Rate offers nearly every type of mortgage 🌄and refinance loan (but🃏 not USDA loans), and its closing time of 18 days is the quickest we measured. The only area where Rate comes up short is lender reputation.

Advertised rates on lender websites are directional and may not align with offered rates; every borrower, property, and loan differs. We collected av🍸erage interest rates for refinance loans originated in 2024 from federal government data, more than 6,000 for Rate. The average interest rate across those loans was 6.37%, among the lowest in our data. Average origination fees were also among the lowest. Lender credit♓s were about average. Taken together, Rate keeps costs low, both in upfront costs and over the life of the loan.

Our researchers gave Rate strong scores for both online experience (4 out of 5) and educational resources (5 out of 5). Rate touts its online application process, but it also has hundreds of branch locations and thousands of lജoan officers to provide borrowers with an efficient experience.

Despite all this going for it, Rate hasn’t fared well with some reviewers. It scored among the lower quarters in the J.D. Power 2024 Mortgage Origination Satisfaction Study. However, Investopedia’s Combined Consumer Review rating gave it 4.9 (out of 5 possible). This rating is an aggregate of consumer review ratings on two popular review sit💞es: Trustpilot and the Zillow Loans.

Rate, founded in 2000,༒ is headquartered i🎶n Chicago, Illinois.

Rocket Mortgage originates hundreds of thousands of purchase and refinance loanಞs ♓every year. It offers a smooth online experience and many educational resources to help borrowers make informed decisions.

According to federal HMDA data, Rocket Mortgage oꦿriginated more than 199,000 refinance loans in 2024, by far more than any other lender in our data. The ﷽average interest rate for those loans was 7.33%, just about average for the studied lenders. Origination fees were on the high side, while lender credits were low. The average loan size of $216,000 was the smallest we measured.

Our researchers gave Rocket Mortgage’s online experience and educational resources ratings of 5 out of 5. It performed well in the 2024 J.D. Power Mortgage Origination Satisfaction Study, placing sixth of 22. Investopedia’s Combined Consuꦉmer Review rating was 4.7 (🌊out of 5 possible). This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans.

Loan applications begin online, and you can track your ജloan’s progress digitally, but closing is in person. Rocket Mortgage has 4,500 loan officers and 250 branches nationwide to support an efficient process.

Rocket Mortga𒈔ge is the nation’s largest retail m✱ortgage lender. Founded in 1985, it is headquartered in Detroit, Michigan.

Among the 16 lཧenders we analyzed, Citizens Bank stood out as the most “Risk F𒁏riendly.” Of the roughly 15,000 refinance loans it originated in 2024, more than 40% went to borrowers with debt-to-income ratios above 50%. Meanwhile, its average loan-to-value ratio was 60.33%, about average, indicating that it frequently approved loans with high borrower leverage but comparatively low collateral risk.

Of course, risk tolerance comes at a price, and Citizen Bank’s loan costs show this. Its interest rate averaged 8.48% in 2024, just about the highest we measured. However, the average orig🅷ination fee of $2,718 is better than average in our sample. Len💃der credits, which keep upfront costs low, were well below average.

Our researchers gave Citizens Bank’s online experience a 3 out of 5 and its educational resources a 4 out of 5. In J.D. Power’s 2024 Mortgage Origination Satisfaction Study, it placed just below🦄 average. Investopedia’s Combined Consumer Review rating for the bank is 4.1 (out of 5 possible). This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans.

When you’re ready to apply, yꦅou can do so online or get started with a loan officer. Citizens Bank boasts nearly a thousand brick-and-mortar branches and 3,600 loan officers.

Citizens Bank is headquartered in Providence, Rhode Island. It was fou🔴nded i🎃n 1828.

Wells Fargo’s average rate in 2024 was among the lowest we measured and origination fees and lender credits were also borrower-friendly, keeping upfront costs low. So it makes sense that DTI and LTV ratios were also lowܫ, indicating that the bank lends primarily to borrowers with strong credit profiles.

According to HMDA data, Wells Fargo originated about 9,000 refinance loans in 2024, among the fewest in our research. The average interest rate for those loans was 6.28%, the second-lowest,ꩲ and the average origination fee was better than most at $2,904. Lenꦚder credits were on the lower end. 

Investopedia researchers gave the online experience and educational resources scores of 4 out of 5. Wells Fargo has over 4,000 branches nationwide and more than 20,000 loan officers. The bank does not offer ཧan online application; you’ll need to call or make an appointment with a loan office🙈r near you. However, you can get a rate quote through the bank’s website.

Investopedia’s Combined Consumer Review rating is 4.0 (out of 5 possible). This rating is an a♈ggregate of consumer review ratings on two popular review sites: Trustpilot and Z💎illow Loans. It ranks just about average in J.D. Power’s 2024 Mortgage Origination Study.

Henry Wells and William G. Fargo founded their bank in 1852. Since then, Wells Fargo has evolved into a financial services giant. As of March 31, 2025, it ranked as the fourth-largest bank in the U.S. based on total assets of nearly $1.7 trillion.

Veterans United had the lowest average in🀅terest rate for refinance loans originated in 2024 among the lenders we studied. It’s been the biggest VA loan lender for several years, and its website of💛fers service members and veterans a wealth of information and support.

Veterans United funded more than 13,000 refinance loans in 2024, according to HMDA data, with an average interest rate of 5.86%. Average origination fees were $3,196, and lender credits were $1,353. The average LTV was a healthy 53.63%, less risky f💫or the lender🎀. However, a relatively high average DTI of 41.54% shows the lender is willing to work with borrowers stretching their budgets to buy. 

Our researchers gave Veterans United’s online exper📖ience 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.

Borrowers can b♚egin their applications online (or via an app), and then work with a loan officer thereafter. The lender has 33 branches and 1,400 loan officers to keep loan applications moving.

Veterans United Home Loans was foundedꦗ in 2002 and is headquartered in Co🍰lumbia, Missouri.

Bank of America offered more lender credits onꦬ its 2024 refinance loans than any🔴 other lender we evaluated. Its average interest rate and average origination fee are borrower-friendly, too.

Across nearly 15,000 refinance loans in 2024, Bank of America charged average origination fees of $2,355 and lender credits of $3,802. In addition to the low🐻 upfront costs, the big bank charged a competitive average interest rate of 6.98%. The lender kept average borrower costs low by focusing on less risky applicants. The Risk Friendly rating for the bank is among the lower quartile, reflecting an average DTI of 37.93% and LTV of 47.93%.  

Bank of America scored well in our customer experience rating model, too. It offers its borrowers helpful educational resources (scoring 4 out of 5), an easy-to-use online experience (3 out of 5). Borrowers have several ways to contact customer service, and the option of a digital application experience supported by a loan officer. It has 3,600 branches and 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 Reꦡview rating for Bank of America is 4.3 (out of 5 possible). This rating ag🙈gregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans.

An Italian-American entrepreneur founded the Bank of Italy in 1904 in San Francisco. In 1930, it became Bank of America. Today, it is headquartered in Charlotte, North Carolina, and is the nation’s second-largest bank.