First Midwest Bank 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

NMLS: 423112
4.5
Bankrate Score
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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 statesNationwide availability
Available in all U.S. states except Alaska, Hawaii, Maryland and MississippiMin. credit score required
Minimum credit score requirements not availablePros 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
30 reviews
Customer service rating
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.
Awesome rates - Great People!
Jeff W. | Virginia | 3/9/2020
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!
Smooth, thoughtful, and professional
Tamcclaren | Fairfield, VA | 4/16/2020
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.
Five Stars All The Way
Cameron | Bremerton, WA | 5/20/2020
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 ...
Great Experience!
Ish | Florida | 5/20/2020
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.
Quick and Easy!
A Patterson | Colorado Springs | 5/20/2020
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!
Communication, Upfront, and Respectful
Satisfied Customer | VA | 5/20/2020
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 ...
Very Organized Experience
Jacob Smith | Cary, NC | 5/22/2020
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...
A difficult process made somple
Robert H | North Myrtle Beach, SC | 5/24/2020
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.
Effortless
Paul Bergeron | Hobe Sound Fl | 1/27/2021
The BEST CUSTOMER SERVICE I’VE EVER RECEIVED
Responsive, knowledgeable, and attentive team
Attentive and responsive team | Virginia | 1/29/2021
The team I worked with at First Midwest - Dan and Sonia - showcased attentiveness to my goals and situations, knowledge of the industry and options, and a responsiveness to my questions throughout the entire process. I never once felt like simply a number to them.