Best mortgage lenders of November 2025

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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 November 2025.

The best mortgage lenders: November 2025

Best mortgage lender for first-time home buyers: Rocket Mortgage

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

Rocket Mortgage details

• 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

Pros

• 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.

Cons

• 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.

Up Next

• 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?

Best mortgage lender for FHA loans: PNC Bank

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

PNC mortgage details

• 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

Pros

• 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.

Cons

• 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.

Best mortgage lender for VA loans: Navy Federal Credit Union

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.

Navy Federal Credit Union mortgage details

• 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.

Pros

• 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.

Cons

• 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.

Best mortgage lender for USDA loans: Pennymac

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.

Pennymac mortgage details

• 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

Pros

• Pennymac offered below-median interest rates to borrowers in 2024.

• In-depth mortgage rate estimates are available without requiring contact information.

Cons

• 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.

Best mortgage lender for low- and no-down-payment: Guild Mortgage

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.

Guild Mortgage details

• 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

Pros

• 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.

Cons

• 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.

This map shows how long it takes to save for a 20% vs. 5% down payment in each state.

Best mortgage lender for bad credit borrowers: New American Funding

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.

New American Funding mortgage details

• 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

Pros

• 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.

Cons

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

Read our complete New American Funding mortgage review.

Best mortgage lender for home equity lines of credit: Better

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.

Better mortgage details

• 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

Pros

• 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.

Cons

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

Best mortgage lender for home equity loans: Fifth Third Bank

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

Fifth Third Bank mortgage details

• 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

Pros

• 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.

Cons

• Fifth Third only serves 12 states.

Best mortgage lender for refinancing: Bank of America

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

Bank of America mortgage details

• 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.

Pros

• 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.

Cons

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

Best mortgage lender for cash-out refinances: Truist Bank

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).

Truist Bank mortgage details

• 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

Pros

• 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.

Cons

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

Best lender for reverse mortgages: Mutual of Omaha

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.

Mutual of Omaha reverse mortgage details

• 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.

Pros

• 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.

Cons

• 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.

When to shop for a mortgage lender

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.

• Ask your mortgage lender these crucial questions.

How to shop for 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.

What is a mortgage?

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.

Types of mortgages offered by the best mortgage lenders

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:

Conventional loans

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.

In 2026, the conforming loan limit increases to $832,750 in most parts of America and to $1,249,125 in specific high-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

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.

VA 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.

USDA loans

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).

Other types of mortgages

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.

How to get a mortgage

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.

Top 5 characteristics of the best mortgage lenders

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

1. A smooth application process

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.

2. A wide selection of loan options

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.

3. Low or no origination fee

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.

5. Rate transparency

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.

Best mortgage lenders FAQs

Is it better to get a mortgage from a bank or a private lender?

Mortgage lenders are often better than banks because they specialize in home loans rather than a variety of financial products. They also usually have a quicker mortgage underwriting process. But your bank could be a good fit if it offers special mortgage perks such as interest rate discounts for existing customers. Some national banks, such as Truist, also have the bandwidth to offer unique benefits to mortgage borrowers.

What is the best bank to get a mortgage from?

If you’re set on using a bank rather than a mortgage lender, the best bank may be the one you already use. Banks sometimes offer benefits to home buyers who are already customers. Otherwise, Yahoo Finance’s top bank for mortgages is Bank of America because it ranks high in our affordability, interest rate, and rate transparency categories. Truist is also a strong bank contender for home loans.

Who is the No. 1 mortgage lender in the U.S.?

Rocket Mortgage is the top mortgage lender in America by loan volume. It also ranks above average in customer satisfaction according to the 2024 J.D. Power Mortgage Origination Satisfaction Study.

What is the best place to get a mortgage loan?

The best place to get a mortgage loan depends on what type of mortgage you need. For example, at Yahoo Finance, we consider Navy Federal to be the best lender for a VA loan, PNC to be the best place to get an FHA loan, and Rocket Mortgage to be the best for first-time home buyers. It's a matter of finding a lender that best suits your circumstances.

What lender has the lowest mortgage rates?

Yahoo Finance has assessed over 40 top mortgage lenders’ interest rates using Home Mortgage Disclosure Act (HMDA) data. Of the companies we’ve evaluated, the lenders that had the best mortgage rates in 2024 were Bank of America, Pennymac, Navy Federal Credit Union, Citibank, Pentagon Federal Credit Union, Planet Home Lending, Carrington Mortgage Services, Freedom Mortgage Corporation, and Amerisave.

Does it matter which mortgage lender you go with?

Yes, it's crucial to shop around to find the right mortgage lender. Some may offer a unique type of mortgage loan that's best for your situation, such as an ITIN mortgage or investment property loan. Lenders have different interest rates based on your finances and the type of loan, and they charge different fees. It's helpful to apply for mortgage preapproval with three or four so you can compare these offerings.

Our methodology: How we chose the best mortgage lenders

Yahoo Finance reviews mortgage lenders based on five primary considerations: 1) Interest rates. Using 2024 Home Mortgage Disclosure Act data from almost 5,000 mortgage companies, we analyze mortgage lenders based on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and total loan costs are compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We also consider whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.

Advertisers or sponsorships do not influence ratings.

Editorial disclosure for mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.

Laura Grace Tarpley edited this article.

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Up Next

• 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?