Discover what the best lenders in the country have in common and what sets us apart.
Discover what the best lenders in the country have in common and what sets us apart.
There are hundreds and thousands of mortgage lenders in the US, and we compared some of the most recognized. We believe that here at On Q Financial, we offer a customer experience that is second to none. Through our research, we’ve also confirmed that we have one of the most extensive product lineups, including builder and construction loan options. Our mobile tech and quality of service are the best of class when compared to even the nation’s largest competitors, such as Quicken Loans, Rocket Mortgage, and Wells Fargo.
So how do you differentiate all these lenders? It can be difficult. The upside is that you do not have to settle for anything less than what you deserve. You deserve a great product and great experience, so we compared them based on the following factors:
We’re going to help make sense of all the options so that you can be sure you’re choosing the right lender for your home mortgage.
Maybe you’ve dreamed of owning a home where you are the first resident. What if your new home could have the perfect ratio of bedrooms to bathrooms? If you could have the ideal kitchen and den, extra space for an office, entertainment center, or home gym, all without compromise, wouldn’t that be a dream? When shopping the market for a home, a lot of buyers find themselves contemplating form or function and struggle to decide which matters more.
When your options seem slim, one word shines out like a light of hope: Construction. Many potential homebuyers are opting out of the traditional purchasing route and are choosing to build a new home instead. Brand new homes may offer higher energy efficiency and lower repair costs. Not to mention the ability to customize the home features to align with specific needs and desires. Naturally, the first question most people have after deciding they’d like to build a home is: How do I do it? Not all lenders offer construction loans, and you may have never heard of one, so research is the first step. Many larger lenders will not provide new home construction loans for builders, whereas smaller, local lenders tend to have more flexibility in their options.
On Q Financial does indeed offer construction loans. We make the construction process simple by combining your construction loan with your permanent financing loan. We do this with our One-Time Close Construction Loan. With this option, you can choose from four permanent financing loan types: FHA, USDA, Conventional, and VA. With the On Q Financial One-Time Close Construction Loan, you’ll experience the benefits of:
What makes this program different? Without a one-time close loan, you will need two separate loans: one for construction, and another to pay for the home mortgage itself.
Why use On Q instead of another lender? Our Mortgage Consultants and staff at On Q Financial truly strive to make your mortgage process as simple and efficient as possible!
Quicken Loans and Rocket Mortgage do not offer construction loans. Both lenders offer the option to get a mortgage loan on a brand new home, but getting it built is up to you. If you do decide to use one of these lenders, be advised they do not offer construction loans.
Guaranteed Rate does offer a construction loan program. Their program allows you to purchase property and finance the development with a convenient one-time close that rolls the construction financing into a permanent mortgage product. Guaranteed Rate offers options to tear down an existing house or build on a vacant lot. This program enables you to: Tie up property purchase and construction financing with a one-time close; Lock your mortgage rate for 6, 9 or 12 months—protect yourself from rate hikes during the construction phase; Put less down with options as low as 10%; Choose between a 15 or 30-year fixed term—conforming and high-balance options available. To be qualified, you need a Minimum 700 FICO score; Lender-approved contractor required. Survey fees may be included in certain geographic locations. Additional draws outside of 12 months come with a fee. Extensions available with fee. Contractor can request a draw at closing worth 10% of purchase price or $50,000. During construction, borrowers pay monthly interest payments on the amount of construction funds. Borrowers will also have to make an escrow payment for taxes and insurance if required. After the construction phase, the loan converts to the permanent phase, and the borrower makes traditional principal and interest payments and escrow payments.
Better.com does not offer construction mortgages. In using this lender, you must choose a different type of loan.
Sofi does not offer construction loans. Sofi does however, provide personal loans for home improvement.
Chase does not offer personal residential construction loans. Chase, however, does provide commercial business construction loans.
Loan Depot does not offer construction loans.
Wells Fargo does offer home loans for newly constructed homes. This lender will help you along the way of building your home and will help you ensure your information is up to date. They are experienced in protecting you for inflation as well, for an additional fee while the home is being built.
New American Funding does offer construction loans. New American Funding offers construction-to-permanent loans that automatically convert, saving the buyer time and money.
What if you could finance your future home straight from your phone? Yeah, we think so too. If you have a mobile mortgage app like On Q Financial’s Simplicity, that notification could be your Mortgage Consultant letting you know that your home loan just closed. Many lenders have grown with technology and have implemented mobile apps into their loan process to make the lives of homebuyers much easier. Let’s explore which top lenders offer mobile apps and new technologies to simplify the mortgage process.
On Q Financial has spearheaded the mobile revolution of the mortgage industry. On Q Financial created Simplicity, a mobile app that’s available wherever and whenever you are, and keeps you connected with your mortgage process.
On Q Financial also created Mortgages Simplified.
Mortgages Simplified is our automated verification process. Simply connect your accounts. We’ll do the rest. This way, you don’t need to worry about printing papers and driving to offices to sign documents. Mortgages Simplified is just another way that we’re, well, making mortgages simplified.
Rocket Mortgage launched in 2015 as the face of Quicken Loans’ online mortgage application. It has the same underwriting standards as Quicken Loans. The main draw of Rocket Mortgage is that the entire mortgage process takes place online. Some benefits of using the Rocket Mortgage app include:
Guaranteed rate offers a few mobile and internet based mortgage solutions. Stated on their website, they offer a
Better.com is an entirely internet-based mortgage solution, but they do not offer a mobile app.
Sofi offers an online mortgage process, so all transactions are handled digitally.
Chase Bank offers the Chase Mobile App, which is a payment portal, not an application process mobile app. With the Chase Mobile App, you can make mortgage payments. Chase also offers the Chase MyHome Dashboard. The MyHome Dashboard allows you to get a view of your mortgage, home value, neighborhood sales trends, and more.
Features of this technology from Chase includes:
Loan Depot offers mello smartloan™, their online mortgage process. As stated on their website, you’ll be able to:
Loan Depot loan consultants will then assist you in making a decision.
Wells Fargo allows homebuyers to apply for their loans online through the Wells Fargo website. Wells Fargo does not have a dedicated mortgage mobile app to stay connected with your process, but they do have their personal banking mobile app.
While New American Funding does not have an application process app, they offer their My Mortgage App so borrowers can make payments anytime, anywhere. You can easily view your current home loan information. Stay up to date with information about your current home equity and estimated property value if available in your area.
When comparing lending options, the first thing you will work with your mortgage consultant to figure out is which loan type will work best for you. Maybe you’re in the market for a USDA loan? You’ll need to figure out which lender can offer you the loan that fits your needs. On Q Financial strives to offer a variety of home loan and mortgage options to satisfy even the most niche situation. From first time home buyers to seasoned veterans, many lenders have products for every kind of borrower. We’ve compared each lender on their product variation. Explore our findings to see how each lender stacks up.
 “Chase Mortgage Review | SmartAsset.com.” 4 May. 2020, https://smartasset.com/mortgage/chase-mortgage-review. Accessed 21 May. 2020.
 “Mortgage Programs & Home Loan Types | Wells Fargo.” https://www.wellsfargo.com/mortgage/loan-programs/. Accessed 21 May. 2020.
The following loan scenario is only an example. Actual amounts, fees, and rates vary depending on each borrower’s situation and additional factors. Loan example is based on a loan amount of $500,000, 30-year fixed conventional mortgage loan with a 5% down payment of $25,000, and estimated closing costs of $3880. Interest rate of 3.975%, APR of 4.869%, and an estimated monthly payment of $2871.10. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Rates and fees are subject to change at any time. This is not a commitment to lend or extend credit. Loan approval is subject to applicant’s qualifications for a loan program. Information is subject to change without notice. The material provided is for informational and educational use only.
The information is considered accurate and reliable at the time of being published. Please contact your On Q Financial, Inc. Mortgage Consultant for more information. On Q Financial, Inc. is an Equal Housing Lender. NMLS 5645 Approval Code OnQ0527200681Y000007h9RT
Comparing Lenders is crucial to ensuring you receive the best deal on your new Dream Home. Whether you already have a lender or are still deciding, your next step in the Home Buying Journey is understanding The Mortgage Process. In the following chapter, we will break down every aspect of the Mortgage Process to ensure your questions are answered.Next Step: The Mortgage Process