Top 25 mortgage lenders in USA with reviews
Mortgage lenders are the companies that provide loans for home buyers and sellers. They can be banks, credit unions, or other financial institutions. The most common types of mortgages include fixed-rate and adjustable-rate mortgages (ARMs). A lender will evaluate your situation to determine whether you qualify for a loan and what type of loan is best suited for you. If you decide to apply for a mortgage, there are several things you should know before you start shopping around. The following are the top 25 mortgage lenders in usa with reviews:
1. Penny mac
This is an online lending company based out of California. It offers a variety of different products including auto title loans, personal loans, and installment loans. Penny Mac has been offering their services since 2004. This company was founded by Penny Mac who wanted to help people get back on track after they had fallen into bad debt situations. Penny Mac provides its customers with fast service and easy access to all of their information.
2. Quicken Loans
Quicken Loans is one of the largest providers of residential real estate loans in the United States. It is headquartered in Michigan and has more than 1,000 branches throughout the country. In addition to providing traditional mortgages, this company also provides reverse mortgages and FHA loans. Quicken Loans was founded in 1989 and has grown to become a major player in the industry.
3. Wells Fargo
This is another large provider of residential mortgages. Based in San Francisco, it has over 10 million customers and has provided financing for almost half of U.S. homes. Wells Fargo is known as the fifth-largest bank in the world. Its headquarter was established in 1852. Wells Fargo offers many different kinds of loans from conventional to government-backed loans. Some of its products include ARMS, VA loans, USDA loans, FHA loans, jumbo loans, and construction/land loans.
4. Chase
Chase is one of the oldest and biggest players in the mortgage industry. Founded in 1850, it became part of JP Morgan Chase & Co. in 2000. Chase offers private money loans, commercial real estate loans, and consumer loans. Most of its clients are small businesses and individuals who need quick cash. Chase is one of the few big banks that offer no-cost checking accounts.
5. SunTrust Mortgage
SunTrust Mortgage is a subsidiary of SunTrust Banks located in Atlanta, Georgia. It was founded in 1980 and offers both conventional and government-backed loans. Its products include fixed-rate mortgages, ARM loans, purchase loans, refinance loans, and home equity lines of credit.
6. CitiMortgage
CitiMortgage is a division of Citigroup Inc., which is based in New York City. It was founded in 1997 and is dedicated to providing consumers with mortgages. CitiMortgages offers both conventional and government-backed loans. Some of the products it offers include conforming, jumbo, FHA, VA, USDA, 203k, and Fannie Mae.
7. KeyBank
KeyBank is based in Buffalo, New York. It is a federally chartered savings bank with approximately $180 billion in assets. This company started in 1799 as the Bank of the State of New York. As a result of the 2008 financial crisis, KeyBank acquired hundreds of smaller community banks across the country. Today, KeyBank operates more than 400 locations across 35 states.
8. US Bancorp
US Bancorp is based in Minneapolis, Minnesota. It is the parent company of US Bank, which has over $400 billion in assets. The first headquarters of US Bank was built in 1917, making it the second oldest operating bank in America. Since then, the company has expanded each decade and now employs around 50,000 people. In 2014, US Bank acquired Sovereign Bancorp and its branch network in Nebraska, Colorado, Wyoming, Missouri, Illinois, Indiana, Kentucky, Iowa, Wisconsin, Kansas, Oklahoma, Texas, Arkansas, Mississippi, Alabama, Florida, and Louisiana.
9. loanDepot
loanDepot is an online marketplace where borrowers can find short-term loans. Consumers sign up through the website and receive information on how much they qualify for and what their interest rate will be. After choosing a lender, the borrower receives a loan amount within 24 hours. loanDepot acts as an intermediary between the lender and the borrower. It charges fees for this service and those fees vary depending on whether you choose to use the service.
10. LendingTree
LendingTree is a peer-to-peer lending platform that connects borrowers looking for loans with investors willing to provide them. The company was launched in 2006 and since then, has connected more than 2.3 million borrowers with more than 3.2 million dollars in funding from more than 100,000 lenders.
11. Prosper
Prosper is another P2P lending platform that helps connect borrowers with investors. The company began in 2007 on Stanford University’s campus as a way to help students get financing for their education. Since then, it has expanded into multiple industries including real estate, commercial finance, and residential finance. By 2009, it had $1.4 billion in capital commitments.
12. ZestFinance
ZestFinance is a peer-to-peer lending platform designed to make small-dollar lending accessible to everyone. Founded in 2011 by Dan Schatt and Tom Sater, the company allows individuals to become accredited investors by purchasing shares in the business and also provides borrowing opportunities for those seeking cash flow investment.
13. Funding Circle
Funding Circle is a British FinTech startup that works with institutional and individual investors to facilitate longer-term investments. Investors fund businesses through the site directly or indirectly via friends and family. The companies are evaluated using a point system to determine eligibility for investment, the return expected from the company as well as social and environmental impact. Its target market includes both developed and developing markets.
14. OnDeck Capital
On Deck Capital is a San Francisco-based fintech company founded in 2010. A year later, the company raised $50 million and it uses mobile technology to enable consumers to search for, compare, and apply for personal loans quickly and easily. On Deck targets consumers with credit scores below 620. The typical loan is for $1000, with payment terms ranging from two weeks to 60 days. On Deck does not guarantee approval, but offers a quick turnaround time (via text message).
15. Guaranteed Rate
Guaranteed Rate is a New York-based firm that primarily focuses on consumer debt. The firm was founded in 2012 and so far, has acquired over 1.5 million dollars in consumer debt. In October 2014, the company received additional funding from First Republic Bank Corporation and UBS AG. The company focuses on helping its clients manage their finances at home or abroad.
16. Guild Mortgage
GuildMortgage is one of the largest providers of private money lending in California. Based out of Los Angeles, the company was founded in 1925 and today services homeowners, businesses, nonprofits, government agencies, celebrities, and others. The company started as an online lender but now operates across all 50 states. As of June 2013, the company had originated more than 500 million dollars worth of loans.
17. Nationstar Mortgage
Nationstar Mortgage is a Dallas-based financial services provider. The company specializes in buying mortgages from other banks, fixing and flipping them, and selling them to investors. Nationstar is the world’s leading investor in mortgage-backed securities. The company has purchased billions of dollars of mortgages from other banks since 2006. As of August 2014, the company manages nearly 700,000 mortgages and serves more than 100,000 customers nationwide.
18. Flagstar Bank
The company, formerly known as Flagstar Bancorp, Inc., is one of the 10 largest banking institutions in Michigan. It currently operates under three subsidiaries: Flagstar Bank, FSB National Association; Flagstar Bank, FSL Corp.; and Flagstar Bank, FSBN LLC. Founded in 1872, the bank provides retail banking products including checking accounts, savings accounts, certificates of deposit, debit cards, small business loans, mortgages, auto finance, student loans, and commercial real estate financing.
19. American Financial Network
American Financial Network, also known as AFN, is a Chicago-based non-bank lender. The company was founded in 1998 and provides small business owners with capital by issuing asset-based lines of credit and term loans. American Financial Network provides small business owners with access to capital no matter what industry they are in.
20. OneMain Financial
OneMain Financial is a Columbus, Ohio-based non-bank lender that provides small business owners with short-term loans. The company was founded back in 1997 and is a subsidiary of Main Street Partners. Over the years, the company has issued hundreds of millions of dollars in loans.
21. USAA
USAA is a Phoenix-based insurance and financial services company that was founded in 1935. Today, the company provides life insurance, health care benefits, retirement plans, mutual funds, banking, investment management, mortgage lending, vehicle insurance, and property and casualty insurance for military members and their families.
22. FirstMerit Bank
FirstMerit Bank is a Grand Rapids-based financial institution serving individuals and businesses. The company was established in 1992 and offers personal banking, business banking, wealth management, retirement planning, trust & estates, and mortgage banking services.
23. PrimeLending
PrimeLending is a San Francisco-based direct lender which focuses on providing small business owners with loans. The company was launched in 2011 and offers loans between $10,000 and $1 million.
24. Broker Solutions
Broker Solutions is a New York City-based broker that helps brokers sell home improvement contracts. The company was founded by Michael Rizzi who worked at Home Depot for over 20 years. Broker Solutions sells contractors up to $2 million worth of work per year.
25. LendKey
LendKey is a Los Angeles-based online marketplace that connects borrowers looking for loans with lenders. The company was founded by Mark Frischling in 2009. He chose to start this company because he saw an idea gap in the market. Most people don’t have loan options or simply can’t get approved for traditional loans. In 2017, LendKey closed its Series A funding round by raising $63 million. The company uses artificial intelligence to make sure every application is reviewed within 24 hours. LendKey is currently available in 31 states across the country.
Conclusion
The best way to find out how to borrow money when you need it is to compare different lenders. Hopefully, after reading our list, you now know about some great companies that offer small loans. If you want to learn more about any of these companies, just click on each one to view their website.