Getting your first mortgage loan is an exciting and simultaneously stressful time for any first-time home buyer. First mortgage loans require a ton of research as to the necessary qualifications and steps required to buy a home. But even if you have figured all that out, you’ll still need to pick out an appropriate lender for your first mortgage. Both locally and online you’ll be faced with a ton of options when it comes to choosing your first mortgage. But as nerve-racking as that may be, the top first mortgage loan lenders can help you get the first home of your dreams. Read on to learn more about what the top first time mortgage lenders Quicken Loans, SoFi and Chase can do for you.
Top First Mortgage Loan Companies
- Quicken Loans
Quicken Loans is one excellent lender that is confident it can handle your first-time mortgage. So far they have handled over 2 million mortgages and have the knowledge and tools to find a mortgage plan that is best for you. Quicken Loans is only available for fixed-rate mortgages only. It is America’s #1 online lender. It is also been chosen as Fortune 100 Best Companies to Work For and has an A+ rating with the Better Business Bureau, and supports the Equal Opportunity Housing act.
- A+ rating with BBB
- Over 2 million mortgages
- Fixed-rate mortgage only
SoFi offers first time mortgages with more affordable payments. SoFi supports first time home buyers, but offering qualifying borrowers the same loan amount as experienced home buyers. Additionally, SoFi will fully underwrite borrowers at the time of pre-approval, a making it easier to get a home fast. They’ll also speed up the home-buying process by helping you to close a deal on your home. Mortgage down payments can be as low as 10% with no required mortgage insurance. Not sure if you qualify? Fast and easy pre-qualification can be done easily online. Additionally, flexible debt-to-income limits give you a better chance at mortgage approval.
- Mortgage payments as low as 10%
- Same loan amount as experienced buyers
- Flexible debt-to-income limits
Chase offers excellent rates for first time home buyers. Right now, they are offering the best and lowest rates that every interested home buyer should take advantage of. A 30 year term fixed rate starts at 4.125% and 4.199% APR. !5 year term rates start at 3.375% and 3.540% APR. Additionally there are 7-year and 5-year adjusted rate mortgages at less than 4%. Pre-qualifying can be done online, by phone or in-person at a Chase bank location near you. The website features a mortgage rate calculator that will provide a rate payment estimate suitable for you.
- 4.125% 30 year fixed term rate
- 3.375% 15 year term rate
- Pre-qualify online or by phone
First mortgage loans are always the most complicated. After all, you may not be quite sure what you are doing the first time around. But by choosing the top banks and lenders to help you out, you’ll have a much better experience with your first mortgage.