The 10 safest banks to request a mortgage loan in the United States

Anaz Ima
Anaz Ima June 14, 2022
Updated 2023/01/25 at 2:50 PM

Buying a house in the US is the dream of millions of people. In almost every occasion, achieving this dream requires applying for a mortgage loan , a process that many describe as tedious and frustrating but necessary to obtain the financing required to fulfill the goal of acquiring a home of your own.

In order to qualify for a home loan, it is generally recommended to have a FICO credit score of at least 620 . This score will allow you to access various mortgage loan options with lower interest rates, so it is an important aspect to take into account.

Once you make sure that you have the necessary score to apply for a mortgage loan, then there is another important question to be resolved: which bank to apply for the loan. At SoloDinero we compile the 10 safest banks to request a mortgage loan in the United States in June 2022:

1- Chase Bank

Available in every US state, with approximately 4,700 different branches, Chase Bank is a safe option for anyone looking to take out a home loan .

One of the reasons many people choose to go to this bank is because of their low down payment options .

Among the alternatives they offer is the DreamMaker mortgage, which has a low down payment option, flexible credit guidelines and income limits .

For example, with a 3% down payment and 30-year fixed-rate financing on a $153,158 loan, with an interest rate of 4.625% and an APR of 4.693, the DreamMaker Mortgage would establish 360 monthly payments of principal and interest of $787.45, not including taxes and mortgage insurance. However, to qualify for this type of loan you must have a credit score greater than 700.

If this loan is not of interest to you, you can apply for regular mortgage loans.

The estimated time for completion of a mortgage loan application can be approximately three weeks, but you can be sure of the financial strength behind this bank.

2- Rocket Mortgage

One of the largest mortgage lenders in the US, with a presence throughout the country. Among its advantages are accepting mortgage loan applications from people with credit scores below 620 , but keep in mind that the interest on these loans will be higher.

Rocket Mortgages offers standard mortgage loans, with payment ranges from 15 to 30 years. The 30-year fixed-rate loans have an interest rate of 5.375% and an effective annual rate of 5.639%, while the 15-year fixed-rate loans have an interest rate of 4.99% and an effective annual rate of 5.639%.

The waiting time to complete the loan application is usually 47 days , a time that could be reduced as long as you can comply with all the information requests they make.

3- PNC Bank

If the home you intend to purchase is in rural areas of the United States, you may consider applying for a loan from the United States Department of Agriculture (USDA), also known as USDA Loans. These types of mortgage loans are very little known, since they are not offered by many lenders, but they are in the PNC Bank portfolio of options .

By accessing USDA loans, you will have facilities among which is the absence of initial payment and the possibility of refinancing other loans .

This bank also offers flexible loans, and even some with facilities for those who practice medicine, which have the particularity of access to loans of up to $1,000,000 with fixed or adjustable interest rates for primary residences.

If you don’t live near a PNC Bank branch, don’t worry. They have online assistance for applying for mortgage loans .

4- Flagstar Bank

This bank has the advantage that it speeds up the mortgage loan application process, being able to access this type of loan in just over 15 days , although on average it can take between 21 to 30 days.

If you work as a police officer or firefighter, you can get attractive home loans . And for professionals practicing law or medicine, there are loan options of up to $1,500,000, if you have a credit score of 700 or more.

In order to view Flagstar home loan interest rates , you must provide your financial information , including your credit score, property price range, a minimum down payment amount, as well as your name and email address.

5- Bank of America

One of the largest classic banks in the US, with a presence in every state and approximately 4,200 branches .

Bank of America offers 30-, 15-, and 5-year fixed-rate payment plans .

For 30-year fixed-rate payments, the interest rate is 5.520%, with an annual rate of 5.452%. For example, If you apply for a loan of $200,000, for example, with the interest rates referred to, the monthly payments would be $1,104.

For 15-year fixed-rate payments, the interest rate is 4.375% and the effective annual rate is 4.719%. Using the same example of a $200,000 loan, the monthly payment amount would be set at $1,517.

The interest rate of the mortgage loan can also be influenced by your credit score, so you should check if your FICO score allows you to access these interest rates.

6- HSBC Bank

With a wide range of mortgage loans, HSBC Bank is an option that can meet the needs of those who require large loans . However, they are not available in all states, so access to this bank is limited.

HSBC Bank’s low down payment mortgage loan programs include :

— HomeReady : in which a low initial payment is requested, up to 3% of the price of the property. To access this loan, it is necessary to take an educational course related to the purchase of houses.
— Community Works : A program that offers loans for up to 97% of the value of the property or the purchase price. This program is only available in Washington DC and select counties in California, Connecticut, Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, and Virginia.
— Home Possible : Another mortgage loan possibility with fixed interest rates and low down payments, up to 3% of the cost of the property.

HSBC Bank also has specific programs for buyers located in New York and New Jersey: Homebuyer Dream Program and SONYMA (The latter is only available in New York).

7- Wells Fargo

Another classic line bench that can meet the needs of those who want to buy a house for the first time. In addition to the variety of options in mortgage loans and financial products, this bank publishes the interest for each type of loan online , which contributes to transparency and confidence in these products .

With plans of 30 and 15 years at a fixed rate, of 5.375% and 4.375% interest rate respectively, and 5.557% effective annual rate for 30-year loans, as well as 4.695% effective annual rate for 15-year loans. years, it is a solid option for anyone who wants to acquire a mortgage loan.

8- BB&T

Also known as Truist Bank, this bank provides a host of online mortgage application and loan tracking tools, making it easy to access these products from the comfort of your home. For a $250,000 house payment, with a $50,000 down payment, with fixed interest rates, the monthly payment would be $1,428, including insurance and property taxes.

BB&T also offers construction loans, and has a special line of programs dedicated to doctors in the country.

9- Regions Bank

A traditional option, which offers all the facilities and basic products when it comes to mortgage loans, is Regions Bank.

Among the options offered by this bank are the Renovation and Repair program, for owners doing home repairs; in addition to standard home loan options.

Regions Bank does not publish mortgage loan interest rates on its website. This information can only be obtained by contacting their staff.

Its payment assistance options make it particularly attractive, as it allows facilities for those who have experienced financial difficulties .

10- Amerant Bank

This bank places special emphasis on its Hispanic clientele, offering specialized customer service in both English and Spanish . With a personalized advisory team and competitive rates, Amerant Bank is a good candidate for a mortgage loan. They offer fixed interest rates for the life of the loan, allowing the possibility of stable loan payments.

To find out their interest rates , you must contact Amerant Bank staff directly.

However, they do not have branches throughout the country. The headquarters of this bank are mainly established in Florida and Houston .

Almost as important as deciding the home you want to be in with your family is choosing a good bank that supports you in getting a mortgage loan . This decision must be made based on good financial criteria and that suits your needs, so it is advisable to select safe banks to live peacefully with your loved ones .

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