First Midwest Bank Mortgage Review 2021

By Peter G. Miller

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

First Midwest Bank

NMLS: 423112

4.5

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Loans offered

Conventional fixed-rate and adjustable rate-mortgages (ARMs), FHA, VA, Doctor Loan Programs, jumbo, construction; refinancing options include cash-out refinancing; home equity loans and home equity lines of credit (HELOCs); portfolio loans in some states
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Nationwide availability

Available in all U.S. states except Alaska, Hawaii, Maryland and Mississippi
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

Pros

  • Large branch network, plus online banking
  • First-time homebuyer and down payment/closing costs assistance programs
  • Rebate on closing costs for checking customers
  • Special programs for first responders and physicians

Cons

  • Brick-and-mortar locations limited

First Midwest Bank overview

First Midwest Bank is the principal subsidiary of First Midwest Bancorp. The holding company has $21 billion in assets as well as an additional $13 billion of assets under management. The bank maintains a branch system with approximately 125 offices in Illinois, Indiana, Iowa and Wisconsin. Organized in the 1930s during the Great Depression, First Midwest 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), and the little bank that started in Joliet, Illinois, during economic hard times has evolved into a national lender.

Loan types

  • Conventional fixed-rate and adjustable-rate mortgages (ARMs)
  • FHA
  • VA
  • Doctor Loan Programs
  • Jumbo
  • Construction
  • Refinancing including cash-out refinancing
  • Home equity loans and home equity lines of credit (HELOCs)
  • Portfolio loans in some states

Lender fees

First Midwest Bank generally charges a $750 fee for home home loans. The fee is reduced to zero for VA loans.

First Midwest 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 Bank offers special loans for physicians with zero down and no requirement for mortgage insurance.

Minimum borrower requirements

First Midwest Bank 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). Programs allow financing with as little as zero percent down for VA financing, 3 percent for Fannie Mae and Freddie Mac financing and 3.5 percent for FHA-backed mortgages.

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First Midwest Bank consumer reviews

4.7

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30 reviews

5 stars
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28
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2

Customer service rating

Knowledge
4.7
Level of service
4.8
Professionalism
4.7
Responsiveness
4.8

93% of reviews would recommend this lender

0 of 0 rates honored

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10 of 11 reviews

The consumer 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.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Awesome rates - Great People!

Jeff W. | Virginia | 3/9/2020

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Smooth, thoughtful, and professional

Tamcclaren | Fairfield, VA | 4/16/2020

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Five Stars All The Way

Cameron | Bremerton, WA | 5/20/2020

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Great Experience!

Ish | Florida | 5/20/2020

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Quick and Easy!

A Patterson | Colorado Springs | 5/20/2020

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Communication, Upfront, and Respectful

Satisfied Customer | VA | 5/20/2020

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Very Organized Experience

Jacob Smith | Cary, NC | 5/22/2020

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A difficult process made somple

Robert H | North Myrtle Beach, SC | 5/24/2020

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Effortless

Paul Bergeron | Hobe Sound Fl | 1/27/2021

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Responsive, knowledgeable, and attentive team

Attentive and responsive team | Virginia | 1/29/2021