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If you’re looking to buy a home, you may be interested in a mortgage from one of the top 10 mortgage lenders. This article will discuss the pros and cons of PennyMac, Wells Fargo, and Guaranteed Rate, as well as explain what makes each lender stand out. But you should keep in mind that the rankings are not complete, and some lenders may not be as strong as they appear. In the end, you’ll want to choose a lender based on the reputation of the company.
Wells Fargo
If you are considering getting a mortgage, consider Wells Fargo as a possible option. They offer a variety of loan programs, including the Dream.
Plan. Home. Mortgage. This type of mortgage is designed for people who earn less than 80% of the area’s median income. While credit scores are not the highest, these mortgages are flexible and can help you buy a home without a large down payment. Wells Fargo also offers cash-out refinancing for homeowners. But they do not offer reverse mortgages.
The Better Business Bureau rates mortgage lenders. Wells Fargo has an A+ rating with the BBB, though they are not accredited. They have responded promptly to CFPB complaints, including more than a thousand with explanations and 152 with monetary relief. You can also go online to read online customer reviews to find out what other people think about Wells Fargo. You can’t go wrong with the company’s reputation for helping customers get the mortgage they need.
PennyMac
While Quicken Loans and Countrywide have long been the kings of mortgage lending, PennyMac has recently broken into the top 10 list. Last quarter, PennyMac originated $10 billion in residential mortgage loans, or 2% of the market. Despite being a small company, PennyMac is proving its mettle in the mortgage industry, led by founder and CEO Stanford L. Kurland, who previously worked at Countrywide.
Getting started is simple. All you need to do is sign up for a free account, confirm your email address, and enable two-factor authentication. Next, choose Purchase or Mortgage Refinance and begin the application process. After reviewing the information on the application form, you will need to provide your personal information, income and assets. There are other fees that may apply, including title fees and taxes. However, these costs are minimal compared to the benefits of PennyMac.
Homepoint
With a B IDR, Homepoint has expanded its refinance programs and offers a wide variety of loan products to its clients. Its jumbo loans, which allow borrowers to borrow up to $2.5 million, require a minimum FICO score of 661. These loans have a maximum loan-to-value ratio of 80% without mortgage insurance. In addition to home mortgage loans, Homepoint offers renovation loans, including the FHA 203k backed by the FHA and the Fannie Mae HomeStyle loan. Homepoint also offers piggyback home equity lines of credit through TCF Bank. However, only its first mortgage loan is available through this company.
The company is based in Ann Arbor, Michigan, and offers loans in all 50 states and the District of Columbia. Its largest market is the Midwest, and Homepoint serves customers throughout the country. Its online application process and close process make it a top choice among consumers. In addition to being a top 10 mortgage lender, Homepoint is also an industry leader in mortgage broker service, which is an important feature for consumers.
Guaranteed Rate
If you’re looking for a mortgage lender, Guaranteed Rate is a good place to start. This company specializes in financing purchase loans for highly qualified borrowers. In addition to offering competitive interest rates, they offer upfront fee discounts and a user-friendly website. Read on to learn more about Guaranteed Rate’s mortgage services. This company also offers 100% financing for new construction and commercial properties. Guaranteed Rate has a number of locations in the United States.
Guaranteed Rate offers several types of mortgages. While their rates can be relatively high, they may be below industry averages. Some of their mortgages are backed by Freddie Mac, a government-sponsored enterprise that purchases mortgage-backed securities on the secondary market. In addition to their online platform, Guaranteed Rate offers a mobile app for their borrowers to manage their loans. They offer tools to check on payments, review loan terms, and contact an assigned loan officer. Their HELOC options also offer fixed interest rates and faster funding than standard HELOCs.
United Wholesale Mortgage
If you are looking for a loan with a low down payment, United Wholesale Mortgage may be a good choice. This company offers jumbo loans – mortgages with higher than the conforming loan limits. These loans can be up to $3 million, and United Wholesale provides funds for them. Despite not originating mortgages, United Wholesale maintains an extensive website filled with tools and resources to help consumers understand the mortgage process.
Although United Wholesale Mortgage is a top 10 mortgage loan provider, the company’s CEO defended the company’s decision not to engage in mass layoffs or employee buyouts. The mortgage company is the nation’s No. 2 wholesale lender. Many competitors have announced layoffs and buyouts in recent months. Therefore, UWM is well positioned to remain competitive. However, it must find a way to attract more customers and reduce the refinancing market.
