Which mortgage is best

A whole-of-market broker is not tied to any banks, building societies, or lenders. This means they will be able to assess every mortgage available to offer you the best deal possible. However, beware of early repayment penalties…. There are plenty of fees linked to taking out a new mortgage and most are unavoidable, including arrangement fees, booking fees, valuation fees and more. These are usually a percentage of the amount of the overpayment.

You can either remortgage to a new lender — which takes 6 to 8 weeks and is just like getting a whole new mortgage again — or you can talk to your existing lender and ask them to switch your product to a new fixed rate or discount rate mortgage.

This is quicker, but it is worth checking what other lenders are offering before deciding which mortgage is right for you.

The total cost of buying a home How much deposit do I need for a mortgage? The most affordable places to live in the UK Using a mortgage broker vs.

Help to Buy calculator Mortgage repayment calculator Stamp duty calculator. Mortgage repayment calculator Mortgage calculator - borrowing, repayments, stamp duty. Stamp duty calculator Mortgage repayment calculator. Mortgages The Best Rates Mortgage rates Remortgage deals Best buy to let mortgages Best 2 year fixed rate mortgage deals Best 5 year fixed rate mortgage deals Best 10 year fixed rate mortgage deals Best first time buyer mortgage deals Best fixed rate mortgage deals Best interest only mortgage rates Best variable rate mortgage deals Calculators Mortgage calculator: How much can I borrow?

How long does it take to get a mortgage? How to get your first mortgage The total cost of buying a home Using a mortgage broker vs. How to pay off your mortgage early. But how do you find the best mortgage for you? The home-buying process can seem overwhelming. However, getting the right loan can save you thousands of dollars.

Once you have a sense of the type of loan you want, you can compare lenders and offers. Before considering your loan options, assess your situation and your needs. This can help you pick a loan that fits your unique circumstances. Here are some of the most important factors that will likely impact your financing options:. Check out this calculator to find out how much home you may be able to afford. Your credit history and the amount of money you have for your down payment can affect your loan options.

People with high credit scores are generally able to get mortgages with lower interest rates. Similarly, a larger down payment can help you pay less in interest overall. The average American is expected to move approximately Depending on your career or life events, you might move shortly after buying a home or you might stay for decades. This may affect the mortgage option you should choose.

For example, the longer you plan on staying in your home, the riskier an adjustable-rate mortgage ARM may be. There are three main factors to consider when comparing loan options: the term, the interest rate type and the loan type. Typically, homebuyers get a year or year mortgage, though other terms may be available.

The term length indicates how long you have to pay off the loan. Better: NMLS View details. Why we like it Good for: tech-savvy borrowers who prefer an online experience. Pros An online process with human help as needed. Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Cons Getting a customized interest rate requires a credit check, which can affect your credit score.

Why we like it Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs. Pros Uses manual underwriting to evaluate creditworthiness, in some cases. Cons Mortgage rates offered to borrowers are higher than the government-reported median of all lenders. Why we like it NASB couples competitive mortgage rates and reasonable fees with a good assortment of loan options.

Pros Devotes much of its business to serving military families with VA loans. Cons Does not offer home improvement mortgages. Why we like it Good for: borrowers seeking conventional or government-backed loans, and a totally online experience. Pros Offers the ability to securely upload and digitally sign loan documents.

Cons Doesn't offer home equity loans or lines of credit. Chase: NMLS Why we like it Good for: borrowers who want a name-brand bank with offices in more than half the states that charges lower rates and fees than many other lenders. Pros Allows electronic submission and tracking of loan documents.

Connexus: NMLS Credit Score Why we like it Connexus boasts low-down-payment conventional loans and makes mortgage rate information readily accessible online, but doesn't offer government-backed mortgages. Cons Lacks document upload and online loan tracking capabilities.

Alterra: NMLS Down Payment 3. Why we like it Good for: first-time home buyers and those with nontraditional incomes. Has a digital application process. Cons No mortgage rates published online. Why we like it Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home. Pros Full online application includes document uploads and automated loan updates. Cons No online mortgage rates — you have to contact the lender for info.

Flagstar: NMLS Why we like it 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. Pros Has a full suite of online conveniences. Cons Availability of some loan products may be geographically limited. Why we like it Good for: military members and their families looking for low-down-payment mortgages. Pros Offers a wide range of affordable mortgage products designed for military members.

Cons Website does not provide customized mortgage rates based on credit score or other factors before you apply. Why we like it Wells Fargo has a world-class selection of mortgage products and offers competitive, easy-to-shop rates. Pros Provides numerous online conveniences, including loan application and process updates. Last updated on October 29, Methodology NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage.

To recap our selections Frequently asked questions Which mortgage lender is the best? How do I find the lender with the lowest mortgage rate? How much are closing costs? What if I can't afford closing costs? Should I shop for a home or find a lender first? Learn more at Better.