DORADO, Puerto Rico, April 16, 2020 /PRNewswire/ -- MONEY announces today a brand new ranking with the Best Mortgage Lenders of 2020, along with expert analysis on the current state of the housing market. As the impact of COVID-19 continues to shake our economy, MONEY experts researched and compiled a one-stop-shop to better understand the elements at play in the current mortgage market and which mortgage companies are coming out on top. MONEY's Best Mortgage Lenders of 2020 includes insight from leading economists, real estate professionals, loan officers, and mortgage brokers, as well as answers timely questions such as: How are lenders easing the stress and burden of mortgages during this pandemic? Is it the right time to buy a home? How can first-time buyers find the best mortgage? And what does the future look like for the housing market?
MONEY ranks mortgage lenders in the following categories:
- Best Overall Mortgage Lender: Quicken Loans – chosen because of their nationwide reach combined with excellent customer service;
- Best Mortgage Lender for First-Time Home Buyers: Guild Mortgage Company – selected because of their range of credit options;
- Best Mortgage Lender for Military: Navy Federal – chosen because it is the world's largest credit union, the fourth-ranking VA loan originator, and one of the best lenders with a standout customer satisfaction rating;
Before COVID-19 turned into a pandemic, mortgage rates plummeted to a 50-year historic low. With unemployment rates now at an all-time high, stock market uncertainty, and many states issuing stay-at-home orders, MONEY wanted to know how this drastic shift is affecting homeowners and potential buyers, and how market projections compare to the Great Recession. Experts found that while ambiguity continues, demand for homeownership endures and interest rates remain low. If you're in the market, MONEY's lender categories will make it easy to decide which lender is the best for you and your credit history.
"With MONEY's Best Mortgage Lenders ranking, we take a rigorous look at one of the major decisions any homebuyer would face — where to get the resources they need to make homeownership a reality," said Michael Ayers, Executive Editor of MONEY. "Within this ranking, readers will learn what they should look for in choosing a lender and how to navigate this during the new coronavirus world."
MONEY's Best Mortgage Lenders of 2020 takes a deep dive into the housing market to explain what's in store for the short and long-term. Highlights include:
- Market projections timeline according to experts: Where we were during the 2008 Subprime Crisis, what lessons we can learn, and where we are now;
- Insights into the mortgage industry: What impact interest rates have on the housing market and other economic factors are at play;
- What does the housing market look like in the long-term: The Silver Tsunami and how the housing market will change drastically in the next 10-20 years;
- Generational trends: Who is most likely to buy? Millennials and Generation Xers are currently projected to be the primary driving force behind the housing market, accounting for 37% and 24% of current home buyers, respectively;
- The application process: From credit scores to FHA loans and debt to income ratios, what consumers need to know about the products lenders offer and how to successfully apply.
- Your mortgage questions answered: MONEY compiled the top questions from readers about the housing market. Should you go for an adjustable or 30-year fixed-rate mortgage? What is the best way to receive a rate quote? What are standard loan terms, loan amounts, and closing costs? Are interest rates higher if you're self-employed? If you want to buy a house, where should you start? The feature includes a calculator that approximates how much readers will pay for a mortgage.
For more on MONEY's Best Mortgage Lenders of 2020, click here.
MONEY is a digital destination for personal finance news and information that guides consumers to make smart decisions about their money. With a nearly 50-year legacy of providing trustworthy advice on every aspect of personal finance, MONEY helps its readers lead a richer life—in every sense of the word. Signature franchises include a bevy of Best-In categories such as Best Colleges, Best in Travel, Best Banks, Best Credit Cards, Best Places to Live, and now Best Mortgage Lenders, with an aim to improve your finances and promote your well-being. For more information, visit MONEY.com