Online Mortgage Review of Top Lenders.

Mortgage rates for new purchases and refinances are near an all time low. If your existing mortgage is as little as a year old, you may be able to save hundreds of dollars or more every month. 


We also include links to credit repair services, if you want to lower your interest rate by quickly improving your credit score. 

Here are all of the reviews you need to find the best online mortgage providers in America. Whether you need an entirely online process, a large loan, cash out, or non-traditional credit scoring, brings you the facts every month.


Online Mortgage Reviews for September, 2020


Our Rating




Rocket Mortgage

  • Easy application interface for savvy consumers who want to conduct their mortgage entirely online.

  • Their system accesses asset statements from 98% of U.S. financial institutions automatically. 

  • Tells you the loan amount you’ll qualify for in minutes.

  • Document and asset retrieval capabilities can save you a bunch of time .

  • Doesn't offer home equity loans or HELOCs.

  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

  • If you’re a “look me in the eye” type of customer, you’re out of luck. But, COVID-19.

Better Mortgage

  • Better offers a fast three-minute application process for preapproval.

  • An online process... but you can get human help.

  • Loan officers aren't paid commissions.

  • Offers 10% down with no mortgage insurance on jumbo loans.

  • Online mortgages are not available in all states. 

  • Doesn't do Home Equity or HELOC loans.

  • No VA or FHA loans. 

Pentagon Federal CU

  • Often offers lower rates on most common mortgages.

  • Offers innovative loans, like a 5/5 mortgage that only resets rate every 5 years.

  • Complete online application. Will lead to approval and preapproval letter immediately if you qualify. 

  • Refinance rates are much higher than purchase rates. 

  • Often demand for mortgages is very high, and the process can be very slow. 

  • You will be required to join the credit union if you are approved and move forward, at a small cost. 

Amerisave Mortgage

  • Amerisave often has lower than average rates.

  • They can preapprove an online mortgage application in just minutes without a hard credit pull.

  • An applicant can go through the inital process without needing to disclose a social security number. 

  • Amerisave does not disclose whether they look at non-traditional credit histories or sources of income.

  • They are not accredited by the BBB, although this is not uncommon for a large lender. 

  • Some people complain about lack of responsiveness from the staff after the initial application. 

CIT Bank Mortgage

  • Focuses on higher cost markets, jumbo loans, and very well qualified borrowers. 

  • Offers rate incentives for borrowers willing to open a money market savings account. 

  • Float down rate lock allows you a second opportunity to lock when rates go down.

  • Rates are not updated on the website... you have to speak with a person for current rates. 

  • Rated B- by the BBB, with mostly negative reviews, which is not uncommon for a large lender. 

  • Loan qualifications are not listed online. 

SoFi Mortgage

  • SoFi is known for considering non-traditional credit histories and sources of income. 

  • Totally digital online mortgage applicationmakes the process easier for borrowers.

  • No mortgage insurance required for jumbo loans. 

  • No Home equity loans, HELOCs, or government backed mortgage loans.

  • Smaller footprint than other large lenders. 

  • Some complaints that loan officers are difficult to reach. 

Figure Mortgage

  • Offers cash out refinance, Home equity loans and other types often ignored by online mortgage lenders. 

  • Applications and rate quotes are offered online for convenience and speed. 

  • Based in California, they understand the special needs of high balance borrowers in expensive states. 

  • Has an F rating with the BBB for customer service. 

  • Smaller, newer lender, so online reviews may be skewed. 

  • No qualification information on their website, so you have to apply to find out of you meet their requirements.

Bank of America

  • Allows online mortgage  borrowers to apply entirely online.

  • Offers down payment and closing cost assistance programs.

  • Accepts alternative credit data for some loan types.

  • May give existing customers a discount on mortgage lender origination fees.

  • High Fees... often over $1000 to process a loan.

  • Even among large lenders, a very high rate of complaints. 

  • Little flexibility in the qualification or loanmaking process... theya rea. huge bank, after all. 

Guaranteed Rate

  • Industry leading 95% online mortgage satisfaction rate is outstanding. 

  • User friendly all-online mortgage platform.

  • Offers document upload and secure signing. No need for in-person activity. 

  • Fees and costs can be as high as $1290 or more. 

  • Online interface is complex anbd requires multiple clicks to conduct basic activities. 

Frequently Asked Questions

What is an online mortgage?

An “online mortgage”  refers to a mortgage from a lender that has no physical presence, like Quicken Loans. That definition is changing, as even banks with brick-and-mortar branches all across the country — like Bank of America— offer high quality online mortgage capabilities.

We look for lenders that let borrowers apply, upload necessary documents and track the entire loan process via an app or a mobile-friendly website. But you’ll find plenty of lenders who offer even more online conveniences, like online preapproval, custom rate quotes or the ability to live chat with an actual person.


How does an online mortgage work?

The exact process varies depending on the lender. But in general, an online mortgage should allow you to accomplish key tasks like getting rate quotes, filling out an application and providing documents without having to sit down with a loan officer. In some cases, you may not even need to dig up all of the documents yourself.

Rocket Mortgage, for example, will electronically access necessary information from government agencies, financial institutions and employers (with your permission, of course). It claims finding all your information online can take days off the closing process.

Though with some online mortgage lenders you’ll still close the loan in person, “eClosings” are becoming more common.  Some borrowers can now opt for a digital closing — once you’ve reviewed all the necessary documents, the actual closing can take as little as 15 minutes.


How do I find online mortgage lenders?

We’ve suggested 10 terrific options above. But if you’re trying to figure out the best online mortgage lender for you, you may want to look for a lender that suits your specific situation.

Even if you’re looking for online convenience, location matters. Some top online mortgage lenders aren’t available to borrowers in every state.


What types of online mortgages can I get?

Offerings vary by lender, but with a bit of searching, you can find an online mortgage lender for virtually any type of home loan. For example, in addition to conventional loans, some online mortgage options include jumbo loans, VA loans, FHA loans and USDA loans, plus refinancing and home equity lines of credit. SoFi offers jumbo loans with down payments as low as 10% for qualified borrowers and doesn’t require mortgage insurance for these super-sized loans even with a down payment that’s under 20%.


How do I choose an online lender?

When you’re evaluating online lenders, consider your goals. In addition to being sure that they offer the kind of mortgage you need, think about what’s important to you outside the application and approval process — after all, this could be a long-term relationship. Check out customer service options. Guaranteed Rate, for example, earns high marks for customer satisfaction.


Can I get an online mortgage loan with bad credit?

It’s possible to get an online mortgage with bad credit, but you’ll want to do some homework before submitting any applications. Look at lenders’ minimum credit scores and pay attention to whether those minimums are for a conventional or FHA loan. Mortgages backed by the Federal Housing Administration often have lower minimum credit score requirements.

The beauty of filling out an online application for pre-approval is that it’s fast, but the downside is that you can’t explain your financial background or credit history to a computer. If you’ve got a credit score that needs improvement or limited credit history, you may want to look for online mortgage lenders willing to consider nontraditional credit data.

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