Top 10 Best Online Mortgage Sites2019-02-27T17:06:06+00:00

Compare 2019’s best mortgage lenders and instantly check rates online

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The Mortgage Survey

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Compare 100's of lenders with our #1 rated mortgage comparison site...
  • #1 Online mortgage site
  • Purchase, Refinance and VA mortgages
  • Free credit report included
  • Get up to 5 free quotes
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Quicken Loans

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Get a direct quote with America’s largest online mortgage lender in minutes
  • Speak with a representative in minutes
  • America's largest mortgage lender
  • Purchase, Refinance & VA Loans
  • Mortgages approved in minutes
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Lending Tree

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Submit an online application in minutes for one of the largest online comparison sites.
  • 15 to 30 year fixed rate mortgage's
  • Fixed rates as low as 3.65% (15 Year)
  • Streamlined application process
  • Includes free mortgage calculator
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NBKC Bank

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Get instant rates online for Purchase, Refinance, VA and FHA mortgages
  • Direct mortgage lender
  • No hidden mortgage fees
  • Speedy approval process
  • Adjustable & fixed rate mortgages
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J.G Wentworth

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Find a wide range of low-interest mortgages with this streamlined online application
  • Specialised in VA & FHA loans
  • Fixed term 15, 20, 30-year mortgage
  • Minimum credit score of 620
  • Cash-out refinance and equity loans
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Rocket Mortgage

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Find a mortgage that works for you in minutes with Rocket Mortgage...
  • 8-30 year mortgages
  • Easy online application
  • Refinance & Purchase Loans
  • Manage your mortgage online

Mortgage Loans: Know The Basics

Depending on what you are looking for, there are many different types of mortgage loans available to you. You could take advantage of a shorter-term loan with bigger payments, or alternatively choose a longer-term loan with smaller monthly payments but where you would pay more interest over time. On top of this, you might be interested in a government-backed loan or a conventional loan. Understanding mortgage loans might sound daunting, but rest assured our guide is here to help you find out what is right for you. There are upsides and downsides for each loan type, so it’s important to carefully consider each and weigh them up before making a decision. The loan you choose could lock you in for several decades so it’s important to follow a thorough process before you sign. Follow our guide below to find the right loan and get you through the approval process.

Our Top Picks

Whatever type of mortgage you are looking for, our top picks can help guide you through the process. Here are our top 3 rated.

How To Find The Right Lender

There are a few easy steps you can take to find a mortgage that is right for you and it’s important you know the basics of what you are looking for. Understand your requirements and then use our top-rated online services to compare the best mortgage sites.

Compare lenders before you get started

Make sure you compare the different types of lenders before you get started, don’t just rush into signing until you have explored all your options. Check the pros and cons for each lender and shop around for the best rates.

Know what you are looking for

Whether you are looking to purchase your dream home, refinance your current mortgage or just shop around for lower rates, have some idea about the type mortgage you are searching for before you contact lenders.

Know your credit score and history

Credit score requirements can vary between mortgage lenders, so make sure you know your credit history and score before you contact any lenders. You are entitled to pull an annual credit score for free from Experian without affecting your score.

Consider using a comparison service

Using a comparison service to find the right mortgage loan. A website like The Mortgage Survey can help compare some of the top online mortgage lenders in minutes, saving you the tedious task of of contacting each mortgage company individually.

Boost your credit rating before signing

Increasing your credit rating by a few points could save you thousands over a 20-year mortgage. The higher your credit rating, the lower risk you are to the lender, resulting in lower interest rates.

How To Apply For A Mortgage

Mortgage shopping is an important process. Whether you’re a first-time buyer or a homeowner looking to lower your monthly payments, following the right steps thoroughly before you sign that dotted line could save you thousands throughout the mortgage term. Although it may seem daunting, applying for a mortgage might be easier than you think.

Step 1: Find The Right Lender

When searching for a mortgage lender, don’t limit your options. Comparing different lenders for the lowest rates is the most basic rule with mortgage shopping. Remember, once you have signed you will be bound by the terms of your mortgage agreement. It’s important that you speak with a number of mortgage specialists to negotiate rates and terms of the mortgage. The easiest way to compare multiple lenders is to use one of our recommended comparison services like The Mortgage Survey, or Lending Tree. These popular services compare hundreds of lenders to help find the lowest rates and connect you with the most competitive offers. This way you won’t have to contact each mortgage lender directly before knowing their rates. Searching for the right lender will be easier than you think. Once you have found the right lender, an experienced representative will walk you through the approval process.

Americans own over $25.6 trillion of real-estate across the country, and the mortgage industry continues to expand. With rates dropping again to all-time-lows, now is a good time to find the right lender.

Step 2: Gather Your Documents

For the lender to approve your mortgage, you’ll need to provide proof of identity and sources of income, so gather your documents:

  • Bank and other financial statements
  • Monthly pay stubs or tax returns if you are self-employed
  • W2 tax forms for the last 24 months

Step 3: Submit Your Mortgage Application

Once you have found the right lender and a mortgage that works for you, it will be time to submit your application along with any documents that have been. requested. A mortgage representative will walk you through the process. Approval for a mortgage can sometimes take up to 2 weeks, so don’t be alarmed if you don’t hear back on the first day.

What To Look For When Finding A Mortgage?

Choosing a mortgage is one of the largest financial commitments you will make, so don’t rush it. Do your research. Remember the old saying “failing to prepare, is like preparing to fail”. As long as you have done your research, finding the most compatible mortgage for your needs will be easy.

Fixed rate mortgages offer homeowners the chance to have fixed monthly payments through their term, helping you know exactly what your outgoings will be month-to-month. Adjustable rate mortgages will fluctuate based on interest rates, offering you the chance to save money when rates drop, yet in reverse leaving you vulnerable to higher monthly costs when rates increase.

Most mortgage lenders allow you to pay 10% over your monthly mortgage payments without any penalties, but exceeding this could incur early repayment penalties with your lender. These terms vary between mortgage lenders but it’s important you understand them before signing.

With hundreds of lenders competing in the mortgage industry, most now offer an ‘introductory rate model’ that offers low-interest payments for the first 2 years. These mortgage plans often cost more once the introductory term has expired. So make sure you check the interest rates for your entire term.

Before you rush ahead with signing a mortgage agreement. Ask the lender if you qualify for any government-sponsored programs. Government loans can sometimes eliminate upfront fees and high-interest rates.

Little-known to many, if you or your spouse have served in the military, there are many programs that can help speed up the approval process for your mortgage, reduce interest rates and give you the chance to purchase a property with a lower down-payment. This is America’s way of thanking you for your service to our country.

Types of Mortgage Loans

If you are confused about the different types of mortgage loans, let us help you. Although it can seem daunting with all the different types of loans, they are easier to understand than you may think. The two main types of mortgage loans are fixed rate and adjustable. With a fixed rate plan, you will have the same monthly payment terms throughout the mortgage, making it easier for you to track expenses. With an adjustable rate mortgage, your monthly payments will fluctuate based on interest rates. Fixed rate mortgages have less risk for interest rate hikes, essentially shifting the risk to the lender, but they usually start with higher rates and fees than adjustable mortgage plans.

Fixed Rate Mortgages

A fixed rate mortgage is usually a popular choice for first time home buyers or buyers stretching themselves thinner with monthly payments. They offer buyers the chance to have a fixed monthly payment throughout the term, offering less risk than an adjustable rate mortgage. Remember, these mortgage plans can come with higher upfront fees and interest rates as they are higher risk for the lender.

Adjustable Rate Mortgages

Adjustable rate mortgages are better for buyers with more disposable income or savings. Whilst they usually start with lower interest and fees, you incur the risk of mortgage rates increasing which will increase your monthly payments. They are also perfect for homeowners looking to finance onto today’s low-interest rates.

VA Mortgage Loans

FHA Loans, insured by the Federal Housing Administration, were established to make homebuying more affordable, especially for first-time buyers, by allowing down payments as low as 3.5% of the purchase price. Those who qualify for a FHA loan should take advantage of some of the benefits they can offer. Once you have found a lender, make sure you ask them if you qualify for an FHA loan.

FHA Mortgage Loans

FHA Loans, insured by the Federal Housing Administration, were established to make homebuying more affordable, especially for first-time buyers, by allowing down payments as low as 3.5% of the purchase price. Those who qualify for a FHA loan should take advantage of some of the benefits they can offer. Once you have found a lender, make sure you ask them if you qualify for an FHA loan.

Baloon Mortgages

Baloon mortgages offer homeowners the chance to have fixed monthly payments for an agreed term, followed by a ‘balloon’ payment for the remainder of the mortgage balance. They usually begin with lower fixed interest rates and monthly payments, but repayment hinges on the homeowners financial situation when the balloon payment is due. If you are not able to pay the balloon payment at the end of the term, it can come with penalties and even put at risk the payments you have already contributed to the mortgage.

Two-Step Mortgage

Two-Step loans are often the most advertised product with many mortgage lenders. A two-step mortgage usually has a fixed rate for an initial period of time, then changes to market rates upon the end of the agreement. Homeowners usually have the chance to choose between an adjustable or fixed rate mortgage at the end of the initial term.

Reverse Mortgage

Reverse mortgage or Home Equity line of credit is a cash loan that is secured against the equity in your property. They are popular among older homeowners that have substantial equity in their homes. A reverse mortgage is an easy way to release cash from your property, which many use to pay for home improvements, clear high-interest debts and even to take a vacation.

What is mortgage refinancing?

Refinancing is a way for current homeowners to switch their mortgage to a plan that works better for you. When you refinance your mortgage, a lender pays off your original loan and becomes your refinanced lender. To refinance your mortgage, you just need to follow the same steps you did when attaining your initial mortgage. Find the right lender and plan that works for you and provide them with all of your documentation. The new lender will then arrange for your home to be appraised and once approved, you will pay closing costs to complete the process.

Why do homeowners refinance their mortgage? Many homeowners refinance their mortgage to take advantage of today’s lower rates, for example if you are coming to the end of your fixed term, you have the chance to find an alternative lender offering lower rates. Refinancing is also a great way to lower your monthly payments without affecting your credit if you are falling behind on them. Refinancing your mortgage is surprisingly easy, find the right lender and mortgage plan and a representative will walk you through the process.

The Top 3 Mortgage Lenders

Check our our top 3 rates online mortgage sites based on your needs. Whether you are looking to purchase the home of your dreams, refinance your property or check if you qualify for a government-sponsored loan, our top 3 rated providers have you covered.

Interest rates 3.875%-4.37% 3.875%-4.37% 4.25%-4.5%
Min Credit Score 580+ 620+ 620+
Featured Loans All Loan Types FHA, VA Purchase
Type Of Service Compares all lenders Direct Lender Direct Lender
Review Read Review Read Review Read Review
Visit Site Visit Site Visit Site

Regulation

There are regulations in place that protect borrowers both on a State and Federal level. All mortgage companies should abide by those laws. Each mortgage company is required to hold a license. Before you sign a mortgage agreement, check with your lending representative that they are licensed to lend money in your state. These laws are there to protect borrowers throughout the lending process and should be upheld.

Important Information

This site is a free online comparison site that strives to help provide useful information to consumers searching for mortgage loans. Please be aware that the operator of this site accepts compensation from listed companies that, and such compensation impacts the location and order in which the companies, and their products, are represented. In some cased this may also impact the scoring that is assigned to them. The scoring of our listed mortgage companies is determined by the site operator at it’s sole discretion, and should not be relied on for accuracy. Listing of Companies & Products DOES NOT imply endorsement by the site operator. Please find our Terms of Use & Privacy Policy , or Contact Us for more information.
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