Finding the best mortgage lenders to finance your home loans is not an easy feat. There are several variables that you need to keep in mind. Most often, people focus more on interest rates than anything else and that can cause them trouble in the future.
We have made a list that will help you find the best mortgage lenders in California. We considered not only interest rates and closing costs but also other variables like loan types, lender flexibility, customer complaints and reviews, transparency and customer service in general.
It is important to keep in mind that the technology has also evolved in this field and now one-to-one dealings with your mortgage lender are not mandatory.
Before moving onto the list, it would be better if you know all those mortgage lenders that have financed most of the home loans in the last five years. These lenders are given below:
- Wells Fargo has originated 548,080 mortgages with an average mortgage amount of $397,109.
- Bank of America ranked second as they lent 362,351 mortgages with an average mortgage amount exceeding $365,000.
- Quicken Loans has a wide gap in the number of mortgages originated when compared to the Bank of America, that is 243,227. The average mortgage amount is $335,403, which isn’t that bad considering their number of mortgages.
- Chase Bank is close behind rank three with 211,232 mortgages originated over $374,654 average mortgage amount.
- Citibank is ranked last in the list with 115,110 mortgage originations and $416,786 amount as average mortgage.
It is important that you do not confuse this list with the one we have curated as these lenders are famous among the masses but that doesn’t necessarily mean that they are the best.
Now we will continue with our list of the best lenders of California in 2019.
Rocket Mortgage by Quicken Loans:
If you are you taking out a mortgage for the first time and are not sure about the processes, then Quicken Loans is the best choice for you. They have introduced an online platform for mortgage origination called Rocket Mortgage. Through this platform, you’ll be able to comprehend the logistics of the product and deal with the loan application as you see fit.
It is significant to mention that Quicken Loans has been on J.D. Power’s survey of mortgage borrower satisfaction list as one of the top spot holders for several years now. You can always check out your mortgage estimate online without any conditions and absolutely free of cost.
With all that said and done, it is important to mention that not all customers are particularly fond of its mortgage lending processes as they are only available online. Some people prefer face-to-face customer service rather than the web-based one or via telephone.
Bank of America:
If you are looking to refinance your debt under different terms and conditions, then Bank of America should be your next lender.
Bank of America is the best choice for you if you are seeking to reduce payments, extend deadlines or anything else that can help you pay your loan more conveniently.
If you are already a Bank of America customer then you’ll be offered a lot of perks, such as discount on mortgage origination fees, along with the usual benefits.
A fan of traditional customer service would be pleased as Bank of America deals with their customers face-to-face. They have also invested in an online application to keep up with the evolving world. Their application is called Bank of America Digital Mortgage Experience. Although they failed to score big in J.D’s survey of mortgage borrower satisfaction list, they still offer the best refinancing conditions.
If you’ve found this already before stumbling on this list, then you are one of the luckiest people as this is the most affordable online mortgage lenders in California, and not many people are aware of it.
Their online application has many options and attractive home loan rates that you can explore and decide on at your leisure. It also lets you access the fixed mortgage rates and ARM loans tailored according to your location. Moreover, you will also know the required percentage of the down payment as well as credit scores.
In retrospect, the digital method that J.G. Wentworth has chosen is an efficient and convenient method to understand your mortgage and home loan prospects.
Aside from this, you’ll still have access to the experts over the phone to inquire about anything further.
The mortgage lenders we’ve mentioned so far all have different advantages over another. A thorough research while keeping your needs in mind is what will help you reach the best decision.