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Editor’s note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices. We continuously evaluate each lender we review to ensure the Bankrate Score is consistent with this methodology. If you’d like to consider other lenders, visit Bankrate’s lender review hub.
When shopping around for a mortgage, you’ll find that many mortgage lenders charge an origination fee, which is the cost to cover processing and underwriting the loan. You’ll also find that some lenders don’t have this fee at all, or can discount or waive it for certain customers. Here is Bankrate’s guide to the best mortgage lenders with no origination fee in 2023.
Best mortgage lenders with no origination fee
LowRates.com
LowRates.com mortgage review
| Availability | Available in 48 U.S. states (not available in GA or MA) |
| Loans offered | Conventional, jumbo, FHA, VA, USDA |
| Credit requirements | 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans |
| Down payment minimum | 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans |
| Where to find | Online |
- No fees
- Can close as fast as 20 days
- Offers HELOCs and home equity loans
Ally Bank
Ally Bank mortgage review
| Availability | Available in all U.S. states |
| Loans offered | Conventional, jumbo |
| Credit requirements | 620 for conventional loans; 700 for jumbo loans |
| Down payment minimum | 3%-5% for conventional loans; 10% for jumbo loans |
| Where to find | Online |
- No fees
- Can close as fast as 25-45 days
- No FHA, VA or USDA loans
- No HELOCs or home equity loans
Better
Better mortgage review
| Availability | Available in all U.S. states |
| Loans offered | Conventional, jumbo, FHA |
| Credit requirements | 620 for conventional and FHA loans |
| Down payment minimum | 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans |
| Where to find | Online |
- No fees
- Can close as fast as three weeks
- No VA or USDA loans
- No home equity lines of credit (HELOCs) or home equity loans (second mortgages)
First Mortgage Direct
First Mortgage Direct review
| Availability | Available in California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Kansas, Maryland, Missouri, Nebraska, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington |
| Loans offered | Conventional, jumbo, FHA, VA, USDA |
| Credit requirements | 620 for conventional loans; 580 for FHA loans; 580 for VA loans |
| Down payment minimum | 3% for conventional loans |
| Where to find | Online |
- Borrowers assigned readily available loan officer to work with via phone or email
- No origination or hidden fees
- Loans for purchases, first-time homebuyers and refinancing
Homefinity
Homefinity mortgage review
| Availability | Available in all U.S. states except Nevada and New York |
| Loans offered | Conventional, jumbo, FHA, VA, USDA |
| Credit requirements | 620 for conventional loans; 600 or higher for FHA loans and VA loans (can be lower in some cases) |
| Down payment minimum | 3% for conventional loans; 3.5% for FHA loans |
| Where to find | Online |
- Loan originators available around the clock, and borrowers communicate with same person from start to finish
- Real-time prequalification or same or next-day preapproval
Summary: Best mortgage lenders with no origination fee
| Lender | Credit requirements | Down payment minimum | Bankrate review |
|---|---|---|---|
| LowRates.com | 620 for conventional loans; 700 for jumbo loans; 500 for FHA and VA loans | 3% for conventional loans; 3.5% for FHA loans; none for VA and USDA loans | LowRates.com mortgage review |
| Ally Bank | 620 for conventional loans; 700 for jumbo loans | 3%-5% for conventional loans; 10% for jumbo loans | Ally Bank mortgage review |
| Better | 620 for conventional and FHA loans | 3% for conventional loans; 10.01% for jumbo loans; 3.5% for FHA loans | Better mortgage review |
| First Mortgage Direct | 620 for conventional loans; 580 for FHA loans; 580 for VA loans | 3% for conventional loans | First Mortgage Direct review |
| Homefinity | 620 for conventional loans; 600 or higher for FHA loans and VA loans (can be lower in some cases) | 3% for conventional loans; 3.5% for FHA loans | Homefinity mortgage review |
Methodology
To determine the best mortgage lenders with no origination fee, Bankrate evaluated lenders based on several criteria, including affordability (APR, discounts and/or incentives); availability (approval/closing timelines, loan products); and experience (application process, customer service).
