ConsumerDirect Mortgage Review 2022

ConsumerDirect overview

ConsumerDirect Mortgage is appropriately named: It’s the consumer-direct online lending division of FirstBank, which is a traditional FDIC-insured bank with more than 80 branches in four states and nearly $12 billion in assets. ConsumerDirect is headquartered in Delray Beach, Florida, and offers the basic menu of loan options.

Good for

Borrowers who appreciate rate transparency and want lender credits to help lower some costs

Loan types 

• Conventional
• Jumbo
• FHA
• VA
• Fixed-rate
• Adjustable-rate
• Rate-and-term and cash-out refinancing

Lender fees 

ConsumerDirect Mortgage’s fees are not listed online; however, its website does indicate that it offers lender credits for some third-party costs, which can help you save money.

Rates 

ConsumerDirect’s mortgage rates are easily accessible online and regularly updated. You can obtain estimates based on the amount you’re looking to borrow, your credit score, the type of property and its location without sharing your personal details. Pay attention to the APR and lender fees associated with each different estimate. For example, you might be able to cut the lender fees by 90 percent in exchange for paying a 0.2 percent higher APR on a 30-year loan.

Reputation 

ConsumerDirect Mortgage is accredited by the Better Business Bureau with an A+ rating. Based on nearly 100 customer reviews, the lender scored a 4.73 out of five stars — some of the highest marks in the home loan industry.

Online services

The ConsumerDirect website isn’t as comprehensive as those of some other lenders, but the rate quote tool is a key point of differentiation. You can easily apply online, too.

Minimum borrower requirements 

While ConsumerDirect Mortgage does not publish minimum borrower requirements online, its rate quote tool shows that borrowers looking for a conventional loan will need a 620 credit score, at minimum, and FHA borrowers will need at least a 600. 

Refinancing with ConsumerDirect Mortgage 

ConsumerDirect offers both rate-and-term and cash-out refinancing options, and rates are advertised on its website. Notably, the lender has helped more than 10,000 borrowers refinance.

Not sure if ConsumerDirect Mortgage is right for you? Consider these alternatives

• BNC National Bank mortgage review: Another consumer-direct division of a traditional brick-and-mortar bank and specializes in VA loans
• Optimum First Mortgage review: Not as widely available, but also boasts high customer satisfaction and offers lender credits
• Homefinity mortgage review: Outstanding customer reviews and similar credit score requirements
• Lower mortgage review: Great customer reviews on Bankrate and a similarly transparent approach to rates
• NBKC Bank mortgage review: Exceptional reviews from thousands of past customers, but rates are not publicly advertised

Breakdown of ConsumerDirect Mortgage overall review score 

• Affordability: 5/5
• Availability: 4.5/5
• Borrower experience: 4.7/5

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.