Which mortgage lender in the San Jose, CA 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 San Jose, CA area by interest rate and market share. Unlike our competitors, we maintain independence by not accepting any compensation from the mortgage lenders we rank. We 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 San Jose, CA area in terms of interest rate is First Republic Bank, with an average “Rate Difference” of -0.26%. This means that, comparing similar borrowers, First Republic Bank provided a -0.26% lower interest rate for its customers than other lenders in the area. First Republic Bank has a market share of 0.6%. On the other hand, the most popular lender in the San Jose, CA area is Quicken Loans, with a larger market share of 16.4%. Quicken Loans is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.05% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the San Jose, CA 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, the cheapest lender for Conventional mortgages in San Jose, CA is First Republic Bank. If you want to take out a loan that is above conforming limits (for example, above $548,250 in 2021), the cheapest Jumbo mortgage provider is Citibank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Quicken Loans. The cheapest VA mortgage provider is loanDepot. 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 San Jose, CA
* Data is compiled for the San Jose, CA commuting zone area, which comprises of counties of Monterey County, CA, San Benito County, CA, Santa Clara County, CA, and Santa Cruz County, CA. This includes cities/towns/communities of San Jose, CA as well as Sunnyvale, CA, Milpitas, CA, Santa Clara, CA, Salinas, CA, Hollister, CA, Mountain View, CA, Gilroy, CA, Palo Alto, CA, Morgan Hill, CA, Campbell, CA, Cupertino, CA, Saratoga, CA, Los Gatos, CA, Santa Cruz, CA, Los Altos, CA, Seaside, CA, Scotts Valley, CA, Cambrian Park, CA, Watsonville, CA, Alum Rock, CA, Marina, CA, Monterey, CA, Rio del Mar, CA, Soledad, CA, Soquel, CA, Boulder Creek, CA, San Martin, CA, Del Monte Forest, CA, Loyola, CA, Monte Sereno, CA, Pacific Grove, CA, Capitola, CA, Carmel-by-the-Sea, CA, Day Valley, CA, Prunedale, CA, King City, CA, Elkhorn, CA, Live Oak, CA, Greenfield, CA, Brookdale, CA, Paradise Park, CA, Carmel Valley Village, CA, Zayante, CA, Ridgemark, CA, Tres Pinos, CA, Fruitdale, CA, Boronda, CA, Lexington Hills, CA, Pleasure Point, CA, and Gonzales, CA. 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 San Jose, CA area. For mortgage lender rankings in other cities, click here.