was experienced by them. The customers can begin their home loan process swiftly once they complete filling the online form that carries data regarding the property they want to purchase or refinance, asset and bank information, employment history and residence history. After they are done, customers can print the confirmation page with a loan reference number and then look out for a loan professional to start work.
- PHH Mortgage works with a holistic approach so that borrowers utilize its services. The other efforts of this organization apart from being a mortgage loan lender are providing needful information and resources to borrowers that will help the latter to take the wise decision. The company has structured its resources for serving all kinds of home loan borrowers who are homeowners earlier itself and those who are willing to refinance.
- PHH Mortgage provides a set of resources and tools to its customers like calculators, guide on frequently asked questions regarding mortgages and refinancing and guides to explain various loan options and articles on topics including mortgages and financial decisions.
- This can serve as the best source of assistance for customers, interested in refinancing their existing mortgage property. Home loan borrowers are given stepwise assistance by it about the mortgage loan process wherein this will assure them to get a clear idea towards arriving at the ideal decision. Comprehensive information is given by PHH Mortgage about refinancing process, advantages in making low monthly payments and other factors to its customers prior to the latter sitting arriving at a decision.
Amidst a set of highly successful mortgage lenders, Quicken Loans is also one since it has been awarded by JD Power for seven years at a stretch with the award for providing utmost customer satisfaction in the US and for three years continuously, the best company for mortgage services. Quicken is a prominent name in the industry and amidst customers for offering a wide array of products alongside delivering quick and efficient service.
Quicken Loans is reckoned as one of the best mortgage lenders because:
- Earning customer satisfaction stands as one pivotal factor for Quicken to become a laudable lender in the year 2017. This factor gains significance due to the fact that Quicken can occupy a bulky market share and even fantastic customer satisfaction scores.
- Quicken also possesses the skill of providing a flawless, clear and valuable process.
How it achieves this can be detailed in a stepwise fashion:
- Initially, Quicken must be informed by a customer of how he/she needs to be contacted.
- Next, the appropriate Home Loan Professional would be assigned and they would immediately understand what the aims and desires of a customer are based on the situation of such customer.
- After this, the credit review will be performed.
- After obtaining the credit score of the customer, Quicken will generate a MySQL account resulting in the commencement of the process to fix the right loan for the customer.
- Next, the activities of a customer getting a good faith estimate on the agreement and deposit and application preparation happen where the online facility of working the process can even be utilized.
- The underwriting and verification of the data are given by the customer ensue.
- Appraisal of the property is done and the loan is approved.
Quicken also offers the YOURgage loan where some conditions like loan repayment period ranging from 8 to 30 years at fixed mortgage interest rates are imposed on the respective customers. The loan amount starts from $25,000 until $424,100 where customers are eligible to refinance a maximum of 97% value of their primary home. The key merits of this loan are its adaptable nature and helping to settle a mortgage debt more speedily. This loan is utilizable based on the requirement of a person and budget. For example, borrowing for providing a college education to a child comes under this category.
Quicken also gives rocket mortgage loans that are robust, quick and follow completely online loan processing style. There is no paperwork at all for customers thereby enabling them to be more precise and save time to start off their loan process. Meanwhile, customizable mortgage loans are those given on prevailing interest rates and they are approved in a few days.
US Bank has 3106 branches working across 25 states in the US, with the head office in Minneapolis. This bank services in various areas apart from mortgages such as banking, payment services, investment, and trust. Currently maintaining $446 billion in assets US Bank is one of the country’s top mortgage lenders based on market share. It deals in several mortgage products such as new construction and investment properties, conventional fixed-rate loans, jumbo loans, ARMs and VA loans.
US Bank has turned out into an apex mortgage lender now because:
- It is a bank that exerts towards making its customers carry out the overall mortgage process inclusive of the prequalification stage in the most simple manner. This process begins by offering the simple prequalification checklist to customers that contain their name, present address, estimated monthly home debt and estimated annual household income.
- The evaluation of debt-to-income ratio of the customer is done in-line with the mortgage rules/ Afterwards, an estimate is given to the customer of the borrowing capacity he/she has. A prequalification letter is issued to the customer by this bank that can be useful to show if he/she is really willing to be a buyer. US Bank is felt amongst several customers to be a good bank.
- US Bank can handle both its online and offline customers well through efficient services and gain their satisfaction during the loan procedure carry-out process with their loan officer.
- This bank runs branches nationwide wherein this adds to its already earned reputation as a top mortgage lender thereby facilitating borrowers to do an online map search to find the nearest loan officer, who can guide them valuable during the entire process.
- The qualities of stability and reliability are added feathers to the cap of US Bank, a reputed organization. This bank even involves itself well towards giving competitive interest rates to its highly eligible buyers.
- US Bank even concentrates on offering a comprehensive set of resources for its home buyers, mainly new buyers. Some specialized information and tools are furnished by U.S. Bank for the new home buyers. U.S Bank exerts itself to make the new home buyers to carry the best and fruitful experience with them.
Wells Fargo Mortgage
Wells Fargo is a complete financial services organization that is headquartered in San Francisco. It has done a business of issuing average loans coupled with mortgages to the tune of $964.1billion. They have over 8, 600 locations, and 70 million customers. The suite of services offered by it encompasses traditional banking, commercial financial services, investments, and insurance.
Wells Fargo provides a gamut of solutions to its customers right from home purchase, refinancing of their current mortgage, existing home improvements or utilization of current capital lying in their house.
This mortgage lender occupied the top 10 position due to the reasons of:
Wells Fargo also has YourFirst Mortgage, a product that enables customers to get access for making a very minimal down payment of 3% on their purchased home. The borrowers are offered with a conventional fixed-rate mortgage with low down payment amount by Wells Fargo. Borrowers are even assisted to locate the down payment and sources for closing cost.
The qualification points for borrowers are having rental income or even if some other individual who lives alongside with them is not a borrower. Borrowers can be eligible for a loan without area income requirements where his/her credit history can be shown through sources like tuition, rent and utility payments.
YourLoanTracker is an online tool provided by Wells Fargo wherein borrowers and applicants are facilitated to follow their loan status through using their mobile or a computer. YourLoanTracker guides the customer effectively with its tools on how to manage their loan effectively and also charts out a series of steps to follow as a borrower and then about how the bank will move further.
When compared with the delivery of documents through the conventional mail system, this serves as a tool that provides the facilities of uploading the needed documents and give reviews quickly. YourLoanTracker is a laudable online tool that can be assured of providing comprehensive information whereby the overall lending process can be undertaken on a routine basis.
The Purchase & Renovate Loan facility is even on the list of Wells Fargo where details regarding different benefits and other key elements are there in it. Borrowers can start with taking a fresh loan for buying a house and then even do the needful improvements. Loans can be availed of with fixed or adjustable interest rates.
The usual FHA 203(K) loans are also offered. The costs pertaining to the loan are spread over the entire life of such loan thereby paving the way for lesser monthly payment amount that is not possible in other loans. Finally, immediately after loan closure, the additional things can be undertaken.
Wells Fargo earned a place in the list of best mortgage lenders, also due to its varied signature loan programs it runs. Relocation Mortgage Program is one such program that is given for primary residences where the intent of creating it is for borrowers, who relocate based on the request of their employer.
The condition is that the customer must shift a minimum of 35 miles away from the present home and also requires the customer to have a one-to-one consultation with a relocation mortgage consultant to analyze about his/her required financing. There are many loan options available for borrowers like fixed-rate loan options and adjustable-rate loan options covering new construction, jumbo, renovation and FHA/VA programs.
It can be remarked finally that home buying is a huge investment done by any individual or a family. Keeping this in mind, the individual must exercise extreme caution when he/she selects the mortgage lender and the surrounding terms and conditions of the loan that can have a longstanding effect on both your future life and financial status.