Which mortgage lender in the Birmingham, AL 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 Birmingham, AL 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 Birmingham, AL area in terms of interest rate is America’s First Federal Credit Union, with an average “Rate Difference” of -0.34%. This means that, comparing similar borrowers, America’s First Federal Credit Union provided a -0.34% lower interest rate for its customers than other lenders in the area. America’s First Federal Credit Union has a market share of 1.2%. On the other hand, the most popular lender in the Birmingham, AL area is Regions Bank, with a larger market share of 9.8%. Regions Bank is an average lender in terms of the interest rate it offers, with a “Rate Difference” of -0.01% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Birmingham, AL 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 Birmingham, AL is America’s First Federal Credit Union. 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 Regions Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Trustmark National Bank. 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 Birmingham, AL
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Regions Bank | -0.08% | 32.92% | |
| Synovus Bank | -0.03% | 13.48% | |
| Wells Fargo Bank | 0.01% | 7.84% | |
| US Bank | 0.02% | 1.88% | |
| Bank of America | 0.02% | 2.51% | |
| Prosperity Home Mortgage LLC | 0.03% | 2.51% | |
| Truist Bank | 0.03% | 1.57% | |
| State Farm Bank | 0.04% | 0.94% | |
| FBC Mortgage | 0.04% | 0.31% | |
| PNC Bank | 0.04% | 0.63% | |
| MortgageRight | 0.05% | 0.94% | |
| Navy Federal Credit Union | 0.05% | 0.31% | |
| Guaranty Home Mortgage Corporation | 0.05% | 0.31% | |
| Movement Mortgage | 0.05% | 0.63% | |
| BBVA | 0.05% | 6.90% | |
| Ameris Bank | 0.05% | 0.31% | |
| CenterState Bank | 0.05% | 0.63% | |
| Renasant Bank | 0.06% | 1.25% | |
| Home Point Financial Corporation | 0.06% | 0.31% | |
| Flagstar Bank | 0.06% | 0.63% | |
| Goldwater Bank | 0.06% | 0.31% | |
| Cadence Bank | 0.07% | 0.94% | |
| Vanderbilt Mortgage | 0.07% | 0.31% | |
| JPMorgan Chase Bank | 0.07% | 2.19% | |
| GMFS Mortgage | 0.07% | 0.31% | |
| Guild Mortgage Company | 0.07% | 1.25% | |
| FirstBank TN | 0.08% | 0.31% | |
| IBERIABANK | 0.08% | 1.25% | |
| loanDepot | 0.08% | 0.31% | |
| Trustmark National Bank | 0.08% | 3.13% | |
| Assurance Financial | 0.08% | 0.31% | |
| Quicken Loans | 0.09% | 1.25% | |
| SunTrust Bank | 0.09% | 4.39% | |
| Caliber Home Loans | 0.13% | 1.25% | |
| Fairway Independent Mortgage Corporation | 0.14% | 5.64% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Regions Bank | -0.08% | 33.20% | |
| Synovus Bank | -0.05% | 11.62% | |
| Truist Bank | 0.02% | 5.39% | |
| US Bank | 0.03% | 4.15% | |
| PNC Bank | 0.04% | 1.66% | |
| Prosperity Home Mortgage LLC | 0.04% | 0.41% | |
| MortgageRight | 0.04% | 0.41% | |
| loanDepot | 0.04% | 0.83% | |
| Bank of Little Rock | 0.04% | 0.41% | |
| Cardinal Financial Company | 0.04% | 1.24% | |
| FirstBank TN | 0.04% | 0.41% | |
| Bank of America | 0.04% | 1.24% | |
| Ameris Bank | 0.04% | 0.41% | |
| BBVA | 0.05% | 10.37% | |
| SouthPoint Bank | 0.05% | 0.41% | |
| Wells Fargo Bank | 0.05% | 2.90% | |
| Avadian Credit Union | 0.05% | 0.41% | |
| Assurance Financial | 0.05% | 0.41% | |
| Movement Mortgage | 0.06% | 0.41% | |
| Renasant Bank | 0.06% | 3.32% | |
| Trustmark National Bank | 0.06% | 2.90% | |
| Cadence Bank | 0.06% | 0.83% | |
| Quicken Loans | 0.06% | 2.49% | |
| Guild Mortgage Company | 0.07% | 0.41% | |
| Caliber Home Loans | 0.07% | 1.24% | |
| Fairway Independent Mortgage Corporation | 0.08% | 2.90% | |
| IBERIABANK | 0.08% | 2.07% | |
| Hometown Lenders | 0.08% | 1.24% | |
| SunTrust Bank | 0.09% | 2.07% | |
| JPMorgan Chase Bank | 0.12% | 4.15% |
* Data is compiled for the Birmingham, AL commuting zone area, which comprises of counties of Bibb County, AL, Blount County, AL, Chilton County, AL, Jefferson County, AL, St. Clair County, AL, and Shelby County, AL. This includes cities/towns/communities of Birmingham, AL as well as Hoover, AL, Bessemer, AL, Pelham, AL, Hoover, AL, Mountain Brook, AL, Alabaster, AL, Chelsea, AL, Homewood, AL, Gardendale, AL, Helena, AL, Pell City, AL, Montevallo, AL, Pinson, AL, Moody, AL, Argo, AL, Vestavia Hills, AL, Trussville, AL, Trussville, AL, Calera, AL, Clay, AL, Pleasant Grove, AL, Margaret, AL, Clanton, AL, Hueytown, AL, Highland Lakes, AL, Meadowbrook, AL, Springville, AL, Leeds, AL, Hayden, AL, Trafford, AL, Adamsville, AL, Ashville, AL, Westover, AL, Fultondale, AL, County Line, AL, Brookside, AL, Wilsonville, AL, Shelby, AL, Center Point, AL, Warrior, AL, Indian Springs Village, AL, Maytown, AL, Thorsby, AL, Columbiana, AL, Nectar, AL, Vance, AL, Calera, AL, Allgood, AL, Concord, AL, and Oneonta, AL. 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 Birmingham, AL area. For mortgage lender rankings in other cities, click here.