Which mortgage lender in the Mobile, 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 Mobile, 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 Mobile, AL area in terms of interest rate is Trustmark National Bank, with an average “Rate Difference” of -0.18%. This means that, comparing similar borrowers, Trustmark National Bank provided a -0.18% lower interest rate for its customers than other lenders in the area. Trustmark National Bank has a market share of 9.6%. On the other hand, the most popular lender in the Mobile, AL area is Quicken Loans, with a larger market share of 9.7%. However, Quicken Loans also tends to be an expensive lender in the area, with an average “Rate Difference” of +0.12% compared to those of other lenders. We recommend shopping around before going with this popular lender.
Our detailed ranking of mortgage lenders in the Mobile, 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 Mobile, AL is Trustmark National Bank. 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 Wells Fargo 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 Mobile, AL
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.05% | 8.12% | |
| Regions Bank | -0.04% | 18.12% | |
| Hancock Whitney Bank | -0.02% | 8.75% | |
| Truist Bank | -0.01% | 3.75% | |
| Bank of America | -0.01% | 3.75% | |
| BBVA | -0.00% | 5.00% | |
| Quicken Loans | 0.00% | 0.62% | |
| FirstBank TN | 0.00% | 8.12% | |
| SWBC Mortgage | 0.00% | 0.62% | |
| Caliber Home Loans | 0.01% | 0.62% | |
| SouthPoint Bank | 0.01% | 0.62% | |
| IBERIABANK | 0.01% | 8.75% | |
| Embrace Home Loans | 0.01% | 0.62% | |
| CenterState Bank | 0.02% | 1.88% | |
| CMG Financial | 0.02% | 0.62% | |
| Trustmark National Bank | 0.02% | 7.50% | |
| PNC Bank | 0.02% | 1.88% | |
| JPMorgan Chase Bank | 0.03% | 8.75% | |
| Movement Mortgage | 0.03% | 3.12% | |
| Home Point Financial Corporation | 0.03% | 0.62% | |
| Alabama Credit Union | 0.04% | 1.88% | |
| loanDepot | 0.04% | 0.62% | |
| Fairway Independent Mortgage Corporation | 0.05% | 1.88% | |
| Supreme Lending | 0.08% | 3.75% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Regions Bank | -0.06% | 16.33% | |
| Wells Fargo Bank | -0.06% | 10.20% | |
| Hancock Whitney Bank | -0.01% | 9.18% | |
| BBVA | -0.01% | 5.10% | |
| Truist Bank | -0.00% | 3.06% | |
| Quicken Loans | 0.01% | 1.02% | |
| Bank of America | 0.01% | 3.06% | |
| FirstBank TN | 0.01% | 12.24% | |
| Caliber Home Loans | 0.01% | 1.02% | |
| Embrace Home Loans | 0.02% | 1.02% | |
| CenterState Bank | 0.02% | 2.04% | |
| Alabama Credit Union | 0.02% | 1.02% | |
| Trustmark National Bank | 0.03% | 6.12% | |
| IBERIABANK | 0.03% | 4.08% | |
| JPMorgan Chase Bank | 0.03% | 11.22% | |
| Home Point Financial Corporation | 0.04% | 1.02% | |
| Movement Mortgage | 0.04% | 2.04% | |
| loanDepot | 0.04% | 1.02% | |
| Fairway Independent Mortgage Corporation | 0.05% | 3.06% | |
| Supreme Lending | 0.09% | 6.12% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bank of America | -0.02% | 4.84% | |
| Hancock Whitney Bank | -0.02% | 8.06% | |
| Wells Fargo Bank | -0.02% | 4.84% | |
| Truist Bank | -0.01% | 4.84% | |
| Regions Bank | -0.01% | 20.97% | |
| SWBC Mortgage | -0.00% | 1.61% | |
| FirstBank TN | -0.00% | 1.61% | |
| BBVA | 0.00% | 4.84% | |
| IBERIABANK | 0.00% | 16.13% | |
| CenterState Bank | 0.00% | 1.61% | |
| SouthPoint Bank | 0.01% | 1.61% | |
| Trustmark National Bank | 0.01% | 9.68% | |
| CMG Financial | 0.01% | 1.61% | |
| PNC Bank | 0.01% | 4.84% | |
| JPMorgan Chase Bank | 0.02% | 4.84% | |
| Movement Mortgage | 0.02% | 4.84% | |
| Alabama Credit Union | 0.04% | 3.23% |
* Data is compiled for the Mobile, AL commuting zone area, which comprises of counties of Baldwin County, AL, Mobile County, AL, and Washington County, AL. This includes cities/towns/communities of Mobile, AL as well as Loxley, AL, Foley, AL, Orange Beach, AL, Fairhope, AL, Gulf Shores, AL, Daphne, AL, Bay Minette, AL, Summerdale, AL, Spanish Fort, AL, Saraland, AL, Silverhill, AL, Axis, AL, Point Clear, AL, Perdido Beach, AL, Tillmans Corner, AL, Satsuma, AL, Dauphin Island, AL, Bayou La Batre, AL, Robertsdale, AL, Theodore, AL, Gulfcrest, AL, Prichard, AL, Chunchula, AL, Citronelle, AL, Grand Bay, AL, Chickasaw, AL, Belle Fontaine, AL, Bucks, AL, Leroy, AL, St. Stephens, AL, McIntosh, AL, Millry, AL, and Tibbie, 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 Mobile, AL area. For mortgage lender rankings in other cities, click here.