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U.S. News & World Report Lists Best Mortgage Lenders

The magazine ranks mortgage lenders and best personal loans, including a Fla.-specific list based on borrowers’ needs. Chase, for example, offers $3,000 at closing for Floridians who take a homebuyer education course; Fifth Third is tops for low-down-payment options.

WASHINGTON – U.S. News & World Report launched Best Loan Companies Ratings, a system to help consumers compare more than 60 lenders when buying a home, paying for emergency expenses or consolidating debt.

U.S. News says it will rate the best loan companies semiannually in two major loan categories, Best Mortgage Lenders and Best Personal Loans.

It also breaks rankings down by state, with “best for” categories. In Florida, for example, it ranks Chase as best for homebuyers to get $3,000 at closing if they complete a buyer education course; Fifth Third Bank ranks first for low-down-payment options; Quicken Loans is tops for customer service.

“Homebuyers and those seeking personal loans have a lot of choices in today’s market when it comes to finding a lender that’s right for them,” says Kim Castro, editor and chief content officer at U.S. News. “Along with our informational content that educates consumers on the process of getting loans of all types, the new ratings provide a simple way for them to narrow down their options, ultimately saving them time and money.”

U.S. News looked at three mortgage elements

U.S. News scored lenders in three categories – affordability, customer service and eligibility – and then assigned ratings based on a weighted, cumulative overall score. Factors for Best Mortgage Lenders include customer service ratings, interest rate, minimum down payment, minimum FICO score, online features and product availability.

Factors for Best Personal Loans include customer service ratings, interest rate, maximum loan term, minimum and maximum loan amounts, minimum FICO score, online features and origination fee.

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