Mortgage lenders finance buyers so that they can buy their dream homes. Let’s look at the best mortgage lenders in Raleigh, NC, and assess which is ideal for home buyers amidst the forever-rising interest rates.
Reviews: 3 Best Mortgage Lenders in Raleigh, NC
1. Ally Bank, Raleigh, NC
Best for First-time Buyers
Ally Mortgage
- Min. Credit Score: 620
- 📍 Coverage: 45 markets
3.75/5
(1,030 reviews)
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. Better Mortgage, Raleigh, NC
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.
3. Bank of America, Raleigh, NC
Best National Bank
BOA
- Min. Credit Score: 620
- 📍 Coverage: 45 markets
- 4/5
(2,204 reviews)
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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