Mortgage lending in the U.S. for 2024–2025 is dominated by a mix of large retail banks, online-first mortgage companies, wholesale lenders (through brokers), and member-focused credit unions. This guide explains who the leading lenders are, their contact information, what loan products they offer, and how to shop effectively.
Whether you are a first-time homebuyer, refinancing, or exploring VA/FHA programs, this article includes everything you need: contact tables, side-by-side comparisons, fee breakdowns, a monthly payment example, and actionable checklists.
Top Mortgage Lenders (Shortlist)
Here are the leading U.S. mortgage lenders ranked by 2024–2025 activity:
- United Wholesale Mortgage (UWM) — the largest wholesale lender, with strong broker pricing.
- Rocket Mortgage (Rocket Companies) — digital leader, fast online applications, acquired Mr. Cooper.
- LoanDepot / Pennymac / NewRez — national mortgage banks, mix of direct & correspondent lending.
- Bank of America — retail bank, cross-sell offers, strong branch presence.
- JPMorgan Chase — purchase loan strength, large retail footprint.
- Navy Federal Credit Union — member-focused, highly competitive VA loan options.
- Wells Fargo — major retail distribution, broad servicing options.
- Guild / CrossCountry / Fairway Mortgage — regional/national banks specializing in first-time buyer and niche programs.
Quick Contact Table
Here are the primary customer contact numbers and web links (verify before calling, as numbers may change):
- Rocket Mortgage — (888) 452-8179 (digital application & customer service).
- Wells Fargo Home Mortgage — 1-866-234-8271 (general servicing & payment assistance).
- Bank of America Home Loans — via online contact page (branch and callback options).
- Chase Home Lending — 1-800-848-9136 (customer service & support).
- U.S. Bank — 800-365-7772 (mortgage servicing & application).
- Navy Federal Credit Union — 1-888-842-6328 (VA loan and member mortgage services).
Loan Types Offered
Most top lenders provide the following loan programs:
- Conventional (Conforming) — standard loans under Fannie Mae/Freddie Mac limits.
- Jumbo Loans — above conforming limits, require higher credit/down payment.
- FHA Loans — 3.5% down payment, lower credit score acceptance.
- VA Loans — 0% down, exclusively for eligible veterans and military families.
- USDA Loans — for rural and suburban borrowers meeting income/location rules.
- Adjustable-Rate Mortgages (ARMs) — fixed initially, then variable.
- Refinance Loans — rate-and-term or cash-out refinancing.
- HELOCs / Home Equity Loans — borrowing against existing equity.
Comparing Lenders: Key Differences
- Big Banks (Chase, BofA, Wells Fargo): strong branch support, perks for existing customers.
- Mortgage Banks (Rocket, Pennymac, LoanDepot): faster digital applications, large national scale.
- Wholesale Lenders (UWM): work via brokers, often with competitive pricing.
- Credit Unions (Navy Fed): membership-based, very strong VA, and low-rate options.
Borrower Requirements & Documents
Typical requirements include:
- Credit score: 620+ for conventional, 740+ for best rates. FHA allows as low as 580.
- Debt-to-income ratio: 43% or less (some exceptions up to 50%).
- Down payment: 3–20% (VA/USDA may be 0%).
Documents you’ll need:
- Government ID & Social Security number.
- Last 2 years’ tax returns.
- 2 months’ bank statements.
- Pay stubs (last 30–60 days).
- Proof of assets (401k, savings, investments).
- Sales contract (if purchase) or mortgage statement (if refinance).
Mortgage Rates (2024–2025 Snapshot)
- Freddie Mac’s September 2025 weekly survey reported a 30-year fixed average at ~6.3%.
- Rates vary daily and by borrower profile — always request a Loan Estimate from multiple lenders.
Example Monthly Payment
Loan amount: $300,000
Term: 30 years fixed
Interest rate: 6.3%
- Monthly interest rate = 0.063 ÷ 12 = 0.00525.
- Payments = 360 (30 × 12).
- Formula: M = (r × L) ÷ (1 − (1 + r)^−n).
- Calculation = $1,575 ÷ 0.84814 ≈ $1,856.92/month (principal + interest only).
Typical Fees & Closing Costs
- Origination fee: 0.5%–1.5% of the loan.
- Appraisal, title, and recording fees (vary by state).
- Prepaid escrow for taxes & insurance.
- Mortgage insurance (PMI for conventional under 20% down, FHA has upfront + annual premiums).
- Expect 2–5% of the purchase price in total closing costs.
How to Shop Smart (Step-by-Step)
- Get prequalified with 3–4 lenders on the same day.
- Request Loan Estimates (LEs) — compare APR, monthly payments, and fees.
- Ask about rate locks and float-down options.
- Check who services the loan (Rocket, Wells, etc.).
- Use HUD-approved housing counselors if you’re unsure (800-569-4287).
Buyer Checklist Before Applying
- Check credit reports & scores.
- Gather W-2s, pay stubs, tax returns, and bank statements.
- Estimate down payment & reserves.
- Compare at least 3 Loan Estimates.
- Confirm rate lock in writing.
- Review the Closing Disclosure carefully before signing.
FAQs
Q: Which lender has the lowest mortgage rates?
A: It depends on your credit, loan type, and timing. Compare multiple Loan Estimates.
Q: Do all lenders require the same credit score?
A: No — requirements vary. FHA accepts lower scores, VA has no minimum set by law, and conventional lenders prefer higher.
Q: Is it better to use my own bank?
A: Sometimes. Banks may offer perks, but online lenders or brokers may beat their rates.
Q: How long does underwriting take?
A: Usually 30–45 days. Digital lenders can be faster.
Q: Who regulates mortgage lenders?
A: Federal agencies like the CFPB, HUD, and state regulators.
Conclusion
The best mortgage lender for you depends on your credit profile, down payment, and loan type. Start by checking national leaders like Rocket Mortgage, Chase, Bank of America, Wells Fargo, UWM, and Navy Federal. Always compare at least three Loan Estimates, read every disclosure, and use HUD counseling if needed.
