Navigating the world of mortgages can be intimidating, especially when trying to find the best lender that suits your needs. With numerous companies offering a variety of mortgage options, making the right choice is crucial. This article will provide a comprehensive review of the best mortgage lenders of September 2023, taking into account their interest rates, terms, customer service, and overall reputation. Our goal is to help you make an informed decision to secure your dream home.
Network Capital Funding Corporation
Network Capital Funding Corporation boasts several perks, including no lender fees for qualifying borrowers and the ability to close loans in as little as 15 business days. They provide upfront underwriting for purchase loans, which instills confidence in sellers that the loan will close.
The company offers a variety of loan types, including conventional, FHA, and VA loans, catering to a broad range of borrowers. Network Capital’s online application process is designed to streamline document submission, allowing borrowers to sync their financial information and work with a dedicated loan officer.
This approach simplifies the mortgage application process and can expedite loan approvals. However, some reviewers have mentioned high closing costs, indicating that borrowers should carefully evaluate the overall costs when considering Network Capital for their mortgage needs.
AmeriSave Mortgage
AmeriSave Mortgage is an online, direct-to-consumer lender that offers home purchase loans in 49 states and Washington, D.C. They also provide refinance options for those looking to adjust their mortgage rates or terms.
With over 20 years of experience, AmeriSave has helped over 664,000 borrowers and funded over $115 billion in loans since its founding in 2002. They offer a range of mortgage products, including conventional loans, government-backed loans like FHA, VA, and USDA loans, and jumbo loans for borrowers who need to exceed conforming loan limits.
AmeriSave is known for its competitive rates and transparent application process. Borrowers can check their rates and get pre-qualified without a hard credit check, which won’t affect their credit score. They also offer a 90-day rate lock and provide certified approval letters, making it easier for buyers to shop for homes.
New American Funding
New American Funding is a California-based mortgage lender that offers a variety of mortgage products, including FHA, VA, USDA, conventional, jumbo, buydowns, reverse mortgages, and I CAN loans. They serve 49 states and have both online and in-person application options.
According to the provided information, New American Funding’s rates are competitive, with starting rates for conventional, FHA, and VA loans available on their website and updated daily.
However, it’s noted that their rates were slightly higher than the national average in 2021, although they were lower in the previous year. The application process is praised for being straightforward, with buyers able to apply online and upload documents seamlessly, resulting in quick preapproval decisions, often within 24 to 48 hours.
Guaranteed Rate
Guaranteed Rate offers various types of home loan financing, including conventional loans, VA loans, jumbo loans, FHA loans, and home equity lines of credit (HELOCs). It operates both online and in person and is headquartered in Chicago, with over 500 branches nationwide.
Guaranteed Rate generally offered lower average rates for home purchase loans than the national average from 2019 to 2021.
The application process with Guaranteed Rate involves starting with a preapproval process on their website and providing financial information, including credit score, income, and bank account details. Applicants may need to upload documents such as W-2s and bank statements. The company claims to provide preapproval decisions in about 15 minutes.
Zillow Home Loans, LLC
Zillow Home Loans, LLC, is a lender that offers both purchase and refinance loans in most states across the United States, excluding New York. They provide conventional and government-backed loans, making them suitable for both first-time homebuyers and experienced borrowers. To explore loan options, individuals can complete an online form or contact a loan officer.
The company’s website doesn’t publicly disclose its interest rates, but customer reviews suggest that their rates are competitive, with many borrowers reporting favorable experiences
While the lender offers conventional, FHA, and VA loans, it does not provide USDA loans. Specific borrower requirements are not disclosed on their website, leading to some applicants experiencing challenges if they don’t meet the undisclosed criteria.
Rocket Mortgage
Rocket Mortgage is an online mortgage lender that offers a digital home loan experience, allowing borrowers to apply for mortgages and manage their loans entirely through their website or mobile app. The company is known for its convenience and speed, making it suitable for tech-savvy borrowers seeking a hassle-free mortgage process.
One of the key advantages of Rocket Mortgage is its 100% online application process, which many customers find easy and straightforward. Borrowers can upload required documentation, track their application progress, and receive customized recommendations through their online portal.
Mr. Cooper
Mr. Cooper is a nonbank mortgage lender who offers a range of conventional and government-backed purchase and refinance loans. They are licensed to operate in all 50 states as well as Washington, D.C., Guam, Puerto Rico, and the U.S. Virgin Islands.
One of Mr. Cooper’s key features is its online application process, which includes a pre-qualification tool that takes only minutes to complete. They also provide a digital loan tracker, a mobile app for accessing documents and making payments, and a Close On Time Guarantee, promising to cover your first month’s mortgage payment if they miss your scheduled closing date.
In terms of loan types, Mr. Cooper offers both fixed-rate and adjustable-rate loans, with a focus on conventional loans. While they do not publish specific borrower requirements, they typically follow Fannie Mae and Freddie Mac standards for conventional loans, including a minimum credit score of around 620 and a down payment of at least 3%. They also offer government-backed loans like FHA and VA loans.
Caliber Home Loans
Caliber Home Loans operates in all 50 states and was founded in 2008. They offer a range of mortgage options, including conventional, FHA, VA, USDA, and jumbo mortgages. They emphasize a quick and efficient application process, often providing preapproval within hours, and aim to close loans in as little as 10 days.
Caliber Home Loans does not publish its mortgage rates online, and borrowers need to request a rate quote by filling out an online form, calling the company, or visiting a branch in person. The rates are determined based on borrower qualifications and market conditions.
NewDay USA
NewDay USA is a mortgage lender with a strong focus on serving veterans and their families. For over two decades, the company has been providing VA-guaranteed home loans and refinancing options in 43 states.
They offer a range of services, including flexible loan terms and refinancing options. One standout product is the VA Streamline Loan, which doesn’t require income verification or comes with additional costs like appraisal fees or private mortgage insurance. This option can save veterans and their families over $1,800 annually.
For homebuyers, NewDay USA offers tools like the cash buyer certification, allowing veterans to shop for homes with confidence and efficiency. Their purchase price calculator helps determine a suitable home price, down payment, loan terms, and interest rates.
BOK Financial Mortgage
BOK Financial Mortgage is a financial institution that specializes in offering a wide range of mortgage options tailored to home purchases and refinancing needs. Their offerings include conventional, FHA, VA, USDA, and jumbo loans, all accessible through an efficient online application process.
BOK Financial Mortgage is recognized for its competitive interest rates, although it’s important to note that its services may not be available in all states. Additionally, potential borrowers might be required to make an initial deposit to cover appraisal expenses.
LendingTree
LendingTree is an online marketplace that connects individuals with a vast network of lenders, offering a range of financial products such as home loans, personal loans, auto loans, business loans, and more.
However, there are some drawbacks to using LendingTree. While it offers a convenient way to explore loan options, it may lead to frequent and unwanted solicitations from lenders. Users should be prepared for potential spammy calls and messages.
Lower
Lower is an online mortgage lending company that provides various options for homebuyers, including conventional, FHA, VA, USDA, and jumbo loans, as well as refinancing solutions. One of its notable features is the ability to pre-qualify without a hard credit check, making it convenient for potential borrowers. Lower operates in 44 states and Washington, D.C., though it lacks physical branches.
The company also offers a unique “Free Refi for Life” program, covering lender fees on all future refinances, potentially saving borrowers money in the long run.
Lower publishes its daily rates for 15- and 30-year fixed-rate conventional loans on its website, and it offers both fixed-rate and adjustable-rate mortgages.
Quicken Loans
Quicken Loans is a prominent nationwide mortgage lender that specializes in providing mortgage loans and home refinance options. They offer customers the convenience of completing the entire loan application process online or over the phone through their online mortgage platform, Rocket Mortgage.
Quicken Loans provides a wide range of loan options, including 30-year fixed loans, VA loans, 15-year fixed loans, jumbo loans, adjustable-rate loans, FHA loans, and custom-term loans.
Many customers appreciate the convenience of Quicken Loans’ online application process, but some have noted the extensive documentation required for certain loans. Quicken Loans is recognized for its availability and ease of use, though it’s important to note that they do not offer USDA loans.
Better Mortgage
Better Mortgage is an online mortgage lending company available in all 50 states that offers a streamlined application process with no origination, application, or underwriting fees. Borrowers can receive preapproval in as little as three minutes, making it a convenient option for homebuyers.
The company specializes in providing competitive interest rates, and many reviewers mentioned receiving incentives that reduced the overall cost of their mortgage process. Additionally, it has a minimum credit score requirement of 620 for conventional mortgages.
Better Mortgage’s strong points include its excellent rates, as it publishes its starting mortgage rates for various loan terms on its website, and its rates have consistently trended lower than the national average in recent years. The application process is highly regarded, with a 100% online option that allows borrowers to complete tasks efficiently. Better Mortgage offers a range of loan types, including conventional, jumbo, FHA, and VA loans, as well as refinancing options.
Homebridge Financial Services
Homebridge Financial Services is a nonbank mortgage lender that has been in operation for over 30 years, headquartered in New Jersey. They offer various types of loans, including conventional and government-backed mortgages like FHA, VA, and USDA loans.
Homebridge has a presence in 31 states and offers an online application process, although you’ll need to speak with a loan officer to confirm rates. One notable drawback is the absence of a mobile app for their services.
In terms of rates, they don’t publish them on their website, but you can fill out an online form to have a representative contact you regarding their programs and rates.
Carrington Mortgage Services
Carrington Mortgage Services is a mortgage lender that offers a wide range of loan options to borrowers across the United States. It offers various types of loans, including conventional, FHA, VA, and USDA loans, with flexible qualification requirements. They even permit credit scores as low as 500 for some loan types.
One notable feature is their online rate-checking tool, where prospective borrowers can input details about their desired home purchase, such as price, ZIP code, down payment, income, and credit score, to see potential loan options with interest rates and APRs. Carrington offers both fixed-rate and adjustable-rate mortgages, with ARM options having introductory fixed-rate periods before adjusting.
The company’s average home purchase rates have been slightly higher than the national average, with a 0.75% difference in 2021.
Homefinity
Homefinity is a mortgage lender that offers home purchase and refinancing options. It operates as part of Fairway Independent Mortgage Corp. and funded over $72.5 billion in loans in 2021.
The lender is praised for its competitive rates, with many borrowers finding its rates better than other lenders. Homefinity offers both fixed-rate and adjustable-rate mortgages and provides transparent rate information on its website.
Homefinity primarily offers conventional, FHA, and VA loans, making it a good choice for borrowers seeking these types of mortgages. However, it may not be suitable for those looking for USDA or jumbo loans. The lender’s minimum credit score requirements are not explicitly listed, but industry-standard scores are typically expected.
Chase Mortgage
Chase Mortgage operates nationwide, serving customers online, through mobile apps, by phone, and in person at over 4,700 branches. They offer various types of loans, including conventional, FHA, VA, jumbo, and more, with flexible terms ranging from 15 to 30 years.
Chase is transparent about its interest rates and APRs, allowing borrowers to check current rates based on their location and loan type. The company provides a mortgage calculator for rate and payment estimates, though it may not display all available loan options.
The application process with Chase typically starts with pre-qualification, which can be done online or in-person, though it involves a hard credit check. Borrowers can also apply online, and Chase offers a Closing Guarantee and Homebuyer Grant for eligible applicants. Chase Mortgage primarily offers 30-year conventional loans but provides various other options to suit different needs.
loanDepot
loanDepot is a mortgage lender that provides home loans, refinancing, and other mortgage services. Founded in 2010, the company offers a fully digital mortgage application process, making it convenient for potential borrowers.
They offer various mortgage products, including conventional loans, government-backed loans like FHA and VA loans, and even a 40-year interest-only loan.
When it comes to rates, loanDepot’s home purchase rates closely align with the national average, with only a slight difference. They also offer adjustable-rate mortgages (ARMs) with different fixed-rate periods. The application process is user-friendly, allowing applicants to get pre-qualified without a hard credit check. The company services its loans directly, which means you’re likely to work with loanDepot throughout the life of your loan.
PHH Mortgage
PHH Mortgage offers a variety of loans for home purchases and refinancing, and they provide assistance through experienced loan officers. Their website also features mortgage resources, including educational articles, checklists, and loan calculators.
PHH Mortgage does not publish its starting rates online, and interested individuals need to apply for preapproval to receive accurate rate quotes. PHH Mortgage had slightly higher average rates for home purchase loans compared to the national average.
US Bank Mortgages
US Bank Mortgages provides conventional, FHA, USDA, VA, and jumbo loans, making it a versatile choice for various home financing needs. One standout feature of U.S. Bank Mortgages is their detailed rate information, which includes state-specific rates for different types of loans. This transparency allows borrowers to easily compare interest rates and annual percentage rates (APRs) based on their location.
The application process with U.S. Bank Mortgages involves creating an account on their website or logging in if you’re an existing customer. Applicants can choose between home purchase or refinancing, provide demographic and financial information, and upload the required documentation.
U.S. Bank provides a Loan Estimate form outlining estimated fees, including closing costs, which typically range from 2% to 5% of the loan amount. Existing U.S. Bank customers may benefit from a closing cost credit of up to 0.25% of the loan amount. While U.S. Bank has a strong presence, it’s worth noting that some customers have reported challenges in the application process, particularly with regard to underwriting and document requests.
Wells Fargo Mortgage
In terms of mortgage rates, the page mentions that Wells Fargo lists its current rates on its website for various types of loans, including conventional and government-backed loans.
Wells Fargo Mortgage outlines the requirements for different types of loans, such as down payment percentages and credit score thresholds. It also briefly touches on the costs and fees associated with closing a mortgage, suggesting that closing costs typically range from 2% to 5% of the purchase price.
Citi Mortgage
Citi Mortgage provides transparent rate information for both conventional mortgages and refinancing on their website, though adjustable loan rates require direct contact with Citi Mortgage.
The application process with Citi Mortgage starts with a call request to a mortgage officer through an online form. The entire mortgage process, from application to closing, typically takes between 30 and 60 days. After closing, Cenlar FSB services the loans, allowing customers to make payments and manage their accounts online.
Citi Mortgage offers various loan types, including conventional, jumbo, FHA, and VA loans. They also highlight their Citi HomeRun Mortgage plan, which offers low down payment options and flexible credit guidelines.
PenFed Mortgages
PenFed Mortgages, a division of PenFed Credit Union, offers a wide range of home loans at competitive rates. One notable advantage for borrowers is the absence of origination fees and the availability of lender credits for home purchases. However, it’s worth noting that PenFed Mortgages has faced a pending class-action lawsuit related to unauthorized hard credit checks.
The application process is flexible, allowing applicants to apply online, in person, or over the phone. Borrowers will need to provide proof of income, assets, employment verification, and credit score information.
PenFed Mortgages also offers a rate lock feature to secure interest rates for a specified period. They originate various types of home loans, including VA, FHA, conforming conventional, and jumbo loans, and offer refinancing options. It’s important to note that their credit score requirements may be slightly higher than industry standards.
Northpointe Bank
Northpointe Bank is a financial services company based in Grand Rapids, Michigan, offering a wide range of mortgage products, including conventional, FHA, VA, USDA, jumbo, construction, and renovation loans
When it comes to mortgage rates, Northpointe Bank publishes it’s starting rates online for various loan types, but it’s worth noting that their average home purchase rates have been slightly higher than the national average for the past three years, with a 0.09% difference in 2021.
The application process with Northpointe Bank can be initiated through their website. While preliminary information can be entered online, most of the application is completed in consultation with a loan officer.
Navy Federal Credit Union Mortgage
Founded in 1933, Navy Federal Credit Union has over 12 million members and is known for its specialization in VA loans, originating close to $10 billion in VA loans in 2021. The institution also offers conventional loans, HELOCs, and home equity loans. However, it’s important to note that to apply for loans from the Navy Federal Credit Union, individuals must be members of the credit union.
Navy Federal Credit Union has a higher denial rate compared to the industry average, but it closed a significant number of home purchase loans in 2021.
What is a Mortgage?
A mortgage is a type of loan for purchasing real estate, such as a home. Individuals borrow money from a lender, which is typically a bank, credit union, or mortgage company, specifically for financing the purchase of the property.
The property itself serves as collateral — which is an asset the lender can repossess through the foreclosure process if the borrower defaults on the loan. The borrower repays the loan amount plus interest over an agreed-upon period, often spanning several years or decades.
Different Types of Mortgages
Mortgages come in multiple forms, but the two main types of mortgage loans are conventional and government-backed mortgages.
- Conventional Loans
- Conforming: These must meet Fannie Mae and Freddie Mac requirements. In 2023, the maximum conforming loan limit in most of the country is $726,200. Conforming loans are the most popular mortgage type.
- Nonconforming: These loans do not meet the Fannie Mae or Freddie Mac requirements.
- Jumbo: Jumbo loans are nonconforming loans with amounts exceeding the conforming loan limit. You need good credit (often 700-plus) and a large down payment for eligibility.
- Fixed-rate: Fixed-rate loans mean your interest rate remains the same throughout the life of the loan.
- Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed interest rate for an initial period, but the interest rate eventually adjusts based on market conditions.
- Government-Backed Loans
- FHA: The Department of Housing and Urban Development (HUD) Federal Housing Authority backs FHA loans, which offer lower down payment options for borrowers with less-than-perfect credit.
- VA: Partially backed by the U.S. Department of Veterans Affairs, VA loans offer a low- or no-down-payment option and less strict credit requirements for U.S. military veterans, service members, and their surviving family members.
- USDA: Backed by the U.S. Department of Agriculture’s Rural Development Guaranteed Housing Loan program, a USDA loan offers a low- or no-down-payment option for homebuyers purchasing in rural areas.
There are other mortgages available that do not fall under these typical categories, such as a home renovation loan, home equity loan, or home equity line of credit (HELOC).
How to Compare Mortgage Lenders
When considering a mortgage, you’ll want to compare lenders and offers to make sure you’re getting the best loan for your needs.
To help, you might want to work with a mortgage broker who can help you compare rates and terms from multiple lenders and find the best deal.
But if you prefer to do it on your own, you’ll first need to decide the type of mortgage you prefer (conventional or government-backed) and the type of rate (fixed vs. adjustable). You’ll also need to look at how long of a term you want (e.g., 15- or 30-year) and if the lenders you’re considering offer those terms. Some other factors to consider include:
- Down Payment: While it’s considered typical to put a 20% down payment on a house, which helps borrowers avoid private mortgage insurance, some lenders will allow 5% (or less for government-backed loans).
- Lender Fees: In addition to closing costs, look at what fees you’ll need to pay to secure your mortgage. These may include lawyer fees, homeowner association fees, property tax, or origination fees.
- Points: Check if the lender offers the option to buy mortgage points, which are a way to buy down the interest rate on your loan.
- Application Process: Can you apply completely online or will you have to do it in person? Depending on where you live, where you’re purchasing a home, and other accessibility issues, how you apply for a mortgage can make a difference.
- Approval Times: How long will it take for the lender to approve your application? And, once approved, how long will it take to close? If you need a quick approval and closing, you’ll need to make sure the lender can meet that time frame.
Before making your final decision, take the time to read online reviews, such as those published on ConsumerAffairs, to get a picture of what working with a company might be like. You might also ask friends, family, and real estate agents for recommendations.
Applying for a Mortgage
Applying for a mortgage can seem like a daunting prospect, but if you break it down into one step at a time then it becomes more manageable.
- Evaluate Your Financial Situation: This means understanding your credit score and any potential credit challenges a lender may spot.
- Search for a Mortgage Lender: Shopping around and comparing lenders helps you find the lowest rates, most manageable repayment terms, and a lender you’re comfortable working with.
- Apply Online and Get Pre-Qualified: Online applications can speed up the process and nail down a monthly payment range you’re comfortable with. Pre-qualification lets you know how much money you might qualify for without a hard credit check.
- Review Your Preliminary Mortgage Options and Make a Selection: Your lender may offer more than one loan option, which means you can calculate different scenarios for your budget.
- Get Preapproved: A preapproval is when a lender shows you the exact interest rate you will receive and the exact amount you can borrow. At this point, the lender will run a credit check.
- Find a Property and Make an Offer: With a pre-qualification or preapproval letter in hand, you can stand out amongst buyers as someone who is serious about purchasing.
- Receive Final Loan Approval: The lender will require an extensive set of documents for final approval. Submitting these documents on time can expedite the closing process.
- Close Your Loan: It’s time to sign the paperwork and make the down payment (if applicable). Typically, you work with both a lender and a real estate attorney during this final step.
Most lenders offer an online application option, which can help speed up the process, but if you prefer an in-person experience, you should take this into consideration when selecting a potential mortgage lender.
Frequently Asked Questions
- Who are the best mortgage lenders of September 2023?
The best mortgage lenders of September 2023 are largely dependent on specific requirements. However, some of the top-rated lenders in terms of customer satisfaction, competitive rates, and range of products include Quicken Loans, Wells Fargo, Bank of America, and Chase Bank. - What factors determine the best mortgage lender for my needs?
Several factors determine the best mortgage lender for your specific needs. This includes your credit score, down payment, loan amount, location, type of mortgage (fixed-rate, adjustable-rate, FHA, VA, etc.), and whether you’re purchasing a home or refinancing. - How do I compare mortgage rates from the best lenders of September 2023?
To compare mortgage rates from the best lenders, you can visit each lender’s website or use a mortgage comparison tool. You should compare the annual percentage rate (APR), the interest rate, and any fees included in the mortgage. - What is the average mortgage rate in September 2023?
The average mortgage rate in September 2023 depends on a number of factors, including economic trends, the Federal Reserve’s actions, and market competition. As such, it’s best to check with each lender for their current rates. - Are online mortgage lenders considered in the best mortgage lenders of September 2023?
Yes, online mortgage lenders are often included in the list of the best mortgage lenders due to their convenience, competitive rates, and fast approval times. Examples include Better.com, Rocket Mortgage by Quicken Loans, and LoanDepot. - How can I find out which lenders offer the best mortgage rates for FHA loans in September 2023?
To find out which lenders offer the best rates for FHA loans, you can compare rates from multiple lenders. Many lenders publish their rates online, or you can call and ask for a quote. - What are some tips for selecting the best mortgage lender in September 2023?
Some tips for selecting the best mortgage lender include comparing interest rates and APRs from multiple lenders, reading customer reviews, checking the lender’s reputation and accreditation, and understanding the terms and conditions of the mortgage. - Do the best mortgage lenders of September 2023 offer pre-approval?
Yes, most top mortgage lenders offer pre-approval. Getting pre-approved can give you an idea of how much you might be able to borrow and can show sellers that you’re a serious buyer. - How much down payment do the best mortgage lenders require in September 2023?
Down payment requirements vary by lender and loan type. Conventional loans often require a down payment of at least 5-20%, while FHA loans may require as little as 3.5%. Some lenders may offer no-down-payment options, particularly for VA and USDA loans. - What is the customer satisfaction rating for the best mortgage lenders of September 2023?
Customer satisfaction ratings for mortgage lenders can vary, but they are typically evaluated based on factors like loan offerings, application/approval process, rates and terms, closing costs, communication, and customer service. It’s advisable to check the latest customer satisfaction surveys and reviews for the most accurate information.
Glossary
- Adjustable-Rate Mortgage (ARM): A type of mortgage where the interest rate adjusts periodically based on a specific index, leading to changes in monthly payments.
- Annual Percentage Rate (APR): The annual cost of a loan to a borrower, including fees and other costs, expressed as a percentage.
- Closing Costs: These are the fees and expenses that homebuyers pay when completing the purchase or a mortgage refinance transaction.
- Conventional Mortgage: A home loan that is not guaranteed or insured by any government agency, typically requiring a higher down payment and credit score than government-guaranteed mortgages.
- Credit Score: A numerical rating that represents a person’s creditworthiness, used by lenders to determine potential risk.
- Debt-to-Income Ratio (DTI): A calculation that lenders use to measure a person’s ability to manage monthly payments and repay debts, expressed as a percentage.
- Fixed-Rate Mortgage: A mortgage where the interest rate remains the same for the duration of the loan, resulting in fixed monthly payments.
- Home Equity: The portion of the property that the homeowner actually owns, calculated as the current market value of the property minus the remaining mortgage balance.
- Interest Rate: The amount a lender charges for the use of assets expressed as a percentage of the principal.
- Loan-to-Value Ratio (LTV): A financial term used by lenders to express the ratio of a loan to the value of an asset purchased.
- Mortgage Insurance: An insurance policy that protects a mortgage lender or title holder if the borrower defaults on payments, dies, or is otherwise unable to meet the contractual obligations of the mortgage.
- Pre-Approval: A lender’s offer to loan money to a homebuyer subject to the final approval of the home purchase.
- Principal: The original amount of money borrowed or still owed on a loan, excluding interest.
- Refinance: The process of obtaining a new mortgage, usually at a lower interest rate, to reduce monthly payments, speed up repayment, or to tap into home equity.
- Reverse Mortgage: A type of mortgage that allows homeowners to convert part of the home equity into cash.
- Underwriting: The process a lender uses to determine if the risk of offering a mortgage loan to a specific borrower under certain parameters is acceptable.
- VA Loan: A mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs, designed to offer long-term financing to eligible American veterans.
- Jumbo Loan: A mortgage that exceeds the loan limits set by the Federal Housing Finance Agency (FHFA), making it not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
- Loan Estimate: A form that provides important information about the estimated costs of your mortgage loan and whether it can change after closing.
- Mortgage Broker: An intermediary who brings mortgage borrowers and mortgage lenders together but does not actually lend money.
