CNN Underscored’s mortgages and loans methodology

Before outlining our methodology for highlighting the best lenders and mortgages and home equity loans, it’s important to note that there isn’t a single “best” lender for everyone. The right choice often depends on your financial situation, goals and priorities, whether that means securing a competitive interest rate, minimizing upfront and long-term costs, accessing a range of loan options or working with mortgage companies that offer a smooth, digitally streamlined application experience and strong customer support.

When shopping for a mortgage, we strongly advise comparing at least three lenders to help ensure you get the best combination of rates and fees. It’s also worth exploring different lender types, including traditional banks, credit unions, online lenders and mortgage brokers. No lender is one-size-fits-all, and since a home purchase is arguably the biggest investment you’ll make in your life, you want to make sure you pick the lender that best aligns with your needs. Before selecting a mortgage lender, use CNN’s mortgage calculator to estimate your monthly mortgage payments and total interest costs.

While securing the lowest possible interest rate is a worthy goal, your interest rate is only one piece of the puzzle. There are many other costs often associated with originating or refinancing a mortgage amid an ever-shifting housing market, including lender fees, mortgage insurance, rate buydown costs and third-party expenses, such as appraisal fees and title insurance. As such, it’s important to look at the whole picture, because in some cases, the best mortgage deal may not be the one with the lowest mortgage rate.

Getting a mortgage isn’t simply a “set-it-and-forget-it” decision. From switching between an adjustable- and fixed-rate loan, to changing your loan term, to exploring options to tap your home equity, there may be reasons to consider other loan products. As your mortgage circumstances evolve, you should periodically reassess if your current loan is still the best fit or if a different option can save you more money in the long run.

How competitive are the lender rates? We review the rates that lenders advertise — if they advertise them at all — and compare them to Freddie Mac’s national average mortgage rate to gauge how they stack up.

Does the lender offer a range of loan types to suit different borrower profiles and financial goals?

Can borrowers with high debt levels, lower credit scores, limited credit history or smaller down-payment funds potentially qualify for a loan?

How widely does the lender operate, and can borrowers complete an application and get preapproved online?

The mortgage process can be complex. How well does the lender support customers along the way? We consider the availability of live customer service, access to in-person branches and if the lender provides a mortgage-specific mobile app that lets borrowers track their application and manage loan payments.

While closing timelines vary — and can often depend on how organized the borrower is — we consider if the lender provides an average estimated timeframe for how many days it takes their clients to typically close on a mortgage.

Lender offers and rate discounts

Does the lender offer rate discounts or fee waivers that can help reduce the overall cost of the loan in a way that’s straightforward and accessible for borrowers?

Our individual mortgage lender reviews are based on a 100-point scoring system, designed to reflect the factors that matter most to borrowers. Based on their internal scoring results in each category, lenders rank in one of our weighted lender tiers.

We also allow for lenders to earn up to 15 bonus points for faster-than-average closing times, rate discounts or waived fees, and strong customer satisfaction reflected in Zillow ratings.

With the home-lending landscape constantly evolving, we will closely monitor mortgage lenders and loan offerings to identify the best options across a range of borrower needs. Guided by an evaluation framework rooted in what loan shoppers value most, CNN Underscored is dedicated to helping consumers make informed, confident financial decisions.

CNN Underscored’s Money team is guided by a transparent methodology, independent editorial judgment and a commitment to helping readers understand which home loan products genuinely deserve their consideration.

For this article, CNN Underscored Money writer Robin Rothstein worked with our senior Money editor Alberto Riva to outline the process by which we review and arrive at our mortgage, loan and personal finance recommendations.