Benzinga's Mortgage Lender Review Methodology
To determine the best mortgage lenders, we analyzed over 100 mortgage lenders and brokers. Our comprehensive evaluation focuses on multiple critical factors that influence the mortgage lending experience. Each lender is assessed based on their offerings in the following categories: Loan Options, Application Process, Rates and Fees, Credit Scores, and Customer Service. To ensure a fair comparison, we implemented a points-based scoring system, with each category weighted based on the number of offerings a specific lender has in each category.
Meet the Reviewers
Sarah Horvath is a financial writer located in New York City, New York. She focuses on the topics of insurance and investing for retirement. Horvath has written for numerous websites and publications, and her work regularly appears on websites like Robinhood’s news feed and Benzinga.
Camille believes in the importance of lifelong learning. While attending University as an undergraduate, she minored in economics and is currently working on her master’s degree. For fun, she enjoys taking online courses on cryptocurrency and approachable personal investing strategies. For over a decade, Camille’s passion for writing and finance have run parallel to each other. Today, she is a published writer with a strong interest in personal finance and practical investing strategies.
Kathryn Hauer, a Certified Financial Planner™ and financial literacy educator with Wilson David Investment Advisors in Aiken, SC, has written numerous articles and several books. She works to help clients and readers understand and act on complex financial information to keep them and their money safe. She functions as a strong advocate and guiding light for her clients as they move through a murky and unfamiliar financial world.
Scoring System
Each lender is scored out of a total of 100 points, distributed across the five categories as follows:
- Loan Options: 25 points
- Application Process: 25 points
- Rates and Fees: 20 points
- Credit Scores: 15 points
- Customer Service: 15 points
Categories and Criteria
1. Loan Options (25 Points)
This category evaluates the variety of loan products a lender offers. Lenders with a broader range of loan options score higher, as they can cater to a more diverse set of borrowers.
- Conventional Loans: 5 points
- FHA Loans: 5 points
- VA Loans: 5 points
- USDA Loans: 5 points
- Jumbo Loans: 5 points
2. Application Process (25 Points)
The ease and convenience of the mortgage application process are crucial for borrowers. This category assesses the availability of online applications, mobile app functionality, and the speed of the closing process.
- Online Application: 10 points
- Mobile App: 5 points
- Closing Time (within 30 days or less): 10 points
3. Rates and Fees (20 Points)
Competitive rates and transparent fee structures are essential for borrowers to make informed decisions. This category evaluates the competitiveness of the lenders' rates and the transparency of their fees.
- Competitive Rates: 10 points
- Transparent Fee Structure: 10 points
4. Credit Scores (15 Points)
The minimum credit score required by lenders affects borrower accessibility. This category rewards lenders that accommodate borrowers with lower credit scores.
- Accepts Credit Scores of 620 and Above: 15 points
5. Customer Service (15 Points)
Quality customer service can significantly impact the borrower’s experience. This category assesses the availability and helpfulness of customer support.
- Customer Support Availability (hours, channels): 5 points
- Customer Support Helpfulness (reviews, responsiveness): 10 points
Evaluation Process
Each lender is evaluated based on the above criteria and assigned points accordingly. The total score for each lender is calculated by summing the points from all categories. Lenders are then ranked based on their total scores, with the highest-scoring lenders identified as the best mortgage lenders.
Our methodology ensures a thorough and fair evaluation of mortgage lenders, focusing on factors that matter most to borrowers. By using a points-based system, we can objectively compare lenders and provide a clear ranking of the best mortgage lenders in the market.