Finding the right lender will make buying a new home or refinancing an existing mortgage easier. The following are what Loanbox Mortgage found to be the best lenders in California for that category.
These lenders are rated based on several criteria, including cost, servicing, and options, or the loan types and features.
Best Mortgage Lender for First-Time Homebuyers: Quicken Loans
This lender has over 30 years of experience in the industry and the best in customer satisfaction for 9 consecutive years, according to J.D. Power. Quicken Loans offers FHA and VA loans, fixed- and adjustable-rate loans, mortgage refinancing, and jumbo loans. The firm has over 3,000 mortgage bankers, each of which acts as a single point of contact for the borrower throughout the process.
Quicken Loans is the best choice for first-time homebuyers due to its excellent online origination platform Rocket Mortgage. Rocket Mortgage applications can be done purely online, which makes it ideal for those who prefer to do business transactions with their smart devices. With your approval, it can access asset statements from almost every financial institution and tell you the amount you can loan in minutes.
Best Online Mortgage Lender: J.G. Wentworth
This lender has veterans in mind owing to its origins of being a company founded by veterans, but it also has something for other borrowers, particularly those in the low and middle-income brackets. It offers FHA, USDA, and VA loans; its adjustable-rate loans come in 3/1, 5/1, 7/1, and 10/1; and has loan programs for qualified low- to moderate-income earners.
The company has produced competitive home loan rates and its online platform is packed with features that give users a wide range of options. For one, its online mortgage tools show users all fixed-rate and ARM loans the company has available in a location. This gives users all the relevant information they need before talking with a loan officer.
Best In-State Mortgage Lender: Chase Bank
Chase Mortgage, needless to say, is one of the biggest players in the financial and mortgage industry, offering an impressive suite of services for just about any type of borrower. It has all the products one would expect from a financial company of its size, offering purchase, refinance, home equity, jumbo, fixed and adjustable, and government-backed loans, among others. The company offers home buyer grants to qualified borrowers and current Chase account holders are provided with special deals and discounts.
Chase combines mortgage affordability and excellent customer service. In addition, it offers multiple products to its clients like credit cards and deposit accounts–services not offered by its rivals. Its mortgage lending business is offered as an amenity, which means that it will likely be more accommodating to its customers than other profit-centered lenders.
Best FHA Loan Lender: New American Funding
New American is known for its fast loan closing times, good customer service, and services not available in other banks, such as zero overlays, manual underwriting, and non-traditional credit evaluation, which is ideal for certain borrowers. It also offers FHA and VA loans. New American has several branches in Los Angeles.
New American has a solid background in originating FHA loans and customer service. It services the majority of its home loans throughout their duration, helping borrowers avoid the frustration of having to deal with two separate companies in closing their mortgage. Spanish-speakers in California would also be delighted to know that New American is one of the few lenders that offer services in Spanish.
Best VA Loan Lender: Navy Federal
Navy Federal Credit Union is a credit union chartered and regulated under the authority of the National Credit Union Administration. It is the largest natural member credit union in the country in terms of both asset size and membership. It is also the largest VA lender in the US and is known for offering high-quality loan servicing to military families.
Navy Federal took the top spot in VA loans due to the affordability and quality of its loans. For one, it has the lowest rates among its peers in California and it finances the VA funding fee, which is usually part of the mortgage closing cost.
Make The Best Decision
Planning to take out a mortgage? Call (949) 284-2700 to receive expert advice from a Loanbox Mortgage consultant or visit Loanbox Mortgage for a free quote.