How we rate mortgage lenders
We’ve reviewed 25+ lenders and their mortgage products to help you find the best mortgage to buy a new home and the best mortgage refinancing offer. Each lender product receives a star rating between one and five based on how many points they get for each factor outlined below.
Within each major category, we considered several characteristics, including APR, debt-to-income (DTI) ratio, credit score requirements and applicable fees. We also evaluated each provider’s customer support options, borrower perks and features that simplify the borrowing process — like time to close and preapproval time.
In general, the best mortgage lenders have rates below the national average, accessible credit and DTI requirements and a fast closing process.
Buying a new home? Compare the best mortgage purchase lenders
How we chose the products we ranked
To be eligible, each lender must offer home purchase loans or refinancing loans that are available nationwide. We also consider if any actions have been taken against a lender by the Consumer Financial Protection Bureau (CFPB) or other federal agencies. If so, a lender could be disqualified from our rankings depending on the severity of the violations and their impact on customers.
Time to refinance? Compare the best mortgage refinance lenders
Ranking factors
Out of all the lenders considered, those that made our list excelled in areas across the following categories (with weightings):
- Loan cost: 30%.
- Eligibility and accessibility: 20%.
- Customer experience: 20%.
- Application process: 30%.
We base each scoring factor on what potential borrowers value the highest. In other words, we make sure to include the details and data you care about most. Here’s the complete breakdown.
Loan cost (30%)
- Interest rates (25%): Our biggest overall factor is the interest rate. But because mortgage rates change daily, we focus on comparing each rate to the national average and give points based on whether the lender’s rate is above or below that number (with anything below receiving the higher rating).
- Perks and reductions (5%): We include any special perks or discounts the lender might offer, including autopay and loyalty discounts, cash back or rewards programs and more.
Eligibility and accessibility (20%)
- Credit score (10%): We use the minimum credit score required to qualify for a home loan with the lender to take some of the guesswork out of the application process.
- Debt to income (DTI) ratio (10%): We also factor in the maximum back end DTI ratio you can have to qualify for a mortgage. Lenders who allow DTIs of 46% and above get the highest rating; 41% to 45% an average rating; and if the max DTI allowed is 40% or less, the lowest rating.
Customer experience (20%)
- Customer support options (10%): We factor in how accessible each lender is to its customers. This includes how many days out of the week customer service is available, the hours of availability and how many different contact options are available (phone, email, chat, etc.).
- Mobile app (5%): If lenders have an official mobile app, they earn 5 points; 0 points for no app.
- Trustpilot star rating (5%): Lenders receive 5 points if they have a 5-star rating on Trustpilot; 4 points for a 4-star rating and so on.
Application process (30%)
- Online application (10%): We factor in whether the lender has an online application or if you have to go in to fill one out (or finish it). Since online applications are easier and faster for most borrowers, lenders receive the most points for having the option.
- Preapproval time (10%): We also factor in the approximate time it takes to get preapproved for a mortgage, awarding the most points to lenders that do preapprovals the same day.
- Closing time (10%): This includes the approximate length of time it will take to close on your mortgage. The ability to close within 30 days awards the most points.
How we collect data
We rely on lenders when doing our research — never on third-party sources. We research each individual lender by reviewing their website and collecting data. Then, we reach out to each lender directly to collect additional information and get clarification on any details we were unable to find on the website.
We regularly recheck and update our lender information. Our data team also researches each lender annually to verify that the data is up to date.
In some cases, lenders don’t disclose certain details on their website and either don’t reply to our inquiries or don’t disclose the information at all. When this is the case, the lender does not receive any points for that factor at all and it’s marked as “Does not disclose.”
USA TODAY Blueprint’s editorial standards
Every article is fact checked by our writers and editors along with our data and compliance teams to ensure we have the most accurate and up to date information. Our team uses a data-driven methodology based on what borrowers value most to determine each rating.
We pride ourselves on our journalistic integrity and our goal is to always empower our readers to make sound financial decisions. Advertisers do not influence any of our content, opinions or evaluations.
