Shopping for a mortgage has never been easier, thanks to the array of online options. Brick and mortar lenders may still be a viable option, but you may find that an online lender has even more to offer.

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Furthermore, exploring online mortgage lenders affords you the opportunity to compare mortgage rates. You can also receive customized loan offers to your inbox in minutes. Even better, you’ll have direct access to a loan officer in case you have questions.

Who are the top online mortgage lenders for 2020?

If you’re in the market for a new home and ready to start your search for online lenders, here are some reputable options to choose from:


Reali caters to consumers looking to purchase or refinance their home. Through their Interactive Loan Dashboard, you can apply, upload any documents needed, and track your loan’s progress at the tap of a fingertip.

You’ll also have access to a Home Loan Advisor 24/7 to address any concerns you may have. And because of their streamlined process and low fees, you can expect to close in record time without spending a fortune.

Unfortunately, Reali does not offer government-backed products, like FHA loans, USDA loans, and VA loans.

This can be a turnoff to first-time, credit challenged or cash-strapped buyers. Another major drawback is that they only operate in Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia, and Washington. The good news is they plan to expand their offerings to more states soon.

Quicken Loans

This online lender takes the hassle out of securing a mortgage by letting you complete the entire process online.

To get started, you’ll need to provide a few key details about your finances using this form. A Home Loan Expert will review your application and contact you to discuss loan options.

And no need to worry about getting overwhelmed. Their site includes online tools to help you understand loan options and the home buying process. Plus, the customer service is excellent; a live representative is always standing by.

You can also upload all your documents and monitor the status of your application directly from the portal. This means you never have to pick up the phone if you don’t want to.

And when you’re ready to close, you have the option to schedule the closing when it’s convenient for you.

Rocket Mortgage by Quicken Loans

Want to get approved for a mortgage in minutes? Look no further than Rocket Mortgage, a division of Quicken Loans. Their key competitive advantage is the asset importer tool, which takes the guesswork out of determining whether or not you’re approved.

Instead of uploading documents, importing them from the information provider guarantees the accuracy of the numbers and allows you to receive loan offers using real-time interest rates in a matter of minutes.

And once you’ve selected a loan that works for you or created a custom option, you’ll be able to close in record time. Plus, Rocket Mortgage customer service experts are standing by to assist with questions you may have every step of the way.

Guaranteed Rate

You can apply for a mortgage in a matter of minutes from the homepage of this digital mortgage provider’s site. All you have to do is answer a few questions about your desired home, credit and finances to receive a comprehensive listing of loan types and interest rates you may qualify for. Guaranteed Rate also offers a knowledge center to help you understand mortgages and home the process works.

Once you decide on a mortgage product that best suits your needs, you’ll work directly with a loan expert to upload and sign documents and finalize the loan. If you prefer to meet with a loan expert, there are 170 Guaranteed Rate branches across the United States.

Penny Mac

If you’re searching for flexibility, Penny Mac may be the ideal lender for you. They offer several options to consumers of varying financial backgrounds. To date, they’ve served over 1 million customers and funded over $5 billion loans in 2017, alone.

You can request a no-obligation free quote online, chat with an expert, or call (888)870-6229 to get started.

Network Capital

Although this lender only operates in a limited number of states, they offer mortgage products that are free of lender fees. They also boast closing times that are as little as 15 days.

To get started on a purchase or refinance application, answer some questions about your desired home, credit and finances, and a quote will be generated for you. If you prefer to speak with a licensed home loan expert, you have the option to call 1-800-300-0018, schedule a call back directly from the website, or initiate a chat session.


SunTrust is known for its brick and mortar presence, but they also have an impressive online mortgage platform. Available in English and Spanish, SunTrust mortgage offers an array of mortgage solutions to choose from.

You can initiate the application process online or directly from your mobile device through the SMARTGUIDE tool, or call 877-907-1020 to speak with a loan officer or chat online from the website. Or if you wish to meet with a loan officer, use the locator tool to find a SunTrust branch near you.

You can also take advantage of their Doctor Loan program if you’re a medical professional and meet select income criteria.

SoFi Mortgage

SoFi mortgage is another online lender that stands out from the masses. Although they don’t offer government-backed home loans, SoFi mortgage has programs that require a down payment as low as 10 percent, and they do not assess mortgage insurance.

Customers also enjoy a seamless prequalification and application process, along with no origination fees. Even better, it may be possible close on your loan in under 30 days.

Choosing an Online Mortgage Lender

Before settling on a mortgage lender, there are several factors you should keep in mind. But before narrowing down your options, you want to have an idea of the type of loan that will best suit your needs. That way you can know which online lenders are most ideal for your situation.

Once you’ve figured out which lenders you want to possibly work with, get a feel for how they do business by conducting background research, reviewing industry ratings and analyzing customer reviews.

This should get you a good idea of whether or not their process is seamless and if the customer service representatives and loan officers truly put the customers first.

Next, do a bit more digging to determine if they have flexible loan options. You may be able to qualify for their standard mortgage products, but going with an alternative product may land you a better deal.

Also, pay attention to lender fees and closing costs. If they seem a bit steeper than what you’re seeing across the board, that may be your queue to shop elsewhere for a mortgage.

And don’t forget about interest rates as a single percentage point could cost or save you thousands over the life of the loan.

Bottom Line

It may take some time to find the perfect lender to finance your home, but with a little legwork, you can save a bundle on interest and fees. Even better, you’ll be able to keep more of your hard-earned cash in your pocket.