ConsumerDirect Mortgage Mortgage Review 2021
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.
At a glance
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4.2
Bankrate Score
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Conventional, FHA, VA, jumbo, ARMs; refinancing options include rate-and-term refinancing and cash-out refinancingNationwide availability
Available in all U.S. states except MarylandMin. credit score required
620 for conventional loans; 580 for FHA loans; 700 for jumbo loansPros and cons
Pros
- Online application and service available
- Loan options include fixed-rate, adjustable-rate (ARM), VA, FHA and jumbo mortgages and mortgage refinancing options
- First-time homebuyer programs available
Cons
- No brick-and-mortar locations
- Customer service call center hours limited
- Online information about loan costs limited
- Doesn't offer USDA loans
- Home equity loans and home equity lines of credit (HELOCs) not available
ConsumerDirect Mortgage overview
ConsumerDirect Mortgage, a division of FirstBank (based in Nashville, Tennessee), is an online lender that was established in 2012. FirstBank is a publicly traded, 112- year-old, FDIC-insured bank with more than $5.9 billion in total assets. ConsumerDirect Mortgage offers the basic menu of loan options — both conventional and government-insured — such as FHA and VA loans. Lender credit is available for borrowers’ closing costs on a majority of their loans, which can help save borrowers money. ConsumerDirect Mortgage is headquartered in Delray Beach, Florida.
Loan types
- Conventional
- FHA
- VA
- Jumbo
- ARMs
- Rate-and-term refinancing
- Cash-out refinancing
Lender fees
ConsumerDirect Mortgage fees vary by loan type. The lender doesn’t charge origination fees, according to a ConsumerDirect spokesperson.
Minimum borrower requirements
ConsumerDirect Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3 percent is required, according to a spokesperson.
For FHA and VA loans, requirements are set by the government. You can find them here:
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ConsumerDirect Mortgage consumer reviews
4.8
942 reviews
Customer service rating
95% of reviews would recommend this lender
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