Which Banks Are Best For Mortgage Loans?

If you’re looking for a mortgage loan, there are several things to consider: the applicant’s credit score, the type of property being mortgaged, and the length of the term (purchase or refinance). You can also look at major banks for mortgage loans in your area to help make your decision. The list below will highlight which banks are best for mortgage loans:

Wells Fargo – Best Overall Mortgage Lender

Wells Fargo first opened in 1852 under “City Bank.” It is headquartered in San Francisco, California, and has been operating nationally since 2008. The bank has over 69,000 ATMs as well as 13,000 branches that are located all over the country. They are ranked as the number one mortgage originator in the country and consistently have some of the lowest rates and fees on mortgage loans. Wells Fargo offers a wide variety of products that include: home equity loans, lines of credit, home equity conversion mortgages (HECM), reverse mortgages, mortgages for first-time home buyers, cash-out refinances, and lines of credit.

USAA – Best Online Mortgage Lender

USAA is often referred to as “The Banker’s Bank” because it was first started in 1922 by Army officers who, at the time, could not obtain loans from other banks. It is headquartered in San Antonio, Texas, with over 7 million customers enjoying its top-notch customer service and military benefits programs. They offer various products, including home equity loans, mortgages for first-time home buyers and veterans, home equity conversion mortgages (HECM), cash-out refinances, reverse mortgages, and general consumer lending products.

PNC – Best for Veterans

PNC is one financial institution started as First National Bank in 1869 by William T Mellon and his son Andrew Carnegie in Pittsburgh, Pennsylvania. In 2010, PNC acquired National City Corp.; in 2013, they purchased Wilmington Trust. They offer various products, including home equity loans, mortgages for first-time home buyers, mortgages for veterans, home equity conversion mortgages (HECM), reverse mortgages, cash-out refinances, and lines of credit.

Quicken Loans – Best Online Mortgage Lender

Quicken Loans is one of the most recognized names in the industry, and they operate as a mortgage lender only. They have been around since 1985 and are headquartered in Detroit, Michigan. They offer their clients the best possible mortgage rates through their online service and have a team of loan advisors ready to help you with your personal needs when it comes time for you to take out a mortgage loan. They offer various products, including mortgages for first-time home buyers, veterans, home equity conversion mortgages (HECM), cash-out refinances reverse mortgages, and general consumer lending products.

ING Direct – Best Lender for First-Time Home Buyers

ING Direct was founded in 1996 as an online savings bank and is headquartered in New York, New York. They offer a wide variety of products, including home equity loans and lines of credit to help you finance your purchases and pay off your financial obligations from the extras you may have saved up from year to year. They also have a large selection of safe deposit boxes at their locations throughout the country.

Bank of America– Best for Home Buyers

Bank of America Home Loans is a division of Bank of America that offers home mortgage loans through the website and mobile app. They also have over 5,000 ATMs located all across the country. The company was founded in 1994 as a subsidiary of BankAmerica. They offer a wide variety of products, including home equity loans, home equity lines of credit, reverse mortgages, mortgages for first-time home buyers, cash-out refinances, and lines of credit.

This bank offers loans with competitive rates as well as low closing costs. It is one of the best options if you want to refinance an existing mortgage due to its many different options (including fixed rate, variable rate, ARM, hybrid, and more). Bank of America also has a great mortgage calculator for those looking for a quick estimate on how much your monthly repayment will be!

Bank of the West – Best Lender for Investors

Bank of the West was founded in 1874 as California’s first national bank and is headquartered in San Francisco, California. It has been around for over 130 years, so you know that this bank will be secure with your funds and able to offer you the best possible rates on your mortgage loan. They provide various products, including home equity loans, mortgages for first-time home buyers, mortgages for veterans, home equity conversion mortgages (HECM), reverse mortgages, cash-out refinances, and general consumer lending products.

Ally Bank

Founded in 2009, Ally Bank is a Washington-based bank that offers banking, investment, and insurance services to consumers in the U.S. and small businesses in the state and across the country. They provide two main financial products: retail and business banking and insurance products for individuals, families, and companies. In addition to these products, they also offer credit cards, investment products, and mortgage loans to homebuyers in different states of the US. They have operations in 40 states in America, with over 11 million customers nationwide using their services every year.

Ally Bank has developed a range of online financial services to make their customers’ life simpler and more accessible. Their online banking products include Bill Payment, Savings, and checking accounts; investment products such as IRAs, CDs, equity and fixed-income funds; mortgage loans, home insurance, and auto loans. In addition to these products, they have made it possible for their customers to buy Ally Visa credit cards at stores across the United States. Not only this, but they also have an annual checking account fee of $25 per year, which is one of the lowest in the industry.

Finding the right bank for your mortgage loan can be a difficult and time-consuming task. The number of banks that offer this type of service can be confusing, and each one will have different rates, fees, and requirements. But don’t worry! This list above provides the best banks for getting a mortgage loan in the US. Each bank offers features like competitive rates, secure protections on your home loan, or even savings on other banking services. With so many options available to you now as one consumer, knowing which ones will offer the most benefits for your individual needs is essential when taking out this type of credit line.