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
4.7
Level of service
4.7
Professionalism
4.7
Responsiveness
4.8
0 out of 0 rates honored
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(27 reviews)
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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 24 Reviews
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John K
Cornelius, NC

8/16/2019

A great experience.

John Brown at First Midwest did a great job of coordinating our ReFi. We got a very good 30-year fixed rate and he kept in touch with us the whole way. The timely closing went smoothly.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
No
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Donna V
Tennessee

8/19/2019

The Best!

Two words ... Chris Barlow. Hands down, he is the person you need to call if you're wanting to refinance your mortgage. Not only did he offer the best rate, he kept in contact with me, through phone calls, text and email, to advise and guide me through the process. Chris truly had my best interes...

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
Virginia

8/26/2019

Very Professional and Knowledgeable

The process went smoothly, they were very helpful. They worked with me to tailor a refinance that met my needs and they were very professional and good to work with. I highly recommend 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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Chris
California

8/31/2019

Great to deal with

The whole process was easy. Chris was very helpful from the very start. From start to finish it took about a month. I would recommend to anyone to apply for a mortgage with First Midwest.

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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Josh
Redlands,CA

9/1/2019

Great value and service

So happy to have found them.

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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M.S.
Fresno, CA

9/14/2019

Update to a Previous Review

A huge thank you to Matt Hatch. Matt intervened in the remaining process of my loan and kept me updated throughout. Even though we got off to a very rocky start, the process improved and resulted in a favorable ending. I would recommend Matt Hatch and First Midwest Bank.

First Midwest Bank replied to this:
"Thank you, M.S. We're very pleased that we were able to do right by you."
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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Michael
Concord, NC

9/30/2019

Great refinance experience!

Matt Hatch was great to work with. He was able to get me the best rate compared to other competitors and helped me through the process every step of the way. Very prompt in answering any questions I had and kept the process moving very smoothly. I would definitely recommend them for their servic...

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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Joe and Cheryl
South Carolina

10/7/2019

Great Refi

Worked exclusively with Mark Denham during our process. Mark definitely worked to get us our best rate available and was available when needed. We couldn't be happier with the rate and the entire process.

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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Mike and Cindy
Arizona

10/9/2019

Amazing customer service!

We were thrilled with the experience we had with First Midwest Bank in getting our mortgage loan! Knowledgeable, professional, helpful, and couldn't have been nicer to work 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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Matt P.
North Carolina

10/10/2019

Smooth Sailing

Just finished a great refinance. The process took a little longer than I would have liked, but I think that's just the nature of the beast. First Midwest was a pleasure to work with. The communication was thorough and their responsiveness was quick (there are just so many things to sign, and so many...

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