9 Top Mortgage Lenders

What to check before you choose a mortgage lender

Small differences in rate and fees matter over the life of a mortgage. Get quotes from more than one lender on the same day so they are comparable.

• Rate and APR. The APR includes many fees as well as interest, so it shows more of the cost. Ask whether a quoted rate depends on paying points.
• Closing costs. Compare lender fees line by line. In the US, lenders provide a standard Loan Estimate form that makes this easier.
• Licensing. US mortgage companies and loan officers have an NMLS ID that you can look up on the NMLS Consumer Access website.
• Rate locks. Ask how long a lock lasts and what an extension costs if closing is delayed.
• Who services the loan. Your lender may sell the servicing, meaning another company collects your payments.

Common problems and how to avoid them

Reviews often describe last-minute document requests, changing closing dates, and confusion after servicing is transferred. Respond to requests quickly and keep copies of everything you send. If your loan is transferred, confirm the new servicer through the notice you receive before sending money.

Wire fraud around closing is a known risk: criminals send fake emails with changed payment instructions. Always confirm wiring details by calling a number you already know, not one in the email.

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Frequently asked questions

Is a mortgage broker different from a lender?

A lender funds the loan. A broker compares lenders for you and is paid either by you or by the lender.

Why did my mortgage payment change?

Changes in property tax or insurance held in escrow are a common reason, even on a fixed-rate loan.