Rate offers nearly every type of mortgage, including mortgages for investment properties and new construction. Its average closing t🎐imeꦕ of 18 days is the fastest we measured. 

Rate’s average investment property loan rate across t♔he 2,900 investment loans it originated in 2024 was 7.23%, slightly below the average in our sample, and its average LTV of 70.38% was slightly above average. Rate requires borrowers to have six months of cash reserves, consistent with other lenders we reviewed. 

Rate earned strong scores from Investopedia researchers for online experience (4 out of 5) and educationa𒆙l resources (5 out of 5). Rat🌸e is proud of its online application process. It also has hundreds of branch locations and thousands of loan officers to support borrowers through the application approval process.

Still, Rate hasn’t pleased some reviewers. It scored near the bottom in the J.D. Power 2024 Mortgage Origination Satisfaction Study. However, Investꦛopedia’s Combined Consumer Review rating gave it 4.9 (out of 5 possible). This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans.

R𓂃ate was founded in 2000 and is headquartered in Chicago.

Bank of America offers big bank infrastructure and customer support (plus attractive rates), but its underwriting may be ♏tighter than other lenders.

ꦜAcross 1,100 investment property loans funded in 2024, Bank of America’s average rate was just 6.62%, the lowest among the lenders we reviewed. Its cash reserve requirement is just three months, suggesting a Bank of America loan may be easier to get. However, the average 2024 loan amount was over $1 million and the bank’s average LTV in 2024 was the lowest we measured at 64.57%. Meanwhile, its average DTI was also the lowest at 32.19%. Th▨is suggests Bank of America keeps its rates low with higher down payments and stronger borrower creditworthiness and financial resources. 

Bank of America scored well in our customer experience rating model. Our researchers rated its educational resources 4 out of 5 and its online experience 3 out of 5. Borrowers have several ways to contact customer service and a digital application experience. It has 3,650 branches and more than 21,000 loan officers. In J.D. Power’s 2024 U.S. Mortgage Originators Study, the bank placed third (out of 22); in J.D. Power’s 2024 U.S. Mortgage Servicers Study, it placed sixth (out of 34).  

Investopedia’s Combined Consumer Review rating for BofA is 4.3 (out of 5 possible). This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans. This rating aggreg𒈔at♏es consumer review ratings on two popular sites: Trustpilot and Zillow Loans.

Founded as the Bank of Italy in 1904 in San Francisco, it became Bank of America in 1930. Today, it is headquartered in Charlotte, North Carolina, and is the nation’s second-largest bank.

In keeping with its 🎐rank as the nation’s largest retail mortgageꦆ lender, Rocket Mortgage funded more investment property loans in 2024 than any of the lenders we reviewed: 7,700, according to our analysis of 2024 HMDA data.

Across those 7,700 loans, the average rate was 7.08%, just about in the middle of the pack. The LTV of 69.80% was slightly better than ave✤rage, a𒈔s was the DTI of 35.44%. The average loan amount was $297,944, while the average loan size for the 10 lenders we reviewed was $474,458.

Our researchers gave Rocket Mortgage a 5 out of 5 rating for its online experience and educational resources; it’s the only lender in our survey to earn perfect scores in both. It performed well in the 2024 J.D. Power Mortgage Origination Satisfaction Study, placing sixth of 22. I𒉰nvestopedia’s Combined Consumer Review rating was 4.7 (out of 5 possible). This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillo𒊎w Loans.

Rocket Mortga🍸ge is the nation’s largest retail mortgage lender. It was founded ꧙in 1985 and is headquartered in Detroit, Michigan.

Flagstar supports a wide range of invest🐼or loan types, including non-QM, construction, and DSCR options, making it a flexible choice for investors with unconventional needs.

According to our analysis of HMDA data, Flagstar Bank originated nearly 1,500 investment property loans in 2024—✤modest among the banks we focused on. Still, its average loan-to-value (LTV) ratio of 71.22%, the highest in our survey, translates to smaller down payments and more accessibility. The DTI of 34.81% is right at the midpoint of the range. The minimum down payment is 15%, and the cash reserves requirement is six months. 

Our researchers gave Flagstar a score of 3 out of 5 for online experience and 4 out of 5 for educational resources. Investopedia’s Combined Consumer Review rating for Flagstar is 4.8 (out o🧸f 5 possible). This rating is an aggre𒊎gate of consumer review ratings on two popular sites: Trustpilot and Zillow Loans. 

Flagstar Bank's roots date back to 1859 when it was a community bank in Queens, New York. Today, it’s the 29th largest bank in the nation.

VA Loans cannot be used for investment properties. However, they can be used to purchase properties of up to four units, as long as the borrower resides in one. Veterans United, with its focus on VA loans, funded 216 mortgages classified as investment property loans in 2024, according to HMDA data. While that’s modest compared to the other lenders we review, it shows how flexible a VA ཧloan can be.

Across those 216 funded loans in 2024, the average rate was 7.05%, a little better than average for the group of lenders we evaluated. Veterans United’s LTV of 74.11% was the highest in our data, as was the DTI of 37.63%. Both are consistent with the design of the VA loan and its best features: no down payments and backing from tꦡhe federal government that allows for looser underwriting.

Our researchers gave Veterans United’s online experience a 3 out of 5 and its educational resources a 4 out of 5. It earned a stellar score of 793 (out of 1,000) in J.D. Power’s 2024 U.S. Mortgage Originators Study. Investopedia’s Combined Consumer Review rating is 4.6 🧸(out of 5 possible). This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans.

Veterans Unite𝓰d Home Loans was founded in 2002 and is headquartered in Columbia, Missouri.ꦏ