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Mortgages

Best online mortgage lenders in 2022

A borrower searches for a mortgage lender online
Photo by Getty Images/Illustration by Orli Friedman/Bankrate
Written by
Bankrate Staff
  • /
  • 4 min read
Edited by
Suzanne De Vita
  • /
  • 4 min read
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Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner.

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Editor’s note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices. We continuously evaluate each lender we review to ensure the Bankrate Score is consistent with this methodology. If you’d like to consider other lenders, visit Bankrate’s lender review hub.

To determine the best mortgage lenders, Bankrate evaluated more than 80 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Based on this methodology, the best online mortgage lenders in 2022 generally have a Bankrate Score of 4.8 stars or higher, and are available in all or most U.S. states.

Best online mortgage lenders

Better.com

Better.com is an online mortgage lender licensed in 49 states and Washington, D.C.

Loans offered: Purchase and refinance, conventional, jumbo, FHA

What to know: Better.com offers an online preapproval process, completed in three minutes, in addition to chat support and the ability to add documents, check your loan status and e-sign paperwork. The lender’s online tools include affordability, amortization and refinance calculators, a comprehensive glossary of homeownership and mortgage terms and a Resources hub for borrowers. Better.com doesn’t offer VA loans or USDA loans, however, which can be limiting to some.

Ally Bank

Ally Bank is a bank and lender offering online products and services, including home loans in 43 states and Washington, D.C.

Loans offered: Purchase and refinance, conventional, jumbo

What to know: Ally Bank advertises daily mortgage rates on its website so borrowers can compare options, and features helpful learning materials online. With the Ally app, borrowers can manage their mortgage from their phone. The bank isn’t licensed in some states (yet), so check eligibility first, and it doesn’t offer government-insured loans (FHA, VA or USDA).

AmeriSave Mortgage Corporation 

AmeriSave Mortgage Corporation is an online mortgage lender licensed in 49 states and Washington, D.C.

Loans offered: Purchase and refinance, conventional, jumbo, FHA, VA, USDA

What to know: As an online mortgage lender, AmeriSave Mortgage Corporation offers online prequalification within three minutes, as well as convenient online services like chat support, e-signature/file upload and loan status tracking. Through the lender’s website, borrowers can calculate whether to buy or rent, what their mortgage payment is or their potential refinance savings, and access a Mortgage Knowledge Center built out with educational articles and videos. 

Lower

Lower is an online mortgage lender licensed in 42 states and Washington, D.C.

Loans offered: Purchase and refinance, conventional, jumbo, FHA, VA, USDA

What to know: Lower’s completely digital mortgage process allows borrowers to easily obtain a preapproval or prequalification (if eligible) and apply for a loan online. One highlight: For borrowers building down payment savings, the lender’s app features a dollar-for-dollar matching program through an interest-bearing savings account, up to $500. The app also comes with a credit and interest rate tracker, so borrowers can keep tabs on their score and current mortgage rates while they save.

LowRates.com

LowRates.com is an online mortgage lender licensed in 48 states, Washington, D.C., and Puerto Rico.

Loans offered: Purchase and refinance, conventional, jumbo, FHA, VA, USDA

What to know: As the name suggests, LowRates.com promises rates competitive to the market. With its TRU Approval platform, borrowers can expect full underwriting in under 24 hours, and apply for a loan through the LowRates website. (Borrowers can’t get preapproved or prequalified this way, however.) There are also calculators on the lender’s website, and the ability to e-sign in some situations. 

SoFi

SoFi’s financial services include mortgages, available in 47 states and Washington, D.C.

Loans offered: Purchase and refinance, conventional, jumbo

What to know: SoFi is a personal finance company, so in addition to home loans, members can get financing for a range of uses (like a car or wedding), as well as access to banking and investing services. Notably, the SoFi app is one of the top 100 Apple Store apps in the finance space. On the SoFi website, borrowers can navigate to a Home Loan Help Center for educational guides and insights. One drawback, however: Like some other online lenders, SoFi doesn’t provide FHA, VA or USDA loans.

Wyndham Capital Mortgage

Wyndham Capital Mortgage is an online mortgage lender licensed in 47 states and Washington, D.C.

Loans offered: Purchase and refinance, conventional, jumbo, FHA, VA, USDA 

What to know: Wyndham Capital Mortgage’s e-closing experience is a standout, allowing borrowers the convenience to close from wherever, and up to 15 percent faster than the industry’s typical timeline. In addition, with the lender’s Priority Purchase Program, borrowers can quickly spin up a preapproval letter, customized to the property, from their phone. Plus, unlike some other online lenders, Wyndham has been in business for 20 years.

What is an online mortgage?

An online mortgage is a home loan originated by a lender based either entirely online, with a digital end-to-end experience from application to closing, or a brick-and-mortar company with in-person locations and online services.

In recent years, many banks built out their capabilities to include a digital mortgage platform, but a majority of mortgages are also being originated by non-bank institutions. Non-bank institutions include companies like loanDepot and Rocket Mortgage, while banks include well-known brands like Bank of America and Wells Fargo.

In addition to digital lenders who are based either online or have a hybrid online and physical presence, there are digital mortgage brokers, such as Morty and Sage, that assist borrowers throughout the lending process, including finding loan products and rates. For borrowers new to purchasing or refinancing, a broker can be a good place to start.

How does an online mortgage work?

With an online mortgage, all or many of the steps in the lending process can be completed electronically, whether through an app or online portal. These steps might include:

  • Preapproval or prequalification
  • Application and document upload
  • Loan processing and underwriting
  • Closing (sometimes called an e-closing)

By streamlining these steps — and, in the case of a digital lender, having no offices and overhead — online mortgages tend to have lower rates and overall costs, which can save borrowers thousands.

How to choose the best online mortgage lender

Getting financing for a home is a process, so many borrowers are attracted to online mortgage lenders simply for their convenience, efficiency and speed. These are important factors to consider when looking for the best online mortgage lender, but it’s also crucial to compare costs for your individual situation, and take the time to read mortgage lender reviews to learn what to expect from the online experience. When comparing digital lenders, look for:

  • The kinds of loans they offer
  • Credit and down payment requirements
  • Application and origination fees
  • Rate-lock and other perks
  • What support options are available

Online mortgage pros and cons

Pros

  • Lower mortgage rates and fees due to low overhead
  • Online preapproval or prequalification, often in minutes, and shorter timelines overall
  • Real-time status updates

Cons

  • Can’t always connect with a human for questions or support
  • Can’t always get rates upfront; preapproval may be required
  • Chance of breach or fraud in a completely digital process

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