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Best mortgage loan companies for a home buyer

By Rachel Brooks

Contributor | Telegraph Local 

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Finding an affordable mortgage these days can be an Olympic challenge. All Americans are affected to some degree by the housing crisis. Finding the best mortgage loan is a feat comparable to searching for a needle in a stack of other needles. How can you be certain you sign the dotted line on a deal that is both affordable and profitable for you and for your family’s future? 

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A look at rate statistics and bank loan comparisons. 

The Consumer Advocate has put together a list of the 10 best mortgage rates available in the United States as of the 2020 forecast. They are, as follows. 

  • Quicken Loans
  • Veterans United 
  • Credible
  • Lending Tree 
  • Rocket Mortgage by Quicken Loans
  • Magnolia Bank
  • Cross Country Mortgage 
  • Get Smart 

With Quicken Loans taking home the best overall title. The last update generated for these rates was December 13, 2019. 

Why? What is it about Quicken Loans mortgages that make them the top mortgage loan provider in the minds of most Americans? The Consumer Advocate does, in fact, give this option the 5-star treatment. It couldn’t have gotten there without some positive feedback. 

For starters, Quicken Loans has won the J.D. Power Award for 10 consecutive years. It has also won the Primary Mortgage Servicing Award for the last 6 years, citing the Quicken Loans site. Quicken Loans has previously won titles such as “Fortune 100 Best Companies to Work For”. They are an equal housing opportunity lender and BBB accredited. 

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Do the accolades contribute to the charm? Or is there more to Quicken Loans than the mere flash of its great enterprise reception? 

Quicken Loans was put at the top of the Consumer Advocate list because it is the only loan provider to offer “Rate Shield”. This allows a home buyer to “lock-in” an interest rate on a Quicken Loan even while they are still shopping for the home they wish to finance.

Quicken Loans works with brands to give the best insights into mortgage loans_whether it be financing or refinancing. The service doesn’t just quote you a price for their mortgages. Before you cut checks, deals are cut that ensure you’re getting the best for your investment. You can see an example of this in their site’s post “Should You Refinance Your Mortgage? 6 Questions to Ask First.” 

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Next in line to Quicken Loans is Veterans United. Veterans United has been called the nation’s #1 VA lender, citing the Veterans United site. The deals are adjusted based on military service_so that service members who used VU are given special consideration and discounts. Citing Nerd Wallet, Veterans United requires you to have a 620 credit score. It requires a 0% down payment. This is a step up from Quicken Loans in that respect_Quicken requires a 3% down payment for the majority of its mortgage loan types. 

Thus, when we compare the top two of this list, we can see that Quicken Loans may be a better option in terms of services, and the Veteran United line may be better in terms of lower downpayment for first-time buyers. A side by side comparison of each for every loan type would be in order. Make the distinction before making the final signing decision.

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