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Thursday, October 21, 2021

How to Get Your First Home Loan Hassle-Free? The Best Banks for Home Loan In 2020

Not all of us have the required capital to construct or buy our desired home, which is why we need a reliable mortgage lender to finance our project. However, before you negotiate a deal with an investor, you need to ensure that they have the required permissions to sanction the best home loans in your state. Moreover, a bit of prior knowledge about interest rates and rebates, and credit criteria can make it easier for you to choose a lender. Hence, we have prepared a list of the best bank for home loan for buyers with various economic aims.

best place to get a home loan

  • Planning a home renovation? Go for Wells Fargo

One of the leading financial institutions of the US, Wells Fargo is the best bank for home loan, if you have decided to give your home a new outlook, and cannot decide on the exact amount you will require. It offers a wide range of the best housing loan options, starting from renovation mortgages without collateral security till 100000 dollars to loans with security to 250,000 dollars. Hence, you have ample time to negotiate the deal without being in constraints. 

This best bank for home mortgage will sanction your home loan for newly built houses, or the ones undergoing construction, without fluctuations in rate during the construction timespan. The income criteria are also pretty much lax, hence you won’t have to worry about fulfilling the cut-off for a debt-to-income ratio which is usually high for other lenders. 

  • Have a co-applicant for a sizeable loan amount? PNC Bank is the right choice for you.

We suggest PNC Bank as one of the best lenders for home loans, if you need a co-applicant to qualify for a home mortgage. 

best place for home loanThis Pittsburgh-based institution provides both government-financed loans like USDA and FHA, along with traditional ones too. Under this best bank for home mortgage, the lower limit for the conventional home equity loan is as low as 1000 dollars. They will also give you a 0.25 percent rebate on interest if you pay your loans from their free checking account.

  • Struggling with credit history? Need a refinance? New American Funding will help you out.

New American Funding has been considered as among the most reliable and best bank for home loan because it reviews your application manually, and takes into account details other than your credit history. You can get an up vote from them if you have considerable savings and a stable income, hence, irregular or questionable credit history won’t be a problem. You will also get multiple refinance options like “cash-out refinance, refinances on rate and term, i.e., sanctioning new loan based on your interest rate or the term period of the existing mortgage, along with specialized refinancing offers. best lenders for home loans


  • Are you a first-time homebuyer? Bank of America is the safest and best bank for home loan, then.

Known for their top-notch customer service, BOA is the best bank to get a home loan if you are applying for the first time. You can apply entirely online and the website and app interface is excellent, with options for auto-fill-up of important data, thus making the process as hassle-free as possible. The lower limit of the credit score is marked at 600 and the down payment starts at a rate of 3%. Their best housing loan Community Homeownership Program has been planned to keep in mind the interests of homebuyers from a low-income group and first-time quota. In some cities, they will provide financial assistance of 10000 dollars on your down payment. 

  • Need discounts on mortgage rates? Choose CitiBank

This bank’s “Mortgage Relationship Pricing Program” is ideal for those customers who find it beneficial to get discounts on the rates of interest. Among its best home loans, the HomeRun program will help buyers who cannot afford the 20% savings on the down payment. You can get mortgages from this best bank to get a home loan at fixed rates for timespans varying from 10 to 30 years. best places to get a home loan

We hope that our selection of the best lenders for home loans will help you secure the best terms on your mortgage. Compare each of them, and go through their websites to know which one is the right fit according to your credit score. Once you have assessed the pros and cons, you can apply to the best bank for home loan and see your dream come true.

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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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