Our experts answer readers' home-buying questions and write unbiased product reviews (here's how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.

Because there are so many options to choose from when it comes to online mortgage lenders, it can be hard to know which one is right for you. 

Our favorite online mortgage lenders offer things like automated document retrieval, digital closings, and more. 

*Minimum credit scores are for conforming loans. If you qualify for another type of loan, you might be able to secure a loan with a lower score.

Best Overall Online Mortgage Lender

The bottom line: Guild Mortgage is a good option for many types of people, because it has multiple home loans for borrowers in different situations. It also accepts non-traditional credit, such as rent or utility payment history, from borrowers with no score.

Guild Mortgage can help connect you with down payment assistance programs in your county, making it a particularly good choice for first-time homebuyers and others having trouble coming up with a down payment. It also offers a hybrid digital closing option and has an A rating from the BBB.

In 2021, Guild ranked above the industry average on J.D. Power's 2022 Mortgage Origination Satisfaction Study.

Best for Low-Income Borrowers

The bottom line: Bank of America is a good mortgage lender overall, but you'll need a decent credit score to qualify for a mortgage. Its Community Affordable Loan Solution is an extremely affordable mortgage option for low-income borrowers in eligible areas.

Bank of America is a good mortgage lender for first-time or low-income homebuyers and current Bank of America customers. When you get a mortgage with this lender, you may be able to get up to $7,500 in closing cost assistance and up to $10,000 in down payment assistance. If you already have an account with Bank of America, you may be able to get a discount on your origination fee.

With its Community Affordable Loan Solution, you could get a zero-down mortgage with no closing costs and no minimum credit score required. But this mortgage option is currently only available in a handful of cities.

Bank of America has an A+ rating from the BBB. It ranked above average in J.D. Power's customer satisfaction study.

Best for First-Time Homebuyers

The bottom line: Better.com is a great option for those who are new to the homebuying process, with live online chat, no fees, and a fast, simple application process. However, its loan offerings are fairly limited.

Better.com is a good choice for borrowers looking for a quick, easy preapproval process. It also stands out for having no lender fees. However, its loan options are limited; if you're looking for a VA or USDA mortgage, you'll need to look elsewhere.

Better.com has a B rating from the BBB. It ranked below average in J.D. Power's 2022 Mortgage Origination Satisfaction Study.

Best for Low Credit Scores

The bottom line: Carrington accepts credit scores as low as 500 and accepts borrowers who have recent negative events (such as bankruptcy) on their credit reports. 

For borrowers with poor credit, Carrington is a strong option. It's Carrington Flexible Advantage mortgage is available to borrowers with scores as low as 550 or negative credit events like bankruptcy on their credit reports. Borrowers can get a government-backed loan from this lender with scores as low as 500.

Carrington has an A+ rating from the BBB. 

Best for Remote Closings

The bottom line: Fairway Independent Mortgage provides many types of home loans and has several term lengths to choose from. It also allows borrowers to have hybrid or fully remote closing experiences. 

If you're looking for a faster, streamlined closing experience, you might find Fairway Independent's digital closing option attractive. It's also a solid option if you need a renovation loan.

This lender has an A+ rating from the BBB and ranked No. 4 on J.D. Power's 2022 study.

Best for Exploring Rates

The bottom line: Guaranteed Rate is a good lender for several types of home loans, including interest-only mortgages that can be hard to find elsewhere. It also makes it easy to see customized rates and potential monthly mortgage payments across multiple loan options.

Guaranteed rate is an overall strong online lender, particularly for borrowers looking for a digital closing option. You may also be able to use non-traditional credit (such as rent or utility payment history) to qualify with this lender if you don't have a credit score.

This lender has an A+ rating from the BBB, and ranked above average on J.D. Power's annual study.

Best for Government-Backed Loans

The bottom line: New American Funding is a strong mortgage lender overall, particularly for FHA, VA, or USDA loan borrowers. Plus, its buydown loan and I CAN loan make it easy to customize a mortgage to your specific needs.

New American Funding offers all three of the most popular government-backed mortgages to borrowers with lower scores (you'll need a 580 score to get an FHA or USDA loan, while VA borrowers can have "less than perfect" credit, the lender says). 

Its I CAN mortgage is also a good option for borrowers who want to tailor their term lengths to their exact needs. With this mortgage, you can pick any loan term from eight to 30 years.

This lender has an A+ rating from the BBB and accept alternative forms of credit. It currently doesn't originate mortgages in Hawaii or New York.

Best for Refinancing

The bottom line: Rocket Mortgage is a good option for refinancing your mortgage thanks to its simple application process and great customer service.

Rocket Mortgage ranked as the top lender for customer satisfaction from J.D. Power for 11 consecutive years, and ranked No. 2 in 2021. It currently has an A+ rating from the BBB. This lender provides a quick, easy online experience and offers mortgages with terms as short as eight years.

If you get a mortgage with Rocket Mortgage, you'll complete the application process remotely, because it doesn't have any physical branches. You'll also need a decent credit score, since this lender doesn't accept non-traditional credit.

Best Big Bank

The bottom line: Chase is an overall affordable mortgage lender, and is a good option for borrowers who want both the convenience of a big bank and the ease of an online application process.

Chase offers robust rate customization tools that let you see personalized sample rates without having to provide contact information. It also offers multiple types of assistance that can help low-income or first-time homebuyers afford a home, including its affordable DreaMaker mortgage and down payment assistance up to $5,000. 

This lender has A rating from the BBB, and it ranked No. 2 in J.D. Power's annual study.

Best for Live Online Chat

The bottom line: Citizens Bank is a solid lender for borrowers who like to have human assistance as they go through the mortgage process, as its live online chat feature makes it easy to connect with a loan officer who can answer your questions.

Citizens is another good lender for affordable mortgage features. It offers down payment assistance in certain areas and its Destination Home Mortgage allows 3% down payments with no monthly mortgage insurance.

Citizens Bank has an A+ rating from the BBB, and it ranks slightly below the industry average in J.D. Power's 2022 study.

Other Mortgage Lenders We Considered

We evaluated over two dozen mortgage lenders before picking our favorites. Here are the other lenders we looked at and reasons they didn't make the cut:

• Navy Federal Credit Union: Navy Federal does have a good online application process, but membership is limited to certain people.
• Pentagon Federal Credit Union: If you have a 650 credit score, PenFed offers $500 to $2,500 in lender credit for all members, depending on how much you borrow. The credit union doesn't have FHA or USDA mortgages, though.
• USAA: USAA only offers VA mortgages right now.
• LoanDepot: LoanDepot is a solid lender, but it doesn't have any features that set it apart from the crowd.
• Wells Fargo: Wells Fargo has had multiple public controversies over the past few years regarding claims of racist lending practices, creating fake bank accounts, and charging customers for insurance products they didn't sign up for.
• Caliber Home Loans: Caliber is a strong lender, but there are no standout features.
• Truist: Truist has a good low down payment option with no mortgage insurance, but it only ranks average in J.D. Power's annual survey.
• Veterans United: Veterans United offers several types of mortgages, not just VA mortgages. It's difficult to find information for non-VA mortgages on its website, though.
• CMG Financial: CMG has unique grant opportunities and mortgages. They could be good options, but these programs aren't for everyone.
• Flagstar Bank: This lender offers several types of home loans, but none of its features make it stand out.
• Movement Mortgage: Movement Mortgage will process your mortgage within seven business days, so it's a good option if you're in a hurry.
• Ally: Ally has a fully online process, but the bank only has conventional mortgages.
• NBKC Bank: NBKC is a solid mortgage lender, but it didn't have as many standout features as the lenders we included.
• US Bank: This bank ranked low on J.D. Power's annual study.

Methodology: How We Chose the Best Online Mortgage Lenders for 2023

We considered lenders that let you do most of your application process online, and many of them help you track your payments and balance online. To choose the best online mortgage lenders, we evaluated the following factors: 

• Loan types. Did a lender offer several types of loans to suit customers' needs, such as conventional loans, government-backed loans, and home equity loans?
• Customer satisfaction. If the lender appeared in the J.D. Power 2022 Mortgage Origination Satisfaction Study, we looked at its ranking. If it wasn't in the study, then we read online customer reviews.
• Affordability. We looked at lenders' minimum credit scores and down payment amounts. We also checked whether they offer government-backed loans, which can be more affordable for borrowers with less-than-perfect financial profiles. Finally, we looked at whether they have flexible credit requirements on any of their mortgages. This includes allowing borrowers to have recent negative events on their credit reports or accepting non-traditional credit from those with no credit score.
• Ethics. Each of our top picks received a B or higher from the Better Business Bureau, which measures companies' trustworthiness. We also considered any public controversies in the last three years.

Are These Mortgage Lenders Trustworthy?

The Better Business Bureau grades companies based on responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB grades for our top online mortgage lenders:

Most of our picks have an A+ from the BBB. The exceptions are Better.com, Guild Mortgage, and Chase.

Guild Mortgage has an A due to government action against the lenders. Better.com has a B due to the high volume of complaints on the BBB website. 

In 2020, Guild Mortgage paid the United States $24.9 million when it was accused of approving FHA mortgages for people who didn't qualify, resulting in loan defaults.

The Department of Justice required JPMorgan & Chase to pay $920 million for wrongful trading in 2020.

Some of the other lenders on our list have some recent controversies, too, despite strong BBB grades.

Guaranteed Rate is paying the government $15 million. A former employee claimed that the lender pressured underwriters into lying so that the government would insure FHA and VA loans. The Department of Justice said that the lender attempted to stop these illegal practices even before the federal investigation began, though.

In 2020, the Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans.

Citizens was the subject of a 2020 complaint filed by the Consumer Financial Protection Bureau alleging that Citizens violated the Truth in Lending Act by inappropriately handling billing errors on consumers' credit card accounts.

Things to Consider When Choosing an Online Lender

Not sure how to find the online mortgage lender that's right for you? Here are some questions to think about as you search:

• Which lenders offer the mortgage I'm looking for? Some online lenders have limited mortgage options. If you're looking for a specific type of mortgage such as an FHA mortgage, be sure the lenders you're considering offer them.
• What features and benefits are most important to me? Do you just want the lowest rates? Good customer service? Easy-to-use digital tools? Finding a lender that offers the amenities you want will help you have a better experience.
• What fees do they charge? Many lenders charge lender fees, such as application or underwriting fees, that you'll pay as part of your closing costs. These fees can vary, so it's important to compare both rates and fees from any lenders you're considering.
• Do they offer mortgages in my state? Online lenders aren't always licensed to originate mortgages in all 50 US states.
• What down payment do they require? Some lenders will allow you to put down as little as 3% on your mortgage, while others have higher minimum down payments.
• What has others' experience been? Reading online customer reviews can help you get an idea of how satisfied borrowers are with a particular lender. You can also check out J.D. Power's annual ranking of the top lenders in customer satisfaction.

Frequently Asked Questions

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