For all those planning to purchase a home for their family first step is to decide the budget of the house of your choice. Managing the whole budget is not possible through savings and no mortgage company will provide loan amount equal to the net worth of the house. You need to figure out the right combination of down payment and the mortgage loan for yourself. In order to get the best loan, you need the best mortgage lender. Based on their offers and terms of repayment various mortgage lenders were evaluated to figure out the best among them.
Soldiers or army personnel are very important in order to ensure national and domestic security. Keeping this in mind financial products were designed for the on-duty members of the U.S. military, their dependents, spouse, veterans and children. This lender provides special fixed rate VA loans and VA jumbo loans but not everyone is eligible for this. You can avail the mortgage loan through USAA mortgage only in you qualify the military requirements. Jumbo mortgage loans with an amount of up to three million USD can be borrowed. The company does not offer FHA and USDA mortgage loans.
SoFi- Social Finance
If you are looking for a mortgage company that acknowledges your higher qualification and your earning potential in order to lend you a mortgage loan, Social Finance secures the position on the top of the list of all available options. The company conducts a pre-qualification test of two minutes keeping aside the credit score, in order to check the eligibility of the borrower for various mortgage loan schemes and offers the possible loan schemes keeping aside the credit score as the only eligibility criteria.
Like all other finance companies, SoFi funds and approves the mortgage loan application after a period of one month. The reason behind the pre-qualification process undertaken by the company lies in the fact that the company started as a student loan refinancing company and later expanded to the mortgage and personal loans. Both the fixed as well as the adjustable rate mortgage loans are readily available with usual terms. The lender does not charge origination fees making mortgage loans cheaper even at the same rate of interest.
If you are in a fix about the repayment of the mortgage loan and you think that repaying principal loan amount will be difficult in the initial years of the mortgage, an interest-only mortgage will be the best loan option for you. Guaranteed Rate lender claims the maximum customer satisfaction of 95 percent irrespective of the fact that interest-only mortgage is least favorable. The borrower needs to pay only the interest on the principal amount of the mortgage loan for the initial 5-10 years and after that, the repayment of the principal amount starts.
Mortgage loans take a couple of weeks to be processed, the most difficult, and the time-consuming part includes filling application for the mortgage loan. Quicken Loans is the perfect lender as it provides the provision to file the application online and facilitates quick processing of the loan. This lender secures five out of five rating in customer satisfaction. All the services are available online free from any human interference making the user satisfaction more prominent. The only drawback that one may figure out with this lender is the absence of office.
There exists a bundle of options available from hundreds of mortgage companies claiming the least rate of interest and longest period of repayment but these options are limited for new borrowers only. Limited options are available for those planning for a refinance as financers are in a fix about the credit history of the borrower and are curious about the reason behind the refinance. Loan Depot is the best lender for the borrowers to refinance the loan. The company is so popular that it refinanced mortgage loans worth $70 billion, which indeed is quite a huge sum.
For those happy with the countrywide service of the online mortgage companies, Lenda is a bright option providing online-only mortgage loan with remarkable performance and best user experience. The borrower can check for the refinancing estimates online. The best part of this lender is the services are catered offline also. Exclusive services by the company officials facilitate the tedious process of filling application. The user interface is simple enough for amateurs. The borrower as well the lender need not worry about the loss of any document as all the documents along with mortgage applications are secured digitally.
For all those worried about the authenticity of the lender, Chase is the answer. Chase is not only the country’s biggest rather it is the world biggest bank catering hundreds of financial services in the most traditional and secured way. Chase secures the biggest customer base availing financial services in one form or other. The one on one human interaction to get the best mortgage quote and clear all the doubts is available at all its branches. So many mobile applications and online services provide the best user experience.
The Bottom Line
It is important to choose a good mortgage lender for yourself, as mortgage is also a debt in itself, and no debt is good. One of the ways to make sure that only the best service or product is availed is to go for the top rated and best service providers. Company profile matters a lot especially if you are availing any financial services including mortgage loan or refinancing options. Many traditional and modern mortgage lenders are all time ready to provide the borrower with the best service on the most favorable terms. You should choose from the available best options in order to ensure the best suited service.