Best online mortgages for first-time home buyers | Money | Roost
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Best online mortgages for first time home buyers

Summary of best online lenders in 2020

So, you’re starting to think about buying a house. Let us be the first to say “Congratulations!” and also the first to say “Take a deep breath!” The process can feel intimidating to a lot of people, and studies say it can be one of the most stressful processes you can go through in your life. In fact, even starting the process can be stressful, as many people don’t even know when they should begin looking — or thinking about looking. One place to start is to think about your mortgage. In this day and age, many of us love to do our shopping online, so why not shop for your mortgage online? We’ve rounded up the best online mortgages below.

Here are a few of the most popular lenders and some information about their online mortgage programs:

LenderAboutLearn more

Wells Fargo Mortgage loans Logo
• Fixed rates as low as 3.00%
• VA Loans available
• Jumbo loans available for larger purchases
• Prequalification available
• Min credit score 620

View rates

Quicken Loans logo
• Fixed rates as low as 3.125%
• FHA loans available 
• VA Loans available
• Jumbo loans available for larger purchases
• Min credit score 620

View Rates


Rocket Mortgage loans logo
• Fixed rates as low as 3.125%
• FHA loans available
• VA Loans available
• Jumbo loans available for larger purchases
• Min credit score 620


View Rates

SoFi Mortgage Loans
• Prequalification available
• Fixed rates as low as 3.25%
• Approval can be done entirely online
• Min credit score 620

View Rates
Bank of America logo• Fixed rates as low as 3.375%
• Get prequalified for a loan
• Min credit score 620
View rates

Online mortgage FAQs

1. What is an online mortgage?

It’s a mortgage… but online. But seriously, it’s a way of getting a mortgage right from your own home (or wherever you use your computer). Instead of putting on your best suit, heading down to the bank, and dealing with a representative in person, you can do all of it online, in your pajamas (if you want. It’s not required).

2. How does an online mortgage work? 

First of all, you should select your preferred provider. Take a look at some of the providers above (or find your own) and choose the one that you think best suits your needs. Then, go to the provider’s website and fill out all the information they’re looking for. They’ll get back to you and let you know what specific information you’ll need. They’ll ask you to scan and send a variety of documents to get the process rolling and they’ll give you the terms of the mortgage you qualify for.

3. What are some benefits of an online mortgage?

For many, it can be easy and convenient. As we mentioned before, you can do it on your schedule from your own home. In addition, online providers can help you “shop around” to find the best offer, which can end up saving you money in the long run.

4. Can I get an online mortgage as a first-time buyer?

Yes! Not all providers will offer online mortgages to first-time buyers, but many will (such as the mortgage companies listed in the above table). Take some time to look at each provider’s websites, their FAQs, and other information, to see which ones offer online mortgages to first-time buyers and focus on those.

5. Can I get an online mortgage with bad credit? 

It’s possible to get an online mortgage with bad credit, but you’ll want to do some homework before submitting any applications. Look at lenders’ minimum credit scores for a conventional or FHA loan. Mortgages backed by the Federal Housing Administration often have lower minimum credit score requirements.

Ready to buy a home in virginia?

There are a lot of factors that can go into your home-buying decision (maybe you have a family or romantic partner to consider, or maybe you’re superstitious (well, maybe don’t let that be a factor!)). But getting a mortgage is a great place to start. Once you know you have a plan to pay for your home, everything else will likely seem a lot easier. Take care of the financial parts first and things will start to fall into place. Oh, and good luck with the process!

A quick note! Our goal is to gather and share info that’s up-to-date and helps you make great decisions as a renter. That said, the information you get directly from a provider could be a little different. Make sure to review their terms and conditions directly; and, if you see anything here that needs to be updated, please let us know! Advertising disclosure
Last Updated: October 31st, 2020