From paying bills to making deposits, it’s never been easier to manage your money online. That’s also true of home mortgages.
Many of today’s top lenders offer an entirely digital experience, making the mortgage process that much more convenient.
To help you find the right lender for your unique circ*mstances, Expertise compared dozens of lenders to determine the six best online mortgage lenders in the country. Our picks all feature a variety of loan products, exceptional digital experiences, and high customer satisfaction ratings from third-party institutions such as Trustpilot and J.D. Power.
Read on for our reviews of the best online mortgage lenders in America.
Our Top Picks
Comparing the Top Mortgage Lenders
Company | Ranking | Best for |
|---|---|---|
Ranking 5.0Expertise.com ranking | Best for Our pick for: Top Overall | |
Ranking 4.5Expertise.com ranking | Best for Our pick for: Fully digital experience | |
Ranking 4.5Expertise.com ranking | Best for Our pick for: Quick closings | |
Ranking 4.5Expertise.com ranking | Best for Our pick for: No lender fees | |
Ranking 4.5Expertise.com ranking | Best for Our pick for: Quick online custom rates | |
Ranking 4.0Expertise.com ranking | Best for Our pick for: Government-backed loans |
How We Ranked the Best Online Mortgage Lenders
When referencing our list of the best mortgage lenders of 2024, we eliminated any of the companies that didn’t offer fully digital experiences.
To be considered an online mortgage company, we required the companies to offer a digital application process, the ability to upload and sign documents securely online, and provide sample interest rates on their website.
From there, we scored each company on a variety of criteria, including:
Customer satisfaction rankings
Mortgage rate transparency
Loan fees and costs
Minimum down payment and credit score requirements
Ease of application
State availability
Loan types offered
1. Rocket Mortgage
Key Takeaways
- BBB rating: A+
- J.D. Power ranking: 750/1,000
Pros
- Allows you to pay off loan early without prepayment fees or penalties
- Available nationwide
- Offers a simple digital application process
Cons
- Requires an application fee ($400-$750) just to apply
- No USDA loans
- No branch locations
Company highlights:
Loan types: Fixed, adjustable-rate, conventional, jumbo, FHA loans, VA
Minimum down payment: 3%
Minimum credit score: 620
State availability: Nationwide
Why we chose Rocket Mortgage: Rocket Mortgage, previously known as Quicken Loans, is the largest retail lender in the country by loan volume. The company ranked top of our list for its excellent third-party reviews, easy-to-apply process, and loan programs for customers on a tight budget.
When it comes to online mortgages, Rocket Mortgage is hard to beat. For most borrowers, they can complete the entire mortgage process without needing to speak with a loan expert.
If you have questions along the way, Rocket Mortgage’s customer service team is available to answer any questions via phone from 5 a.m. PST to 5 p.m. PST, Monday through Friday. Chat support is available from 5 a.m. PST to 5 p.m. PST, seven days a week. However, there are no branch locations, so you will not be able to have a face-to-face experience during the application process.
The company has several programs and loan options for applicants with lower credit scores or smaller down payments. Rocket Mortgage accepts credit scores as low as 580 for FHA loans and VA loans, which is a good option for those with subpar credit. The lender also has a Fresh Start program that helps potential borrowers improve their credit score before applying.
2. Guaranteed Rate
Guaranteed Rate
4.5Expertise.com ranking
Key Takeaways
- BBB rating: A+
- J.D. Power ranking: 731/1,000
Pros
- Offers at-home closings in some states
- Advertises sample rates online
- Can issue preapproval in 15 minutes
Cons
- Does not offer HELOC or home equity loans
- No reverse mortgage programs
Company highlights:
Loan types: Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate, rate-and-term and cash-out refinancing, interest-only
Minimum down payment: 3%
Minimum credit score: 620
State availability: Nationwide
Why we chose Guaranteed Rate: Founded in 2000, Chicago-based Guaranteed Rate is known for its quick and easy online application process, at-home closings, and options for borrowers with limited down payment funds and low credit scores.
Guaranteed Rate stands out among its peers for its fully digital application process. Customers can use the online portal to apply, upload, and sign documents. The company also offers a mobile app that customers can use to apply or contact a loan officer. This flexibility allows the company to close loans up to two days quicker than competitors.
One unique feature that Guaranteed Rate offers is its at-home closing capability. The company’s FlashClose platform allows borrowers to complete the entire closing process from the comfort of their own homes. Using a webcam, buyers e-sign documents, and a licensed remote notary completes the notarization. It’s worth noting that this option is not available in every state.
The company allows borrowers to apply with alternative credit data if they do not have a credit score. Guaranteed Rate also has a suite of loans well-suited to borrowers with low credit scores and limited down payment funds.
These loans include:
HomeReady®
HomePossible®
Fannie Mae 97%
Freddie Mac HomeOne®
3. SoFi
Pros
- Borrowers can prequalify, apply, and process their loan entirely online
- Average closing time is 28 days
- Borrowers can get a portion of their real estate agent’s commission ($350 to $9,500) when they use an agent in SoFi’s HomeStory network
Cons
- Potential home buyers must create an account to view custom rates
- Doesn’t offer FHA, VA or USDA loans
Company highlights:
Loan types: Conventional, jumbo, fixed-rate, adjustable-rate, rate-and-term and cash-out refinancing, home equity loan, investment property
Minimum down payment: 3%
Minimum credit score: 620
State availability: 47 states excluding Hawaii, New Mexico, and New York
Why we chose SoFi: Founded in 2011, SoFi offers a wide variety of products including private student loans, personal loans, auto loans, and mortgages. The company offers the standard loan types you’d expect like conventional, fixed-rate, and adjustable-rate loans, as well as investment property loans and home equity loans.
SoFi boasts an average 28-day closing timeline, which makes it a top lender for those looking to move quickly with their home-buying process. The lender backs their on-time closing promise with a $2,000 guarantee.
SoFi offers a $500 discount for existing members who are first-time borrowers to use toward the lender’s mortgage processing fee. To qualify, you must have an existing SoFi personal loan, student loan, or a $50,000 balance in your SoFi investment account.
Another enticing perk about SoFi mortgages is that borrowers can get a portion of their real estate agent's commission ($350 to $9,500) when they opt to use an agent in SoFi’s HomeStory network. These real estate agents are verified experts with over two years and 20 closed transactions in experience.
SoFi is a good match for potential homebuyers looking for a fully digital experience. The mortgage application and approval process takes place entirely online. Borrowers can get prequalified in under two minutes, complete and submit loan paperwork, and receive funding through the website. The lender also has a mobile app that borrowers can use to compare mortgage rates.
A downside to SoFi is that the lender does not offer FHA, VA, or USDA loans. These loans are targeted toward lenders with low credit scores and limited down payment funds. If you’re interested in a government-backed loan, we recommend looking into PennyMac’s offerings.
4. Better Mortgage
Better Mortgage
4.5Expertise.com ranking
Key Takeaways
- BBB rating: B
- J.D. Power ranking: 692/1,000
Pros
- No commissions or fees charged
- 24/7 customer support
- “Better Price Guarantee” offers to beat competitor pricing
Cons
- No USDA loans
- No branch locations
- No home equity or HELOC loans
Company highlights:
Loan types: Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate, rate-and-term and cash-out refinancing, bridge loan
Minimum down payment: 3%
Minimum credit score: 620
State availability: Nationwide
Why we chose Better Mortgage: Founded in 2016, Better Mortgage is an online lender aimed at making the homebuying process simpler, faster, and more transparent. Borrowers can apply 100% online and the company regularly updates generic interest rate information (with the option to get a personalized rate quote) online.
While nearly the entire mortgage process can be complete online (with the exception of signing final documents), borrowers can also take advantage of Better’s live chat feature to have their mortgage questions answered in real time.
Better Mortgage does not charge an origination fee like most lenders do. These fees typically range between 0.5% and 1.5% of your overall loan amount. So, for a $300,000 home, Better Mortgage could save you between $1,500 to $4,500 in fees. Better Mortgage’s loan officers do not receive a commission, so they may be more inclined to find the best mortgage option for you rather than the most expensive one.
The lender offers a Better Price Guarantee, which promises to match the price of a competitor’s cheaper loan estimate — and credits you $100. The lender also offers an on-time closing guarantee — and if it doesn’t, Better Mortgage will pay you $2,000 in most cases.
5. Ally
Pros
- Doesn’t charge lender fees
- Quick pre-approval process
- Lists transparent interest rate information online
Cons
- Not available nationwide
- No FHA, VA, or USDA loans
- No branch locations
Company highlights:
Loan types: Conventional, jumbo, fixed-rate, adjustable-rate, rate-and-term and cash-out refinancing
Minimum down payment: 3%
Minimum credit score: 620
State availability: 40 states excluding Hawaii, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New York, Vermont, Virginia and Wyoming
Why we chose Ally: Established in 2016, Ally has become a standout in the mortgage industry for its 100% online application that you can complete in 15 minutes or less with no lender fees and down payments as low as 3%.
Ally is also known for its digital-first approach to the mortgage process. Borrowers can get prequalified, complete their applications, and upload, sign, and submit all documents online. They can also make payments online with autopay as an option.
While most lenders list generic interest rate information on their site for a limited type of loan (or, more frustratingly, they don’t list interest rate information at all), Ally takes it a step further. With the company’s customized rate quote tool, shoppers can personalize their quotes without sharing any personal information. The tool also helps explain how discount points could impact your closing costs and interest rates to help you better compare Ally’s rates with other lenders.
One downside to Ally is the company doesn’t offer any government-insured mortgage products, FHA, VA, or USDA loans. These loans are often ideal for borrowers with lower credit scores and limited down payment funds.
6. PennyMac
Pros
- Wide variety of loan types
- Displays transparent interest rate information
- May waive origination fees for FHA or conforming loans if you purchase rather than refinance
Cons
- Loans are not available in New York
- Limited brick-and-mortar offices
- No first-time home buyer grants or programs
Company highlights:
Loan types: Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate, rate-and-term, jumbo, cash-out and streamline refinancing, home equity line of credit (HELOC), home equity loan, investment property, flex-term
Minimum down payment: 3% to 5%
Minimum credit score: 620
State availability: 49 states excluding New York
Why we chose PennyMac: Founded in 2008, PennyMac offers an extensive range of loan products, includes transparent interest rate information on their website, and allows you to lock in a rate for up to 60 days with “Lock & Shop.”
PennyMac also makes the mortgage process easy with its online capabilities. The lender’s Mortgage Access Center enables borrowers to complete an application, request their credit score, add bank statements, and securely submit documents. The website also features affordability calculators and a home value estimator to help borrowers better understand what they might qualify for.
For potential home buyers looking to compare multiple lenders and interest rates, PennyMac makes that easy by clearly displaying the current lowest interest rates by loan type online. You can also get an instant customized rate by filling out a short form that doesn’t require sensitive personal information.
If you choose to purchase a home with an FHA or conforming loan, PennyMac may waive your $1,100 origination fee. Additionally, if you purchase a home with a VA mortgage, PennyMac may reduce the origination fee equal to 0.95% of the loan amount by $1,100.
The company also offers a “Lock and Shop” option for customers pre-approved for a purchase loan to lock in a rate prior to locating a property. This lock period lasts for up to 60 days.
How To Choose the Right Online Mortgage Lender
Online mortgage lenders are an especially attractive option for digital-minded potential home buyers. Though these types of loans provide an extra layer of convenience for borrowers, there are a few factors to consider before you decide on a lender.
The kinds of loans they offer: Your financial circ*mstances and credit history will help you determine the types of loans you will qualify for. Look at potential lenders minimum qualification requirements for different loan types to see which might be the best fit.
Down payment requirements: Lenders vary on down payment requirements, so compare these from lender to lender and look at your finances to see what you can realistically afford to put down.
Application and origination fees: Notall lenders charge application and origination fees, which can cost between 0.5% and 1% of the total loan amount. If saving on these fees is important to you, consider Better Mortgage.
Rate-lock and other perks: Rate-lock timeframes and additional perks vary widely among lenders. If you are an existing customer with a bank that offers home loans, we recommend looking into potential discounts they may offer you.
What support options are available: Whether you’ve done it before or this is your first time, navigating the mortgage process is no small feat. Questions will likely arise, so compare the customer service options with each lender to ensure you have access to help when you need it.
Look for a lender with an app or user-friendly website: To speed up the mortgage process, many lenders offer online tools that allow borrowers to get quick pre-approval and upload necessary documents. Look for lenders that also allow you to electronically sign documents and track your mortgage application process.
Pros and Cons of Online Mortgage Lenders
Pros:
Online lenders tend to offer lower mortgage rates and fees due to low overhead.
Borrowers can get pre-approval quickly —often in minutes.
Borrowers can upload application documents securely online.
Borrowers can sign digitally and avoid missed-paperwork delays.
Borrowers can track the status of their loan application in real time.
Cons:
Borrowers can’t always connect with a human for questions or support.
Borrowers can’t always get rates upfront.
There is a chance of a breach or fraud that comes with uploading sensitive documents online.
FAQ
Below, we answer some of the commonly asked questions about mortgages.
Our Verdict
Rocket Mortgage is our top pick for best online mortgage lender for 2024. The lender was one of the first to offer quick online application processing and its website is full of home buying resources and calculators to help potential borrowers understand what they can afford.
Rocket Mortgage’s online experience allows borrowers to apply for a loan via the website or mobile app. Forms are pre-populated with information to help you better understand how to fill out the application, and customer support is a phone call away if you run into any issues.
While we believe Rocket Mortgage is an excellent online mortgage lender choice, we realize it may not be ideal for every potential borrower. For local mortgage lenders near you, check out our directory of trusted lenders.
Methodology
Beginning with a list of 22 mortgage lenders and referencing our post on the best mortgage lenders of 2024, we eliminated any companies that do not offer a digital mortgage experience.
To be considered an online mortgage lender, companies must offer an online application and pre-approval process, allow borrowers to upload and sign documents securely online, and post transparent interest rate information on their website.
From there, we evaluated each company based on a variety of criteria, including:
Customer satisfaction rankings: We scored companies based on their rankings from the Better Business Bureau, Trustpilot, and the 2022 J.D. Power U.S. Mortgage Origination Satisfaction Study.
Mortgage rate transparency: Companies that clearly list sample interest rates for a variety of loan types on their website scored higher in this category compared to lenders that do not advertise rates. We also awarded points to companies that made it easy to get an online customized quote without having to divulge personal information.
Loan fees and costs: We scored companies higher that are transparent about their loan fees and costs associated with their mortgages.
Minimum down payment and credit score requirements: We compared each company's minimum down payment and credit score requirements for a conventional loan.
Ease of application: We rated each company on how easy it is to apply for a loan. Companies that offer a fully digital experience scored the highest.
State availability: Lenders that operate nationwide scored the highest in this category.
Loan types offered: We awarded points to companies that offer the most common loan types, with companies offering more loan types scoring higher in this category.
While interest rates are certainly an important factor when choosing a mortgage lender, we did not take into account the current available rates within our methodology section. This is because rates fluctuate often and your exact rate will depend on your location, credit score, and credit report.
Because of this, we instead reviewed companies based on whether they provide transparent interest rate information on their site and whether you can get a custom quote online.
