Mortgage Companies
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HomeFinancial ServicesMortgages & Loan Modification
Whether you’re a first time homebuyer, a landlord seeking rental properties or a real estate investor, you will probably need the help of a mortgage company to complete your property purchase. Mortgage companies help people secure funding in the form of secured loans against residential or commercial property. Mortgage companies also help property owners refinance existing loans if they are having financial difficulties or might benefit from new terms.
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Top 10 of the Best Rated Mortgage Companies
Amerisave Mortgage
Amerisave Mortgage reviews
(855) 259-2431
Visit Amerisave
Amerisave Mortgage is one of the United States' largest online mortgage lenders. The mortgage broker, headquartered in Atlanta, GA, was first founded in 2001.
company is accredited
Read 1908 Reviews
Caliber Home Loans
Caliber Home Loans reviews
Caliber Home Loans, Inc., originates mortgage loans through various channels and transaction types, and since its inception, grown its mortgage production volume while growing its servicing portfolio to over $75 billion.
company is accredited
Read 881 Reviews
Jersey Mortgage Co.
Jersey Mortgage Co. reviews
Jersey Mortgage Co. is a mortgage company founded in 1938. It offers loans and mortgage refinancing in New Jersey, Pennsylvania, New York, Florida and Connecticut.
company is accredited
Read 112 Reviews
Prospect Mortgage
Prospect Mortgage reviews
Prospect Mortgage is a mortgage lending company that is backed by private equity firm Sterling Partners. The company, which is headquartered in Sherman Oaks, CA, offers a range of home loan solutions.
company is accredited
Read 441 Reviews
Nationstar Mortgage
Nationstar Mortgage reviews
Headquartered in Dallas, TX, Nationstar Mortgage is a lending company founded in 1994. Nationstar currently serves more than 2 million customers, and they service more than $375 billion in loans.
company is accredited
Read 5593 Reviews
Lending Tree
Lending Tree reviews
LendingTree offers a wide range of loan services, including auto loans and mortgages. The company was founded by Doug Lebda in 1998, and it is headquartered in Charlotte, NC.
company is accredited
Read 530 Reviews
Ocwen Loan Servicing
Ocwen Loan Servicing reviews
(844) 325-9165
Learn More About Ocwen
Ocwen Loan Servicing specializes in servicing high risk home loans. Headquartered in Dunwoody, GA, Ocwen was founded in 1988, and they service loans for homeowners in all 50 states.
company is accredited
Read 1562 Reviews
Network Capital Funding Corporation
Network Capital Funding Corporation reviews
Network Capital Funding is a nationwide direct mortgage lender. With legendary customer service & competitive rates, the company is an INC 500 Honor Roll recipient for the Fastest Growing Companies for 5 consecutive years.
company is not accredited
Read 124 Reviews
Quicken Loans
Quicken Loans reviews
Quicken Loans is a lending company that has funded more than 2 million home loans. Founded in 1985 in Detroit, MI, the company is now the second largest mortgage lender in the United States.
company is not accredited
Read 2567 Reviews
Guaranteed Rate Mortgage
Guaranteed Rate Mortgage reviews
Guaranteed Rate Mortgage is headquartered in Chicago and has grown into a national company since it was founded in 2000. The company provides loans in all 50 states from 189 offices and online with digital mortgages.
company is not accredited
Read 28 Reviews
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Michele LernerMortgage & Real Estate Contributing Editor
Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals. More about Michele→
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What features matter most?
Positive reputation
Brand-name mortgage lenders do more business than new mortgage companies because people recognize their name. Name recognition often leads consumers to believe the lender is honest and competent. Whether you go with a brand name or a lesser-known company, check out its reputation before you sign.
Number of loans in default: If a mortgage company has a high default rate, it might be engaging in risky practices, like approving loans that people can’t pay back. It’s not in your best interest to do business with an indiscriminate lender because you could end up with serious financial problems.
Look for predatory lending complaints: An unknown or newer business may be perfectly legit, but it also may be a scam. Check out complaints to find out whom you’re dealing with.
Check out customer feedback online: Online reviews aren’t always accurate, but if a lender is getting more positive feedback than negative or vice versa, it can give you an idea of what you can expect. It’s also important to check out how a complaint has been resolved if that information is available.
Financing options
There are more financing options than ever in the digital age. If a mortgage lender only has a limited number of options – only fixed-rate mortgages, for example – you might miss out on opportunities that could save you money in the long run.
Online financing options: If you’re comfortable using a computer for financial applications, you can comparison shop and apply for mortgages via some lenders’ websites. Just make sure your personal information is encrypted and that mortgage applications are legitimate.
Adjustable vs. fixed rate mortgages: The type of mortgage you pursue depends on market conditions. If interest rates are likely to rise, you may be better off with a fixed-rate mortgage, but if they are expected to fall, an adjustable mortgage could save you money. It’s essential to understand the worst case scenario on an adjustable rate loan – the highest your payment could rise – to make sure you are prepared.
Potential obstacles: The type of mortgage you may qualify for depends on your credit history and credit score. Find out what you are likely to qualify for before you start looking, then approach mortgage lenders who offer the options you’re interested in. Reputable mortgage lenders can advise you on steps to take so you’re eligible for the best loan terms.
Personal referrals
The mortgage company your sister used last year is often more trustworthy than the one you found via a Google search. The company you found on Google may be perfectly fine, but if you don’t know anybody who used it, you can’t verify its quality like you can when asking friends and family.
Ask for specifics: You may be looking for something different than what your family members or friends wanted. Find out what they liked about the companies they recommend.
Get a balanced picture: Ask your friends and family to share both the negatives and the positives in their experience so that they don’t give you an overly positive picture.
Check out referred companies on your own: Don’t commit to doing business based on a personal referral alone. Use it as a starting point to investigate companies and choose the one that is best for you.
Lowest possible interest rates
Depending on your credit, you may not qualify for the most favorable loan terms. However, your mortgage company should do its best to get you the lowest interest rate possible.
Ask your financial advisor about interest rates: You should have an idea of what standard interest rates are prior to talking to a mortgage broker. If you’re offered a rate that is much higher than average, find out why.
Comparison shop: Talk to several different mortgage companies. Find out what interest rates each one offers and choose the company that gives you the best deal. It’s smart to check out different types of companies such as a credit union, a big bank, a community bank and a mortgage banker to compare your loan options.
Learn about pre-payment options: Determine how much you can save any money by paying your mortgage off early. If you can, consider doing so in order to keep interest rates as low as possible.
Clear payment terms
Getting the loan is only the first step. You will also need to understand how and when to pay it back, what interest rates and fees you’re looking at and what the consequences are if you are late with your payment.
Find out the payment schedule: If you have graduated payments, which go up periodically, you need to know it in advance so you aren’t hit with an unpleasant surprise down the line.
Put late fee amounts on a post-it note: Give yourself a visual reminder of how much it costs you to be late so that you make your payments on time.
Escrow payment inclusion
In addition to your home loan, you’ll need to pay homeowner’s insurance costs and property taxes on the home. Some mortgage lenders include these expenses in your monthly payment so you don’t have to worry about them.
Get your home appraised: Find out how much your property taxes are likely to be, then ask your mortgage lender if a specific amount can be included in your monthly payment.
Open your own escrow account: If your mortgage lender does not take care of escrow for you, open your own account and put money aside each month so that you have the funds when the insurance and tax bills are due.
Ask about fees: If your mortgage lender gives you a choice about how to handle escrow and related expenses, find out if there’s an extra fee for handling it yourself.
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What are different types of mortgage companies?
Mortgage bankers
Mortgage bankers make money by selling mortgage loans shortly after funding them. They often offer attractive rates since they make their money on re-selling the loans.
Mortgage brokers
Mortgage brokers help people complete their loan application and find several lenders and loan programs that might fit their needs. The mortgage broker then works with the chosen to lender to assist as the loan gets processed.
Correspondent lenders
Correspondent lenders act as agents for funding lenders. They do the paperwork, approve the loan and sell it to a funding lender with whom they have a business relationship. Since correspondent lenders work with a variety of funding lenders, they can often direct you to low interest loans.
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Who's it for?
First-time home buyers
People who are ready to own a home for the first time usually depend on mortgage companies for funding. These people might qualify for special rates or for tax credits because they are buying their first home. A lender experienced with first-time home buyers should know about local homebuyer programs for down payment assistance.
Rental property companies
People who want to rent property out to others first have to buy the property. They pay the mortgage each month using their tenants’ rental payments; payments above the mortgage amount become profit.
Business owners
Business owners, who want to own their premises rather than renting, may need to obtain a commercial mortgage. Commercial mortgages cover the cost of the property and may be considered a business expense for tax purposes.
Real estate investors
Some investors make money by buying houses and selling them for a profit. Sometimes, investors will “flip” a house by buying something that is not in good condition, renovating it to increase the value of the property and then selling it; other investors simply buy houses and sell them for more than they paid for them. Either way, investors often need to take out a mortgage when buying investment property.
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Company reviews
Nationstar Mortgage
NationStar Mortgage offers a variety of mortgage products to help consumers find the best mortgage match for their needs. Options include fixed-rate and adjustable loans, specialized loans for military members and luxury homebuyers and loans for refinancing.
Packages for first-time homebuyers: NationStar pre-approves first-time homebuyers for loans. This pre-approval helps the buyers know what they can afford and directs their negotiation process.
Customer support: Customers can call Nationstar for a 10-minute loan consultation or submit an online loan request form.
Helpful calculators: The NationStar website provides calculators to help consumers figure out how much they can borrow, how much they stand to save in taxes and if they would benefit from debt consolidation.
Home equity cash out: The company provides home equity cash outs for homeowners who need to pay for a child's education or improve their property.
Guidance: NationStar delivers no-nonsense help, competitive rates and a clear loan process.
Best for Those who aren't sure what their options are and those who prefer to begin the loan process online.
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Amerisave Mortgage
Amerisave Mortgage offers all mortgage products, including VA/military, USDA and nonconforming mortgages. Consumers apply online for loans, and upon approval they can download the documents and mail them to the company.
Mortgage rate alerts: The company provides a sign up form for specialized, emailed mortgage rate alerts.
One-minute mortgage loan quotes: Consumers can fill out an online form with their information, such as their loan type and credit score that allows them to receive a rate quote in one minute.
Preapproval: Amerisave provides pre-approval for homebuyers to make the search process easier.
In-house operations: The company processes, underwrites, closes and funds all of its loans in-house to help ensure fair prices and smooth operations.
Customer support: Consumers are able to fill out a form online and the next available agent will call them.
Best for Those who need atypical loans and those who prefer the loan process through the mail or online.
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Prospect Mortgage
Prospect Mortgage, backed by private equity firm Sterling Partners, is an independent residential retail lender. It offers traditional mortgage loans such as fixed-rate and adjustable rate mortgages as well as more unusual products, including super jumbo loans.
Consultative approach: Loan officials from Prospect Mortgage listen to borrowers, discuss their goals and help them pick the right loan.
Higher chance of loan approval: Prospect Mortgage has more control over approvals and can fund loans that other companies cannot, because its processes are in-house.
Easy applications: Submitting a form on the Prospect Mortgage home page begins the loan application process.
Loan servicing portal: Submitting a form on the Prospect Mortgage home page begins the loan application process.
Customer support: Consumers can call customer service, visit a branch in person, email the company or prequalify online.
Best for Consumers who have been denied by other mortgage loan companies or people who are renovating.
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Jersey Mortgage Co.
Jersey Mortgage Company offers mortgage loans in New Jersey, New York, Pennsylvania, Florida and Connecticut. The company provides customized loans instead of pre-made packages.
Stands behind its loans: Jersey Mortgage processes its loans in one of its three New Jersey offices instead of outsourcing the work, and the company closes with its own funds.
Informational guides: The company's website features guides for homebuyers, people who are refinancing and other useful topics.
Simple to start: Consumers fill out a short form online to get a loan officer on their case, or meet at one of several branch locations.
Employee tenure: The average employee stays more than 10 years, reflecting the company philosophy of a commitment to customer service.
Assistance for first-time homebuyers: Jersey Mortgage helps people who haven't bought a home in the past three years get down payment assistance from the state of New Jersey.
Best for People who need loan customization, those who want in-person attention and first-time homebuyers.
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Lending Tree
LendingTree is an online broker that allows personal and business consumers to request and compare customized loan offers from a network of more than 350 lenders, banks and credit partners. The company's lender network offers a wide range of financial products such as personal loans, business loans, auto loans, student loans, home loans, credit cards, refinance loans and more. LendingTree has won the Best in Industry award in the Financial Services: Website category at the 2013 New Media Award's Web Awards Competition.
Simple online application: LendingTree requires consumers to complete a single online application form that is sent to multiple lenders for evaluation.
Instant quotes: Qualified applicants receive personalized loan offers in minutes.
No footprint: Consumers can request quotes and evaluate their loan options without affecting their credit score.
Free, no-obligation quotes: LendingTree provides free, no-obligation quotes and lenders do not require consumers to pay any upfront frees to guarantee or insure loan offers.
Tools and resources: LendingTree offers online tools and resources to help consumers manage their finances and make informed financial decisions.
Best for Individuals looking to start a business, refinance debt, fund an expensive life event or pay for unexpected expenses.
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Ocwen Loan Servicing
Ocwen Loan Servicing was founded in 1988 and has over 10,000 employees and operations across the United States as well as in the U.S. Virgin Islands, India and the Philippines. They provide lending solutions for residential and commercial customers, including home loans, investment property loans and reverse mortgages.
Free mortgage assistance solutions: Ocwen has several options for homeowners to consider instead of foreclosure if they are unable to afford to stay in their homes. These options include help with listing a property for sale, forgiveness of debt in exchange for transferring the deed to the property and debt settlement through foreclosure alternatives.
Online application: Submit an online application to get started finding the right loan for your needs. Check your loan status online.
Commercial mortgages: Ocwen has over 20 years of experience managing performing and non-performing mortgage loans for commercial clients. Their commercial mortgage services include default management and small balance portfolio management.
Homeowner resources: Ocwen’s website has several resources for homeowners and home buyers to explore, including a convenient mortgage rate comparison table that allows consumers to determine which type of mortgage will work best for them.
REO property listings: Ocwen’s website includes listings of their REO (Real Estate Owned) properties. Simply input your desired area code to find and bid on homes for sale in your area.
Best for Ocwen Lending Services is best for business owners and first time homebuyers, real estate investors will also benefit from Ocwen’s REO listings.
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Network Capital Funding Corporation
Network Capital Funding offers mortgage programs for first-time homeowners, experienced buyers and wealthy customers alike. It operates in many U.S. states, including California, Texas, Virginia, Illinois and Florida.
Best for Residents of a state Network Capital serves, people who want to avoid fees, consumers who know their mortgage goals and people with good credit scores.
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VARateLock.com
VARateLock.com is an Arizona based mortgage service that helps qualified former or active military borrowers find VA approved loans or home mortgages. The company seeks to match military customers with lenders who can assist with filling out mortgage applications and obtaining a home mortgage.
Best for Current military members and former military members.
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Guide To Lenders
Founded in 2005, Guide To Lenders provides customers free mortgage quotes from a wide network of mortgage lenders. The company also offers valuable information and educational guides for customers about home financing.
Best for People planning to purchase a home and homeowners looking to refinance their home.
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Disclaimer
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.