For first-time home buyers, finding the right mortgage can be a big challenge. You want to work with a lender that can give you the best rate, the right term and the lowest closing costs, as quickly and efficiently as possible.
Good for: existing Citibank customers, as well as borrowers eligible for the low-down-payment HomeRun mortgage.
- Requires help from a loan officer to complete an online mortgage application.
- Customized mortgage rates not available without making contact.
Good for: borrowers in the Southeast who want the option of face-to-face service. BB&T is now part of Truist Financial Corp., which offers a full menu of home loans.
- Offers a variety of home loans, including construction-to-permanent loans, physicians loans and jumbo loans.
- Has a robust online mortgage application.
- Branches limited to mostly the Southeast region.
- Custom rates are only available if you speak with a representative.
PenFed Credit Union has a digital mortgage application and offers a wide selection of mortgages, including low-down-payment home loans. But it doesn’t offer FHA mortgages.
- Offers a broad selection of home loan products, including low-down-payment options for first-time home buyers and home buyers of limited means.
- Offers a lender credit, based on loan amount, for purchase mortgages.
- Mortgage rates and fees are low compared to other lenders, according to the latest data.
- Lender credit isn’t available for refinance mortgages.
- Doesn’t offer FHA or home improvement loans.
Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.
- Offers a wide range of loan types and products, including FHA, VA and USDA.
- Has a full suite of online conveniences.
- Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.
- Home equity lending is geographically limited.
Bank of America
Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.
- Offers down payment and closing cost assistance programs.
- May give existing customers a discount on mortgage lender origination fees.
- Offers home equity line of credit, or HELOC.
- Doesn’t offer renovation loans that roll costs into a mortgage.