Mortgage lenders finance buyers so that they can buy their dream homes. Let’s look at the best mortgage lenders in Miami, FL, and assess which is ideal for home buyers amidst the forever-rising interest rates.
Reviews: 3 Best Mortgage Lenders in Miami, FL
1. Better Mortgage, Miami
Best Digital Platform
Better.com
- Min. Credit Score: 620
- 📍 Coverage: 45 markets
4.3/5
(1,918 reviews)
4.3/5
(1,918 reviews)Better Mortgage is an online platform that helps home buyers get a mortgage for new homes, refinances, etc. With its fast closing time, and highly intuitive digitized interface, Better.com offers a seamless mortgage application process.
- Pre-Approval Speed: 20 minutes
- Credit Score: 620
- Interest Rate: Lower than National Average (7%)
- Days to Close: 32 days
- Types of Loans:
- Better.com offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
- Better.com doesn’t offer VA and USDA loans
- Better.com offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
What You Need to Know about Applying for a Mortgage from Better.com –
- How to apply: Online via better.com website
Better Mortgage has 4.3 out of 5 stars on Trustpilot.
Near-Nationwide Coverage: Better.com is helping home buyers get mortgages in 47 states.
2. Rocket Mortgage, Miami
Best for Refinances
Rocket
- Min. Credit Score: 620
- 📍 Coverage: 45 markets
- 4/5
(2,031 reviews)
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
- Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
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.
3. Bank of America
Best National Bank
BOA
- Min. Credit Score: 620
- 📍 Coverage: 45 markets
- 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
- Offers fixed- and adjustable-rate conventional and jumbo loans, FHA 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.
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.
You can get a mortgage by communicating with the lender directly or via a mortgage broker.
🤌 Mortgage Brokers: Everything you need to know about mortgage brokers in the U.S
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