Best Mortgage Lenders for Loans Over $500,000 in 2025

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Finding the right lender for a large loan is more than just competitive interest rates – you’ll want a lender who fits your unique financial profile.

Picture this: You've found your perfect home with that sunroom and clawfoot tub you've always wanted. The catch? You'll need a sizable loan – at least $500,000. Diving into the mortgage world can be intimidating, especially if your loan surpasses the half-a-million-dollar mark. “For high-value loans, finding the right lender means considering more than just interest rate,” says Chad Phillis, founder and CEO of Checkmate Rentals. Worth considering as well are “things like fee transparency, customer service responsiveness and a willingness to craft products that make sense for unique investment profiles,” Phillis says.

Considering factors like these, we’ve evaluated the top mortgage lenders for borrowing $500,000 or more. Whether you’re a first-time homebuyer or a seasoned investor, this guide can improve your understanding of the nuances of larger loans like jumbo loans and help you find a lender to realize your investment or homeownership dreams.

Quick Winners list

• Best Overall: New American Funding
• Best for Investors: Angel Oak Mortgage Solutions
• Best for Rate Transparency: Guaranteed Rate (Rate.com)
• Best for Self-Employed People: CrossCountry Mortgage
• Best for Jumbo Loans: Rocket Mortgage
• Best for First-Time Home Buyers: North American Savings Bank
• Best Online Based: SoFi Mortgage
• Best HELOC: Unlock

Best Overall: New American Funding

Pros:

• Accepts lower credit scores
• Offers a wide range of loan types
• Strong focus on underserved communities
• Personalized customer service

Cons:

• Slower processing times compared to online lenders
• Limited physical branches

Although the cutoff for a jumbo loan is $806,500 in most areas, you could quickly approach the jumbo loan classification once you’re looking at a $500,000 minimum. A jumbo loan is a non-conventional loan type, meaning it’s a riskier loan that won’t be backed by the government. So, working with lenders with stellar reputations for non-traditional lending is especially important. New American Funding (NAF) is a top choice among non-QM lenders for its flexibility, personalized service and strong customer feedback. Reflecting customer satisfaction and trust, NAF boasts an impressive 4.69/5 customer review rating on the Better Business Bureau and 4.7/5 rating on Trustpilot.

Although NAF is best known for its non-QM lending, it also offers a broader range of loan options, including conventional, FHA and VA loans. Another standout feature is the lender’s commitment to underserved communities, including approving borrowers with lower credit scores, non-traditional income sources and those post-bankruptcy. However, rates may not always be the most competitive, and some borrowers have reported slower processing times compared to other online-based lenders. Ultimately, though, NAF’s dedication to customer service and inclusivity helps it earn our "Best Overall" title. 

Best for Investors: Angel Oak Mortgage Solutions

Pros:

• Specializes in non-QM loans for investors
• Flexible underwriting for unconventional income
• Great for rental property financing
• Quick approvals for qualified borrowers

Cons:

• Higher interest rates than traditional lenders
• Requires strong financial documentation 

Angel Oak Mortgage Solutions (AOMS) is a go-to lender for real estate investors, particularly those whose financial profiles don’t fit the biweekly pay stub mold. Another specialist in the non-QM loan space, AOMS caters to borrowers with unconventional income streams, including seasonal rental income. This makes AOMS ideal for investors who may not qualify for traditional loans.

However, the lender’s niche focus may not make it the best fit for more conventional homebuyers, and rates can be higher than those of traditional lenders. For investors, though, the lender’s flexibility and expertise are hard to beat in the market for $500,000+ loans.

Best for Rate Transparency: Guaranteed Rate (Rate.com)

Pros:

• Easy-to-use rate comparison tools
• No hidden fees
• Fast online application process
• Wide variety of loan options

Cons: 

• Customer service can be inconsistent
• Limited in-person support
• Rates may vary by location

Guaranteed Rate, also commonly known by its web domain Rate.com, earns its superlative for its commitment to clarity, particularly through its user-friendly platform. Borrowers can easily compare rates and loan options, making finding a mortgage that fits your budget simpler. The platform's digital-first approach streamlines the application process and offers a wide range of loan products. However, some customers have noted that customer service can be inconsistent, and the online experience may not appeal to those who prefer in-person interactions. For tech-savvy borrowers who value transparency, though, Guaranteed Rate is an excellent choice.

Best for Self-Employed People: CrossCountry Mortgage

Pros:

• Accepts bank statements instead of tax returns
• Flexible underwriting for self-employed borrowers
• Wide range of loan programs
• Strong customer support

Cons:

• Higher rates and fees for some borrowers
• Lengthy application process
• Limited online tools compared to competitors

Lower credit scores or lack of a traditional income don’t have to be barriers to homeownership – something that CrossCountry Mortgage (CCM) embodies by catering to self-employed borrowers. The lender offers flexible underwriting guidelines, accepting bank statements instead of traditional tax returns to verify income. This makes CCM a great option for freelancers, entrepreneurs and gig workers. However, CCM’s rates and fees can be higher than average, and the application process may require more documentation. If you’re a self-employed individual who struggles to qualify with most traditional lenders, CCM can offer a terrific lifeline.

Best for Jumbo Loans: Rocket Mortgage

Pros:

• Competitive jumbo loan rates
• Fully digital, user-friendly platform
• Fast preapproval process
• Strong reputation for customer satisfaction

Cons:

• Strict credit and income requirements
• Limited face-to-face interaction
• Higher down payment needed for jumbo loans

Rocket Mortgage is a powerhouse in the jumbo loan space, offering competitive rates and a seamless online application process, making it a top option. The fully digital platform paves the way for an easy application process for larger $500,000+ loans, often with quick approval times. Note that loans that fall into the jumbo category typically require excellent credit and a significant down payment, which may exclude some borrowers. And additionally, while Rocket Mortgage’s technology is solid, some customers may miss the personal touch of working with a loan officer. 

Best for First-Time Home Buyers: North American Savings Bank

Pros:

• Low down payment options
• Special programs for first-time buyers
• Competitive interest rates
• Strong customer service

Cons:

• Limited availability in some states
• Slower processing times
• Fewer online tools compared to digital lenders

First-time homebuyers often face unique challenges, and North American Savings Bank (NASB) addresses these with specialized programs and low down payment options. NASB offers FHA, VA and conventional loans with competitive rates, helping to make homeownership more accessible for first-timers. So if you are a first-time buyer who qualifies, NASB makes for a supportive and affordable entry into the housing market for buyers in the $500,000+ range. However, the lender’s geographic reach is limited and may not be available in all states. 

Best Online Based: SoFi Mortgage

Pros:

• No origination fees
• Unemployment protection program
• Fast, fully online application
• Competitive rates for qualified borrowers

Cons:

• Stricter credit requirements
• Limited loan options
• No physical branches for in-person support

A standout for tech-savvy borrowers who prefer a fully digital experience, SoFi Mortgage is a long-standing trailblazer in the online banking realm. The online platform is intuitive, and SoFi offers competitive rates with no origination fees. SoFi also provides unique loan management perks, like unemployment protection, which can pause payments if you lose your job. SoFi has stricter credit requirements, and loan options are more limited than those of traditional lenders. If you value convenience and transparency, SoFi is a top online-based lender.

Best HELOC: Unlock

Pros:

• Easy online application process
• Competitive HELOC rates
• Fast approval and funding
• Transparent fee structure

Cons:

• Limited to HELOCs only
• Variable interest rates
• Requires strong credit and equity

Unlock, a play on the idea of “unlocking” your home’s equity, is a lender that specializes in HELOCs, or home equity lines of credit. A HELOC allows homeowners to borrow flexibly by tapping into their home’s equity. And there’s plenty to go around, statistics from the Federal Reserve show – U.S. homeowners sat on a staggering $35.1 trillion in home equity at publication time. Unlock’s process is straightforward, and you can tap into up to $500,000 under competitive rate terms. Just be aware there are drawbacks: HELOCs come with variable interest rates, which can increase over time, and Unlock’s services are limited to this niche product. However, Unlock is a reliable and efficient choice for homeowners seeking a sizable HELOC that knows its corner of the market.

What Are the Requirements for a $500,000 Mortgage?

When applying for a $500,000+ loan, you should be prepared to provide extensive documentation, including pay stubs, W-2s, tax returns, bank statements and proof of assets.

“[Lenders] typically base their eligibility decision on a detailed examination of your credit scores, debt ratios, income stability and financial well-being as a whole,” Phillis says. "For mortgages or high-value loans, lenders will generally want your credit score to be in the mid-600s or higher, a DTI [debt-to-income] ratio below 36% and a history of steady income.”

Some institutions may require an even higher credit score – as lofty as the high 700s – says Andreis Bergeron, who heads Brokerage Operations at real estate investing company Awning.com. “[The] value of the loan might require that a lender asks for more rigorous financial statements and a history of cash flow for balance,”  he adds.

A higher down payment – between 20% and 25% – may also be required to lock in a more competitive interest rate and minimize the lender’s risk, Bergeron says, especially if the loan falls into the jumbo loan category. Phillis says that for a “particularly seasoned investor,” though, a lower down payment may be available.

How to Choose a Mortgage Lender for Large Loans

Choosing the right mortgage lender for a large loan, such as a $500,000 mortgage, requires careful research and comparison: “For first-timers with big mortgages, my advice is simple: do due diligence and shop around with several lenders to review their rates, terms and fee structure prior to making a choice,” Bergeron says. Comparing lenders can reveal significant differences in service quality and expose hidden fees that could inflate the total cost of your mortgage. These fees might include origination charges, processing and underwriting costs, appraisal fees and even prepayment penalties.

He says that looking into alternative lenders – boutique lenders, credit unions and newer or online lenders  – can also potentially help find more streamlined and affordable mortgages for less traditional borrowers.

Phillis reiterates that first-time borrowers looking at high dollar amounts like $500,000+ should perform their due diligence and look for lenders focusing on “transparency and custom options when it comes to loans.” In short, the key to choosing the right lender for a large loan is to shop around, ask about fees and prioritize transparency and flexibility. Such an approach can help you find a lender that meets your interests and saves you money.

Why You Should Trust Us

At Benzinga, our mission is to provide reliable morsels of financial guidance that are easy to digest, especially when navigating complex or high-ticket decisions, like securing a mortgage for $500,000 or more. Our team works with industry experts to ensure the accuracy and relevance of our recommendations and conducts in-depth evaluations of lenders specializing in high-value loans. The author, Emma Witman, is a seasoned financial journalist with over five years of experience helping consumers make informed choices. 

Methodology 

To identify the best lenders for mortgages over $500,000, we thoroughly analyzed more than 100 lenders specializing in high-value loans, including those with jumbo and non-conforming loan options. Our evaluation focused on lenders offering competitive interest rates, flexible eligibility requirements and streamlined processes for large loan amounts. We prioritized lenders with strong reputations for customer service, transparent fee structures and robust digital tools, such as online applications and rate calculators, to enhance the borrower experience. Additionally, we considered lenders with specialized programs for first-time homeowners, investors and self-employed borrowers. For a closer look at our selection process, you can explore our full methodology.

FAQ

Sources

Federal Housing Finance Agency (FHFA). “Conforming Loan Limit Values Map.” Accessed Mar. 20, 2025. https://www.fhfa.gov/data/dashboard/conforming-loan-limit-values-map

Interview with Andreis Bergeron, VP of Sales, Redawning.com, via email on Mar. 13, 2025.

Interview with Chad Phillis, founder and CEO of Checkmate Rentals, via email on Mar. 13, 2025.

Online lender information sourced from company websites, including Angel Oak Mortgage Solutions, CrossCountry Mortgage, Guaranteed Rate (Rate.com), New American Funding, North American Savings Bank, Rocket Mortgage, SoFi Mortgage and Unlock.

Review data sourced from Trustpilot and the Better Business Bureau (BBB).