First Midwest Bank Mortgage Review 2020

By Peter G. Miller

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

First Midwest Bank

Bankrate Score

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4.1

User reviews
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( 27 )

4.7

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

First Midwest Bank is the principal subsidiary of First Midwest Bancorp (NASDAQ: FMBI). The holding company has $18 billion in assets as well as an additional $12 billion of assets under management. The bank maintains a branch system with 125 offices in metropolitan Chicago, Southeast Wisconsin, Northwest Indiana, Central and Western Illinois and Eastern Iowa. Organized in the 1930s during the Great Depression, the bank grew with the goal to "treat the person in the overalls and the person in the business suit the same way.” Today First Midwest is licensed in 46 states (it is not licensed in Alaska, Hawaii, Maryland or Mississippi). The little bank that started in Joliet, Illinois, during economic hard times has evolved into a national lender.

Nationwide availability

Available in all U.S. states except Alaska, Hawaii, Maryland and Mississippi

Minimum credit score

This information was compiled in the middle of the coronavirus outbreak. A few weeks before the virus shut down much of the economy, the bank would have considered borrowers with a 600 credit score; now, a 640 minimum is the standard. Credit score requirements may change again as the virus situation evolves. Contact the bank for the latest details.

Loan types

Fixed-rate mortgages, adjustable rate-mortgages (ARMs), FHA, VA and USDA loans; refinancing options include cash-out refinancing; home equity loans and home equity lines of credit (HELOCs); also offers portfolio loans in Florida, Illinois, Indiana, Iowa, Michigan and Wisconsin

Pros

  • Low rates for conventional and VA financing
  • A large branch network
  • Online banking
  • Attractive ARM programs
  • Special programs for first responders and physicians

Cons

  • Doesn’t have physical offices in all states

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First Midwest Bank overview

Loan types

  • Fixed-rate mortgages
  • Adjustable rate-mortgages (ARMs)
  • FHA
  • VA
  • USDA loans
  • Refinancing including cash-out refinancing
  • Home equity loans and home equity lines of credit (HELOCs)
  • Portfolio loans in some states

Lender fees

First Midwest generally charges a $750 fee, but the fee is reduced to zero for VA financing.

The bank also has an Honoring Our Heroes discount program for first responders. The program is for purchase financing only and provides a $550 credit for qualified borrowers. In addition, First Midwest offers special loans for physicians with zero down and no requirement for mortgage insurance.

Minimum borrower requirements

First Midwest follows the conforming underwriting standards for Fannie Mae and Freddie Mac loans as well as financing backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA). These programs allow financing with as little as zero percent down for VA and USDA mortgages, 3 percent for Fannie Mae and Freddie Mac financing and 3.5 percent for FHA-backed mortgages.

Get started with First Midwest Bank

Borrowers can apply in person or online.

Hours

Monday - Friday: 7 a.m. - 7 p.m. CST Saturday: 8 a.m. - 2 p.m. CST Sunday: Closed Contact: 800-322-3623

First Midwest Bank consumer rating and reviews

4.7 reviews
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93% recommended

Customer Service Rating

Knowledge
4.8
Level of service
4.7
Professionalism
4.7
Responsiveness
4.7
27 out of 27 rates honored
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(27 reviews)
5 Star
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The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 10 of 27 Reviews
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Robert H
North Myrtle Beach, SC

5/24/2020

A difficult process made somple

Found them on Bankrate and am I ever glad to tried them out. Mike L was one of the easiest/cleanest originators I ever had the please of dealing with.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jacob Smith
Cary, NC

5/22/2020

Very Organized Experience

I had a cash-out re-finance and was impressed both with the exceptional attention to my own individual situation and the seamless documentation and underwriting process offered by First Midwest's high tech approach. My loan officer Mike Leonhart was very detail oriented, attentive to my concerns, an...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Satisfied Customer
VA

5/20/2020

Communication, Upfront, and Respectful

I had an excellent experience with First Midwest represented by Mr. Anthony Schmitt. FIVE STARS on everything and I would use them again and will recommend to anyone looking for a great experience on new or refinance mortgage. Since 90% of my interaction was with Mr. Schmitt, my glowing review is a ...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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A Patterson
Colorado Springs

5/20/2020

Quick and Easy!

Mike Leonhart and his team at First Midwest made our refinance process very quick and easy. Everything was done online or by phone and we couldn't be happier with the results. Even though they are out of state for me, I will send all my referrals to Mike from now on! He is the BEST!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Ish
Florida

5/20/2020

Great Experience!

Our entire process of Refi went smoothly. Our loan officer Mike was very helpful and kind to answer all the questions we might have. I highly recommend Mike and First Midwest bank.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Cameron
Bremerton, WA

5/20/2020

Five Stars All The Way

Anthony with First Midwest Bank did a great job of demystifying the refinancing process for us and provided a great rate. Despite a few small hiccups the process was relatively smooth and free from headaches. It was completed in a very short amount of time as well. I recommend First Midwest Bank to ...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Tamcclaren
Fairfield, VA

4/16/2020

Smooth, thoughtful, and professional

Chris Barlow and his team at First Midwest Bank went above and beyond to make our refinance a breeze. The process was thorough and each person on the team was responsive to any questions or concerns, despite the uptick in number of applications.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jeff W.
Virginia

3/9/2020

Awesome rates - Great People!

My loan officer was hard working, personable, and very helpful - he walked me through the process and helped keep everything on track all the way through the closing. This isn’t my first loan but by far First Midwest Bank and my Loan Officer were the best to work with, yet!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Eric L.
Fort Collins, CO

2/20/2020

Easy and Aproachable

Anthony and the rest of the team at First Midwest Bank were extremely responsive to all of my questions throughout the process. I had Anthony run through several closing scenarios for me to choose the best rate and closing amount that fit my situation. Near the end of the process, I had a few conc...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Skip
Knoxville, TN

2/12/2020

Really impressive!

Anthony was very attentive, helpful, kind and really kept me in the loop throughout the whole process. The paperwork process was a breeze and they even arranged for me to close in a different city from my home, as I was out of town the day of closing. I highly recommend Anthony and First Midwest Ban...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes