Best Online Mortgage Lenders

Best Online Mortgage Lenders

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This blog post will have a good outlook on the Best Online Mortgage Lenders 2022. If you are reading this post, be sure not to worry because the list of the best online mortgage lenders of July 2022 is not valid for this month only but months after the post of the blog.
We know that things are turning digital rapidly. For instance, almost the whole banking system has gone digital. The same applies to the case of mortgage lenders. Now you can apply for a mortgage loan conveniently from your house.
In this article, we will only discuss the best online mortgage lenders.

List of Online Mortgage Lenders

  • Guaranteed Rate
  • PNC Bank
  • Ally
  • Quicken Loans

Let’s dive into detail.

Guaranteed Rate Online Mortgage Lender

Guaranteed Rate is one of the best mortgage lenders out there. It has got really good ratings from many reviewing websites, so we have ranked the lender at the top of today’s list.

Preapproval time:

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This fact does not only apply to the particular mortgage lender but is a common factor for any mortgage/home loan lender. So it’s good to know about it. A pre-approved loan means that the lender (mortgage lender in this case) is ready to lend the loan amount to the borrower even before the borrower has applied for the loan.

In most cases, a pre-approved loan gets approved within just 3-5 working days, but if things get worse, the approval duration can go as long as a few weeks.

In our case, the preapproval time for Guaranteed Rate is just 1 – 2 working days. As a borrower, you will get a confirmation of getting pre-approved within just 1-2 working days. If you have already gone through the article, you have probably realized that this preapproval time is significantly much more than the preapproval time of most other lenders.

Credit requirement:

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Guaranteed Rate also tries to guarantee returns. Why? – Simply because it has a low credit score requirement. A borrower needs a 600 credit score to be qualified for a mortgage loan. But, you’ll need a 700 credit score 

Guaranteed Rate also has a good company chai. Its presence is there in every state of the United States. There are over 300 branches of lenders across the country.
You can apply for a mortgage loan at Guaranteed Rate online and obviously in their 300 offline centers.

Pros of Guaranteed Rate Online Mortgage Lender

  • Wide availability offline in every state.
  • The minimum credit score requirement is low.

Cons of Guaranteed Rate

  • Guaranteed Rate does not offer equity home loans.
  • Preapproval time is more than the latter one.

PNC Bank Online Mortgage Lender

If 1/2 days preapproval time is too long for you, you should go for a PNC Bank mortgage loan.
PNC bank offers a broad category of mortgage loans, including special offers for borrowers with less annual income. You can apply for the loan from their offline office or online through their website. Not to mention, they are operational in every state of the United States.

While Guaranteed Rate took 1 – 2 business days for the preapproval of your loan, PNC Bank does the job in just half an hour.
The Rate of interest of the mortgage is also affordable compared to other mortgage lenders. As we’ve already mentioned, PNC bank offers facilities, especially for borrowers with moderate-low income schemes.
In PNC bank’s case, most loans get settled within 30-45 days.

Pros of PNC Bank

  • Blazing fast preapproval time.
  • The minimum credit score requirement is also lower than the industry average.
  • The convenience of both online and offline loan borrowing.

Cons of PNC Bank

  • A renovation mortgage loan is not available.
  • Doesn’t offer any USDA loan.

Ally Online Mortgage Lender

Suppose the preapproval time in the case of PNC Bank was fast. In that case, we will never hesitate to remark Ally’s preapproval time as ‘extremely fast.’ Because the preapproval time of any loan borrowed from Ally is just 3 minutes.

Applying for loans in Ally is quite simple; everything can be done online. In the case of a successful transaction, the two parties need to physically meet only when it is the time to settle the transaction. Note that Ally does not offer any offline loans.

The borrower needs a minimum credit requirement of 620 to be eligible to receive a mortgage loan.
Unlike the previous two, Ally is not available throughout the United States. They don’t offer service in New York, Virginia, Hawaii, Maryland, New Hampshire, Massachusetts, Minnesota, Nevada, Vermont & Wyoming.
So, a little bad luck if you belonged to these states.
We have liked Ally for another reason – the processing time of loans. Just like the preapproval time.

Pros of Ally

  • Extremely fast preapproval time (only 3 minutes).
  • Fast loan processing.
  • Low minimum credit score requirement.

Cons of Ally

  • Not available in every state. (For the list of states, kindly refer to the above).
  • Does not offer loans like VA, USDA, etc.

Quicken Loans Online Mortgage Lender

If you want great customer support & do have sufficient time in your hand for loan approval and overall settlement, we recommend you to go for Quicken Loans.
Quicken loans offer satisfactory customer service. The whole process can be done online.

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Though it takes about one working day to preapproval mortgage loans in Quicken Loans, it takes only a few minutes to approve the loans fully. However, the average settlement period of mortgage loans is about 45-50 working days.

We have included Quicker loans in this list because of their ratings by different customers. Consumers selected it as the best mortgage service provider in 2022. They have a record of winning the title continuously for 7 consecutive years!
Unlike Ally, it is available in every part of the country.
Regarding credit score requirements, the credit score requirement is 620 for Quicken Loans.

Quicken Loans Pros

  • Good customer service.
  • Customer selected best ‘Mortgage service provider’ for 7 consecutive years.
  • Available throughout the country along with their online service.

Quicken Loans Cons

  • The average settlement period is more than the category average.

Frequently asked questions about Mortgage Lenders & Mortgage Loans

What is the difference between preapproval & pre-qualifying?

Preapproval and pre-qualifying are just the steps to getting qualified for a loan.
While these two words may sound very similar, they have a tiny difference in meaning. In simple words, pre-qualifying is the first step in qualifying for a loan, while preapproval is the second.
Your pre-qualifying ability for a loan can be checked even online within just a few minutes. In contrast, it generally takes a few days to receive the confirmation for getting pre-approved for a (mortgage) loan.

Conclusion

Hope you have gained some good knowledge about the best online mortgage lenders of the year from this article. This alignment of the mortgage lenders in this list does not ensure their performance.
For every mortgage lender in this list, we have mentioned their average settlement period from which you can get a clear conception of the time they will be taking to complete the process.

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There are lenders from different categories in this list – some are fast loan processors, and some have good customer service. We have also included the best and the worst fact about every lender in the pros and cons section. From this pros and cons section, you can briefly look at the best and worst facts about the lender at a glance.
It’s up to you what you will choose.

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I am a well-skilled experience Stock Marketer and Investor. I have good knowledge of the stock market and investment. I have completed Bachelors in Finance And Investment from the University of Virginia (US).
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