Which mortgage lender in the Miami, FL 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 Miami, FL 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 Miami, FL area in terms of interest rate is HSBC Bank USA, with an average “Rate Difference” of -0.43%. This means that, comparing similar borrowers, HSBC Bank USA provided a -0.43% lower interest rate for its customers than other lenders in the area. HSBC Bank USA has a market share of 0.4%. On the other hand, the most popular lender in the Miami, FL area is Quicken Loans, with a larger market share of 10.9%. Quicken Loans is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.03% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Miami, FL 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 Miami, FL is HSBC Bank USA. 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 Bank of America. 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 Miami, FL
* Data is compiled for the Miami, FL commuting zone area, which comprises of counties of Broward County, FL, Miami-Dade County, FL, and Monroe County, FL. This includes cities/towns/communities of Miami, FL as well as Fort Lauderdale, FL, Pembroke Pines, FL, Hollywood, FL, Coral Springs, FL, Davie, FL, Miramar, FL, Sunrise, FL, Pompano Beach, FL, Plantation, FL, Homestead, FL, Hialeah, FL, Tamarac, FL, Weston, FL, Miami Gardens, FL, Deerfield Beach, FL, Coconut Creek, FL, Miami Beach, FL, Parkland, FL, Princeton, FL, Kendall, FL, Cutler Bay, FL, Doral, FL, Margate, FL, Coral Gables, FL, Kendale Lakes, FL, Miami Lakes, FL, The Hammocks, FL, Oakland Park, FL, Lauderhill, FL, North Lauderdale, FL, Richmond West, FL, Dania Beach, FL, Cooper City, FL, Tamiami, FL, Fountainebleau, FL, North Miami, FL, Aventura, FL, Country Club, FL, Hallandale Beach, FL, Lauderdale Lakes, FL, Key West, FL, Florida City, FL, South Miami Heights, FL, Kendall West, FL, Palmetto Bay, FL, The Crossings, FL, Ives Estates, FL, North Miami Beach, FL, Sunset, FL, and Country Walk, FL. 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 Miami, FL area. For mortgage lender rankings in other cities, click here.