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First Mortgage Direct Review 2023

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At a glance

First Mortgage Direct
NMLS: 757416
Editor's take

First Mortgage Direct is good for borrowers interested a fast preapproval and a variety of mortgage options.

Bankrate Score
Info
4.7
Rating: 4.7 stars out of 5
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Bankrate Score

Customer Rating
Info
4.7
Rating: 4.7 stars out of 5

200 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property

Credit Good

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Location

Nationwide availability

Available in all U.S. states

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Recent customer reviews

The customer 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. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Rating: 5 stars out of 5

Excellent Service

It was a pleasure to talk with the lender who was very friendly and informative. All in all a great experience.

David
Nashville (Sep 20, 2022)

Rating: 5 stars out of 5

Fast, efficient, and friendly.

I'm over the moon with my experience at First Mortgage Direct. From the initial phone call, all the way through closing, I was blown away by the knowledge and dedication this team provided. They answered all my questions with ease and a smile and I could not be more grateful for that support during,...

Fast, efficient, friendly.
Kansas City, MO  (Sep 13, 2022)

At a glance

First Mortgage Direct

NMLS: 757416

4.7

Rating: 4.7 stars out of 5
  • Star
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

First Mortgage Direct overview

First Mortgage Direct, a division of Bison State Bank in Kansas, is available to borrowers nationwide. The lender was founded on the principles of "honesty, integrity and experience," according to its website. Notably, First Mortgage Direct doesn’t charge origination fees or other hidden costs or participate in any gimmicky specials or limited-time offers. Typically, qualified borrowers can obtain a preapproval in 48 hours (two business days), and purchase loan closings currently average 32 days.

Pros and cons of First Mortgage Direct

Pros
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    Customized online quote tool

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    No origination or hidden fees

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    Readily available loan officers via phone or email

Cons
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    Preapprovals take slightly longer compared to other lenders

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    Not accredited by the Better Business Bureau

Our Editor’s Take on First Mortgage Direct

First Mortgage Direct is good for borrowers interested a fast preapproval and a variety of mortgage options.

Breakdown of First Mortgage Direct overall score

  • Affordability: First Mortgage Direct’s rates are in line with competitive rates from other lenders. Unlike others, however, it doesn’t charge an origination fee. To see this lender’s rates, you’ll first need to complete a short online form.
  • Availability: This lender does business in every state and has a diverse set of loan offerings for different kinds of borrowers, including investors.
  • Borrower experience: You can apply for a mortgage via the First Mortgage Direct website. Its business hours are limited to weekdays.

Affordability: 5/5

Like many online-based lenders, First Mortgage Direct doesn’t charge an origination fee, so you’ll save some money on closing costs. The specific rate you receive with First Mortgage Direct will depend on your circumstances, such as loan amount, credit profile and down payment.

Availability: 4.8/5

First Mortgage Direct provides conventional loans as well as government-insured loans (FHA, VA and USDA), along with options to refinance your existing mortgage. It also offers investor loans. It is licensed to lend to borrowers in all 50 states.

Borrower experience: 4.5/5

First Mortgage Direct was founded in 2008 and has since funded $5.25 billion in loan volume. The lender is not accredited by the Better Business Bureau.

Borrowers can apply for a loan online through First Mortgage Direct’s website and are able to ask questions throughout the process via email or phone. The lender offers online preapprovals within two days, and its website features a selection of calculators, including rent versus own, debt consolidation and home closing costs, to help you weigh different scenarios.

If you have questions about a loan, loan officers are available Monday through Friday from 8 a.m. to 5 p.m. CT.

Refinancing with First Mortgage Direct

First Mortgage Direct offers rate-and-term, cash-out and streamline refinancing, and you can apply for a refinance online. There are no lender fees, but you’ll have to pay for third-party services, such as the appraisal.

Alternatives to First Mortgage Direct

First Mortgage Direct customer ratings and reviews

logo

NMLS: 757416

4.7

Rating: 4.7 stars out of 5

200 ratings

Info

This lender has 9 reviews.

Knowledge
Rating: 4.7 stars out of 5
Level of service
Rating: 4.7 stars out of 5
Professionalism
Rating: 4.7 stars out of 5
Responsiveness
Rating: 4.7 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 stars
91%
1%
0%
2%
6%

92% of customers would recommend this lender.

of 9 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.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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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