Personal Finance Editorial Standards

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Personal Finance Insider is part of Insider’s Service Journalism department and is helmed by a team of experienced journalists whose mission is to help smart people make the best decisions with their money.

We understand that “best” is often subjective, so in addition to highlighting the benefits of a financial product or account, we outline the limitations, too. We spend hours comparing and contrasting the features and fine print of various products so you don’t have to.

Personal Finance Insider has affiliate partnerships with companies that provide financial products and services. However, the team is editorially independent. Learn more about exactly how these partnerships work and our editorial process below.

How our business partnerships work

Below, find the details on how we get paid, how we decide what to write, and why we have disclosures on our pages.

No, Personal Finance Insider does not write sponsored content. Advertisers have no ability to demand coverage, to control what’s said, or to pay us for articles. We do not have to notify them when we’re writing about their products, they don’t see the post before it’s published, and they can’t make changes to the post after the fact.

We only make changes if there are factual inaccuracies, potentially misleading statements, or errors. Like all of Insider, Personal Finance Insider always strives to be accurate and clear for our readers.

So how do we get paid?

Personal Finance Insider uses affiliate marketing. Affiliate marketing means when we mention a product or service with which we have a partnership, we link to that product or service using a special tracking link that lets our partner know the reader came from our site. If that reader decides to buy or apply for something from our partner, the partner pays Personal Finance Insider a small amount. Exact terms vary by partner. These partnerships do not add any extra cost for the reader.

Why include paid affiliate links at all?

We use affiliate marketing to support our business. The revenue we make from stories allows us to, among other things, hire more journalists.

In that way, affiliate marketing is similar to other types of advertising you may see on the web, such as display ads.

Affiliate marketing works only if we recommend products our readers like and use. Since we don’t get paid to write about brands, and we don’t get paid just for clicks we send them, this business model is closely tied to the mission of our team: helping readers make the best decisions.

How do we decide what to write?

Personal Finance Insider is editorially independent. That means our writers and editors have very little visibility into, and no control over, our business partnerships. It also means that our business team has no control over what our writers and editors choose to cover. Like the rest of Insider’s extensive newsroom, we write, approve, and assign stories according to what will bring the most value to our readers.

We ask ourselves:

• Is it helpful?
• Have our readers shown interest in this topic?
• Does it highlight an undercovered perspective?
• Is it an important story to tell?

Then, once our story is ready to go, we send it to the business team, which decides whether there are any partnerships that make sense for this story. Sometimes, there are, and sometimes, there aren’t. If there are partnerships that make sense and could be helpful to the reader — for instance, a link to a credit card we’re reviewing or a link to get car insurance quotes on a post about car insurance — the business team will add them in. Our business team has full control over which partnerships we have and how we use them.

Why do we have disclosures on our stories?

When you see a disclosure on a story, it means there are affiliate links. This does not indicate sponsored content, nor does it change the story.

We include disclosures because we’re dedicated to being transparent and clear with our readers about how we make money, and our partners are, too. In fact, we have an in-house team dedicated to ensuring we meet financial compliance regulations, so our readers are always getting the most up-to-date, accurate information.

Our commitment to diversity and inclusion

Personal Finance Insider knows that money isn’t just about the number in your bank account. In the United States, access to financial products and services isn’t the same for everyone, and neither is the outcome. Wealth is more than math — it comes down to factors beyond our individual control, including but not limited to the unequal impacts of generational wealth, racism in hiring and lending practices, homophobia, flawed credit-scoring systems, and red-lining.

We’re committed to representing and serving as many people as we can, whether that’s interviewing experts from underrepresented groups within financial fields, providing resources to address specific financial situations, acknowledging the difference in how various communities can access wealth, or reviewing products and services created by and for specific communities.

Personal Finance Insider operates with a set of Diversity, Equity, and Inclusion standards that are regularly reviewed and updated.

These standards include:

• Being mindful of how our sources and writers are represented in our writing.
• Not making assumptions about anyone’s identity.
• When evaluating products for reviews or guides, considering the brand’s ethics along with its products.
• Equitable hiring and contracting practices that amplify voices from historically marginalized communities and ensure the best person for the job covers issues affecting their communities.

How we rate products

On many of our stories, you’ll notice an editor’s rating for a product. This rating is between zero and five stars, and we have different criteria to rate different products. Below, find more detail on our methodology for our editor’s ratings. Additionally, you’ll find a section in most of our product lists that addresses how we made our selection in more detail.

We try our best to include most widely available options in our research process, however we cannot guarantee that we have considered all products and services. If you think there’s a good product or service we haven’t covered, please let us know at money-tips@insider.com.

How we rate credit cards

• Welcome bonus: We look at the value you can expect to get from the card’s intro offer, whether it’s cash back, airline miles, hotel points, or flexible rewards. We also consider how the bonus compares to similar card offers, and how easy it is to earn — for example, if the minimum spending requirement is very high, it would receive a lower rating than a card with a similar bonus and lower spending threshold.

• Annual fee: If the card charges an annual fee, does it offer benefits that can help offset the cost (such as statement credits, travel and purchase protections, or elite status)? A high annual fee isn’t necessarily a negative if it’s easy to get substantial value from a card, but cards that charge fees with fewer useful benefits don’t rank as highly. 

• Earning rewards: Cards with broadly useful bonus categories or a high rate of return across all purchases get a better ranking than those with lower earning rates or niche categories. We also compare earning rates with other cards that have similar bonus categories, and we put a higher value on cards without spending caps in a specific category.

• Using rewards: Earning a lot of rewards is great, but if it’s difficult to redeem them or it requires jumping through a lot of hoops, we reflect that in our assessment. Cards with multiple redemption options, such as for cash back, travel, or transfers to partners, get higher marks than those with limited choices or restrictions on using rewards. 

• Benefits: We evaluate the benefits that come with the card and give it a better rating if the perks are easy to use and helpful to a broader range of customers. No-annual-fee cards with rich benefits get a boost in ranking, but annual-fee cards get high marks if the perks they offer make the fee worthwhile. 


How we rate investment products

See our full ratings methodology for investment products » 

• Fees: These ratings vary for different types of investment platforms (i.e., the rating methodology for a crypto exchange will differ from that for a brokerage or robo-advisor). Platforms with commission-free trading, no advisory fees, or fee-free fund options will typically earn the highest rating in this category. However, we also factor account minimum requirements into our score here. In addition, we cross-reference fees with the standard rates offered by similar investment platforms. Ratings range from 1-5.
• Investment selection: When determining this rating, we look at each platform’s investment choices and number of tradeable investments. We also consider available account types and trading platforms and features.
• Access: We consider how easy it is to navigate the platform on both its website and/or mobile apps. Our rating also factors in whether the company offers human advisor access or educational resources beyond blog post explainers. When determining our final score, we rate the platform’s website navigability from 1-5, and we take the average of its Apple and Google Play mobile ratings (if applicable). The average of the platform navigability rating and mobile app average rating determines the final score.
• Ethics: We evaluate each company according to both its reputability and legal standing with the associated financial regulations organizations (e.g., SEC or FINRA). We also assess whether companies have been involved in major public scandals or lawsuits, and we consider each platform’s Better Business Bureau rating (if applicable) when determining our final rating. The final rating is an average of the company’s reputability/ethics rating and its BBB rating. Our reputability ratings range from 1-5, and since the BBB uses letter ratings (from A+ F, or in some cases “NR”), we assign numerical values — also ranging from 1-5 — to each letter grade.
• Customer service: We review available methods of contacting customer service and customer service hours. We also consider whether there are features like live chat, 24/7 customer support, or other quick methods of getting in touch with company representatives. The best investment platforms typically offer 24/7 phone support, live chat functionality, and other easily accessible forms of communication.

How we rate checking accounts

See our full ratings methodology for checking, business checking, savings, and money market accounts » 

• Minimum deposit: We look to see how easy it is to open a checking account. The highest-ranked checking accounts have a minimum opening deposit between $0 and $25. If a checking account requires more than $25, this will be considered a disadvantage.
• Monthly fees: A checking account may receive a high rating in this category if it charges zero monthly service fees. If a checking account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
• Overdraft protection options: First, we review whether a bank charges overdraft fees and/or offers overdraft protection. Banks that deny a purchase but do not offer overdraft protection are assigned a 3 in this category. If the bank offers overdraft protection, we see if there’s a fee for using overdraft protection.
• ATM network/fees: We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won’t charge you a fee for using an out-of-network ATM. It will also reimburse if you’re charged by another provider.
• Customer support: We review a financial institution’s hours of customer support availability and ways you can contact a representative. The strongest financial institutions offer several ways to contact a representative and are available 24/7. If representatives are available during traditional bank hours it will receive a 3 in this category.
• Mobile app: We review the Google Play and Apple stores to see how customers have rated the app. The average score between the two platforms will determine our rating.
• Ethics: We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section. This section also includes ratings from the Better Business Bureau so you may see how a bank responds to customer issues and information on if a financial institution actively helps underserved communities.

How we rate money-market accounts

• Interest rate: A money market account may receive a high rating if it has a competitive interest rate. To help determine whether it has a high rate, we see if a bank account earns more than the national average money market account rate.
• Access to your money: We research to see if a money market account has access to savings through an ATM card, debit card, paper checks, or online payment service. Money market accounts will receive a higher rating if there are several ways to access an account.
• Minimum deposit: We look to see how easy it is to open a money market account. The highest-rated money market accounts have a minimum opening deposit of under $1,000. If a money market account requires $1,000 or more for an opening deposit, this will be considered a disadvantage.
• Monthly fees: A money market account may receive a high rating if it charges zero monthly service fees. If a money market account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
• Customer support: We review a financial institution’s hours of customer support availability and ways you can contact a representative. The strongest financial institutions offer several ways to contact a representative and are available 24/7. If representatives are available during traditional bank hours it will receive a 3 in this category.
• Mobile app: We review the Google Play and Apple stores to see how customers have rated the app. The average score between the two platforms will determine our rating.
• Ethics: We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section. This section also includes ratings from the Better Business Bureau so you may see how a bank responds to customer issues and information on if a financial institution actively helps underserved communities.
• ATM network/fees: This will only be factored in if the money market account has a debit card or ATM card. We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won’t charge you a fee for using an out-of-network ATM and will provide reimbursement if you’re charged by another provider.

How we rate certificates of deposit

See our full ratings methodology for certificates of deposit » 

• Interest rate: CDs will receive a high rating if the terms pay a competitive interest rate. To help determine whether a term has a high rate, we see if a financial institution pays more than the national average CD rate.
• Minimum deposit: We look to see how easy it is to open a CD. The highest-rated CDs have a minimum opening deposit of under $1,000. If a CD requires $1,000 or more for an opening deposit, this will be considered a disadvantage.
• Early withdrawal penalties (not factored in for no-penalty CDs): We look to see how much a financial institution charges you if you take money from a CD before its term ends. It will receive a 3 rating if it has standard early withdrawal penalties (90 days of interest for a 1-year CD; 1 year of interest for a 5-year CD). If a financial institution has lower penalties, it will receive a higher rating, and institutions with higher penalties will receive a lower rating.
• Variety of term options (only factored in for regular-term CDs): A financial institution will receive a 3 in this category if the following terms are available: 6 months; 1 year; 18 months; 2 years; 3 years; 4 years; and 5 years. If a financial institution offers more CD options, it will receive a higher rating, and institutions with fewer options will receive a lower rating.
• Customer support: We review a financial institution’s hours of customer support availability and ways you can contact a representative. The strongest financial institutions offer several ways to contact a representative and are available 24/7. If representatives are available during traditional bank hours it will receive a 3 in this category.
• Mobile app: We review the Google Play and Apple stores to see how customers have rated the app. The average score between the two platforms will determine our rating.
• Ethics: We review financial institutions to see if they’ve been involved in public scandals over the last 3 years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section. This section also includes ratings from the Better Business Bureau so you may see how a bank responds to customer issues and information on if a financial institution actively helps underserved communities.

How we rate savings accounts

• Interest rate: A savings account will receive a high rating if it has a competitive interest rate. To help determine whether it has a high rate, we see if a savings account earns a higher interest rate than the national average savings account rate.
• Minimum deposit: We look to see how easy it is to open a savings account. The highest-rated savings accounts have a minimum opening deposit that’s between $0 and $25. If a savings account requires more than $25, this will be considered a disadvantage.
• Monthly fees: A savings account may receive a high rating in this category if it charges zero monthly service fees. If a savings account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
• Customer support: We review a financial institution’s hours of customer support availability and ways you can contact a representative. The strongest financial institutions offer several ways to contact a representative and are available 24/7. If representatives are available during traditional bank hours it will receive a 3 in this category.
• Mobile app: We review the Google Play and Apple stores to see how customers have rated the app. The average score between the two platforms will determine our rating.
• Ethics: We review financial institutions to see if they’ve been involved in public scandals over the last 3 years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section. This section also includes ratings from the Better Business Bureau so you may see how a bank responds to customer issues and information on if a financial institution actively helps underserved communities.

How we rate business checking accounts

• Transaction limit: We will likely give a business checking account a high rating if it has an unlimited transaction limit. If there’s a transaction limit, the rating will depend on how many free transactions are permitted per month, and the charge for exceeding the limit.
• Minimum deposit: We look to see how easy it is to open a business checking account. The highest-ranked business checking accounts have a minimum opening deposit that’s between $0 and $25. If a business checking account requires more than $25, this will be considered a disadvantage.
• Monthly fees: A business checking account may receive a high rating in this category if it charges zero monthly service fees. If a business checking account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
• ATM network/fees: We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won’t charge you a fee for using an out-of-network ATM. It will also provide reimbursement if you’re charged by another provider.
• Customer support: We review a financial institution’s hours of customer support availability and ways you can contact a representative. The strongest financial institutions offer several ways to contact a representative and are available 24/7. If representatives are available during traditional bank hours it will receive a 3 in this category.
• Mobile app: We review the Google Play and Apple stores to see how customers have rated the app. The average score between the two platforms will determine our rating.
• Ethics: We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section. This section also includes ratings from the Better Business Bureau so you may see how a bank responds to customer issues and information on if a financial institution actively helps underserved communities.

How we rate car insurance

• Claims satisfaction: We use J.D. Power’s auto claims satisfaction survey to evaluate the quality of service a company provides to its customers.This survey used responses from 7,345 auto insurance customers who settled a claim within the past six months. Car insurance companies ranked No.1 through #8 are above the industry average in customer satisfaction.
• Financial stability ratings: We use AM’s Best to determine a provider’s financial strength. AM’s Best is a credit rating agency that assesses an insurance company’s ability to pay claims to its policyholders. A company that receives an A++ to B+ is stable in financial strength, while anything lower than a B means that a company is unstable or unable to meet its financial obligations.
• Market share: Market share refers to the percentage of a company’s insurance market. The higher a company’s market share, the more popular it is among policyholders nationwide. We gathered data on market shares from the S&P Global Market Intelligence.
• Average monthly premiums: While lower car insurance premiums do not necessarily mean quality insurance, we do our best to balance a policy’s cost with the value an insurer provides. A good monthly premium is on par with or below the average cost of car insurance which is $1,070 per year or about $89 per month, according to recent data from the Insurance Information Institute.

How we rate life insurance

• Customer satisfaction: We use J.D. Power’s life insurance customer satisfaction survey to evaluate the quality of service a company provides to its customers. Using the responses of over 6,000 life insurance customers, J.D. Power gathered information on customers’ satisfaction with the application process, communications and interactions with the company, product offerings, prices, and statements. Life insurance companies ranked No.1 through #10 are above the industry average in customer satisfaction.
• Financial stability ratings: We use AM’s Best to determine a provider’s financial strength. AM’s Best is a credit rating agency that assesses an insurance company’s ability to pay claims to its policyholders. A company that receives an A++ to B+ is stable in financial strength, while anything lower than a B means that a company is unstable or unable to meet its financial obligations.
• Market share: The higher a company’s market share, the more popular it is among policyholders nationwide. We gathered data on market shares from the S&P Global Market Intelligence.
• Sample premiums: While lower life insurance premiums do not mean quality insurance, we do our best to balance a policy’s cost with the value an insurer provides. A good monthly premium is on par with or below the average cost of life insurance, which is between $40 to $55 a month, according to 2019 data from S&P Global Market Intelligence.

How we rate home and renters insurance

• Customer satisfaction: We use J.D. Power’s homeowners insurance customer satisfaction survey and J.D. Power’s renters insurance customer satisfaction survey to evaluate the quality of service a company provides to its customers. Home insurers that ranked No.1 through #11 in the survey are considered above the industry average in customer satisfaction. Renters insurance providers that offered the best customer service ranked No.1 and #2.
• Financial stability ratings: We use AM’s Best to determine a provider’s financial strength. AM’s Best is a credit rating agency that assesses an insurance company’s ability to pay claims to its policyholders. A company that receives an A++ to B+ is stable in financial strength, while anything lower than a B means that a company is unstable or unable to meet its financial obligations.
• Market share: The higher a company’s market share, the more popular it is among policyholders nationwide. We gathered data on market shares from the S&P Global Market Intelligence.
• Average premiums: While lower home and renters insurance premiums do not mean quality insurance, we do our best to balance a policy’s cost with the value an insurer provides. A good premium is on par with or below the average cost of homeowners insurance which is $1,272 and renters insurance which is $174 annually, according to the most recent data from the Insurance Information Institute.

How we rate student loans

See our full ratings methodology for student loans » 

• Interest rates: We evaluate the interest rate range compared with other lenders. The lower, the better. We look at how often the variable rate changes and what metrics are used to make these changes. Additionally, we determine if interest accrues while you’re still in school and if there’s an option to pay off your interest while still enrolled.
• Term lengths: We see if the company has a variety of repayment term lengths, offering options for borrowers who want to pay off their loans quickly and save on interest, as well as borrowers who want to spread their costs over more years. We also examine if the company sets repayment terms or if the borrower is able to choose.
• Fees: We give a company high marks if it has no fees on student loans. If there is an origination or late fee, we consider how big of a penalty it is, and we check for prepayment penalties.
• Borrower accessibility: We look at how accessible the lender is for borrowers with a range of backgrounds. Lenders that only cater to borrowers in certain states, or with certain credit scores and income levels, will get lower marks than those that lend in all states to borrowers across the credit spectrum. 
• Some lenders also don’t require credit scores, making them even more accessible for students. 
• Repayment options while in school: We give a company a top rating if it allows multiple repayment options while in school such as deferred, interest-only, and full. 
• Customer support: We review the different ways you’re able to contact customer support. For instance, we look at if you can contact someone over the phone, by live chat, through email, or mail. We also review customer service hours and give high marks for around-the-clock service.
• Ethics: We look into the company to see if there has been a scandal in the past 3 years. We research if the company is known for being racist or sexist toward its customers or staff, or have predatory lending practices. We also make note of the company’s Better Business Bureau rating.

How we rate auto loans

See our full ratings methodology for auto loans»

• Interest rate: We evaluate the interest rate range compared to other companies in the auto loan industry. The lower, the better. We look at how often the variable rate changes and what metrics are used to change rates.
• Term lengths: We see if the company has a variety of repayment term lengths, offering options for borrowers who want to pay off their loans quickly and save on interest, as well as borrowers who want to spread their costs over more years. We also examine if the company sets repayment terms or if the borrower is able to choose.
• Types of loans: We see if the lender offers new and used car loans, refinancing, and lease buyouts. The more options it has, the better.
• Minimum and maximum loan amounts: We evaluate how much you can take out with each lender, and give higher marks for a wider range of amounts.
• Fees: We give a company high marks if they have no fees on their auto loans. If there is an origination or late fee, we consider how big of a penalty it is, and we check for prepayment penalties.
• Customer support: We review the different ways you’re able to contact customer support. For instance, we look at if you can contact someone over the phone, via live chat, through email, or mail. We also review customer service hours and give high marks for companies that offer around-the-clock service.
• Ethics: We look into the company to see if there has been a scandal in the past 3 years. We research if the company is known for being racist, or sexist toward its customers or staff or have predatory lending practices. We also make note of the company’s Better Business Bureau rating.

How we rate personal loans

See our full ratings methodology for personal loans » 

• Interest rate: We evaluate the interest rate range compared with competitors. The lower, the better. We look at how often the variable rate changes and what metrics determine these changes. 
• Term lengths: We see if the company has a variety of repayment term lengths, offering options for borrowers who want to pay off their loans quickly and save on interest, as well as borrowers who want to spread their costs over a longer time. We also examine if the company sets repayment terms or if the borrower is able to choose.
• Fees: We give a company high marks if it has no fees on personal loans. If there is an origination or late fee, we consider how much of a fee it is, and we check for prepayment penalties. 
• Loan amounts: We look at both a company’s minimum loan amount and its maximum. A smaller minimum makes a company more accessible to borrowers who only need a bit of cash to tide them over. A high maximum enables borrowers who need to fund a more expensive project to do so. 
• Funding quickness: We rate a company highly if it gets you your money within the same business day or the next business day. Longer funding times lead to lower scores. 
• Customer support: We review the different ways you’re able to contact customer support. For instance, we look at if you can contact someone over the phone, via live chat, through email, or mail. We also review customer service hours and give high marks for companies that offer around-the-clock service. 
• Ethics: We look into the company to see if there has been a scandal in the past three years. We research if the company is known for being racist, or sexist toward its customers or staff or has predatory lending practices. We also make note of the company’s Better Business Bureau rating. 

How we rate RV loans

See our full ratings methodology for RV loans » 

• Interest rate: We evaluate the interest rate range compared to other RV loan companies. The lower, the better. We look at how often the variable rate changes and what metric the changes are based off of.
• Term lengths: We see if the company has a variety of repayment term lengths, offering options for borrowers who want to pay off their loans quickly and save on interest, as well as borrowers who want to spread their costs over more years. We also examine if the company sets repayment terms or if the borrower is able to choose.
• Minimum and maximum loan amounts: We evaluate how much you can take out with each lender, and give higher marks for a wider range of amounts.
• Maximum RV age and permissible use: We determine the maximum age of the RV you purchase. We also see if the company will allow you to live in the vehicle full-time or if it only approves vehicles for recreational use.
• Fees: We give a company good ratings if they have no fees on their RV loans. If there is an origination or late fee, we consider how big of a fee it is, and we check for prepayment penalties.
• Customer support: We review the different ways you’re able to contact customer support. For instance, we look at if you can contact someone over the phone, via live chat, through email, or mail. We also review customer service hours and give high marks for companies that offer around-the-clock service.
• Ethics: We look into the company to see if there has been a scandal in the past 3 years. We research if the company is known for being racist, or sexist toward its customers or staff or have predatory lending practices. We also make note of the company’s Better Business Bureau rating.

How we rate boat loans

See our full ratings methodology for boat loans » 

• Interest rate: We evaluate the interest rate range compared to other RV loan companies. The lower, the better. We look at how often the variable rate changes and what metric the changes are based off of.
• Term lengths: We see if the company has a variety of repayment term lengths, offering options for borrowers who want to pay off their loans quickly and save on interest, as well as borrowers who want to spread their costs over more years. We also examine if the company sets repayment terms or if the borrower is able to choose.
• Minimum and maximum loan amounts: We evaluate how much you can take out with each lender, and give higher marks for a wider range of amounts.
• Maximum boat age and permissible use: We determine the maximum age of the boat you purchase. We also see if the company will allow you to live in it full-time or if it only approves vehicles for recreational use.
• Fees: We give a company good ratings if it has no fees on its boat loans. If there is an origination or late fee, we consider how big of a fee it is, and we also check for prepayment penalties.
• Customer support: We review the different ways you’re able to contact customer support. For instance, we look at if you can contact someone over the phone, via live chat, through email, or mail. We also review customer service hours and give high marks for companies that offer around-the-clock service.
• Ethics: We look into the company to see if there has been a scandal in the past 3 years. We research if the company is known for being racist, or sexist toward its customers or staff or have predatory lending practices. We also make note of the company’s Better Business Bureau rating.

How we rate mortgage lenders

See our full ratings methodology for mortgage lenders » 

• Loan types: We look at the types of mortgages a lender offers. If a lender offers a lot of options, we’ll rate it more favorably. We look to see if the lender offers conforming, jumbo, FHA, and VA mortgages, since these are some of the most popular types of mortgages. Lenders receive higher ratings for offering less common types of mortgages in addition to more popular options. This includes USDA mortgages, home equity loans, home equity lines of credit, physician mortgages, home renovation loans, or specialty loans specific to the lender. We’ll also look at whether the lender has both fixed- and adjustable-rate mortgages, and the term lengths it offers.
• Affordability: A lender will rank high in affordability if it offers lower-cost mortgage options and has flexible credit requirements. A lender that offers multiple government-backed mortgage options (including FHA, VA, and USDA mortgages) is ranked more favorably. These mortgages come with lower down payment requirements and are geared toward low- to middle-income individuals or those with lower credit scores. We’ll also look at the lender’s minimum down payment and credit score requirements for all of the loans it offers, whether it accepts non-traditional credit (such as rent or utility payment history) from borrowers who have no or poor credit, and if it accepts borrowers who have recent negative events on their credit reports. Then we’ll find out if the lender offers any products specifically geared toward first-time or low-income borrowers, or if it has any other affordable features, such as down payment assistance or low fees.
• Customer satisfaction: We look to see if the lender appeared in the most recent J.D. Power US Primary Mortgage Origination Satisfaction Study, which surveys mortgage borrowers to gauge their satisfaction with their lender. If the lender was ranked in the survey, we’ll look at whether it ranked above or below the industry average for customer satisfaction. We also look at online customer reviews.
• Trustworthiness: To evaluate a lender’s trustworthiness, we look at its Better Business Bureau rating. If it earned a rating below an A+, we look at the BBB’s reasons for that rating. Things like a high volume of customer complaints or government action against the lender can lead to a lower BBB grade. We also take into account any public controversies the lender has been involved in within the last 3 years.

Meet our team