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Best banks for Mortgage

Best banks for Mortgage consists of 10 best mortgage lenders which Bank L List has shortlisted after a survey of 20,000 customers, 200 hours of research and on ground visits to the financial institutions. Almost all banks are mortgage lenders and also it is near to impossible to know which is the best one if this is your first time. In order to make the searching and knowing process easy we have compared more than 20 features in regards to Mortgage while compiling the best banks for Mortgage.

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If you are a new home buyer, remember one thing, this mortgage will be a major part of your life, you must be very smart and compare all the available options as per your budget and requirements. In short, you should search the best available options in the market. In the United States you will find small, big, private and government mortgage lenders. It was very difficult for us not because of the large options but we had compile it for every section of the society.

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Best Bank for Mortgage

These are the Best Banks for Mortgage in 2018

  1. Alliant
  2. US Bank
  3. Citi Bank
  4. First Internet Bank
  5. Wells Fargo Bank
  6. Lenda
  7. Quicken Loans
  8. Ally Bank
  9. SunTrust Bank
  10. MB Financial Bank 

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Alliant : This bank offers 0% down payment to new eligible first time home buyers with good credit record and for others minimum is 3% of the loan amount. This mortgage lender is available in all parts of U.S. Processing fee is very is less, it is only $995. Alliant offers both adjustable and fixed rates, so, it is very reliable and they do have options ARM. 

Adjustable Rate Mortgage Rate APR
 3/1  3.6% 4.9%
5/1 3.6% 4.6%
7/1 3.7% 4.5%
10/1 4.1% 4.5%

 

Fixed Rate Mortgage Rate APR
15 Year 3.9% 4.1%
30 Year 4.3% 4.5%

 For more information go to Alliant mortgage page

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US Bank : They are specialized in mortgage lending and consists of many options as per your viability. The rates are in the lower end and this bank is one of the largest lenders in the U.S. They have full time 24 by 7 customer service for any of your queries. Here are the options :

Conventional Fixed Rate Mortgage : 

Fixed Rate Mortgage Rate APR
10 Year 4.4% 4.6%
15 Year 4.1% 4.3%
20 Year 4.4% 4.5%
30 Year 4.6% 4.7%

Adjustable Rate Mortgage :

Adjustable Rate Mortgage Rate APR
10 Year 4.1% 4.5%
5 Year 3.7% 4.7%
3 Year 3.7% 4.9%

 

For more information go to US Bank mortgage page 

Jumbo Mortgage Loan : It is the mortgage offered to customers with low debt and high credit score specially to buy expensive home.Jumbo mortgage can exceed the maximum limit by 20%.

 

Jumbo Mortgage Rate APR
30 Year 4.6% 4.6%
20 Year 4.4% 4.4%
15 Year 4.2% 4.3%

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FHA Loan : This mortgages are backed by the government and credit score requirement is lower than other mortgage options. Military and other government employees can take benefit of this option. These loans are insured by the Federal Housing Administration, there is monthly mortgage insurance premiums need to be paid by the buyers.

FHA Mortgage Rate APR
30 Year 4.5% 5.57%
15 Year 4.5% 5.58%

VA Home Loan : These loans are offered exclusively to the Veterans and are backed by Department of Veterans Affairs. Features include zero down payment, refinance and lowering of EMI,  

VA Mortgage Rate APR
30 Year 4.6% 5.98%
15 Year 4.6% 5.24%

 US Bank has approval to issue all the above mortgages.

Citi Bank :  Citibank is a smart player in the mortgage game, it takes all your financial records very seriously be it credit score or your income. They offer you that much amount which you can pay back. Basically they don't want you you to default your mortgage. They have low interest rates and they do offer mortgage to the military service members. 

First Internet Bank : If you are looking to apply online, this is the right place. They offer several type of mortgages which includes conventional, FHA, VA, USDA and Jumbo loans. They do have customer care call centers wherein you can share your concern or talk with a mortgage officer.

Wells Fargo Bank : It offers a large varieties of mortgage products and at down payment of minimum 3% which makes it one of the best banks for mortgage. This bank is approved to provide mortgages to government employees such as Veterans. The unique features are jumbo loans, renovation loans, relocation etc. They do provide mortgage classes to educate customers. Being one of the largest American bank, it has branches in every corner of the country. The bank offer both fixed and and adjustable rate mortgage

For more information go to Citi Bank mortgage page

Adjustable Rate Mortgage Rate APR
 7/1  3.9% 4%
5/1 3.7% 4%
7/1 Jumbo 3.6% 3.8%
10/1 Jumbo 4% 4%

 

Fixed Rate Mortgage Rate APR
30 Year 4.2% 4%
15 Year 3.6% 3.7%
30 Year FHA 4.6% 5.7%
30 Year VA 4% 4.3%
30 Year Jumbo 4.2% 4.3%
15 Year Jumbo 4% 4%

Lenda : This online lender is pretty smart, it uses computing programs to analyse your requirement and tells you what you need to do to lower the mortgage rates. Lenda is a full fledged online mortgage lender and approves application in very short time. As the whole application process is online, they save on employee costs. They are not interested in your race or religion, they never ask. In order to make Lenda as your option you must know how the internet works. 

For more information go to Lenda mortgage page

Quicken Loans : Another online mortgage lender with user friendly online website and Rocket Mortgage mobile application. They offer almost all the mortgage products which a brick and mortar bank does. Eligible credit score is as low as 620 and for FHA loans it is 580. This mortgage is suitable for working classes.

For more information go to Quicken Loans mortgage page

Ally Bank : One of the reputed banks in the US, it has several mortgage loans such as fixed rate, adjustable rate, Jumbo Loan and refinance with many options of repayment period. The minimum credit score to get mortgage from from Ally Bank is 620, although they will see other records such as employment history, debt to income ratio and down payment.

For more information go to Ally Bank mortgage page

SunTrust Bank : With wide range of flexible and fixed mortgage loans, SunTrust made it one of the best banks for mortgage. The bank has around 1000 centers in the US and offers FHA, VA and Jumbo loans apart from conventional mortgage. Down payment can be as low as 3%. It offers online loan application and tracking as well.

For more information go to SunTrust Bank mortgage page

MB Financial Bank : This banks comes under the best mortgage lenders reason being the customer service, however, they offer several mortgage loans like any other bank does. They do offer Jumbo loans, VA Loans, Professional Mortgage Loans, USDA, HARP, etc. You can choose repayment period from several options they have.

For more information go to MB Financial Bank mortgage page

 

About the Author
Paul William
Author: Paul William
I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New Work. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.

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