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First Rate Mortgage Review 2024

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At a glance

First Rate Mortgage
NMLS: 30998
Editor's take

First Rate Mortgage is a mid-sized lender offering the most common types of home loans for buying or refinancing. You can start the process with this lender by requesting a prequalification (which you could receive same-day), and use that to understand your budget.

Bankrate Score
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3.6
Rating: 3.6 stars out of 5
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Customer Rating
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5.0
Rating: 5 stars out of 5

24 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

Alabama, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Washington and Wisconsin

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

First Rate Mortgage

NMLS: 30998

3.6

Rating: 3.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

Alabama, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Washington and Wisconsin

Credit Good

Min. credit score required

620 for conventional loans

First Rate Mortgage overview

First Rate Mortgage is the consumer-direct home lending division of Delmar Financial. The parent company was founded in 1966, and it offers mortgages in many states. The lender can issue same-day prequalifications as well as preapprovals in 72 hours, according to a spokesperson. The average time to close a new loan is 30 days, while closing a refinance typically takes 45 days.

Pros and cons of First Rate Mortgage

Pros
  • Checkmark

    Offers e-signature and hybrid closings

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    Closings on new loans take around 30 days

Cons
  • Close X

    Not available in every state

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    Preapprovals take 72 hours

Our Editor’s Take on First Rate Mortgage

First Rate Mortgage is a mid-sized lender offering the most common types of home loans for buying or refinancing. You can start the process with this lender by requesting a prequalification (which you could receive same-day), and use that to understand your budget.

How Bankrate scored First Rate Mortgage

  • Affordability: First Rate Mortgage’s APRs tend to be lower than Bankrate’s averages.
  • Availability: This lender works with borrowers in several states, providing conventional and some government-backed loans.
  • Borrower experience: You can apply for a mortgage with First Rate online, and the lender offers the ability to e-sign some documents for closing.

Affordability: 9.4/10

First Rate Mortgage’s fees range “quite a bit, depending on the program and criteria,” according to a spokesperson.

Availability: 7.6/10

First Rate Mortgage operates in several states, including Colorado and Texas. The lender provides conventional loans as well as some government-backed loans (FHA and VA), along with options to refinance your existing mortgage. The lender also offers interest-only loans and home equity lines of credit (HELOCs). The minimum credit score requirement for most loan programs is 620.

Borrower experience: 4.8/10

First Rate Mortgage’s parent company, Delmar Financial, is not accredited by the Better Business Bureau, but has an A+ grade from the organization. The lender offers the ability to apply online via a portal, text with loan officers and verify assets electronically. The lender also supports e-signature and offers hybrid e-closings. Its business hours are Monday through Friday, 9 a.m. to 6 p.m. CT.

How to apply for a mortgage with First Rate Mortgage

You can apply for a mortgage with First Rate Mortgage online or by phone at 844-432-0205. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Home Purchase Qualifier Application


Images courtesy of First Rate Mortgage as of 12/11/2023. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

Refinancing with First Rate Mortgage

First Rate Mortgage offers both rate-and-term and cash-out refinancing options. You’ll need to complete an online form for a rate quote and an estimate of costs.

Compare First Rate Mortgage to other lenders

First Rate Mortgage
Rating: 3.6 stars out of 5
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3.6

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

Alabama, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Washington and Wisconsin

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

First Rate Mortgage customer ratings and reviews

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NMLS: 30998

5.0

Rating: 5 stars out of 5

24 ratings

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This lender has 0 recent reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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96% of customers would recommend this lender.