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1 min read Nov 25, 2022

3 Best Mortgage Lenders in Iowa

3 Best Mortgage Lenders in Iowa

Mortgage lenders finance buyers so that they can buy their dream homes. Let’s look at the best mortgage lenders in Iowa and assess which is ideal for home buyers amidst sporadically rising interest rates.

Reviews: 3 Best Mortgage Lenders in Iowa

1. Ally Bank, Iowa

Best for First-time Buyers

Ally Mortgage

  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  •   3.75/5 (1,030 reviews)

Ally Bank is an online bank founded in 2009 in Detroit. Formally known as GMAC. Ally provides conventional banking products and services and charges no lender fees.

  • Pre-Approval Speed: 3 minutes
  • Credit Score: 620 for all typical loans and 700 for Jumbo loans
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 35-45 days
  • Types of Loans:
    • Conforming
    • Jumbo
    • Refinance

What You Need to Know about Applying for a Mortgage from Ally,com

  • How to apply: After completing the online application, upload, sign, and submit the required documents. Application to closing can take weeks to months. Only in-person closings are allowed.

Ally Bank has 3.75 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Ally.com is available in 45 states and Washington, D.C. Home loans from Ally are not available in the states of Hawaii, Massachusetts, New Hampshire, Nevada, and Virginia.

2. Bank of America, Iowa

Best National Bank

BOA

  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  • 4 Stars 4/5 (2,204 reviews)

Bank of America is the biggest national bank and has processed over thousands of home mortgages.

  • Pre-Approval Speed: 20 minutes
  • Credit Score: 620
  • Interest Rate: Lower than National Average (7%)
  • Days to Close: 30 to 45 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA loans

What You Need to Know about Getting a Mortgage from Bank of America

  • How to apply: online via bankofamerica.com

Bank of America Mortgage has 4 out of 5 stars on Consumer Affairs.

Near-Nationwide Coverage: Bank of America processes mortgages in 42 states.

3. Rocket Mortgage, Iowa

Best for Refinances

Rocket

  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  • 4 Stars 4/5 (2,031 reviews)

Rocket Mortgage is an online mortgage lender and is quite popular for refinances. In 2021, Rocket Mortgage achieved $1 billion in annual closed loan volume and became the biggest mortgage lender in the U.S.

  • Pre-Approval Speed: 8 minutes
  • Credit Scores against Loan Types:
    • 580 – FHA, VA
    • 620 – Conventional
    • 680 – Jumbo
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 47 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA, home equity, HELOCs, land loans, or loans to purchase foreclosures

What You Need to Know about Applying for a Mortgage from Rocketmortgage.com

  • How to apply: Online via rocketmortgage.com website or in-person at one of the 4 branch offices in Charlotte, Cleveland, Detroit and Phoenix.

Rocket Mortgage has 4 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Rocketmortgage.com is available in 50 states.

What is a Mortgage?

A loan taken to buy a house is a mortgage. The borrower will make payments to the mortgage lender periodically, and the property serves as the collateral. The common types of mortgages are:

  • Fixed-rate mortages: Interest rate remains constant throughout the term of the loan
    • 5-year fixed-rate mortgages
    • 15-year fixed-rate mortgages
  • Adjustable-rate mortgages: Interest rate is fixed for a period of time, and then changes based on the prevailing interest rates once a year.

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