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Investors Bank offers almost every type of mortgage out there — from conventional fixed-rate and adjustable-rate mortgages to jumbo mortgages to FHA mortgages. That being said, Investors Bank only services a few states. But if you live within its service area, its rates are competitive and the customer service is responsive.
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Only available in: CT, DE, FL, NJ, NY, PA
State availability
Loan products offered | Conventional, Jumbo, FHA, Home Equity/HELOC, Reverse, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Only available in: CT, DE, FL, NJ, NY, PA |
NMLS # | 411729 |
Review by
Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions. Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
Investors Bank offers numerous mortgage options, competitive rates and modest fees. However, they only service select states on the east coast and aren’t digital-friendly, at least in terms of the application process.
Unless you’re looking to buy a home in one of the few states that Investors Bank services, you’ll have to keep looking. In any case, if you aren’t quite ready to settle on a mortgage provider, keep shopping around to find the lender that best fits your needs.
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To get a mortgage through Investors Bank, you must qualify under Federal National Mortgage Association (FNMA), or Fannie Mae, guidelines. This includes, but isn’t limited to, the following:
The documentation you’ll need will vary depending on your unique situation, but most mortgage lenders require that you provide:
Investors Bank charges a flat $1,290 origination fee. With other lenders, the origination fee can often be anywhere between 0.5% and 1% of the loan’s total amount. So whether this flat fee saves you money depends on your loan amount.
For example, an origination fee of 0.5% on a $200,000 mortgage will cost $1,000. However, a 1% origination fee on the same amount would cost $2,000. In this case, Investor Bank’s origination fee would be less expensive.
Investors Bank doesn’t provide the option to simply hop online and obtain a preapproval or start the application process. You need to call a loan officer directly or fill out the website’s generic form and have them contact you.
To submit the online form, follow these steps:
Otherwise, call Investors Bank directly at 855-446-9977.
Investors Bank offers an expansive list of mortgage products, though this is pretty typical among traditional lenders. In addition to its standard offerings like conventional and FHA mortgages, Investor Bank offers several specialty programs, including options for low-income borrowers, LLC owners and cooperative housing projects.
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As of July 2022, Investors Bank has an A+ rating with the Better Business Bureau (BBB), though the company isn’t currently BBB accredited. Reviewers on the site have rated Investors Bank 1.04 out of 5 stars from 194 customer reviews. Dissatisfied customers complained mostly about issues throughout the mortgage process, like lack of transparency and errors that postponed the closing process.
Investors Bank has only gathered one review so far on Trustpilot as of July 2022. The reviewer gave Investors Bank 1 out of 5 stars, citing transfer limitations with their business banking account.
Investors Bank is an FDIC-insured full-service community bank headquartered in Short Hills, New Jersey. It offers a range of personal and business financial services, including checking accounts, savings accounts, mortgages, investment services and more.
Founded in 1926 under its original name, Washington Rock Building and Loan Association of Millburn, the bank has since gone through several iterations until settling on its current name in 2011. Today, the bank has over $25 billion in assets and a network of 145 retail branches.