Recommended mortgages

Are you planning to buy a house and need to decide where to apply for a mortgage? We evaluated different financial institutions to help you make a decision.

We have selected the following companies based on:

  • What markets they serve: we’ve included Spanish and US-based firms, so that you have options to choose from depending on where you live.
  • Mortgage or Assets volume: size and scale matter, so we favored institutions with higher mortgage or assets volume.
  • Customer recommendations: we looked at how satisfied are the current customers of those institutions.
  • Down payment required: having the option of putting down a lower down payment is a positive, so we looked at the minimum down payment required by the institutions.
  • Interest rates: banks offer different rates to different customers based on a variety of factors. Here we look at the fixed-rate offered for a 30-year mortgage. The lower the rate, the better.
  • Fees charged: nobody likes fees. Especially fees that surprises us. We took into account what fees the institutions charge and how high they are.
  • Cross sales: cross selling is okay, when you are not being coerced to buy products or services you don’t want. Let alone paying for them without even knowing. We look into how aggressive the institutions are at cross selling their products.

Choose region:

Bank holding company and financial services corporation that offers checking accounts, credit cards, savings accounts, mortgages, retirement and auto loans.

  • Headquarters

    Pittsburgh, Pennsylvania

  • Fixed 30-year interest rates

    4.13%

  • Down payment percentage

    3.0%

  • Website

    pnc.com

Pros

  • Competitive rates
  • Online navigation tools, planner, tracker
  • Strong branch network

Cons

  • Inconsistent quality of customer service
  • Need to apply to a loan to see offer details

Mortgage lender that provides purchase, re-financing, and lending services for buying real estate.

  • Headquarters

    New York, New York

  • Fixed 30-year interest rates

    4.15%

  • Down payment percentage

    3.0%

  • Website

    freedommortgage.com

Pros

  • Low rates and fees
  • Experts in VA loans (loans for military veterans)

Cons

  • No online applications
  • Customer reviews are divided
  • Little transparency on rates

Diversified, community-based financial services company that provides banking, insurance, investments, mortgage, and consumer and commercial finance.

  • Headquarters

    San Francisco, California

  • Fixed 30-year interest rates

    4.22%

  • Down payment percentage

    3.0%

  • Website

    wellsfargo.com

Pros

  • Competitive rates
  • Online tools to find the lowest costs
  • Nationwide branch locations

Cons

  • It's reputation is recovering from past failings
  • Banks need to earn back the customer's trust

The U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm.

  • Headquarters

    New York, New York

  • Fixed 30-year interest rates

    4.22%

  • Down payment percentage

    3.0%

  • Website

    chase.com

Pros

  • Good online navigation process
  • Thousands of branches
  • Discounts for existing customers

Cons

  • Limited research
  • No Forex available
  • No credit/debit deposit

Institution that provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

  • Headquarters

    Minneapolis, Minnesota

  • Fixed 30-year interest rates

    4.66%

  • Down payment percentage

    3.0%

  • Website

    usbank.com

Pros

  • Wide range of products
  • Online and in-person application
  • Offers investment property loans

Cons

  • Higher rates
  • Smaller branch networks

Mortgage lender that provides mortgage lending services such as home loans and home mortgage refinancing services.

  • Headquarters

    Chigaco, Illinois

  • Fixed 30-year interest rates

    3.17%

  • Down payment percentage

    3.0%

  • Website

    rate.com

Pros

  • High customer satisfaction
  • Good deals for good credit scores
  • Excellent online and mobile services

Cons

  • Higher credit score requirements
  • Few branch locations

Corporation that provides mortgage loans, including fixed and adjustable rate, conventional, rural development, investment property, and debt consolidation mortgages.

  • Headquarters

    Baltimore, Maryland

  • Fixed 30-year interest rates

    4.33%

  • Down payment percentage

    3.0%

  • Website

    fairwayindependentmc.com

Pros

  • Great customer service
  • Variety of loan offers
  • Blend of digital tools and customer support

Cons

  • Needs to apply to see personalized mortgage rates
  • Fees are average

One of the world's leading financial institutions with a full range of banking, investing, asset management and other financial and risk management products and services.

  • Headquarters

    Charlotte, North Carolina

  • Fixed 30-year interest rates

    4.05%

  • Down payment percentage

    3.0%

  • Website

    bankofamerica.com

Pros

  • Good website and mobile app
  • High customer satisfaction
  • Good selection of mortgages and competitive rates

Cons

  • Receives more official complaints
  • Branches not evenly spread nationwide

International corporation that provides consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.

  • Headquarters

    New York, New York

  • Fixed 30-year interest rates

    3.05%

  • Down payment percentage

    3.0%

  • Website

    citi.com

Pros

  • Low rates
  • Offers credit to pay closing costs
  • Existing customers can get rate and fee reductions

Cons

  • Can't apply fully online

A PlainsCapital Company and a home lender combining personal guidance and local expertise with fast service, more choices and the flexibility to meet homeowners' unique needs.

  • Headquarters

    Dallas, Texas

  • Fixed 30-year interest rates

    3.35%

  • Down payment percentage

    3.0%

  • Website

    primelending.com

Pros

  • Wide range of loans
  • Digital tools simplify the process
  • Closing costs assistance

Cons

  • No home equity loans
  • Website doesn't show mortgage rates

A credit institution with the objective of promoting, managing and protecting savings to bolster socioeconomical development in the regions where it is present.

  • Headquarters

    Zaragoza

  • APR

    1.50%

  • Longest interest term no by-products

    1.30%

  • Minimum down payment

    20%

  • Website

    ibercaja.es

Pros

  • Easy-to-use website
  • Agile application adn process
  • Emphasis in security and information privacy

Cons

  • Sometimes mediocre customer service
  • Commissions are not specified on the website

An online brand that belongs to Bankinter. It has the objective of encouraging saving, and later started offering financing products.

  • Headquarters

    Madrid

  • APR

    1.54%

  • Longest interest term no by-products

    1.40%

  • Minimum down payment

    20%

  • Website

    coinc.es

Pros

  • They do not charge opening commissions
  • They grant loans without need of by-products
  • Process can be done 100% online

Cons

  • They do not allow guarantors nor guarantees

Smart banking that offers its clients the agility, ease of use and comfortability of an online bank with the personal touch and professionality of physical offices.

  • Headquarters

    Madrid

  • APR

    1.60%

  • Longest interest term no by-products

    1.49%

  • Minimum down payment

    20%

  • Website

    evobanco.com

Pros

  • Allows you to access Intelligent Loan (One of the cheapest in the market)
  • No commissions
  • Fast process through their app, discounts to existing customers

Cons

  • They have very few offices in comparison with other banks
  • There are specific requirements to open an account

A neobank focusing on investments that offers several funds and financial products from a wide array of investment fund managers.

  • Headquarters

    Madrid

  • APR

    1.78%

  • Longest interest term no by-products

    1.59%

  • Minimum down payment

    30%

  • Website

    myinvestor.es

Pros

  • Competitive commissions
  • Can be opened 100% online
  • Minimum investment
  • No by-products needed

Cons

  • Some offers on their website are missing important information
  • Small bank

An Spanish online bank that belongs to Grupo Pichincha, a multinational bank with its origins in Ecuador more than 113 years ago.

  • Headquarters

    Madrid

  • APR

    2.34%

  • Longest interest term no by-products

    1.95%

  • Minimum down payment

    20%

  • Website

    pibank.es

Pros

  • Minimum cost of operations
  • No commissions
  • Flexible contracts
  • Long-term installments

Cons

  • They do not allow subrogations
  • Do not offer loans for second residencies
  • Few physical offices
  • Do not offer fixed-rate long-term loans

A bank that was created as an Institutional Protection System for the three main banks in Bask Country: Bilbao Bizkaia Kutxa, Kutxa and Caja Vital, all three which transfered their financial business to the new entity.

  • Headquarters

    Bilbao

  • APR

    1.68%

  • Longest interest term no by-products

    2.35%

  • Minimum down payment

    20%

  • Website

    kutxabank.es

Pros

  • One of the lowest interests in the market
  • They have a mortgage simulator
  • You can operate from the website

Cons

  • The due dilligence can take longer than expected
  • Clients need to add a guarantor for the operation and a double guarantee of real state

An Spanish bank, property of Kutxabank. It offers mortgages, loans, cards, insurances and more.

  • Headquarters

    Córdoba

  • APR

    1.67%

  • Longest interest term no by-products

    2.35%

  • Minimum down payment

    20%

  • Website

    cajasur.es

Pros

  • Variety of loans
  • Fixed installments without surprises
  • You can choose in what day of the month you pay the loan
  • It can be done online

Cons

  • Strict requirements
  • By-products needed
  • You need to be an existing customer

Bank that offers commercial banking to individuals, SMEs and corporations. It has a strong domestic and internacional presence.

  • Headquarters

    Santander

  • APR

    1.94%

  • Longest interest term no by-products

    2.40%

  • Minimum down payment

    20%

  • Website

    bancosantander.es

Pros

  • Low costs
  • Generates lower installments
  • Long-term installments
  • Free calculating tool
  • Offers special mortages for youth with advantageous conditions

Cons

  • No offers
  • Hard-to-fulfill requirements
  • Mandatory to contract an insurance
  • They have several by-products that need to be contracted as well

A dutch financial institution that offers banking, insurance and investment services.

  • Headquarters

    Madrid

  • APR

    2.27%

  • Longest interest term no by-products

    2.40%

  • Minimum down payment

    20%

  • Website

    ing.es

Pros

  • Competitive commissions
  • No extra payments
  • Simulators that estimate the amount of money needed
  • Database to compare different locations of your house
  • Loans of up to 40 years

Cons

  • You must hire one of their insurances to get lower rates
  • The documentation process is long and tedious

BBVA is a global financial group focusing on the customer. They have a leadership position in the Spanish market and is Mexico's biggest financial institution.

  • Headquarters

    Bilbao

  • APR

    1.92%

  • Longest interest term no by-products

    2.45%

  • Minimum down payment

    20%

  • Website

    bbva.es

Pros

  • No opening commissions
  • A free account simulator
  • Easy-to-use website
  • Fast customer service

Cons

  • They force you to hire the house insurance to access the most competitive interest rate

Disclaimer: while we did our best to assess a number of Spanish and American financial firms and to narrow it down to the ones presented on this list, we encourage you to do your own research before deciding where to apply for a mortgage. The fact that we present these companies here should not be construed neither as our endorsement or guarantee of their quality and convenience nor as a recommendation specific to you. We do not receive any compensation, in any form, from these companies, or any other, for the purposes of doing this assessment.

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