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The Best Rates Among Montana Mortgage Lenders
We've compiled a table of the most competitive mortgage lenders below for buyers looking for a mortgage loan in Montana. Finding the best mortgage lender depends on your unique needs as a homebuyer. If your financial situation requires the lowest rates possible, the lenders below are options to consider.
Keep in mind that companies that offer the lowest rates may lack in other areas like customer service, or they may leave out fees in the costs that they advertise. This makes it necessary to weigh factors other than rates when choosing a mortgage lender. We searched through dozens of companies to find lenders in Montana that have competitive rates while still providing great service.
Best Mortgage Lender for First Time Homebuyers: Quicken Loans
If you're looking to purchase your first home in Montana, Quicken Loans is the best option, as it is the largest lender in the country but still maintains some of the best customer satisfaction ratings. Although it is an online-only lender, the company focuses on providing thorough support and transparency for its customers.
First-Time Purchase Mortgages in Montana
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.25%||4.76%||$1,028||5.0%|
Estimates are for a $200,000 loan amount with minimum down payment and 740 credit score.
The mortgage rates offered by Quicken Loans aren't necessarily the most competitive, but the company's digital tools make getting a mortgage fast and convenient. You can use the company's comprehensive website to view rate estimates, upload documents, calculate your mortgage payments and check the status of your application at any time.
The main benefit of getting a mortgage from Quicken Loans is that the company has outstanding customer satisfaction. According J.D. Power's mortgage satisfaction studies, the lender ranked at the top for customer satisfaction in mortgage origination and servicing. Unlike many mortgage companies, Quicken Loans services 99% of its loans to continue providing supportive service for its customers.
Best Online Mortgage Lender: Guaranteed Rate
Guaranteed Rate ranked as the best online mortgage lender available to Montana homebuyers, thanks to its low mortgage rates and useful online tools. The lender even has a branch in Missoula, Montana, if you encounter any issues with your loan or need extra guidance.
Guaranteed Rate Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I|
|30-Year VA Loan||4.38%||4.77%||$1,072|
Estimates are for a $200,000 purchase loan with 20% down payment and 740 credit score. The APR and monthly costs for ARMs can increase based on changes in the index rate.
Increasingly, more people are choosing to use online lenders, as many offer lower rates and convenience. Guaranteed Rate is among those that offer these benefits while providing helpful resources and customer service. The lender has many loan products available to borrowers with competitive rates for each type of mortgage.
You can discover a range of products you'd be able to qualify within minutes on its website by filling out some basic information about your finances and requirements. The main drawback of Guaranteed Rate is qualifying for its loans. The company tends to be a bit more selective when it comes to credit score and debt-to-income ratio in order to offer such low rates. Homebuyers with lower credit scores should still consider the lender but also look at other companies like SoFi Mortgage.
Best Lender for In-Person Service in Montana: Stockman Bank
Due to the number of mortgage originations and branches in Montana, Stockman Bank is our top recommendation for homebuyers who prefer in-person mortgage service. Although the number of people using online mortgage lenders has been increasing, the majority of Montana homebuyers still use brick-and-mortar lenders to finance their homes, based on mortgage origination data from S&P Global.
Mortgage Products at Stockman Bank
- Conventional Fixed-Rate Loans
- Conventional Adjustable-Rate Loans
- Conventional Jumbo Loans
- FHA Loans
- VA Loans
- USDA Rural Development Loans
Stockman Bank offers basic loan products but has partnered with low-to-moderate-income assistance programs such as Montana Housing, Federal Home Loan Bank (FHLB) and NeighborWorks Montana (NWMT), to offer affordable financing for homes for homebuyers that need financial assistance.
Similar to many brick-and-mortar lenders in Montana, Stockman Bank doesn't provide mortgage estimates online. Instead, you can speak with one of the many loan officers listed on the website, or you can go to one of the 37 branches to get more information on the rates you'd qualify for based on your financial information.
Best Lender for a VA Home Loan: USAA
If you qualify for a VA mortgage loan, USAA offers great customer support and guidance to help you find and finance your home. Although it doesn't provide the lowest rates, the company has programs and resources that can minimize the time and money you spend buying your home.
Best VA Lenders in Montana
|Lender||Mortgage Rate||APR||Monthly P+I||Estimated Points and Fees|
|Wells Fargo||4.38%||4.59%||$1,147||$9,325 (includes closing costs)|
Fixed-rate estimates are for a 30-year VA loan of $225,000 with 0% down payment, 3.30% VA funding fee and credit score of 740.
USAA has high customer satisfaction ratings, with many members choosing to use the company for most of their financial needs due to the convenience and service that it provides. USAA offers homebuyers real estate agents and loan officers that are specifically trained in addressing the unique needs of veterans and active service members when buying a home. And when you use USAA's real estate network you can qualify for up to $24,000 cash back, depending on the cost of your home.