Liked 2019's mortgage rates? 2020 will be lower - HousingWireMortgage rates have fallen substantially in the past few years, but they’re still hovering in the 3-5% range. That’s pretty cheap, but it’s not always clear which lender has the best deal. If you’re planning on moving within 5 years and your budget can handle a higher monthly payment (or if your income will rise), then consider getting a 5-year fixed rate mortgage instead of a shorter-term loan with lower payments (and higher interest). Here are some top picks from different providers—we’ve focused on regional banks and credit unions here since those tend to offer better deals than national ones:


Best overall: TD Bank


If you’re looking for the best 5-year fixed rate mortgage, there’s no need to look any further than TD Bank. They offer a competitive rate on their 5-year fixed rate mortgage and they do not require a minimum deposit of 20% or more. The only drawback is that they don’t offer the best rates on their other mortgages such as their 3- and 4-year fixed rate mortgages. Their 5-year fixed rate mortgage has an interest rate of 2.85% which is higher than what some other banks are offering but we think that this extra cost is worth it because of how great their overall service level is.


Best online provider: is the best choice for customers with good credit and no down payment, or those who want to refinance their current mortgage with a lower interest rate. If you’re interested in refinancing your current home loan but have little to no equity built up in your home, then Better can help you do that too. There are no fees associated with this type of refinancing—the only requirement is that the new loan value be equal or less than what you owe on your existing mortgage balance.


There are some other benefits of working with Better: Its 5-year fixed rate loans start at 4% APR; they’re available nationwide; they don’t require a closing cost deduction; and borrowers can get their funds as soon as the next business day after funding has been approved (they can even be sent over email)!


Best for low down payment: Santander Bank


Santander Bank offers a 5-year fixed rate mortgage with no down payment required. You can get a $500 gift card when you purchase a home with a Santander mortgage and close on or before March 31, 2019.


Best for second home/vacation properties: Citizens Bank


If you’re looking to buy a second home or vacation home, Citizens Bank has some great options. The bank offers no closing costs on its 5-year fixed rate mortgage and allows borrowers to purchase properties with as little as 3% down. Additionally, the bank’s second home mortgage program can be used for buyers who want to buy homes in any state (as opposed to only those located on the ocean). If you’re looking for an even more flexible loan that can work both as your primary residence and a second home/vacation property, then Citizens Bank’s vacation home mortgage program may also be right for you.


Remember that there are many different kinds of mortgages and each one has its own strengths and weaknesses. It’s important for you to know what your needs are before choosing which one is right for you!