Looking for the top mortgage lenders? NerdWallet lists some of the best in 2020

by Candyd Mendoza17 Jan 2020

NerdWallet has recognized some of the leading mortgage lenders this year in its 2020 Best-Of Awards.

The Bank of America and Citibank shared the title of the best mortgage lenders for first-time homebuyers. The banks made the list due to their affordable fees, online convenience, loan programs, and assistance options, as well as a variety of low-down-payment loan options that first-time homebuyers are looking for.

It was also a tie between Better.com and LenderFi for the best mortgage lenders for refinancing. Better.com offered customized rates for all loan products, along with a fully digital refinance process with zero origination fees. LenderFi, on the other hand, charges low origination fees and provides tailored rates that apply for multiple refinance loan products.

NerdWallet awarded Citibank again as the best mortgage lender for home equity lines of credit (HELOC) as it provides a diverse set of home equity products. Citibank also offers discounts to existing customers and charges low origination fees.

Next up, Fairway Independent Mortgage got the nod as the best mortgage lender for FHA loans.

"Fairway originates a high volume of FHA loans, has strong online capabilities and flexible credit requirements, and its fees are often lower than the competition's," NerdWallet wrote.

Meanwhile, the best mortgage lenders for VA loans were Veterans United and Navy Federal. Both focus on veterans and showcase a variety of loan options, low fees, and a digital application process. 

Citibank and PNC went head to head for the best mortgage lenders for jumbo loans award.

"PNC offers jumbo financing for a variety of property types, engages in asset-based financing for qualified borrowers, and charges low origination fees," wrote NerdWallet. "Citibank originates a high volume of jumbo loans, allows down payments under 20%, has strong online capabilities, and charges low origination fees."

Lastly, NBKC and the Bank of America won the best mortgage lenders for online loans. The two made mortgage processes easier with digital tools, online preapproval, personalized rate quotes, and personal assistance via online appointment scheduling.

“NerdWallet takes pride in awarding partners that continuously aspire to help consumers make smart financial decisions," said Tim Chen, CEO and co-founder of NerdWallet. "We’re excited to congratulate this year’s best-of winners for developing innovative personal finance products, and are thrilled to honor the winners at our annual Nerd100 event later this month."