Which mortgage lender in the Charlotte, NC area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Charlotte, NC area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Charlotte, NC area in terms of interest rate is Bank of America, with an average “Rate Difference” of -0.25%. This means that, comparing similar borrowers, Bank of America provided a -0.25% lower interest rate for its customers than other lenders in the area. Bank of America has a market share of 4.7%. On the other hand, the most popular lender in the Charlotte, NC area is Quicken Loans, with a larger market share of 11.1%. However, Quicken Loans also tends to be an expensive lender in the area, with an average “Rate Difference” of +0.10% compared to those of other lenders. We recommend shopping around before going with this popular lender.
Our detailed ranking of mortgage lenders in the Charlotte, NC area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Charlotte, NC is Bank of America. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Fifth Third Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Bank of America. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Charlotte, NC
* Data is compiled for the Charlotte, NC commuting zone area, which comprises of counties of Anson County, NC, Cabarrus County, NC, Cleveland County, NC, Gaston County, NC, Iredell County, NC, Lincoln County, NC, Mecklenburg County, NC, Rowan County, NC, Stanly County, NC, and Union County, NC. This includes cities/towns/communities of Charlotte, NC as well as Concord, NC, Mooresville, NC, Huntersville, NC, Gastonia, NC, Indian Trail, NC, Kannapolis, NC, Cornelius, NC, Mint Hill, NC, Statesville, NC, Harrisburg, NC, Waxhaw, NC, Mount Holly, NC, Salisbury, NC, Monroe, NC, Belmont, NC, Wesley Chapel, NC, Matthews, NC, Weddington, NC, Davidson, NC, Stallings, NC, Marvin, NC, Westport, NC, Troutman, NC, Mineral Springs, NC, Unionville, NC, Shelby, NC, Albemarle, NC, Lincolnton, NC, Midland, NC, Kings Mountain, NC, Dallas, NC, Denver, NC, Lowesville, NC, Lake Park, NC, Stanley, NC, Granite Quarry, NC, Kannapolis, NC, Cramerton, NC, Locust, NC, Cherryville, NC, Landis, NC, Cleveland, NC, China Grove, NC, Mount Pleasant, NC, Bessemer City, NC, Pineville, NC, Oakboro, NC, Rockwell, NC, Wingate, NC, and Davidson, NC. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
This page contains information about the top mortgage lenders in the Charlotte, NC area. For mortgage lender rankings in other cities, click here.