Best Rate USA Review: Low Rates and Perfect Loan Programs?

best rate

Today we’ll take a look at “Best Rate USA,” a direct mortgage lender that is proud to not be a mortgage broker, believing it can offer the lowest mortgage rates around by cutting out the middleman.

They say they’re able to provide the personal service of a local mortgage lender with the rates and programs you might only find at a large national lender.

It’s certainly possible due to their backing by one of the larger mortgage companies out there, CrossCountry Mortgage, which incidentally powers the Costco Mortgage program.

Their pitch is low rates and so-called “perfect home loan programs,” which I assume are tailored to an individual’s specific needs.

Let’s learn more to determine if they could have the best rate and loan program for you.

Best Rate USA Fast Facts

  • Direct-to-consumer online mortgage lender that offers home purchase and refinance loans
  • Founded in 2008, headquartered in Conshohocken, PA
  • A division of parent company CrossCountry Mortgage, LLC
  • Licensed to do business in 19 states and Washington D.C.

Best Rate USA is a direct-to-consumer mortgage lender based in Conshohocken, Pennsylvania, a suburb outside Philadelphia.

They appear to be the call center/online division of their parent company CrossCountry Mortgage.

The company was founded in 2008, right around when the housing market was crashing. The good news is they were able to weather that storm and grow even larger since that time.

Today, they are licensed to do business in the following 19 states and the District of Columbia: CA, CT, DE, FL, KY, ME, MA, MD, NH, NJ, NC, OH, OR, PA, RI, SC, TN, TX, and VA.

They aren’t available in the following states: AL, AK, AZ, AR, CO, GA, HI, ID, IL, IN, IA, KS, LA, MI, MN, MS, MT, MO, NE, NV, NM, NY, ND, OK, SD, VT, UT, WV, WI, or WY.

How to Apply with Best Rate USA

  • You can call them up directly if you’re shopping your rate
  • Or you can fill out a short rate quote form on their website and wait for a call back
  • They also have a loan officer directory that allows you to apply for a mortgage directly online
  • Their digital mortgage application powered by Blend allows you to complete most tasks electrically

You’ve got a few different options to get started with Best Rate USA. Either call them up directly to get connected with a loan officer, or visit their website instead.

If you head to their website, you’ll have the choice of filling out their very brief rate quote form, or browsing their loan officer directory.

The rate quote form will just prompt a call from a loan officer after you provide some basic contact information.

Those who want to get a bit more proactive can head over to the loan officer directory and check out their staff, then apply directly from their webpage.

Once you click on an individual profile, you’ll be able to learn more about that individual, access their contact information, and determine which states they’re licensed in.

Assuming you like what you see, you can hit the “Apply Now” to begin your home loan application.

Their digital mortgage app is powered by fintech company Blend, which is a leader in the paperless mortgage business.

It allows you to link financial accounts like a bank account or pay stub, scan/upload paperwork, and eSign disclosures.

All in all, they make it easy to apply for a home loan thanks to their use of the latest technology.

Loan Programs Offered by Best Rate USA

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Home renovation loans: FHA 203k or Fannie Mae HomeStyle
  • Conventional mortgages backed by Fannie/Freddie
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans

Best Rate USA offers the full suite of home loan programs most would need, including home purchase loans, refinance loans, and home renovation loans.

You can get a conforming loan backed by Fannie Mae or Freddie Mac, a jumbo loan, or a government loan, including FHA, VA, and USDA options.

Those looking to renovate an existing property can either apply for a cash out refinance, an FHA 203k loan, or a Fannie Mae HomeStyle loan.

They appear to lend on all major property types, including single-family homes, condos/townhomes, multi-unit properties, second homes, and investment properties.

With regard to specific loan types, you can get a fixed-rate mortgage or an adjustable-rate mortgage, such as a 30-year or 15-year fixed or a 5/1 ARM.

Best Rate USA Mortgage Rates

One downside to Best Rate USA, which is somewhat ironic, is the fact that they don’t actually post their mortgage rates online, at least not on their own website.

This is a bit of a surprise given their name, but like a lot of mortgage lenders out there, they choose not to post their daily rates for one reason or another.

As I always say, this doesn’t mean anything with regard to how they’re priced, but you will need to do some more digging to see where they stand.

You’ll either need to get in touch with a loan officer for pricing, or you may come across their rates on a mortgage comparison site.

I’ve seen them over at Bankrate before and they were pretty competitive relative to the other mortgage companies listed.

For example, their par rate with no points or lender fees on a 30-year fixed was the lowest available, though it was tied with several other lenders on the site.

But when paying points, other lenders had slightly better offers in terms of rate and total cost.

In terms of lender fees, it’s unclear what they charge as their rates were all listed without fees. So if you’re looking for a no cost home loan, it appears to be a specialty of theirs.

Best Rate USA Reviews

One plus to BestRateUSA is that they come very highly rated, with excellent reviews on multiple ratings websites.

For example, they’ve got a perfect 5.0-rating on Bankrate from more than 1,600 reviews, which is impressive for both the volume and the score.

Nearly every single review is a 5-star review, a testament to their commitment to superior customer service.

Over at Zillow, it’s a very similar 4.94-star rating out of a possible 5 from nearly 500 reviews. That’s one of the highest scores I’ve seen for a mortgage lender on that site.

Additionally, their parent company CrossCountry Mortgage is an accredited business with the Better Business Bureau and has an ‘A+’ BBB rating.

In summary, Best Rate USA seems to be excelling in the customer service department and may also offer low mortgage rates to boot.

If you’re able to close a loan quickly, snag a low interest rate, and get great customer service along the way, they could be a good choice for your home loan needs, whether buying a home or refinancing an existing mortgage.

Best Rate USA Pros and Cons

The Good

  • Can apply for a home loan online in minutes via their website
  • Offer a digital mortgage application and mostly paperless process
  • Say they can close loans in as little as 20 days
  • Lots of different loan programs to choose from
  • Excellent customer reviews from past customers
  • Free mortgage calculator on their website
  • Parent company is accredited and has an A+ BBB rating

The Not

  • Do not publicize mortgage rates or lender fees
  • Not available in all states
  • No physical branch locations

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