Data-driven picks for California buyers
California’s real estate market moves fast—and costs a fortune. Whether you’re buying in the Bay Area, Los Angeles, or anywhere in between, finding the right mortgage lender can make or break your deal.
To help buyers make smarter choices, we crunched the numbers. We analyzed closed-loan data from hundreds of thousands of loans across 119 different lenders operating in California. Check out the full TrueRate analysis.
We also categorized lenders to help you find the right fit—whether you’re a first-time buyer, looking for a digital-first experience, or need something more specialized.
Tomo Mortgage
Why it stands out
Ok, we’re a little biased, but the numbers speak for themselves—low rates, no lender fees, better reviews. Tomo Mortgage was founded in 2025 by former Zillow execs who wanted to fix what was broken in the mortgage industry. They did away with bait-and-switch prices, inflated rates, and confusing fees. It was ranked Best Online Lender 2025 by Bankrate, based on its strong customer reviews and backing from major financial services firms. Tomo historically has some of the lowest rates among lenders operating in California.
Lower rates drive more transparency: you can get personalized rates online without applying or speaking to sales. The rate tool includes a slider that shows how your monthly payment changes with and without points—clarity and control from the start.
Read full review: Tomo Mortgage
What borrowers say
“I almost went with a different lender at first but ended up going to tomo and I’m glad I did… 10/10”
“Loan advisory team was remarkably responsive… stayed engaged until the very end.”
“Because of Tomo’s low APRs… it gets a perfect 5 out of 5 stars for affordability.”
Bank of Hope
Why it stands out
Bank of Hope is a California-chartered bank and direct mortgage lender based in Los Angeles. Founded in the 1980s to serve the Korean-American community, it has grown into one of the 100 largest U.S. banks, serving multicultural communities nationwide. Its mortgage division offers both in-person support and digital tools, with multilingual service in Korean, Chinese, Spanish, and more. Our TrueRate analysis of thousands of loans shows their interest rates trend below market norm.
Read full review: Bank of Hope
What borrowers say
Mortgage reviews for Bank of Hope are limited, but the ones that exist paint a mixed picture.
“Low mortgage rate compared to big banks like Chase and BoA but higher credit standard to meet.”
AimLoan
Why it stands out
Founded in 1998 as one of the first fully digital mortgage lenders, AimLoan (American Internet Mortgage) built its model on automation to cut costs and offer some of the lowest rates, especially for conventional and jumbo loans. Many customers praise its quick, as-quoted closings, but service can be slower—particularly after loans are transferred. Best for rate-focused buyers who prioritize efficiency over hands-on support.
Read full review: AimLoan
What borrowers say
AimLoan earns praise across Zillow, Birdeye, and forums like Bogleheads for its consistently low rates, transparent fees, and efficient online process.
“Got the best offer from AIM for 30 years fixed rate home refinance (Investment property). Loan approval was quick. Low closing cost and everything was online and smooth. I would highly recommend AIM.”
“I have dealt with AimLoan over 6 times for mortgage originations. Every time, I have had a wonderful experience. ”
“We refinanced recently with AIMLoan and it was a pretty awful process. The rates at the best we’ve found (almost half a percent lower than competitors), which is the reason we went with them. However, we asked several questions explicitly and were given misleading answers.”
Alliant Credit Union
Why it stands out
Alliant Credit Union is a digital, member-owned, nonprofit financial institution headquartered in Chicago, serving over 800,000 members nationwide. As an online-only lender, Alliant offers a broad range of mortgage solutions with a focus on affordability, variety, and convenience. Bankrate gave Alliant Credit Union a 4.7/5 stars
Our TrueRate model shows Alliant Credit Union Historically has lower than typical interest rates.
Read full review: Alliant Credit Union
What borrowers say
Alliant Credit Union is praised for its affordability, offering competitive rates, low origination fees, and a transparent, “no surprises” approach to closing costs. Borrowers benefit from a wide variety of loan options and digital convenience, with high customer ratings on platforms like Zillow and Bankrate.
“Among the many lenders I encountered, Alliant quickly rose to the top. Their initial rate quote was highly competitive, but what truly made the difference was the exceptional support I received.”
“Alliant Advantage Mortgage program allows for a loan of up to $650,000 without a down payment or mortgage insurance payments ”
Other Big Mortgage Lenders in California
Rocket Mortgage and U.S. Bank originated billions in California loans last year, but they didn’t appear in our closed-loan dataset. We reviewed HMDA volume and spot-checked public rate sources for context. These aren’t directly comparable to our ranked lenders, but they’re useful reference points when shopping broadly.
Rocket Mortgage
Originated $16B+ in California home loans in 2024 across 29,000+ loans (avg. loan size ~$554k). Mix: ~31% refi, ~68% purchase.
U.S. Bank
Originated $10B+ across 11,000+ California loans in 2024 (avg. ~$939k). Mix: ~69% purchase, ~30% refi. As of Aug 5, 2025, U.S. Bank’s published rates assumed a $464,000 loan on a $618,667 home (25% down), 740+ credit score, and a 30-year fixed with 0.862% in borrower-paid finance charges (about $4,000 in points). The listed rate was 6.5% with a 6.667% APR and a $2,933 monthly payment. For the same scenario in Los Angeles, Tomo Mortgage offered a 6.125% rate, 6.216% APR, and $4,454 in points, for a $2,819 monthly payment. That $114 monthly difference equals $6,840 in savings over five years, based on principal and interest only.
Quick Comparison Summary
| Lender | Pick | HQ | Interest Rates (historical) | Lender Fees | Notable Programs / Notes | Website | Full Review |
|---|---|---|---|---|---|---|---|
| Tomo Mortgage | Best Overall (Low Rates) | New York, NY | ~0.30% below median (historical) | $0 | Named Best Online Lender by Bankrate; online personalized rates; no lending fees; no refi currently | tomo.com | Read full review |
| Bank of Hope | Best for Community-Focused, Multilingual Lending | Los Angeles, CA | ~0.34% below median (historical) | ~$1,495 | Community-focused lender, supports multilingual borrowers through branches with Korean, Chinese, Spanish, and other languages. | bankofhope.com | Read full review |
| AimLoan | Best for Low-Cost Loans Without the Frills | San Diego, CA | ~0.33% below median (historical) | ~$995 | Competitive rates, fully digital. | aimloan.com | Read full review |
| Alliant Credit Union | Best for Low Down Payment Loans | Chicago, IL | ~0.31% below median (historical) | ~$950 | Alliant offers a broad range of mortgage solutions with a focus on affordability, variety, and convenience. | alliantcreditunion.org | Read full review |