8 Best Online Mortgage Lenders of April 2022

online mortgage lenders

Not all mortgage services are same. Depending on the lender, fees may be higher and closing times longer. Some lenders focus on a quick pre-approval process. Others may offer discounts to military or existing customers. It’s essential to consider all of these factors when choosing a lender. That’s why we compared the 8 best online mortgage lenders and put together this comprehensive list for borrowers.

1. Obsidian

Obsidian Mortgage service is a nationally acclaimed and recognized independent mortgage brokerage. It helps you with both mortgage financing and investment needs.

Obsidian offers all types of loans for borrowers. It also helps you get pre-approved for a home loan to speed up your application process.


2. Chase

Chase is a leading mortgage lender due to the following:

  • Competitive interest rates
  • Loan programs for borrowers with lower down payments
  • Relatively fast closing times

They offer fixed as well as adjustable-rate mortgages of all types. These include conventional, jumbo, FHA, VA, and low down-payment loans.


3. Flagstar Bank

Flagstar Bank offers all the major mortgage options online. These include conventional, jumbo, construction, and government-backed loans. It also provides offline services at its branch locations in Indiana, Michigan, Ohio, and Wisconsin.

The lender also offers several discount programs. They are mainly for borrowers whose employers have a relationship with Flagstar. Additionally, they have incentives for loyal customers, active military, and veterans.


4. Better.com

Better.com delivers convenience in many ways. It’s completely digital, so you can apply and conclude from anywhere.

The applicants can expect to get a rate quote and verified pre-approval in about 20 minutes.

Bettter.com offers fixed as well as adjustable-rate FHA loans. They also provide jumbo and conventional mortgages. It does not provide USDA or VA loans.


5. Get Pre Approved for a Home

It offers the standard line of mortgages.

Get pre-approved for a home loan in less than 5 hours. Get offers customers an enhanced digital experience once the loan is secured through its customer dashboard.


6. Rocket Mortgage

Rocket Mortgage is one of the largest online mortgage lenders in the US. It offers an entirely online experience.

One of its standout products is the YOUR mortgage. This is a fixed-rate mortgage that allows you to choose a custom term from 8-29 years. However, it requires a minimum score of FICO of 620.


7. LoanDepot

LoanDepot is one of the largest non-bank mortgage lenders in the U.S., with more than 150 branches and a robust online presence. Lending products include the following:

  • Traditional mortgages
  • Government-backed loans
  • Refinancing
  • Home equity loans

LoanDepot’s mortgage pre-approval time is approximately 15 minutes for borrowers. You don’t even have to provide additional information.


8. Ally

Ally offers competitive rates and standard lender fees for basic loan options. These range from 2% to 5% of the loan. Jumbo loan borrowers need to put just 10% down. Private mortgage insurance (PMI) is not required.

Within 3 minutes, qualified borrowers will get a lightning-fast pre-approval letter. This is an advantage in a competitive market. Borrowers can also lock their rate within 10 minutes of pre-approval.


Who Would You Go For?

There are plenty of online mortgage lenders out there. So, to know who is best, consider four main factors – your ability to obtain credit, affordability, credit options, and speed of financing.

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