Do you want a low mortgage rate and a good experience to boot while obtaining a home loan? While that basically sounds impossible, a company called “Loan Factory” might be worth looking into.
That’s the dual promise they make to prospective clients, and they appear to put their money where their mouth is.
They say their rates are on average $1,000 less than their competitors, and instead of hiding them, you can find them right on their website without logging in.
What makes them unique from big banks and lenders is the fact that they’re a mortgage broker, which gives them access to lots of different rates.
This allows them to shop and negotiate on your behalf so you don’t have to. If that sounds good, read on to learn more.
Loan Factory Fast Facts
Mortgage broker that offers home purchase and refinance loans
Founded in 2006, headquartered in San Jose, CA
Licensed to do business in 40 states and the District of Columbia
25 physical branches located throughout the country
Have funded $10.1 billion in home loans since inception
Their CEO was the #1 loan originator in 2020 per Scotsman Guide rankings
As noted, Loan Factory is a mortgage broker, or middleman between you the homeowner (or home buyer) and a wholesale lender.
They work as a liaison to help you secure financing, whether it’s a home purchase loan or a mortgage refinance.
The company got their start back in 2006 and are headquartered in San Jose, California.
Loan Factory is helmed by CEO Thuan Nguyen, who just happened to be Scotsman Guide’s Top Originator for 2021 with a whopping $2 billion in loan volume.
Some 96% of that volume consisted of mortgage refinance loans, so that’s probably their bread and butter product.
At the moment, the company is licensed in 40 states and the District of Columbia.
Those states include Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin.
How to Apply with Loan Factory
Your first step might be visiting their website to check daily mortgage rates. Simply enter some basic info and you’ll be off to the races.
If you like what you see among the rates listed, click on “Apply Now” next to the corresponding rate to begin your loan application.
They say it takes about five minutes to complete, at which point you’ll be instructed to upload supporting documentation, such as tax returns, bank statements, and pay stubs.
Once they receive your paperwork and your loan is submitted to a partner lender, a loan officer will reach out and you’ll be eligible to lock your mortgage rate.
After locking the rate, they will send you an email confirmation that clearly details your rate and if there is any cost (discount points) or cash back associated (lender credit).
At that time, you’ll need to pay for a home appraisal, which will be conducted while an underwriter reviews your loan file.
You can log on to their website at any time to check your progress, and they automatically update your status as you go.
It’s also possible to simply create an alert and receive daily pricing updates after you view rates, or click on “Qualify Me” to run your own little mortgage pre-qualification online.
If you’re the type who prefers to work face-to-face, they’ve got about 25 branches scattered across the country. You can also call them directly to get started.
Either way, much of the loan process can be conducted paperlessly from a smartphone or computer.
Loan Programs Available at Loan Factory
Home purchase loans
Refinance loans: rate and term, cash out, streamline
Conforming loans backed by Fannie Mae and Freddie Mac
The main draw of going with Loan Factory is pricing, namely low mortgage rates and limited fees.
As mentioned, they say they beat other lenders by $1,000 on average, which means a lower combination of rate/fee.
So if a lender offers a rate of 3.25% with $2,500 in fees, they might have the same rate with just $1,500 in fees.
They’re able to offer competitive pricing for a number of reasons, the main one being that they have 37 wholesale lender partners to shop with.
Those lenders include the likes of Rocket Mortgage, UWM, loanDepot, PennyMac, Freedom Mortgage, OnQ Financial, AmeriSave, and many more.
Additionally, Loan Factory may receive volume discounts from their partners, and they employ salary-based loan officers as opposed to commission-based ones.
Reduced overhead thanks to a reliance on technology and limited advertising means they can pass savings onto their customers.
They also apparently “cut their profit” so borrowers can obtain lower rates. This would imply taking lower commissions on the back end. In other words, they make less per loan but make up for it on volume.
From what I saw, their rates were indeed on the low end, and you can see for yourself on their website without the need to sign up or log in first.
Loan Factory Reviews
On Google, Loan Factory has perfect 5-star reviews across most if not all of their physical branches.
Simply check out a branch near you and you’ll likely see a 5-star rating. Collectively, they’ve got nearly 6,000 reviews on Google at last glance.
Over at Zillow, they’ve got a near-perfect 4.98-star rating out of a possible 5 from roughly 400 customer reviews.
A good number of those reviews indicate that both the interest rate and closing costs were lower than expected, a testament to their strong pricing.
They’ve also got a 4.9-star rating on Facebook from 150 reviews, and a 4.9 rating on LendingTree from about 60 reviews, along with a 97% recommended score.
You can also check out Yelp reviews for branches near you, which also tend to be highly rated.
Lastly, they are an accredited business with the Better Business Bureau, and currently hold an ‘A+’ rating based on complaint history, of which they’ve had just one in the past 12 months.
Somewhat amazingly, they also have a 4.99/5 rating on the BBB website, which is impressive given reviews via the BBB are typically poor.
To sum things up, Loan Factory seems to be all about low pricing and quality service, which means they could be a really good fit for an existing homeowner looking to refinance.
I’d consider them a streamlined, no-frills discount lender that is best suited for those with straightforward loan scenarios in search of the lowest price.
If you want a more boutique experience, you may want to consider alternatives.
Loan Factory Pros and Cons
The Good
No application fee
Can shop your rate with 37 different lenders at once
Their loan officers are salaried (not commissioned)
Appear to offer low mortgage rates (and you can see them online)
Offer a digital mortgage application and loan process
Also have brick and mortar branches in several cities nationwide
Excellent customer reviews across all ratings sites
A+ BBB rating, accredited business
Free mortgage calculator and mortgage glossary on their website
Some staff speak Cantonese, Filipino, Hindi, Korean, Mandarin, Spanish, and Vietnamese
Today we’ll take a thorough look at “Waterstone Mortgage,” a residential mortgage lender backed by a billion-dollar depository bank.
Despite being the subsidiary of a large publicly-traded company, they still have the feel of a local, independent mortgage lender.
The main advantage of that backing is a much bigger lending menu, which gives them the ability to offer unique loan products the other guys can’t.
They also pride themselves on being home purchase loan experts, a big plus if you’re attempting to buy in today’s ultra-competitive housing market.
But existing homeowners can benefit from their endless product menu too – let’s learn more to see if they could be a good fit for you.
Waterstone Mortgage Fast Facts
Retail, direct-to-consumer mortgage lender
Offers home purchase financing, refinances, and construction loans
Founded in 2000, headquartered in Pewaukee, Wisconsin
A wholly owned subsidiary of WaterStone Bank SSB
Funded roughly $4.5 billion in home loans last year
Nearly 20% of business comes from New Mexico (2nd largest in the state)
Also very active in Arizona, Florida, and Wisconsin
Licensed in all 50 states and the District of Columbia
Waterstone Mortgage is a retail, direct-to-consumer mortgage lender based in Pewaukee, Wisconsin, which is a suburb of Milwaukee.
They were founded in the year 2000 as a three-person team, and quickly expanded before being sold to Wauwatosa Savings Bank in 2006.
Just two years later, that company changed its name to WaterStone Bank, making them a wholly owned subsidiary.
This means they have the backing of a large, publicly-traded company and the expansive loan menu that comes with it.
Last year, they funded a whopping $4.5 billion in home loans, making them a major mortgage player nationwide.
Despite being headquartered in suburban Milwaukee, they are the second largest mortgage lender in the state of New Mexico, second only to Rocket Mortgage.
Waterstone is licensed to do business nationally, and also quite active in the states of Arizona, Florida, and Wisconsin.
They appear to be very well connected with local real estate agents as they have a 60%+ purchase loan share, which is uncommonly high.
The remainder of their business consists of mortgage refinances and home improvement loans.
How to Apply with Waterstone Mortgage
To begin, you can either visit their website or go to a local branch if one is located near you.
They have physical locations in about 20 states nationwide, so it might be possible to work with a loan originator in person.
Either way, you’ll find a wealth of information online, including a branch and loan officer directory, along with helpful guides and loan calculators.
From there, you’ll have the option to select an individual to work with and apply electronically via a mostly paperless process.
Their digital mortgage is powered by ICE Mortgage Technology (formerly Ellie Mae), a leading fintech company in the home loan space.
It allows you to upload loan documents safely and securely, link financials like a bank account for easy and reliable importing, and eSign all those disclosures.
Once submitted, you’ll be able to check loan status 24/7 and complete most loan tasks electronically, whether it’s ordering the home appraisal or satisfying outstanding conditions.
Thanks to their in-house team of processors, underwriters, and closers, you should be able to close quickly.
In fact, Waterstone Mortgage also developed a “Close On Time Calendar” to give customers an idea of what goes on along the way, and what to expect. But perhaps most importantly, how to close on time!
Those looking to buy a home in this competitive housing market can take advantage of their Platinum Credit Approval, which they call the next best thing after an all-cash offer.
It’s a mortgage pre-approval that involves a robust, upfront underwrite of your loan file to give home sellers peace of mind that you’re a highly-qualified buyer.
There’s also a Waterstone mobile app and a Realtor-exclusive website to help your agent stay in the know as you progress to the finish line.
Simply put, they offer best-in-class technology backed by real humans to ensure you close your home loan quickly and conveniently.
Loan Programs Offered by Waterstone Mortgage
Home purchase loans
Home renovation loans (including jumbo options)
Construction loans (all-in-one financing)
Refinance loans: rate and term, cash out, streamline
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
Manufactured home loans
Doctor mortgages (100% financing options)
Community Experts loan (0% down payment)
Community Heroes loan (1% down payment)
State Bond and Down Payment Assistance programs
Wealth Building Loan
If you go with Waterstone Mortgage, you’ll find no shortage of available loan programs. This is the advantage of being backed by a billion-dollar depository bank.
They offer just about everything under the sun, from home purchase loans to refinances to new construction loans and manufactured home loans.
You can finance any major property type, whether it’s a single-family home, cabin, townhome/condo, or multi-unit investment property.
The full suite of government-backed loan programs (FHA/USDA/VA) is available, along with both conforming and jumbo loan options.
Additionally, they’ve got loan programs tailored specifically for doctors and first responders, and even community experts like accountants and actuaries that require no down payment.
If you’re building, their Single Loan Close Construction program allows you to bundle the cost of the land/lot, construction of the property, and your permanent mortgage.
In term of specific loan types, you can get a fixed-rate mortgage like a 30-year or 15-year fixed, or an adjustable-rate mortgage like a 5/1, 7/1, and 10/1 ARM.
Unique to Waterstone is a so-called “Wealth Building Loan” that features a 20-year loan amortization period attached to either a 7/1 ARM or 10/1 ARM.
It allows homeowners to build equity faster than traditional 30-year mortgages and do so with zero down payment.
Waterstone Mortgage Rates
One slight negative to Waterstone Mortgage is their lack of information when it comes to pricing.
They don’t seem to list their mortgage rates or lender fees online, so it’s hard to know how competitive they are.
To determine that, you’ll need to get in touch with a loan originator to discuss rates and fees before you proceed to the formal application.
Be sure to inquire about any typical costs, such as an application fee or loan origination fee.
And take the time to compare their quoted mortgage APR to that of other banks, lenders, and mortgage brokers.
Once you’ve done your diligence on the mortgage shopping front, you’ll be able to better assess them as a whole.
They appear to offer excellent customer service and a wide product selection, but your mortgage rate will likely stay with you for a long, long time. So make sure it’s low!
Waterstone Mortgage Reviews
On Zillow, Waterstone Mortgage has a nearly-perfect 4.97-star rating out of a possible 5 from over 4,100 customer reviews.
Their score is doubly impressive given the large volume of reviews, and many recent ones indicate that both the mortgage rate and closing costs were lower than expected.
That gives us a nice hint about pricing, which should always be a top consideration when obtaining a mortgage.
You can also find reviews for their individual branches on Google, many of which are perfect 5-star reviews.
For example, their Winter Park, Florida branch location has a 4.9-star rating from over 450 reviews.
They are also an accredited business with the Better Business Bureau (and have been since 2009) and currently hold an ‘A+’ score based on complaint history. So customer service appears to be top notch.
To sum things up, Waterstone Mortgage might be best-suited for a first-time home buyer (or any home buyer) thanks to their wide array of tools and available loan programs.
Their fully-underwritten pre-approvals could give you an edge in a competitive housing market, and their zero-down home loan options are also a plus if you happen to be cash-strapped.
The only real question mark is pricing, as they don’t publicize mortgage rates or lender fees online.
But if they’re competitive with other banks and brokers, they should certainly be a consideration for your home loan needs, whether it’s a home purchase or a refinance.
Waterstone Mortgage Pros and Cons
The Good
Can apply for a home loan online or at a local branch
Licensed to do business nationwide
Their digital mortgage process is mostly paperless
Tons of unique loan programs to choose from including 100% financing
Offer fully-underwritten pre-approvals (good for competitive housing markets)
Everyone wants to be the next big thing in the mortgage industry, promising a digital experience or even a funded loan in days as opposed to weeks.
We’ve seen signs of this disruption for years now, and while it has improved the customer experience somewhat and shortened turn times, things aren’t much different.
You still have to fill out a loan application, often with the assistance of a human, submit financial documents, and wait for weeks (or over a month) to get your loan funded.
The difference now is you can do some of these tasks remotely, or better yet, authorize your financial accounts to be plugged into the application so you don’t need to track down documents yourself.
But there’s still the usual frustration and timelines that have long plagued the mortgage industry.
While most disruptors have focused on speed and convenience, an emerging company called “LoanSnap” is focused on originating “smart loans” as opposed to “dumb loans” that cost consumers billions annually.
What Is LoanSnap?
A direct mortgage lender and tech company based in Costa Mesa, CA
It was formed after acquiring Irvine, CA-based DLJ Financial
Currently licensed to do business in 19 states including AZ, CA, CO, FL, IL, and TN
Relies on artificial intelligence (AI) to offer a so-called smart home loan to consumers
LoanSnap was formed after acquiring DLJ Financial, a mortgage lender that had been based in Irvine, California for some 21 years.
The company’s current location is in nearby Costa Mesa, CA, with corporate headquarters in tech-rich San Francisco.
It makes sense that they have locations in both cities, as the Bay Area is where startups are born and Orange County has long been mortgage-central.
They offer a so-called “smart loan” that factors in all your monthly bills, such as credit cards and student loans, to ensure you get the best home loan.
In LoanSnap’s own words, it’s a mortgage that relies upon artificial intelligence (AI) “to analyze a consumer’s financial situation instantly and recommend the best options for their unique needs — all while addressing common financial issues like too much debt.”
Put another way, it goes beyond just the lowest mortgage rate or the fastest turn times and considers a customer’s entire financial situation.
After all, the borrower’s home and accompanying mortgage can often serve as their nest egg, dictating other investments and financial decisions.
It can also be leveraged to pay off other high-interest debt, which is where LoanSnap figures in.
At the start of the loan application on their website, they say, “Welcome! Let’s start by identifying where you’re losing money so we can help you own your financial future.”
What they mean by that is you’re probably paying more interest on your credit cards, student loans, and car loans than you are/would be with a low-rate mortgage.
After all, mortgage rates are close to 3%, while credit cards are often 20%+ and auto loans and student loans are maybe 5%+.
They add that most folks “don’t realize they can move their credit cards or loans to their mortgage and save thousands in interest payments.”
So instead of pitching the lowest interest rates, they give you a full view of all your accounts to help their customers avoid losing money.
What Types of Mortgages Does LoanSnap Offer?
Home purchase loans, mortgage refinances, and HELOCs
The cash out refinance appears to be their chief offering
You can get a conventional loan, non-conforming loan, FHA loan, or a VA loan
Available on single-family homes and condos/townhomes
At the moment, they offer home purchase loans, mortgage refinances, and HELOCs.
That includes both rate and term refinances and cash out refinances, the latter of which is utilized to pay off other high-interest bills you may have.
The cash out refinance seems to be their weapon of choice to eliminate other debt, and explains the how and why of analyzing a consumer’s complete financial situation.
Once they know about your other debts, they can instantly recommend the best loan options that consider interest rates on all your outstanding debt, thereby saving you money.
In a sense, it’s marketing the cash out refinance as something unique to the company, while just about every mortgage lenders offers them.
Of course, things are a little less liquid in that department at the moment due to COVID-19, but that will likely change over time as the situation normalize.
It also means larger loan amounts for LoanSnap, which equates to more money for them.
In terms of loan type, they offer FHA loans, VA loans, and non-conforming loans. I assume they offer conforming loans backed by Fannie Mae and Freddie Mac as well.
They also offer second mortgages in the form of a home equity line of credit (HELOC), which can be used to pay off other bills like student loans, auto loans, and credit cards.
You can get a home loan on a single-family residence or a condo/townhouse. It’s unclear if they lend on second homes and investment properties.
In terms of where they’re available, they lend in 19 states with plans to expand to more soon.
At the moment, they’re licensed in Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Michigan, Nebraska, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Washington, and Wisconsin.
LoanSnap Mortgage Rates
While LoanSnap says it looks beyond mortgage rates to help its customers save money, essentially by saving them on other, higher-cost loans, it doesn’t reveal its rates.
Obviously it’d be nice to get an idea of where they stand pricing-wise, but there’s no daily rate section on their website as of now.
So if you want to pricing, you’ll need to either apply or give them a call. My recommendation is to get pricing first before spending time on an application.
Note that cash out refinance rates are often higher than purchase rates, so if you’re comparing rates among lenders, be sure it’s apples-to-apples.
Also take a look at their customer reviews to see what other customers thought about their interest rates and fees for more clues.
With regard to lender fees, they also leave us in the dark, so be sure to inquire about fees and rates when you call and speak with a loan officer.
LoanSnap Reviews
Despite being a relatively young company, they’ve already amassed a decent number of customer reviews.
On LendingTree, they’ve got a 4.6-star rating out of 5 from nearly 300 reviews, with a 92% recommended score.
At Trustpilot, they have a 3.8-star rating, which the site considers “great,” but not quite excellent.
Over at Google, it’s a similar 4.1-star rating, which is certainly good but not the highest customer satisfaction tier.
On Zillow, they have just a dozen or so reviews and a 4.27-star rating.
While they’ve been accredited with the Better Business Bureau since 2009, they aren’t currently rated.
LoanSnap Received an Investment from The Chainsmokers
Company has raised millions of dollars via several funding rounds
Latest investment comes from fund backed by pop group The Chainsmokers
Also supported by True Ventures, group behind Peloton and Fitbit
Expect them to become a household name in the mortgage world with that backing
In a bid to perhaps become the coolest mortgage lender out there, aside from maybe Rocket Mortgage, they announced a new investment round that included pop duo The Chainsmokers.
The popular group that makes electronic music is apparently also interested in making money, as evidenced by their early stage technology investment firm known as MANTIS.
In mid-May, LoanSnap raised an additional $10 million, co-led by True Ventures and MANTIS.
To show just how serious they are, True Ventures is the Silicon Valley-based venture capital firm behind Peloton, Blue Bottle coffee, and Fitbit.
Their backers also include Richard Branson and Joe Montana’s Liquid 2 Ventures, so it appears they came to play.
Expect to hear the name LoanSnap if and when searching for a mortgage in the near future.
In today’s highly competitive financial climate, with thousands of banks and neobanks nationwide, rewards checking accounts are growing more common.
If you have to keep your money someplace, you may as well earn cash back rewards on debit card purchases or a high interest rate.
Best of all, most rewards checking accounts have no overdraft or monthly service fees. After all, if you have to pay any monthly fees or maintenance fees, it will reduce the overall amount you can earn in cash back.
Rewards checking accounts come in two forms: Those that offer cash back rewards and those that let you earn interest on your money, even if it’s in your checking rather than savings.
Regardless of what you’re looking for in a financial institution, you can find it in one of these rewards checking accounts.
11 Best Rewards Checking Accounts
We’ve read consumer reviews, evaluated bonus offers, and read all the fine print to find 11 of the best rewards checking accounts available online or at local branches today.
1. LendingClub Rewards Checking: Best for High Balances
LendingClub offers an online Rewards Checking account with a straightforward 1% cash back on all signature-based debit card purchases. Ranked on Newsweek’s America’s Best Banks list in 2022, the checking account has many desirable features.
First, earn an unlimited 1% cash back on all signature-based debit card purchases and on transactions processed online as a credit purchase once you meet requirements.
You also earn 0.10% interest on your checking account balance of $2,500 to $99,999.99 and 0.15% annual percentage yield APY on balances of $100,000 or more.
LendingClub provides account holders with access to fee-free ATMs within the MoneyPass or SUM networks and unlimited reimbursement for out-of-network ATMs fees. LendingClub says that account holders save more than $180 annually thanks to ATM fee reimbursement.
Like many of the best rewards checking accounts on this list, LendingClub has no monthly fees, no overdraft fees, and no fees for incoming wire transfers.
You will need a $25 minimum deposit to open an account. There are no minimum balance requirements after that. However, to earn interest, you need to deposit cash to maintain at least $2,500 in your account.
To qualify for cash rewards, you must keep your account open for at least 30 days and receive at least $2,500 in recurring monthly direct deposits or maintain a $2,500 or more average monthly balance.
You may also receive direct deposits from your employer as soon as two days earlier than with many other banks.
2. Axos Bank Rewards Checking: Best for High APY and Cash Back Rewards
Axos Bank is a nationally chartered online bank in business since 2000. The bank offers three checking accounts, all with no monthly maintenance fees, unlimited ATM fee reimbursements domestically, and no overdraft fees.
Axos Bank Rewards Checking is the financial institution’s most popular checking account. It pays up to 3.30% APY when you meet certain requirements.
If you receive monthly direct deposits of $1,500 or more, you’ll earn 0.40% APY to start.
You can increase that interest rate with other activities, such as:
Using your Axos Bank debit card 10X a month or sign up for Axos Bank’s free Personal Finance Manager “Account Aggregation” in online banking
Maintaining minimum average daily balances of $2,500 or more in an Axos Invest Managed Portfolios account or an Axos Invest Self Directed Trading Account
Making Axos Bank loan payments (such as mortgage, auto loans, or personal loans)
Plus, you can earn a $100 cash bonus when you open your Axos Bank Rewards checking before June 30, 2023, and have qualifying direct deposits of at least $1,500 each month in the first three months of opening your account.
If you’re willing to sacrifice the $100 cash bonus – or you don’t meet the requirements to earn the maximum APY with an Axos Bank Rewards checking account– you might consider the Axos Bank Cashback Checking account.
This cash back account gives you a straight 1% cash back on all signature-based eligible debit card purchases up to $2,000 per month.
You’ll need to maintain a $1,500 average daily balance to earn this amount. Otherwise, you’ll earn 0.50% of the average daily balance for that month.
You will need a $50 minimum opening deposit to open your Axos Bank Rewards Checking or Axos Bank Cashback checking account.
3. Consumers Credit Union: Best High Interest Checking Account
Consumers Credit Union is one of two excellent credit unions on our list offering checking accounts with rewards or high yield interest rates.
Of the two, Consumers Credit Union is free for virtually anyone to join. As such, it also earned a place on our list of best free checking accounts.
New members will need to pay a one-time $5 membership fee to the Consumers Cooperative Association. But you’ll get that cash back when you fund your account.
The main attraction to a Consumers Credit Union checking account is the 5% annual percentage yield APY on balances up to $10,000 when you meet minimum deposit requirements and make a minimum number of debit card purchases.
To earn the maximum 5% APY, you must have qualifying direct deposits, mobile check deposits or ACH deposits of at least $500 monthly and make $1000 or more in purchases with your Consumers Credit Union Visa credit card each month.
In addition to the high annual percentage yield APY, CCU also offers early direct deposit up to two days before many other banks, and out-of-network ATM fee reimbursement with no limits each month.
CCU works with a network of 30,000 ATMs and more than 5,000 shared branches that are part of the CU Service Center Network co-op.
Convenient, affordable, and profitable with checking account interest rates ranging from 3% to 5% APY, Consumers Credit Union could be an excellent choice.
If you are considering banking with a credit union instead of a traditional or online bank, this may be the best rewards checking account for you.
4. Discover Cashback Checking Account: Best for No Fee Checking
Discover Bank has a cashback debit account with no monthly fees and a host of other benefits. The program is straightforward and there are no minimum deposit requirements or other qualification requirements to earn cash back.
Simply earn 1% cash back on up to $3,000 in debit card purchases each month for up to $360 in extra cash back each year.
Your Discover Cashback Debit account has no fees of any kind, except $30 for an outgoing wire transfer. You will receive free overdraft protection with automatic transfers from your linked Discover Savings. You will not pay a fee at any of 60,000+ ATMs in the network.
You don’t even have to pay fees for bank checks, check reorders, or expedited shipping of a replacement debit card if you lose yours. If you do lose your card, you can easily “lock” it in the app to prevent unauthorized charges.
Like many online checking accounts, Discover offers early direct deposit, mobile check deposit, and an intuitive and user-friendly mobile app.
5. Schwab Bank Investor Checking: Best for Investors
It’s not always easy to find a rewards checking account with no fees and a high yield on your checking account balance. The Schwab Bank Investor Checking account was rated highest in customer satisfaction from J.D. Power and Associates for four years running.
This account is ideal for those who already have a brokerage account with Charles Schwab or who are thinking of opening one. When you open your High Yield Investor Checking account, you will also receive a brokerage account if you don’t already have one.
You can access both accounts online or in the mobile app with a single log in, and transfer money between both accounts with no fees. There is also no monthly maintenance fee.
Schwab pays interest at the rate of 0.45% APY. You must have a minimum deposit of just one penny in your account to earn interest.
When you fund your account with an opening deposit of $100 within 7 to 10 business days, you will receive free checks, deposit slips, mailing labels, and pre-addressed, postage-paid envelopes for depositing checks through the mail into your Investor checking account. You can also use the app for mobile check deposits or deposit money at an ATM.
When you open your high yield checking account, you will receive a Schwab Bank Visa Platinum Debit Card. The debit card provides unlimited ATM fee reimbursements, even in foreign countries, and no fees when you use a Schwab Bank ATM.
There are also no foreign transaction fees when you use your debit card for purchases outside the U.S.
6. Quontic Bank: Best for Fee Free ATM Access
Quontic offers three choices of the best rewards checking accounts, all with no monthly maintenance fees:
High Interest checking with an interest rate of 1.10% APY
Cash Rewards checking
Bitcoin Rewards checking
Plus, you can earn a 4.25% APY with linked Quontic savings accounts. You won’t pay any ATM fees when you use your Quontic debit card at any of 90,000+ ATMs in the AllPoint, MoneyPass, SUM Program, or Citibank networks nationwide.
Quontic’s High Interest checking delivers up to 1.10% APY when you make at least 10 qualifying debit card purchases of $10 or more per statement cycle. Otherwise, you’ll earn 0.01% APY for that month.
The High Interest checking account has no monthly maintenance fees and no overdraft fees. You will need a $100 minimum deposit to open your account.
Quontic’s Cash Rewards Checking has the same features, including no monthly maintenance fees and no overdraft charges. It is a cash back checking account that delivers 1% on all debit card purchases.
Quontic’s Bitcoin Rewards checking offers 1.5% back in Bitcoin on all qualifying debit card purchases. Like the other Quontic rewards checking accounts, the Bitcoin Rewards checking account has no monthly service fees or maintenance fees and no overdraft fees.
You will need a minimum opening deposit of $500 to open your account. This account is not available to residents of North Carolina or Hawaii.
7. SoFi Plus: Best for Perks
SoFi is an online only bank offering cash management accounts providing you with easy access to your money and generous rewards.
One area where SoFi stands out is the additional perks and the variety of services it offers to account holders. It is also one of the few banks offering both cash back and high yield checking and savings.
Your basic SoFi bank account is a free account with no monthly fee, no minimum balance requirements, no ATMs fees when you bank through any of the 55,000+ ATMs in the Allpoint Network nationwide.
Through a partnership with SoFi Stadium in Los Angeles, California, members also get 25% cash back on stadium purchases with their SoFi debit card, express entry and VIP access to concerts, Rams, and Chargers games.
SoFi also gives members access to savings “Vaults,” where you can set aside money for specific purposes – from emergency savings to a family vacation.
Your deposit account is insured for up to $2 million through SoFi’s partner banks. Each bank offers FDIC coverage up to the $250,000 federal limit, but deposits may be split between financial institutions to increase coverage limits.
If you want to upgrade to SoFi Plus, you’ll unlock a host of other benefits. SoFi Plus is the online bank’s premium offering, but there’s no monthly fee when you establish direct deposit of any amount, with no other minimum balance requirement or deposit requirements.
Your SoFi Plus rewards checking account offers 15% cash back when you use your SoFi debit card at select local retailers. Plus, earn 1.20% on checking and 4.20% on savings and Vault balances.
You’ll also get a personal loan rate discount of 0.25%. SoFi Plus members also get 2X rewards points, which you can redeem for cash, special member events, and experiences within the SoFi mobile app.
SoFi has a referral program, allowing you to earn cash or Rewards points when friends and family sign up for SoFi cash management accounts using your link.
Plus, right now, new SoFi customers receive up to $250 in cash when they open an account and set up a qualifying direct deposit. If your direct deposit is $1000 to $4,999.99, you’ll get $50 in cash. If you deposit $5,000 or more, you’ll earn $250.
Few banks offer so many perks or financial services under one umbrella, which is why SoFi consistently earns “Best Online Bank” accolades from top personal finance sites.
8. Connexus Credit Union: Best Credit Union
Connexus is one of two credit unions on our list of best rewards checking accounts. The Connexus Xtraordinary account offers a 1.75% APY when you meet certain requirements, which include signing up for e-statements and making 15 qualifying debit card purchases or spending $400 in debit card transactions monthly.
Connexus has a vast network of more than 67,000 fee free ATMs, partnered with co-op and MoneyPass networks.
You will also receive $25 in ATM fee rebates monthly. When you link your Connexus savings account to your Xtraordinary checking, you can also take advantage of free overdraft protection.
Connexus also has a similar rewards checking account for teens. With no direct deposit requirements or debit card purchase requirements, teens can earn 2% APY on the funds in their Connexus rewards checking account.
To qualify for membership in Connexus credit union, you must reside in certain cities in Illinois, Wisconsin, Ohio, or Minnesota.
You can also qualify if you work at one of dozens of Midwest companies, institutions, or organizations, or simply pay a $5 one-time donation to join the Connexus Association.
Connexus Teen and Connexus Xtraordinary checking accounts have no monthly service fees and no minimum account balances required to earn interest.
You must make a minimum opening deposit of $5 into your linked Connexus savings account to become a member.
9. TD Bank Beyond Checking: Best for Sign-up Bonus
If you are looking for the convenience of a traditional bank and the money-saving benefits of online banking, a TD Bank Beyond Checking account could be the best rewards checking account for you.
The TD Bank Beyond Checking account pays an interest rate of 0.01% APY on all balances. This is lower than the national average, but you’ll also get other perks with your account. First, let’s discuss the generous sign-on bonus of $300 and how you can earn it.
When you open your account and make $2,500 in qualifying direct deposits within 60 days, you’ll earn $300 cash back.
Keep in mind, there is a $25 monthly maintenance fee associated with the account, but it’s fairly easy to waive, especially if you have other TD deposit accounts.
You can waive the monthly maintenance fee by:
Receiving monthly direct deposits of $5,000 or more or
Maintaining a $2,500 minimum daily balance or
Having $25,000 or more in combined balances across eligible TD accounts, which includes deposit accounts, mortgages, home equity loans, and home equity lines of credit.
In addition to the sign-on bonus and interest on your checking balance, TD offers a free linked Simple Savings account, overdraft protection, easy mobile and online bill pay, and 24/7 fraud monitoring on your TD accounts.
The bank also reimburses numerous common fees, including fees for non-TD ATM transactions, outgoing wire transfer fees, rush bill payments, and up to two overdraft fees waived per year.
The TD Overdraft Relief service allows you more time to get your account out of the negative and also allows you to link your TD Savings account for overdraft protection through automatic transfers.
10. Aspiration Plus: Best for Helping the Planet
Crediful’s rating
Aspiration is a neobank with a straightforward cash management account called Aspiration Spend Save and a premium account called Aspiration Plus.
Aspiration Spend Save account holders can choose to pay monthly fees as low as zero. Each month, you can pay whatever amount you feel is fair for your bank account.
If you want to upgrade to Aspiration Plus, you will pay $7.99 per month. If you pay upfront, annually, you’ll save $2 each month for a total of $71.88 for the year.
Your Aspiration Spend Save account offers 3% to 5% in cash back rewards when you shop with a network of preferred, eco-friendly and socially conscious companies known as the Conscience Coalition.
Some of the retailers in the Conscience Coalition include Warby Parker, Blue Apron, Imperfect Foods, Toms, Brightly, Got Bag, and more.
Aspiration Plus members earn 10% back at Conscience Coalition retailers. Aspiration Plus members also receive one out-of-network ATM fee reimbursement each month and Purchase Assurance on items bought with their Aspiration debit card if they are lost or stolen within 90 days.
Aspiration Plus members also help to fund carbon offsets with each fuel purchase. For every gallon of fuel purchased with your card, Aspiration buys carbon offsets equal to the CO2 emissions generated by that gasoline.
Your Aspiration Plus account also pays 3% interest on money in the Save portion of your account. Regular Aspiration members only earn 1% interest on savings. In both cases, you’ll need at least $500 worth of qualifying debit card purchases in a month to earn interest.
There is a $10 minimum deposit to open an account. There are no ATM fees with Aspiration when you use one of the 55,000+ ATMs in the AllPoint network, plus you get one ATM fee reimbursement each month.
In addition to unlimited cash-back and high yield savings, your Aspiration account also has many other perks and benefits.
When you use the “Plant the Change” program, you can round up your debit card transactions to be deposited into your Save account and Aspiration plants a tree each time you do.
You can read our full Aspiration review here.
11. Truist Bank: Best for Younger Savers
Crediful’s rating
In May 2022, Truist Bank acquired Long Game, an award-winning gamification savings app. The partnership gives Truist bank account holders access to one of the most unique rewards programs in personal finance.
Long Game makes setting savings goals – and reaching them – fun by allowing you to play phone games similar to Fruit Ninja and Candy Crush based on cash deposits you make into your Truist Savings Account.
You can earn extra cash each time you play, as well as earning interest of 0.01% APY on your savings balance. You can also earn coins to play games by answering trivia questions.
Your Truist One checking account delivers rewards of its own when you open select Truist credit cards. Your bonus rewards, which can be 10% to 50% more cash back or miles than you’d normally receive, depend on your Truist One checking account monthly average balance.
Your Truist One checking account comes with a debit card, but you can upgrade to a Delta SkyMiles Debit Card if you pay the $95 annual fee. Truist One checking accounts also include linked Truist One savings accounts with no monthly maintenance fee and a $100 negative balance buffer.
To qualify for overdraft forgiveness, you’ll need to have your account open for at least 35 days with a positive balance, and have a qualifying direct deposit of at least $100 for two consecutive months. Truist Bank never charges overdraft fees, but without negative balance protection, transactions may be declined.
Your Truist One checking account has a $12 monthly service fee, but there are five easy ways to waive that monthly service fee.
To waive the monthly fee, you must meet one of the following requirements:
Make $500 or more in qualifying direct deposits monthly
Maintain a combined balance of at least $500 in Truist deposit accounts
Have a Truist credit card, mortgage or consumer loan
Have a linked Small Business checking account
Be a student under the age of 25
Methodology: How We Select the Best Rewards Checking Accounts
When we evaluated the best rewards checking accounts, we took many features, benefits, and costs into consideration. We also recognized that people’s needs vary. Some may want an online only bank, while others prefer a credit union or even a traditional, brick-and-mortar financial institution.
Rewards on Debit Card Purchases
When most people think of a rewards checking account, they imagine receiving cash back on debit card purchases. Banks that offer cash back on everyday purchases gained favor and a spot on our list.
Account Yield
Some rewards come in the form of a high interest rate on money held in a checking account. Several interest bearing checking accounts with an interest rate of 1% or higher made our list. It is even better if you don’t have to maintain a minimum account balance to receive the highest interest rate.
Fees
On our list of the best rewards checking accounts, we gave preference to accounts with no monthly fees. We also considered other fees, such as overdraft fees, transfer fees, and ATM fees. Banks that offer unlimited ATM fee rebates or even some ATM fee reimbursements each statement cycle were considered favorably.
Minimum Requirements
You should be rewarded by your bank whether you have a large balance or small. For that reason, we gave preference to banks with no minimum deposit requirements and no minimum balance requirements to earn rewards. In some cases, you may need to receive a direct deposit each statement cycle to earn rewards or to receive the highest annual percentage yield APY.
Account Opening Bonus
Some banks offer a generous account opening bonus or even referral rewards when you share your referral link with friends who open an account. It’s nice to start your new bank account with a cash back from a sign-up bonus.
Overdraft Protection
Bank accounts that offer overdraft protection, either through linked savings accounts or by providing a grace period to bring your account back into the positive, earned points on our list.
ATM Network
One way to avoid fees is to find a bank with a large ATM network. Many of the banks on this list use the Allpoint or MoneyPass ATM network with more than 60,000 machines nationwide. We also looked for banks that provide ATM fee reimbursements for using teller machines out of the bank’s ATM network.
Nationwide Availability
We made sure that consumers nationwide could open an account online or in person. We didn’t choose regional banks or credit unions with limited availability, although a small, local bank might meet your needs.
One credit union that made our list, Consumers Credit Union, is available to anyone over the age of 18 willing to pay a $5 membership fee to join the Consumers Cooperative Association. The other credit union we chose also has similarly broad membership requirements. Anyone can join if they make a $5 donation to the Connexus Association or meet certain membership requirements based on city of residence or occupation.
Customer Service
Whether you choose an online only bank or one of the traditional financial institutions on this list, you want to make sure you have access to the best customer service. We chose banks that generally received high marks for customer service on consumer review websites and offered multiple ways to reach customer service reps by phone, email, or online chat.
Tips for Finding the Best Rewards Checking Account
Before you open a rewards account, ask about minimum deposit requirements. Also find out if you need to maintain a minimum balance or set up direct deposits to avoid fees. Look for a bank with a large ATM network and ATM fee reimbursements for using machines outside the network.
Rewards Checking FAQs
Find out what people are asking about the best rewards checking accounts.
How does a rewards checking account work?
Rewards checking accounts pay you money for banking with them. In some cases, you will receive cash back on debit card purchases. Other rewards checking accounts pay interest on your balance. Some also offer additional perks, such as loan rate discounts, access to special events, ATM fee reimbursements and money management tools.
Should you apply for a rewards checking account?
If you are looking to put extra cash in your pocket, a rewards bank account is one way to do so. Most rewards checking accounts do not require a credit check or an application fee to apply. If you are opening a new bank account or considering switching banks, it’s worth considering how you can earn checking account rewards for things you do daily, such as using your debit card or depositing money.
How much does rewards checking cost?
Most of the top rewards checking accounts have no monthly fee, fee-free ATMs, and at least some ATM fee refunds each statement cycle.
Boasting a magical blend of culture, history and academia, Wisconsin is home to some of the finest college towns in the country.
From bustling city centers to quaint rural communities, these towns brim with youthful energy and a passion for learning. Let’s embark on a journey to explore some of the best college towns in Wisconsin, where we’ll discover Madison, Appleton, De Pere, Milwaukee and Eau Claire.
As Wisconsin’s capital city, Madison is also home to the University of Wisconsin-Madison, making it the epicenter of collegiate life in the state. This picturesque city benefits from a stunning location nestled between two sparkling lakes and is home to a diverse community teeming with creativity and innovation. As one of the best college towns in Wisconsin, Madison caters to the needs of students, residents and visitors alike, with an abundance of restaurants, shops and entertainment options. From biking and kayaking along the miles of shoreline to perusing the eclectic shops and eateries on State Street, there’s always something to do in this bustling city.
The heart and soul of Madison’s college scene is the iconic Memorial Union Terrace (pictured above), a lakeside gathering spot where students and locals alike can enjoy live music, outdoor movies and delicious local fare. If art and culture are more your speed, don’t miss the Chazen Museum of Art or the Wisconsin Historical Museum. Madison’s rich history and progressive atmosphere make it one of the top college towns in Wisconsin and is perfect for students seeking a well-rounded college experience.
Home to Lawrence University, Appleton is a charming city that harmoniously blends its history with a modern atmosphere. This college town is nestled along the Fox River, where the abundant natural beauty provides a serene backdrop for the city’s bustling downtown area. Appleton’s arts scene, supplemented by the Fox Cities Performing Arts Center and Trout Museum of Art, makes it one of the best college towns in Wisconsin for students with an appreciation for culture and creativity.
Appleton’s picturesque downtown is lined with unique shops, delicious dining options and lively entertainment venues, ensuring there’s never a dull moment. In addition to its thriving downtown, the city’s historic sites, such as the Hearthstone Historic House Museum and the Atlas Science Center, offer a fascinating glimpse into the area’s past. Appleton’s commitment to preserving its heritage while embracing the future makes it a standout among college towns in Wisconsin, perfect for students seeking a blend of old-world charm and contemporary activity.
Located just south of Green Bay, De Pere is a quaint and idyllic college town that’s home to St. Norbert College, a private liberal arts institution. The Fox River meanders through the heart of this cozy community, providing a picturesque setting for students and locals to enjoy outdoor activities like walking, biking and fishing. De Pere’s small-town charm and friendly atmosphere undoubtedly make it one of the most inviting college towns in Wisconsin.
De Pere’s historic downtown district is a treasure trove of boutique shops, cozy cafes and unique eateries, where seasonal students and year-round locals alike can indulge in unique flavors and discover one-of-a-kind finds. The De Pere Riverwalk and Wildlife Viewing Area offers a peaceful retreat from the hustle and bustle and the community’s commitment to the arts is evident in the events and performances hosted at the charming St. Norbert College. If you’re looking for a college town in Wisconsin that offers a tight-knit community and a serene environment, De Pere is the perfect fit.
Affectionately known as ‘Brew City,’ Milwaukee is Wisconsin’s largest city and home to several higher education institutions, including the University of Wisconsin-Milwaukee, Marquette University and Milwaukee School of Engineering. This bustling metropolis is a diverse environment that caters to students seeking an exciting, city-based college experience. Milwaukee’s lively arts and culture, combined with its beautiful lakefront location, make it one of the best college towns in Wisconsin for students craving a dynamic atmosphere while they pursue their degrees.
Milwaukee has a plethora of entertainment options, from the iconic Harley-Davidson Museum to the historic Pabst Theater and so much more. Foodies will find no shortage of delectable dining options, as the city boasts a wide variety of restaurants, breweries and food trucks, serving up everything from traditional Wisconsin fare to global cuisines. Milwaukee’s unique blend of urban excitement and Midwestern charm makes it a standout among college towns in Wisconsin, perfect for students eager to experience city life during their college years.
As a bonus, we’ll introduce you to Eau Claire, a vibrant city that’s home to the University of Wisconsin-Eau Claire. Known for its strong arts and music scene, Eau Claire boasts a rich cultural heritage that permeates the entire community. From the stunning Pablo Center at the Confluence to the numerous music festivals held throughout the year, Eau Claire’s creative spirit makes it a standout among Wisconsin college towns.
The city’s lively downtown area offers a wide variety of shopping, dining and entertainment options for students and locals alike. Outdoor enthusiasts will appreciate the city’s extensive network of parks and trails, including the beautiful Chippewa River State Trail and Putnam Park. Eau Claire’s thriving arts scene, coupled with its commitment to sustainability and community engagement, make it a top choice for students seeking a well-rounded college experience in Wisconsin.
Welcome to your Wisconsin college town
With their rich histories, youthful communities and top-notch educational institutions, these college towns in Wisconsin offer an unforgettable college experience. From bustling cities like Milwaukee to charming small towns like De Pere, there’s a perfect fit for every student in the Badger State.
If you’re looking for personalized service, instead of a call-center home loan, you might want to check out Summit Mortgage.
The privately-owned direct lender was started by husband and wife loan originators Diana and Robert Carter way back in 1992.
The goal was to create a business from an originator’s point-of-view, focused on providing an “unparalleled homebuying experience.”
That meant identifying the traditional pain points of getting a home loan and taking steps to avoid them.
After all, buying a home is supposed to be an exciting moment, one they believe shouldn’t be overshadowed by a miserable mortgage experience.
Summit Mortgage Fast Facts
Direct-to-consumer mortgage lender
Offers home purchase loans and mortgage refinancing
Founded in 1992, headquartered in Plymouth, MN
Licensed to do business in 17 states
Funded more than $6 billion in home loans last year
About two-thirds of last year’s volume was home
Summit Mortgage Corp. is a direct-to-consumer mortgage lender that offers home purchase financing and mortgage refinances.
The Plymouth, Minnesota-based company got its start way back in 1992, making them one of the older lenders in existence.
Last year, they produced more than $6 billion in home loans, with a 67% home purchase share and 33% refinance share.
This tells me they have strong relationships with local real estate agents, and the ability to close loans on time.
Summit Mortgage is a big-time mortgage lender in their home state of Minnesota, which accounts for about 40% of total production.
In fact, they ranked 6th there in 2021 behind only the big players such as Rocket Mortgage, U.S. Bank, and Wells Fargo.
They are also very active in the states of Florida, Pennsylvania, and Colorado.
At the moment, the company is licensed in 17 states nationwide, including California, Colorado, Florida, Idaho, Minnesota, Montana, New Jersey, North Dakota, Oregon, Pennsylvania, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
For the record, they are known as “Summit Home Mortgage” in the states of Oregon, Utah, and Washington.
How to Apply with Summit Mortgage
To begin, you can visit their website to find a loan officer near you. Their online directory allows you to search by property location or loan officer name (if you’ve been referred).
You can review profiles online and obtain licensing and contact information. Once you find the individual you want to work with, you can apply for a home loan directly from their personal webpage.
When you’re ready to move forward, you’ll be prompted to create an “Ascent App” account, which will also give you the option to download a free smartphone app.
Whether you apply on a computer or smartphone, there is an easy to follow step-by-step application process.
Benefits of using the app include a document scanner to upload required paperwork, along with a built-in auto-save feature.
The Ascent App will automatically save all data entered so you won’t need to re-enter fields that have already been completed.
And you can even take a break and return to the loan application from a different device, which allows you to work at your own pace.
It’s all powered by SimpleNexus, a leader in the digital mortgage space.
Aside from a digital application, you should be able to eSign disclosures and closing documents, message your loan officer, and track loan status from start to finish.
Your Summit Mortgage loan officer can also get you a pre-approval letter if you’re currently shopping for a home.
To that end, Summit Mortgage also offers a $10,000 underwriting guarantee in which they’ll pay the seller $10k if your loan doesn’t close.
This can help your offer stand out in a competitive housing market or even compete with all-cash buyers.
Summit Mortgage Rates
But before you begin the application process, it might be wise to get a mortgage rate quote.
There is a rate quote request form on the Summit Mortgage website, but it’s probably quicker just to call a loan officer directly.
Once you give them the details of your loan scenario, they’ll be able to provide a real-time mortgage rate quote.
Be sure to take note of any lender fees associated with your rate, such as an application fee or loan origination fee.
Also pay attention to any discount points required for the quoted rate, as they will increase your closing costs.
Unfortunately, Summit Mortgage doesn’t list daily sample mortgage rates on their website, nor do they list their lender fees.
So you’ll need to get all these details from a loan officer before you proceed.
Take the time to shop around and gather quotes from other banks, lenders, and mortgage brokers to ensure they are competitively priced.
Loan Programs Offered by Summit Mortgage
Home purchase loans
Refinance loans: rate and term, cash out, streamline
Home renovation loans: FHA 203k and Fannie Mae HomeStyle
Conforming loans
Jumbo loans
FHA loans
USDA loans
VA loans
Down payment assistance: State grants and tax credits
Fixed-rate and adjustable-rate mortgages in various loan terms
Summit Mortgage Corp. offers a wide range of loan programs to suit aspiring home buyers and existing homeowners.
If you’re short on funds, they can tap into a variety of down payment assistance programs to help you across the finish line.
Those who are purchasing a fixer-upper can take advantage of programs like Fannie Mae’s HomeStyle Renovation or the FHA 203k loan program.
They got the full suite of government-backed home loans available, including FHA, VA and USDA.
And jumbo loans are a possibility if you’re purchasing an expensive home.
All major property types are acceptable, including single-family homes, condos/townhomes, vacation homes, and investment properties.
Both fixed-rate and adjustable-rate mortgages are available in various loan terms, such as 15-year mortgages and 5/1 ARMs.
In short, you should have plenty of options to choose from no matter your personal situation or preference.
Summit Mortgage Reviews
On Experience.com, Summit Mortgage has a solid 4.94-star rating out of 5 from roughly 15,000 customer reviews.
You can fine-tune those reviews by individual if you want to narrow down your list of loan officers.
They have an even better 4.98-star rating on Zillow from over 1,500 reviews, which is pretty much flawless.
But wait, there’s more! A perfect 5.0-rating from over 250 Google reviews, along with a 4.9-star rating on Trustpilot from about 500 reviews.
Additionally, they are an accredited company with the Better Business Bureau (BBB) and currently hold an ‘A+’ rating based on customer complaint history.
In closing, Summit Mortgage appears to be a good candidate for home buyers thanks to their personalized service, $10,000 underwriting guarantee, wide range of loan programs, and many 5-star reviews.
If their pricing is also on point, they could be an excellent choice for an existing homeowner in need of a refinance as well.
Summit Mortgage Pros and Cons
The Good
Can apply for a home loan online or via smartphone
Offers home purchase loans and mortgage refinances
Founded in 2005, headquartered in Columbia, MO
Funded about $3.75 billion in home loans last year
#1 retail home purchase lender in the state of Missouri
Roughly two-thirds of overall business comes from home state
Also very active in Illinois, Kansas, and Oklahoma
Currently licensed in 30 states nationwide
Flat Branch Home Loans is an employee-owned, direct-to-consumer retail mortgage lender located in Columbia, Missouri.
They were founded by current president Jim Yankee in 2005, and have since grown to a 700-employee strong company.
Their claim to fame is being #1 home purchase lender in the state of Missouri, as well as a big-time USDA loan lender.
This makes it obvious that they’re a solid choice for home buyers, though they also do a good deal of mortgage refinancing as well.
Last year, they funded about $3.75 billion in home loans, with a 70/30 split of purchase loans and refinances.
Roughly two-thirds of their overall production comes from their home state of Missouri.
And they’re the fourth largest mortgage lender in Missouri overall, only bettered by U.S. Bank, Rocket Mortgage, and Wells Fargo.
Aside from Missouri, they’re quite active in the states of Illinois, Kansas, and Oklahoma.
At the moment, they’re licensed in 30 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.
For the record, their name is derived from the Flat Branch stream that flows near Columbia, MO.
How to Apply with Flat Branch Home Loans
To get started, you can visit a local office if located in the Midwest, or simply navigate to their website.
At last count, they’ve got about 58 physical locations in a handful of Midwestern states.
If you begin at the website, you can browse their online loan officer directory, read bios, and find someone to work with.
Once you narrow down your loan officer search, you can click on “Apply” and you’ll have the option to continue on to the digital application or have them reach out to you.
It might be wise to have them reach out first so you can discuss loan pricing and eligibility before filling out the app.
When it comes time to complete the app, their digital mortgage experience is powered by SimpleNexus.
You can fill out the app from a computer, or download their smartphone app and tackle it that way.
Applicants can eSign disclosures, quickly calculate payments, securely scan and upload documents, and message their loan officer with questions along the way.
You’ll also receive updates as you go to determine where you’re at in the process. And receive a notification whenever they request a new document from you.
Simply put, Flat Branch Home Loans offers a good combination of the latest technology and human touch.
Loan Programs Offered by Flat Branch Home Loans
Home purchase loans
Refinance loans: rate and term, cash out, streamline
FHA loans
USDA loans
VA loans
HomeReady and Home Possible (3% down)
Grants and down payment assistance programs
MHDC loans
Section 184 Indian Home Loan Guarantee program
Flat Branch Home Loans is big on home purchase financing, and has a long list of programs to help secure a mortgage.
If you’re an EMT, firefighter, police officer, teacher, or military, their “Community Champions Program” comes with up to $900 in lender credits and a waived appraisal fee.
They also originate Missouri Housing Development Commission (MHDC) loans, which feature down payment assistance via a forgivable second mortgage.
As noted, they’re a major USDA loan lender, so if you’re purchasing a rural home they should be a great fit.
The USDA program has its quirks, so using an experienced lender who knows how to navigate it is advised.
Aside from that, they offer all the major stuff like conforming loans, FHA loans, VA loans, and even bridge loans to help you buy before you sell.
Their Lock and Shop option, which allows you to lock a mortgage rate before you find a home, is available in the states of Arkansas, Illinois, Iowa Kansas, Missouri, Oklahoma, Texas, and Nebraska.
Lastly, they offer the Section 184 Indian Home Loan Guarantee program, a low-down payment loan option for Native Americans.
It’s unclear if they offer jumbo loans or adjustable-rate mortgages, though you can get a fixed-rate mortgage in a variety of different loan terms.
Flat Branch Home Loans Rates
While we know they specialize in home purchase lending, we don’t know a lot about their loan pricing.
To my knowledge, they don’t feature their mortgage rates or lender fees on their website. As such, you’ll need to speak with a human to get a quote.
This doesn’t say anything about their rates, good or bad, it just doesn’t give us anything to go on in this review.
Once you get a mortgage rate quote, be sure to shop their mortgage APR with other banks, lenders, and mortgage brokers to see where they stand.
Take note of any lender fees and/or discount points required for the quoted rate to ensure you’re doing an apples-to-apples comparison.
The only hint we have about pricing comes from their Zillow reviews, in which a good chunk of customers indicated a lower rate and/or closing costs than expected.
Flat Branch Home Loans Reviews
Over at Zillow, Flat Branch Home Loans has a stellar 4.96-star rating out of a possible five from about 900 customer reviews.
Many of the reviews highlight their hands-on service and fast closings, especially important to home buyers.
They’ve also got a 4.9-star rating from about 160 Google reviews, along with a 4.7-star rating on Facebook from roughly 200 reviews, and a 4.9 rating on LendingTree from 40 reviews.
While they aren’t an accredited business, they do hold an ‘A+’ rating with the Better Business Bureau based on customer complaint history.
To wrap things up, Flat Branch Home Loans is clearly a home purchase lender first and foremost.
They pride themselves on their extensive mortgage knowledge and experience, important attributes when it comes to home buying.
Ultimately, if you want a competent lender who you can rely on to close on time, they might be a solid choice.
Their wide array of loan programs, including proprietary offerings and low or zero down options, is also a big plus.
Just pay attention to pricing as well to ensure you receive quality service and a competitive rate.
Flat Branch Home Loans Pros and Cons
The Pros
Can apply for a home loan online or via smartphone
Offer a mostly paperless, digital mortgage experience
Physical branches in many Midwestern states
A good range of loan programs to choose from (especially for home buyers)
Excellent customer reviews across ratings websites
A+ BBB rating
Free smartphone app
Free mortgage calculator and home buyer guides online
They service their loans after closing
The Cons
Do not list their mortgage rates or lender fees online
As an Amazon Associate I earn from qualifying purchases.
This post was updated June 2023
With most rentals, the phrase, “all utilities included” means the building or landlord pays for water, sewer, trash, electric, heat, and gas. One of the best ways to keep your housing budget in check and predictable is to rent an apartment with all utilities included. Read more…
Baystate Apartments
1701 Massachusetts Ave NW Washington, DC 20036
Are you in search of apartment features that evoke a sense of storytelling and capture the essence of a captivating book? Look no further than The Baystate, where we offer stunning studio apartments in various floor plans. What’s more, all utilities are included, relieving you of any worries about additional bills.
Situated in the vibrant Dupont Circle neighborhood of Washington, DC, The Baystate places you just two blocks away from a world of local culture and flavors. Immerse yourself in the fascinating surroundings and discover the hidden gems that await. Plus, with the convenience of the Red Line Metro within walking distance, the entire city of Washington, DC becomes easily accessible for exploration.
At The Baystate, you’ll find subtle touches of extraordinary in your everyday life. Indulge in the charm of our thoughtfully designed apartments, where every corner tells a unique story. Experience the convenience of having all utilities included, providing you with a hassle-free living experience. Allow yourself to be enchanted by the enchanting allure of The Baystate.
2800 Woodley
2800 Woodley Ave NW Washington, DC 20008
Welcome to 2800 Woodley, where you’ll find a variety of large floor plans designed to suit your lifestyle. Each apartment offers ample closet space, central air conditioning, and stunning hardwood floors that exude elegance. The unique touches, including expansive windows and a secretarial desk, add a touch of charm to your new home.
Nestled on a tranquil side-street, 2800 Woodley provides a serene living environment while being just steps away from the vibrant heart of Woodley Park. Immerse yourself in the neighborhood’s captivating ambiance, with a plethora of popular restaurants and trendy shops within easy walking distance. If you’re in the mood for a change of scenery, simply hop on the Metro from the nearby Woodley Park station, and the entire city of D.C. is at your fingertips.
2800 Woodley offers the perfect blend of convenience and comfort, making city living a breeze. Enjoy the tranquility of your surroundings while relishing the easy access to all that Washington, D.C. has to offer. Experience the best of both worlds at 2800 Woodley.
Brunswick House
1414 17th St NW Washington, DC 20036
Cambridge Square Apartments
4909 Battery Lane Bethesda, MD 20814
As Downtown Bethesda flourishes, Cambridge Square stands proudly at the center of it all, offering a hidden gem of a property nestled against a tranquil park setting. Immerse yourself in the array of new and exciting shopping and dining options that surround you, while enjoying the utmost convenience.
Cambridge Square presents an effortless commute to Washington, D.C. via the nearby Bethesda Metro Station, connecting you seamlessly to the heart of the capital. Whether you seek the bustling energy of the city or the tranquility of nature, Cambridge Square caters to your desires.
Discover the spacious and affordable one, two, three, and four-bedroom apartment homes available for rent at Cambridge Square. Each thoughtfully designed floor plan features large walk-in closets and elegant hardwood flooring, offering both functionality and style.
Experience the perfect blend of convenience, affordability, and comfort at Cambridge Square. Embrace the dynamic growth of Downtown Bethesda while enjoying the peaceful retreat of your home. Cambridge Square invites you to indulge in the best that this thriving community has to offer.
Hampton Courts
2013 New Hampshire Ave NW Washington, DC 20009
Immerse yourself in the timeless charm of Hampton Courts, a meticulously crafted architectural masterpiece constructed in 1926. This historic building exudes the allure of early 20th-century design, captivating you with its elegant appeal.
At Hampton Courts, modern amenities blend seamlessly with classic architecture. The building features two elevators for your convenience, a controlled intercom entrance ensuring security, and a well-equipped laundry room with a convenient card payment system.
Indulge in the comfort of our studio, one, and two-bedroom apartments, where updated appliances and spacious floor plans await. Each residence combines the essence of the past with modern comforts, creating a truly exceptional living experience. Best of all, all utilities are included in your rent, alleviating any concerns about additional bills.
Convenience is paramount at Hampton Courts. The U Street Metro Station, offering access to the yellow and green lines, is just three blocks away, providing seamless transportation options to explore the city. Additionally, you’ll find Capital Bikeshare bicycles, only a block from the building, offering you endless means of transportation to navigate the vibrant surroundings.
Embrace a vibrant neighborhood where a plethora of amenities awaits. The Saturday Farmer’s Market, Yes Organic Market, Trader Joe’s, Vida Fitness, and numerous yoga studios are all within a few blocks from your front door. Explore the culinary delights, wellness centers, and vibrant community events that surround you.
Come and experience the essence of city living at Hampton Courts. Allow yourself to be captivated by its timeless allure and discover a lifestyle that seamlessly combines historic charm with modern convenience.
Congressional Towers
261 Congressional Lane Rockville, MD 20852
Experience the perfect blend of comfort and convenience at Congressional Towers Apartments, ideally located just off Rockville Pike. Situated in the heart of Rockville, our community offers residents unparalleled access to a host of amenities.
Just three blocks from the Twinbrook Metro, our residents enjoy seamless connectivity to shopping, entertainment, and a diverse range of dining choices. Whether you’re in the mood for a shopping spree or a night out on the town, everything you need is within easy reach.
Our spacious apartments are designed with your utmost comfort in mind. As a resident of Congressional Towers, you’ll enjoy an array of free amenities, including parking and extra storage, ensuring you have ample space for your belongings. Additionally, you’ll receive a membership to Rollins Congressional Club (RCC), a resort-style water park featuring a club-style gym and fitness center. Embrace a healthy and active lifestyle without ever leaving the comfort of your community.
At Congressional Towers, we believe in providing a hassle-free living experience. That’s why all utilities are included in your rent, eliminating the need to worry about multiple bills. Simply move in and enjoy the convenience.
Call or schedule a tour today to discover your perfect apartment home at Congressional Towers. Experience the unparalleled convenience, exceptional amenities, and a vibrant community that awaits you.
Hilltop House
1475 Euclid St NW Washington, DC 20009
Nestled in the vibrant Adams Morgan neighborhood, Hilltop House awaits, offering a collection of studio and one-bedroom apartments for rent. Step into a world of charm and comfort, where each apartment boasts large windows and inviting breakfast bars, creating a cheerful, open, and bright atmosphere that will make you feel right at home.
Simplify your apartment living and budgeting with ease, as all utilities are included with your rent at Hilltop House. Experience the convenience of a worry-free lifestyle, allowing you to focus on enjoying the vibrant surroundings.
Hilltop House boasts an enviable location facing the picturesque Meridian Hill Park. Immerse yourself in a variety of social and cultural events that unfold within its lush green spaces. From kickball leagues and yoga classes to Frisbee sessions and drum circles, the park offers endless opportunities for recreation and community engagement. Experience the vibrant energy that fills the park every Sunday as it comes alive with a multitude of activities.
Just a couple of blocks away from the Hilltop House apartment community, you’ll find the Columbia Heights Metro station. This convenient transportation hub provides access to both the green and yellow lines, effortlessly connecting you to all that Washington, D.C. has to offer. Explore the rich history, iconic landmarks, and diverse neighborhoods of the capital city with ease.
Hilltop House Apartments offer the perfect blend of a tranquil oasis and access to the excitement of the city. Experience the best of both worlds as you soak in the cultural offerings, culinary delights, and vibrant community of Adams Morgan and beyond. Your perfect home in Washington, D.C. awaits at Hilltop House.
Klingle Apartments
2755 Macomb St. NW Washington, DC 20008
Nestled at the prime corner of Connecticut Avenue and Macomb Avenue, The Klingle awaits with its stunning landscaped grounds and meticulous upkeep. This coveted property offers unrivaled convenience and a lifestyle that caters to your every need.
Situated at the intersection of Connecticut Avenue and Macomb Street, The Klingle places you within easy walking distance of Cleveland Park’s most popular shops and restaurants. Indulge in a variety of culinary delights and explore a vibrant local scene right at your doorstep. Additionally, the Cleveland Park Metro Station, National Zoo, and the locally-famous Uptown Theater are just moments away, ensuring endless entertainment and cultural experiences.
Immerse yourself in a thriving community where convenience and charm harmoniously coexist. The Klingle invites you to experience a lifestyle that seamlessly blends accessibility, natural beauty, and an abundance of local attractions.
Parkside Apartments
1702 Summit Place NW Washington, DC 20009
Discover well-designed apartments that maximize every inch of space, offering a thoughtful layout that meets your every need. Step inside and be greeted by the gleaming hardwood floors, which come to life as natural light streams through the windows, creating a warm and inviting atmosphere. The arched doorway details add a touch of architectural interest, showcasing the attention to detail that sets these apartments apart.
Embrace your inner chef in the kitchens, equipped with gas stoves that allow you to prepare gourmet meals with ease. Enjoy the pleasure of culinary creativity in a space designed to inspire.
Beyond the allure of these exceptional apartments, the location is truly unbeatable. Situated just blocks away from both Adams Morgan and Columbia Heights, you’ll find yourself in the heart of two vibrant neighborhoods that offer a wealth of dining, shopping, and entertainment options. With a Walk Score of 91, every amenity and convenience is within easy reach, allowing you to fully immerse yourself in the vibrant energy of city living.
Welcome to a life where thoughtful design, affordability, and prime location intersect. Experience the best of urban living in these apartments that redefine what it means to feel at home.
Pleasant Hills Apartments
100 Fort Drive NE Washington, DC 20011
Escape to Pleasant Hills, a hidden gem just off North Capitol Street, where beauty awaits your discovery. Immerse yourself in a collection of spacious and affordable apartment homes that exude charm and comfort. Step onto the beautiful hardwood floors that grace each residence, admire the built-in shelves that add a touch of sophistication, and delight in the renovated kitchens that ignite your inner chef.
Pleasant Hills enjoys a privileged location, situated across from Archbishop Carroll High School and a mere two blocks from Catholic University. Experience the vibrancy of the neighborhood as you become part of a thriving community filled with academic excellence and cultural richness.
For effortless commuting, the Brookland Metro station is within easy reach, offering seamless access to all the wonders the city has to offer. Indulge in a myriad of dining options within the thriving Brookland community, where culinary delights await at Col. Brooks Tavern, San Antonio Grill, Brookland Cafe, and more.
Pleasant Hills is where unexpected beauty unfolds, where spacious living, affordability, and a sense of community intertwine to create a truly remarkable experience. Embrace the oasis that awaits you at Pleasant Hills and discover a world of serenity and enchantment.
Sherry Hall Apartments
2702 Wisconsin Ave NW Washington, DC 20007
Nestled in the charming neighborhood of Glover Park, between the coveted areas of Georgetown and Cleveland Park, you’ll find Sherry Hall. Situated on one of DC’s primary arteries, this exceptional residence offers an ideal location that embodies the essence of urban living.
Indulge in the culinary delights of Wisconsin Avenue as you explore the multitude of popular restaurants within walking distance from your doorstep. Delve into a world of flavors and gastronomic experiences, all conveniently close to your new home.
Step inside your apartment sanctuary and be greeted by the elegance of beautiful hardwood floors that grace your living space, adding a touch of sophistication and warmth. Immerse yourself in the modernity of brand new kitchens, thoughtfully designed with stainless steel appliances, including a gas range, granite countertops, and stylish light wood shaker cabinets. The large windows invite an abundance of natural light, illuminating every corner of your home and creating a welcoming ambiance.
At Sherry Hall, we believe in simplifying your life. That’s why all utilities are included, providing you with peace of mind and transparency in your monthly expenses. Say goodbye to surprises and complex calculations—here, you can focus on enjoying the comfort and tranquility of your new home.
Discover the perfect harmony of serenity, convenience, and modernity at Sherry Hall, where every detail is designed to enhance your living experience. Embrace the unmatched lifestyle that awaits you, where vibrant city living meets the comforts of home.
Clarence House Apartments
4530 Connecticut Ave NW Washington, DC 20008
If you’re seeking a studio, one, or two-bedroom apartment that combines convenience and comfort, look no further than Clarence House apartments. Located within walking distance to the metro, Giant, Whole Foods, pharmacies, dry cleaners, restaurants, shopping hubs, and esteemed schools, this is where your apartment search begins.
Living at Clarence House means unlocking the treasure trove of hidden gems in our vibrant neighborhood. Immerse yourself in a world of cultural experiences as you stroll to a captivating concert at the Austrian Embassy or indulge your passion for music by enrolling in a class at the renowned Levine School. Let your literary soul flourish as you become a regular at the iconic Politics and Prose bookstore, where new discoveries await on every shelf. And for a glimpse into the fascinating history of art and gardens, the Hillwood Museum is just a short trip away.
Beyond the convenience and cultural richness, Clarence House offers a haven of comfort and tranquility. Explore the versatile floor plans of our studios, one-bedroom, and two-bedroom apartments, each thoughtfully designed to meet your needs. Experience the joy of coming home to a welcoming and spacious environment that nurtures relaxation and a sense of belonging.
Begin your apartment journey at Clarence House, where the vibrant pulse of city life meets the comforts of home. Embrace the limitless possibilities and experiences that await you in this dynamic neighborhood.
The Norwood
1868 Columbia Road NW Washington, DC 20009
At The Norwood, the perfect fusion of old-world craftsmanship and modern sensibilities awaits you. This historic building has been meticulously upgraded to offer the epitome of apartment living. Immerse yourself in a world where timeless charm meets contemporary convenience.
Step into your new home and be greeted by the allure of hardwood floors, evoking a sense of warmth and sophistication. The high ceilings create an atmosphere of openness and grandeur, while central air conditioning ensures your comfort throughout the year. Experience the harmonious blend of The Norwood’s grace, elegance, and modern upgrades that culminate in a truly distinctive living space.
With an impressive Walk Score of 97, your new home places you at the center of it all. From the vibrant restaurants and nightlife of Adams Morgan to the tranquil beauty of Rock Creek Park, every facet of city living is within your reach. Indulge in culinary delights, explore cultural treasures, and immerse yourself in the energy of the surrounding neighborhood.
At The Norwood, you’ll discover a sanctuary that seamlessly combines history and contemporary living. Unwind in a space that reflects your refined taste and appreciate the convenience of a location that offers endless possibilities. Experience the best of both worlds at The Norwood, where timeless allure meets modern comfort.
Wakefield Hall
2101 New Hampshire Ave NW Washington, DC 20009
As you gaze upon Wakefield Hall’s ornate facade, you’ll soon discover that the beauty continues within. Step into a world of elegance where exquisite apartments await. With hardwood floors, updated kitchens, and walk-in closets, every detail has been carefully curated to create a charming and comfortable living space.
Convenience is at your doorstep at Wakefield Hall. Located near the U St./Cardozo Metro Station, you have effortless access to all that Washington, DC has to offer via the yellow and green lines. Immerse yourself in the vibrant pulse of the city and explore its cultural treasures, all just a few steps away from your front door.
Indulge in the captivating energy of your neighborhood as you venture out. Discover local art galleries, savor the flavors of eclectic cuisines, and embrace the lively atmosphere that surrounds you. Wakefield Hall places you at the center of cultural vibes and offers a gateway to the rich experiences that await in the city.
Embrace a lifestyle that seamlessly combines convenience, charm, and cultural immersion at Wakefield Hall. This is more than just an apartment; it’s a place to call home and an invitation to be part of a vibrant community. Welcome to Wakefield Hall, where timeless beauty and contemporary living intertwine.
Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
Compared to banks, credit unions offer more individualized service. Plus, many of them also provide lower fees and higher rates on certain accounts. However, you must become a member of a credit union to utilize its services. In most cases, credit union membership is reserved for people who live, work, and worship in a certain area.
Some credit unions are also geared toward those in specific professions, like education or law or anyone who makes a donation or joins an organization. You’ll be pleased to learn that most credit unions have made their membership criteria more lenient and opened up their offerings to more types of people. In fact, many of them are quite easy to join.
14 Best Nationwide Credit Unions
While many credit unions are small and can only be found in select local areas, there are quite a few that are nationwide. If you travel frequently for work or pleasure, you might be in the market for nationwide credit unions.
Fortunately, most credit unions that have a nationwide presence are easy to join and offer a variety of benefits. To make your search for the best federal credit unions a bit easier, we’ve compiled this handy list.
1. Connexus Credit Union
Headquartered in Wisconsin, Connexus Credit Union is known as one of the largest credit unions in the U.S. It has over 400,000 credit union members across all 50 states. This is no surprise as it partners with well-known companies, such as Liberty Mutual Insurance, Kraft, Honeywell, and BMW.
To join, you’ll need to qualify through your employer that’s one of the credit union’s partner companies or donate at least $5 and open an account. As a credit union member, you can enjoy high APYs on checking accounts and other deposit accounts as well as low rates on mortgages, personal loans, and car loans.
The Xtraordinary Checking Account offers an APY of up to 1.75% on certain balances so you can make the most out of your hard earned money. White you don’t have to pay any fees, Connexus does require that you spend a certain amount on your debit card and sign up for eStatements to take advantage of the interest.
Furthermore, if you don’t use your checking account for more than 90 days and have a balance of $100 or less, you may have to pay an inactivity fee. Connexus has more than 5,600 shared branches and over 67,000 fee-free ATMs. Plus, the credit union offers higher rates and exclusive discounts throughout the year.
2. Navy Federal Credit Union
If you’re part of the military community, Navy Federal Credit Union should be on your radar. You can become a member if you have an active duty or reservist military member, worked for the Department of Defense, or are the immediate family member of someone eligible for membership. You’ll also be required to open a Navy Federal savings account and make a minimum deposit of $5.
The credit union has about 350 physical branches worldwide and many of them are near military bases in Maryland, Virginia, and California. There are also more than 30,000 fee-free ATMs. If you like to do your banking on your mobile device, you’ll be pleased to know that there is a highly rated app.
If you join Navy Federal Credit Union, you can enjoy no monthly fees or minimal fees on basic savings or youth savings accounts. NFCU also offers several checking accounts as well as competitive rates for share certificates, which are basically certificates of deposits (CDs).
3. Consumers Credit Union
Based in Illinois, Consumers Credit Union has 11 branches in the Chicago suburbs but opens its membership to anyone in the country. All members get access to more than 5,000 shared credit union branches and over 30,000 ATMs.
To join, simply pay $5 and fill out a short application form. Consumers offers some of the highest annual percentage yields or APYs on its rewards checking accounts. However, it requires that you make at least 12 debit card purchases per month, enroll in eDocuments, and have a monthly minimum of $500 in ACH deposits, direct deposits, and mobile check deposits.
If you prefer, you can choose from a no-frills checking account that doesn’t earn any interest. Other product offerings include four savings accounts, IRA certificates, and money market accounts.
4. Pentagon Federal Credit Union
Founded in 1935, PenFed Credit Union is known as one of the largest credit unions in the country. It serves more than 2.8 million members and has over $36.6 billion in assets. While this best credit union was originally only available to military members and their families, it eventually opened the doors to anyone. You can join as long as you deposit $5 into a savings account.
As a PenFed member, you can reap numerous benefits, including great rates on checking accounts, savings accounts, and money market certificates. In addition, you can sign up for early direct deposit and access more than 85,000 fee – free ATMs across the nation.
Even though PenFed is not part of a shared branch network, like other credit unions, it pays high rates, and has about 40 of its own branches throughout the U.S. There’s also a solid mobile app and customer phone support with evening and weekend hours.
5. SkyOne Federal Credit Union
SkyOne Federal Credit Union is one of the best credit unions and has a mission to help families become financially stable. It serves more than 40,000 members with $600 million in assets. Since its inception in 1949, SkyOne has offered a robust lineup of financial products, like interest-bearing checking accounts, money market accounts, credit cards, mortgages, and car loans.
Its share certificates come with exceptional rates that you might not find at other credit unions. SkyOne also has a free mobile banking app, a plethora of free educational tools, and a network of thousands of credit union branches for easy access.
The main downfall of this credit union is that it’s geared toward those who work in the air transportation industry so you might have a difficult time qualifying. Fortunately, membership has recently become a bit more lenient to accommodate more people.
6. Alliant Credit Union
Illinois-based Alliant Credit Union has more than 700,000 members across the country. Unlike other credit unions on this list, Alliant operates strictly online. If you like the idea of online and mobile banking, this credit union should definitely be on your radar. Its online accounts pay highly competitive interest rates that can be as much as 22X the national average.
Plus, you don’t have to worry about overdraft or ATM fees. You can also score up to $200 per month in ATM rebates. While its checking and savings accounts are the most popular products, Alliant also provides mortgages, auto loans, personal loans, and credit cards. At this time, Alliant does not offer any no-penalty or specialty CDs.
Customer service is available 24/7 and there’s also an online contact form you can use for less pressing questions or concerns. To become a member, join Foster Care to Success (FC2S). Once you do, Alliant will pay the $5 membership fee to the organization for you.
7. First Tech Federal Credit Union
First Tech Federal Credit Union made its debut in 1952 when it was first founded by employees of Hewlett-Packard and Tektronix. Today, the credit union partners with large companies, like Hewlett-Packard, Amazon, Microsoft, and Nike. You can join as long as you work at one of its partner firms or become a member of the Computer History Museum or Financial Fitness Association.
There are 33 branches, mainly in California, Washington and Oregon, but with several locations across Colorado, Georgia, Idaho, Massachusetts and Texas. As a member, you can enjoy in-person service at more than 5,600 Co-op Shared Branch locations in the U.S.and access your money at over 30,000 free ATMs.
It offers a long list of financial products, like checking accounts, savings accounts, credit cards, loans and investment accounts. Most of these offerings come with low minimum opening balance requirements and no monthly maintenance fees. First Tech Federal Credit Union is unique in that there are many business banking services that are rarely seen at other credit unions.
9. Bethpage Credit Union
While it is located in New York, Bethpage Credit Union opens its membership to anyone who makes a $5 payment, regardless of where they live. The credit union partners with hundreds of other credit unions to offer access to more than 5,000 branches and over 30,000 fee free ATMs. Virtual visits by phone and video appointment are also available.
Bethpage’s product lineup includes three checking accounts, four savings accounts, share certificates, and money market accounts. Believe it or not, even the free checking accounts pay interest. In addition to deposit accounts, the credit union provides mortgages, home equity lines of credit (HELOCs), car loans, auto refinancing, personal loans, retirement planning, health savings accounts, IRAs, and insurance.
You can access your accounts on the go with the handy mobile app, which includes convenient features, such as budgeting tools, online bill pay, and budgeting tools. Bethpage also offers access to a digital wallet and Zelle money transfers.
10. Latino Community Credit Union
Headquartered in North Carolina, Latino Community Credit Union has 15 branches in the state as well as 1,300 free ATMs through the CashPoints network. While it was originally built for the Latino community, you don’t have to be Hispanic or live in North Carolina to join. All you have to do is submit an application and pay a $10 membership fee.
Latino Community Credit Union is federally insured by the National Credit Union Administration (NCUA) and offers 24/7 customer service via phone. Compared to brick-and-mortar banks, it provides competitive interest rates and accounts with low minimum opening balance requirements.
If you’re part of the Hispanic community, you may also benefit from services in both Spanish and English as well as a financial literacy education program that’s focused on low-income Latino families and immigrants.
11. Boeing Employees’ Credit Union
If you’re a Boeing employee or live or work in Washington, Boeing Employees’ Credit Union can be a good fit. Just keep in mind that you’ll be required to open the Member Advantage Savings account, Member Share Savings account or Early Saver account.
You can enjoy nationwide access to more than 30,000 free ATMs, discounts on local events, such as sporting games and fairs and impressive rates on CDs, money markets and IRAs. Plus, there are no monthly service fees or minimum balance requirements.
Other noteworthy perks include free credit score monitoring, Zelle payments, online bill pay, and budgeting tools. You can find more than 50 physical branches in Washington as well as one location in North Charleston, South Carolina, for in-person banking.
12. Blue Federal Credit Union
Blue Federal Credit Union began as Warren Federal Credit Union and has been in business for more than 70 years. It offers more products than most credit unions, including checking accounts, savings accounts, credit cards, home loans, personal loans, and investment banking. This is great news if you’d like the diverse offerings that are widely seen at banks at lower price points.
In addition to a vast selection of financial products, Blue Federal Credit Union provides rates as high as 2x to 5x higher than the national average and access to thousands of partner credit unions across the nation. Thanks to the tiered membership rewards program, you can earn great rewards.
To join, donate to the Blue Foundation and open a Blue FCU Membership Share Savings account. Once you’re a member, you can bank online, visit branches in Colorado or Wyoming, or go to shared branches across the U.S.
13. Wings Financial Credit Union
Wings Financial Credit Union is worth exploring, even if you don’t work in the aviation industry. It has more than 26 branches in Minnesota, Michigan, Florida, Georgia, and Washington. Not only is it NCUA insured, it’s part of the Allpoint, CO-Op, and MoneyPass ATM networks that offer access to more than 80,000 free ATMs.
To become a member, you should live in work in an eligible location, work in the aviation industry, or make a $5 donation to Wings Financial Foundation, a non-profit organization that offers financial education programs and college scholarships.
The credit union pays high interest rates on many of its accounts and doesn’t charge monthly service fees. Depending on your goals, you can open the Wings Financial High-Yield Savings Account, Wings Financial Credit Union High-Yield Checking Account, Wings Financial Investment Money Market Account.
14. NASA Federal Credit Union
NASA Federal Credit Union dates back to 1949 when it first launched to serve NASA employees. Over time, the credit union has expanded and has more than 140,000 members to date. You can join even if you’re not affiliated with NASA as long as you become a member of the National Space Society.
Popular product offerings at NASA Federal Credit Union include the Premier Checking, Premier eChecking, Premier Preferred Checking, Shared and Special Savings account or Education Savings Account.
We can’t forget the Star Trek credit cards which offer 2x points for gas station purchases, and 3x points for purchases at StarTrek.com. Furthermore, if you spend $3,000 in the first 90 days, you get a bonus of 30,000 points. You may redeem your points for merchandise, gift cards, and more.
Credit Unions vs. Banks
If you’re used to banks or unfamiliar with credit unions, you might wonder how credit unions and banks compare. The truth is both types of financial institutions offers similar products, but there are several differences between them, including:
Financial Products
In general, banks offer more financial products and services than credit unions, especially large banks with a national presence. Credit unions primarily focus on checking accounts, savings accounts, and credit accounts. While loans and investment products are less common, they can still be found at some credit unions.
Rates and Fees
Banks tend to charge higher rates and fees than credit unions. However, online banks are usually more affordable and comparable to credit unions as they have lower overhead costs. It’s a good idea to shop around so you can compare rates and fees at a variety of financial institutions and hone in on the best option.
Technology
Credit unions typically are less technologically advanced than banks. The good news is more and more credit unions, especially those with a nationwide presence, are improving their technical offerings. Many of them offer mobile apps, online bill pay, and other advanced banking tools that were unheard of in the past.
Bottom Line
With this list of the best credit unions nationwide, you’re sure to find a credit union or two that checks all your boxes. Whether you’re new to credit unions or have used them for a while, these types of financial institutions can help you meet (or even exceed) your personal finance goals.
Credit Union FAQs
What is the difference between a bank and a credit union?
While a credit union is a member-owned, non-profit institution, a bank is a for-profit financial institution that is owned by shareholders or individuals. Credit unions are known for more personal service and flexibility. Whether you use a bank or credit union depends on your unique goals and priorities.
Do I have to join a credit union?
All credit unions may have certain membership requirements. Fortunately, many are lenient and let you join if you make a donation or pay a fee. Some credit unions will pay for you once you make a deposit into an account. Of course, some credit unions limit membership to people in certain geographical locations or professions.
Do credit unions have ATMs?
Yes! In many cases, credit unions partner with a large network of ATMs. This makes it easy for you to access your money regardless of where you are.
Are credit unions insured?
Reputable credit unions are insured by the National Credit Union Administration or NCUA, which is similar to the Federal Deposit Insurance Corporation or Federal Deposit Insurance Corp of traditional banks. This means if the credit union fails because of bankruptcy, for example, you’ll get your money back.
Are credit unions online?
While credit unions have a reputation for in-person branches with individualized service, online credit unions do exist. Several examples include Alliant Credit Union, Connexus Credit Union, and Quorum Federal Credit Union. If you like the idea of online banking, an online credit union might make sense.
What is the best nationwide credit union?
Not all nationwide credit unions are created equal. In fact, there are many options available with various pros and cons. To pinpoint the ideal online or local credit union for you, explore the institutions on this list and consider your priorities. Remember, you can join multiple credit unions if you’d like.
For those looking to build their dream home, purchasing land is usually the first big step.
While building a house is far from easy, there are ways for first-time homeowners to make their dreams achievable. Land loans are a great resource, often used in conjunction with a traditional loan. Anyone choosing to build a house is likely to at least consider applying for a land loan.
A land or lot loan is a great financing option for those who have always dreamed of buying land and building their own home.
11 Best Banks for Land Loans
Because land loans typically carry higher interest rates than traditional mortgage loans, it pays to carefully consider the pros and cons of several lenders.
Below we’ve compiled a detailed list of the banks and credit unions offering the best land loans available today. Whatever lender you choose, be sure to check beforehand that they are fully licensed to provide mortgage loans.
The Nationwide Mortgage Licensing System (NMLS) is a centralized database of licensed lenders which you can use as a reference.
1. Atlantic Union Bank
Atlantic Union Bank offers land loans for both residential lots and undeveloped land. The bank is based in Virginia.
There are also separate construction loans available for those interested in financing the construction of a residence. Bear in mind that while Atlantic Union has a strong reputation as lenders, having been in business since 1902, they don’t have services like loan calculators, interest rate guidelines, or down payment information on their website.
For more information on a land loan with Atlantic, you’ll need to call them or visit a local branch to speak about a land loan.
2. Old National Bank
Old National Bank is headquartered in Indiana, and has been in operation since 1834. They offer lending products and services to residents of Indiana, Minnesota, Wisconsin, Michigan, and Kentucky. Old National has two different types of financing for land on offer, depending on the size of the property you’re interested in:
Lot Loans are designed to finance land purchases of no more than 5 acres, requiring a 20% down payment.
Land Loans are for larger property, designed to finance land purchases between 5 and 25 acres. These loans come with a minimum down payment of 35%.
Both land and lot loans with Old National will carry various interest rates and repayment terms. You can get either of these loan types for both improved and unimproved land, and there is no obligation to immediately begin building once a loan is secured.
Old National Bank also has around 250 brick-and-mortar locations since merging with First Midwest Bank. If visiting a local branch to speak with a loan officer is your preference, you shouldn’t have to travel too far.
On the other hand, you also have the option of using Old National’s online loan calculator and online loan application service, if visiting a local branch isn’t convenient.
3. Mountain America Credit Union
Mountain America Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA) and headquartered in Sandy, Utah. They locations across Arizona, Idaho, Utah, Montana, Nevada, and New Mexico.
Mountain America’s lot loans are available with 85% financing on approved credit, fully amortizing fixed-rate and balloon options, and an easy online application process. The loans are designed to be easily converted to a construction loan, ensuring that you can move forward with your home building plans when you’re ready.
4. WaFd Bank
WaFd, or Washington Federal, offers bank loans for improved land up to the value of $700,000, without any immediate obligations to build.
You can use their online loan calculator to receive an estimate of the interest rates you can expect for a land loan. These estimates are based on your credit score, development plans and the specifications of your desired property.
The minimum down payments and interest rates will vary depending on your ideal loan term, as well as all the other details of your application.
You can apply directly for loans through their online portal, as well as in person at a bank branch. Land loans are available from WaFd Bank only in the following states: Washington, Idaho, Nevada, New Mexico, Oregon, Texas and Utah.
5. Banner Bank
Banner Bank is active in the states of Idaho, Washington, Oregon, and California. They offer financing for purchasing both improved and unimproved land. Banner allows customers to borrow up to 75% of a property’s purchase price, and they also claim to bring competitive interest rates and fees.
All loans with Banner Bank are approved in-house, which means a streamlined credit score check and loan approval process.
If you do apply for a loan with Banner Bank, you also have the option of locking in a fixed interest rate or a flexible rate. Banner also offers financing for construction and personal loans.
6. California Bank & Trust
Customers with California Bank and Trust can potentially avail of both a land loan and a construction loan in one. The bank offers financing for up to 60% of the lot purchase value, along with several loan options.
The option to choose either a single or dual-purpose loan, which can cover both land purchase and construction of a home, makes California Bank & Trust an attractive lender. This is a great option for those looking to save both time and money.
You can apply for a loan online, over the phone, or in person at a local branch.
7. Randolph-Brooks Federal Credit Union
Randolph-Brooks Federal Credit Union is not your typical financial institution. As a financial cooperative, its sole mission is to help members save time, save money, and earn money. Over the years, the credit union has expanded its reach to over 1 million members in Texas and beyond, with a strong presence in Austin, Corpus Christi, Dallas-Fort Worth, and San Antonio.
With over 60 branches dedicated to serving members and the community, RBFCU offers a range of land loan benefits and features, including term options up to 15 years, free 60-day rate lock, and up to 90% financing.
And the best part? There are no building requirements from the lender, so you can have the freedom to build your dream home the way you want. Set up automatic payments and let RBFCU help you make your land ownership dreams a reality.
8. Citizens Bank & Trust
Citizens Bank & Trust is a North Alabama-based institution that’s committed to providing a hassle-free lending experience. What’s more, you can roll your loan into a permanent one, saving you on closing costs.
With local decision-making and processing, you’ll get the personalized attention you deserve, while a streamlined application process ensures you get your funds when you need them. You can experience a stress-free borrowing experience when you choose Citizens Bank & Trust for your land loan needs.
9. Alpine Bank
Alpine Bank is active in Colorado, offering financial services including land loans. Specifically, they offer loans for both lot and new constructions, with a maximum loan to value amount of 75% for land classified as improved.
Alpine Bank doesn’t offer lending details on their website. You can use their website to connect with lending experts in your county. You can also reach out for more loan information online, over the phone, or in person at one of their local bank branches.
10. First Bank & Trust
If you’re looking to buy land or a lot and build your dream home, First Bank and Trust Company can help. Headquartered in southwest Virginia, with additional locations in Tennessee, North Carolina, and Virginia, the bank is committed to helping you realize your homeownership goals.
With a range of lot and land loans, you can choose the financing option that’s right for you, while enjoying competitive rates and flexible terms. Whether you’re looking to build your dream home or invest in a piece of land, First Bank and Trust Company has the financing options you need to make it happen.
11. First Hawaiian Bank
First Hawaiian Bank offers land loan options designed for those who are ready to buy land but not quite ready to build. With 2- and 3-year terms available and no prepayment penalty, you can secure the land you want without worrying about costly fees. And with interim financing available to purchase a vacant lot at residential pricing, you can lock down the land you need to bring your vision to life.
Best of all, your FHB land loan can be refinanced into a construction-to-permanent loan with reduced fees, making it easier than ever to get the financing you need to build your dream home.
What are land loans?
Land loans are loan products designed to help individuals and businesses purchase land for development. A bank, credit union, or online lender can offer specific loans for those interested in buying land. Land loans are also known as ‘lot loans’.
Similar to a mortgage loan, land loans provide individuals and small businesses the opportunity to finance the purchase of land for many purposes, such as investment, agriculture, recreation, or development.
However, because these types of loan are considered riskier for lenders, they typically come with a higher interest rate compared to a mortgage loan. In addition, the conditions of the loan will depend on the type of land being purchased, as well as what the land will be used for.
Let’s take a closer look at the types of land that a land loan can help finance.
Types of Land Classification
Your chances of obtaining financing for land will depend partly on the type of land you want to purchase. In general, lenders who offer land loans will view developed land as less of a risk than undeveloped land.
When it comes to land loans, there are three primary types of land considered for financing.
Raw Land
‘Raw land’ is the first classification and refers to completely undeveloped, rural land. Think no buildings, electricity or drainage system. This is the most difficult land to obtain financing for because land loan lenders view it as the greatest risk of abandonment.
As a result, if you plan to apply for a land loan for raw land, you’ll need to demonstrate that you’ve got a detailed plan for development. Showing lenders that you’re competent and dedicated to the project will help you navigate the lending market.
Although the purchase price of raw land is often cheaper than land that is developed, a raw land loan will come with higher rates. You may also be required to put up a more substantial down payment.
Unimproved Land
‘Unimproved land’ is a step up from raw land, and covers a broad variety of possibilities. Unimproved land will often be land that was once developed, or has seen failed attempts at development in the past. In some cases unimproved land will have some limited access to utilities and amenities, but will need significant repair and refurbishing.
An unimproved land loan can also be difficult to get, even though it poses less risk compared to raw land. Again, having a detailed plan and being aware of the challenges at hand will be a huge help when negotiating with lenders. A large down payment and a strong credit score will also be helpful.
While lenders tend to view unimproved land loans as less risky than raw land, it is still common for rates to be a fair bit higher compared to traditional mortgage rates, for example.
Improved Land Loan
‘Improved land’ typically has decent or good access to utilities, roads and water. Because improved land is the most developed land type, it almost always comes with a higher price tag. On the other hand, this means that interest rates will be significantly lower compared to raw or unimproved land loans. You’ll also find more affordable down payments for developed lots.
For most aspiring homeowners, purchasing land that is already developed with access to basic amenities is the ideal. This allows them to immediately get to work building a house, whereas having to develop land first could add at least another year to their construction project.
How to Apply for a Land Loan
If you want to buy land and build your dream home, you’ll probably want to apply for a land loan. Land loan applying isn’t complex, and land loans work the same as many other types of loan. Here are the steps involved:
Find a Plot
You should start by first identifying the plot of land you want to buy. It helps to have a few options chosen in advance. For example, in the event that you can’t afford to find a good lending option for your first choice, you can quickly move on to an alternative instead.
Draw up a Development Plan
The next step is to make a development plan for each plot that you have on your shortlist. You may need or want to hire professional help to create a solid plan. Try to include as much detail as possible, without overextending yourself or wasting too much time and money.
When it comes to development and construction plans, both an estimated timeframe and overall cost range are the most important details. A good plan will help you negotiate the best rates with a lender.
Find a Lender
Once your development plan is ready, it’s time to seek potential lenders. Depending on the type of development you’re proposing, as well as the type of land you want to buy, it may take some time to find willing lenders.
Be prepared to also take some time to consider more than one loan offer. Ideally, you can compare multiple lenders, and use a pre-approved quote from at least one lender to negotiate against others.
Complete the Application Process
Once you’ve chosen a lender and been approved for your loan, you’ll be guided through the lender’s application process. The majority of lenders will require information such as your development plan, a credit check, and personal information.
You might also need to provide details on things like zoning considerations, utilities access and land use restrictions, where relevant.
Alternative Land Financing Options
In addition to seeking a land or construction loan, there are several other types of loans and financing options available.
USDA Loans
If you’re looking to own land and build a home in a rural area, you may be eligible for a USDA loan. The U.S. Department of Agriculture offers loans that may assist low and moderate income families in finding a new home. USDA Section 523 loans are for wanting to purchase land to develop, and Section 524 loans are for financing new constructions by contractors.
While it isn’t easy to qualify for a USDA loan, the benefit is they require no down payment and the interest rates are low. USDA loans must be settled within two years, however, so there are no long term options.
FHA Loans
Another government-funded product, FHA loans are tailored towards those wanting to buy land and quickly build a home. The Federal Housing Administration insures these loans, protecting FHA-approved lenders from risk.
FHA loans are not available for land purchase alone, but for those intending to build a home on as well as land. FHA loans are sometimes granted in conjunction with construction loans, too. If you’re eligible for one of these loans, you’ll likely have a lower minimum down payment, but potentially higher interest rates.
Home Equity Loans
Home equity loans may be an appealing alternative to land loans for some homeowners. If you already own a property and have good credit standing, this kind of loan might be a good fit. A home equity loan acts as a second mortgage, and will essentially convert your equity into collateral for a new loan to fund your purchase.
Cash-Out Refinancing
Cash-out refinancing involves homeowners refinancing their homes to increase equity. This type of refinancing is essentially paying off your current mortgage to secure another mortgage, but with a lower interest rate and easier monthly payments.
Once the remortgaging is made official, your bank or financial institution will issue you a check based on the equity in your property. You can then use this payment to fund your land purchase.
SBA Loans
The Small Business Administration (SBA) offers loans to small business owners from the 504 loan program.
These loans are best suited to the purchase of real estate for business reasons, so they are not ideal for regular homeowners. However, if you’re looking for land to purchase to grow your business, you might want to consider an SBA loan.
Generally, the Small Business Administration will cover 40% of the purchase value, with 10% from the borrower and another lender of choice providing the other half of the loan. The terms and rates on SBA loans vary depending on the lender you choose to fund 50% of the land purchase.
Seller Financing
If you’re lucky, you may be able to obtain financing directly from the landowner you want to buy from. Also known as land contracts, these types of loans involve the buyer essentially taking out a loan directly from the seller, often with a substantial down payment.
Seller financing also tends to come with less than competitive interest rates. For those who struggle to qualify for a traditional mortgage or financing, seller financing can often be a great, but more costly, alternative.
Frequently Asked Questions
What is the best loan for buying land?
The best loan option for buying land depends on your circumstances. While improved land loans may seem ideal, the reality is there are multiple loan options to choose from.
Your credit score, debt-to-income ratio, and the condition of the land you wish to purchase are all factors that can influence which type of financing will suit you best.
Is it difficult to get a loan for land?
It’s true that obtaining loan financing for the purchase of land isn’t as easy as getting a regular personal loan. However, there are lenders out there with experience financing land purchases. As with any loan, the bottom line will be your credit score, as well as the size of your down payment. The nature of the land in question is also a primary factor.
If you can’t qualify for traditional financing options, there are alternatives such as USDA loans, FHA loans and more to consider.