4 Best Online Mortgage Lenders of February 2024

When you’re looking for a mortgage, one of the best ways to ensure you’re getting a good deal is to compare offers from multiple lenders. Online mortgage lenders make this part of the process easier by offering an entirely digital application process. Not only will this save you time, but it can expand your options beyond what local brick-and-mortar banks offer.

CNBC Select compared online mortgage lenders based on factors such as loan types, down payment requirements and nationwide availability. (See our methodology for more information on how we choose the best online mortgage lenders.)

Who’s this for? Ally Home is great for those seeking to lower the upfront fees they need to pay.

Standout benefits: Lender fees can often be a big part of the upfront closing costs you have to pay when you’re buying a home or refinancing, but Ally stands out for having no lender fees, including no application fees, no origination fees, no processing fees and no underwriting fees.

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Who’s this for? Flagstar Bank caters to a range of homebuyers thanks to its widespread availability and the variety of mortgages it offers, including some more niche options.

Standout benefits: Flagstar Bank offers a large variety of home loan types, including conventional loans, FHA loans, VA loans, USDA loans, construction loans, renovation loans, fixed-rate loans, adjustable-rate mortgages (ARM) and jumbo loans.

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Who’s this for? LoanDepot is a great pick for those who plan to refinance their mortgage down the line, such as when rates drop.

Standout benefits: Once you’ve taken out a mortgage with LoanDepot, you can take advantage of its Lifetime Guarantee to refinance in the future without a lender fee. It also offers a half-point waiver to existing LoanDepot borrowers when refinancing a home equity line of credit (HELOC) with an eligible mortgage. To qualify for this benefit, you’ll need to keep your original LoanDepot mortgage for at least 12 months.

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Who’s this for? Rocket Mortgage is ideal for those who want to put less than the usual 20% down on their home purchase.

Standout benefits: Through Rocket Mortgage’s One+ program, eligible borrowers may be able to put as little as 1% down on a conventional loan for a home purchase, with Rocket Mortgage adding 2% of the purchase price to the down payment (or $2,000).

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Flagstar Bank is a regional bank that originates mortgages in all 50 states. In addition to the most common types of conventional and government-backed mortgages, Flagstar Bank offers more niche professional loans and loans for borrowers without Social Security numbers.

Minimum credit score

580 for certain specialty loans, 620 for many other types of mortgages

Types of mortgage loans offered

Conventional loans, FHA loans, VA loans, USDA loans, construction loans, renovation loans, fixed-rate loans, adjustable-rate mortgages (ARM), jumbo loans, professional loans, specialty low-to-moderate-income loans, loans for people without Social Security numbers, multiple property loans, fixed-rate loans, ARM loans, HELOC

Down payment minimum

0% down for VA loans and USDA loans

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LoanDepot offers mortgages in all 50 states and Washington D.C. It has physical locations but offers a fully online application process with its proprietary mello smartloan software. It’s ranked as the top retail lender in 2023 (by volume) by Scotsman Guide, a mortgage industry publication.

Minimum credit score

As low as 500-580 for FHA loans (depending on your down payment)

Types of mortgage loans offered

Conventional, FHA loans, VA loans, Jumbo, fixed-rate, ARM loans, HELOC

Down payment minimum

0% with a VA loan

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Rocket Mortgage is J.D. Power’s top-ranked mortgage servicer for customer satisfaction. It offers a variety of loan terms, loan types and special programs for buying a home and refinancing a mortgage loan.

The maximum loan amount you can get through Rocket Mortgage’s One+ program is $350,000 and the maximum grant is $7,000. To qualify, you must have a minimum credit score of 620, a debt-to-income ratio of under 50% and meet income eligibility requirements.

Minimum credit score

Usually, 620, 580 when other criteria are met

Types of mortgage loans offered

Conventional loans, FHA loans, VA loans, jumbo loans, fixed-rate loans, ARM loans

Down payment minimum

0% for VA loans; 1% with the ONE+ program

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Online mortgage lenders offer the convenience of a fully digital mortgage application. This can make it easier to submit multiple mortgage applications and shop around for the best deal. And there are online lenders to meet almost any need. Some lenders offer niche types of loans and others feature programs designed for borrowers who need to make a smaller down payment.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best online mortgage lenders.

To determine which mortgages are the easiest to get approved for, CNBC Select analyzed U.S. online mortgage lenders offered by both online and brick-and-mortar banks. When narrowing down the options, we focused on publicly available information regarding credit score requirements, types of loans offered, fees and down payment requirements.

Note that the rates and fee structures advertised for mortgages are subject to fluctuate under market rates. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee the interest rate and monthly payment remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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