First Midwest Bank Mortgage Review 2022
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At a glance
NMLS: 459308
4.9
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; physician loan; portfolio loanNationwide availability
Available in all U.S. states (except Alaska, Hawaii, Maryland and New Jersey)Min. credit score required
620 for conventional loansPros and cons
Pros
- Branches plus online banking
- First-time homebuyer and down payment/closing cost assistance program
- Rebate on closing costs for banking customers
- Special loan programs for first respondents and physicians
Cons
- Brick-and-mortar locations limited to four states
- Jumbo loans only available in some states
First Midwest Bank overview
First Midwest Bank is the principal subsidiary of First Midwest Bancorp. The holding company has $22 billion in assets as well as an additional $15 billion of assets under management. The bank maintains a branch system with 105 locations throughout 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 Bank is licensed in 46 states (it is not licensed in Alaska, Hawaii, Maryland or New Jersey), and the little bank that started in Joliet, Illinois, has evolved into a national lender, offering more than 50 types of mortgage options, prequalifications in 30 minutes or less and closings within 35 days (or within 40 days for a refinance).
Good for
Borrowers looking for an assortment of loan options, down payment assistance and the potential to save on closing costs
Loan types
- Conventional
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate
- Rate-and-term, cash-out and streamline refinancing
- Home equity line of credit (HELOC)
- Home equity loan
- Construction and renovation loans
- Physician loan
- Portfolio loan
Lender fees
First Midwest Bank charges a $750 processing and underwriting fee. There is no lender fee for VA loans. If you are a banking customer, you could be eligible for a closing cost rebate of $150 to $250, depending on your status. In addition, the bank’s “Honoring Our Heroes” program for first responders seeking purchase financing provides a $550 credit.
Rates
First Midwest Bank does not advertise mortgage rates on its website; you’ll need to contact a loan officer or visit a branch to learn what you might qualify for. Note the bank does advertise a promotional HELOC rate online, and you can request a rate quote for a HELOC online.
Reputation
In prior years, the bank has ranked highest in customer satisfaction in the Midwest region by J.D. Power for its banking services.
Online services
To explore loan options, borrowers can connect with a loan officer by filling out a form through First Midwest Bank online. Borrowers can also apply for a purchase loan or refinance directly through the website. There isn’t a separate capability to obtain an online prequalification or preapproval.
Like many banks, First Midwest has an app for banking customers, and borrowers can pay their mortgage online. The bank also offers e-signature, but it is unclear if this is available for the mortgage closing process.
Lastly, the bank’s website features several different mortgage calculators that can help you estimate everything from how much your mortgage payments will be to what your refinance could cost.
Minimum borrower requirements
First Midwest Bank follows the conforming underwriting standards for Fannie Mae and Freddie Mac loans as well as for financing backed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA). These guidelines allow financing with as little as zero percent down for VA or USDA financing, 3 percent for Fannie Mae and Freddie Mac financing and 3.5 percent for FHA-backed mortgages.
Refinancing with First Midwest Bank
First Midwest Bank offers rate-and-term and cash-out refinancing, as well as FHA and VA streamline refinancing, which you can apply for online or by contacting a loan officer. The bank does not display refinance rates on its website, so you’ll need to obtain a quote to make comparisons to other lenders.
Not sure if First Midwest Bank is right for you? Consider these alternatives
- Chase Home Lending review: Another bank option available to borrowers nationwide
- Bank of America mortgage review: No fees to convert an adjustable-rate loan to a fixed-rate mortgage
- Goodmortgage review: Offers options for borrowers with lower credit scores
- Sebonic Financial mortgage review: Offers interest-only jumbo loans
- CFBank mortgage review: Returns rate quotes in seconds
Breakdown of First Midwest Bank overall review score
- Affordability: 5/5
- Availability: 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.
First Midwest Bank consumer reviews
4.8
101 reviews
Customer service rating
95% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with First Midwest Bank a Division of Old National Bank.
10 of 68 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.
Smooth Experience
Great experience! | Overland Park | 6/29/2021
Jeff Koontz made the entire process easy. He answered all of my questions, and explained the process of refinancing our home, and made it a breeze. I will definitely be contacting Jeff Koontz next time I need a home loan.
Great team from start to finish
Fady Riad | Fort Lauderdale | 6/30/2021
I just closed in my Refi with First Midwest and have to say I was fairly impressed. Tyler had reached out to me initially when I was still making my decision, he was passionate and very patient with all my questions. He also helped get me the best rate/deal possible . Once I decided to move forward ...
Nice and Easy
Mark O. | Orlando, FL | 7/7/2021
I have never heard of First Midwest Bank before this, but I am glad I found them! I worked with Jeff Koontz over at First Midwest Bank to Refi my house. Process was fast and simple. I liked the fact that I could communicate with Jeff 100% over email to get things done quicker with my work schedule -...
Great Experience
Great experience | Pensacola Beach | 7/7/2021
Sometimes refinancing or obtaining a mortgage can be stressful. I can not say enough good things about First Midwest Bank. Jeff Koontz and Kari Peteanu made my refinance easy and effortless. Absolutely the best experience that I have had obtaining a mortgage. I would recommend without reservation. ...
Straightforward and attentive mortgage process
Alex G | Coral Gables, FL | 7/8/2021
My fiancé and I are first-time homebuyers and went through the mortgage process with First Midwest Bank. Our situation was somewhat unique, as we were looking for a jumbo mortgage with only 10% down. Within minutes of expressing interest in a mortgage, we received a phone call from Tyler Kilroy, wh...
Jeff Koontz - Truly First Class Service
First Class Experience with Jeff Koontz | Phoenix, Arizona | 8/8/2021
I worked with Jeff Koontz at First Midwest. He was low pressure and knowledgeable, which is what motivated me to choose him over a lender I had used for my previous two transactions. Jeff found the right mortgage product for me and my family, and was able to get the lock further out than most lender...
Thank you Tyler and Sonia!
Aaron B. | Miami | 8/18/2021
Tyler and Sonia were absolutely great - both very personable, knowledgeable, and helpful in getting this closing completed. We had undergone quite a bit of bumps in the road along the way, but Tyler and Sonia worked through them without a sweat. They stuck by their word to get things completed in a ...
Great pricing, low costs, and quick on time closing process
Great deal... | 53151 | 9/1/2021
Jeff and Kari did a great job in getting this closed as promised and on time.... They even arranged for a closing at our house to make it more convenient... I would recommend giving them a shot...
Great mortgage lending service
Great mortgage service for a new purchase | Mesa, AZ | 9/1/2021
I worked with Jeff Koontz and Kari Peteanu of First MidWest Bank for a mortgage for a new purchase. Jeff and Kari were exceptional to work with. Highly responsive and clear in communications. Just what I needed in the home purchasing process. Thank you, Jeff and Kari!!
Thank you Tyler!
Erik | Florida | 9/2/2021
We had never heard of First Midwest Bank before this, but I am grateful we found them through Bankrate. We were in the market for our first home purchase and couldn't have had a more seamless experience with Tyler Kilroy at First Midwest. From day 1 when I reached out Tyler was attentive to our nee...