First Mortgage Direct Review 2021

First Mortgage Direct overview

First Mortgage Direct is the online lending division of First Mortgage Solutions, a brick-and-mortar lender based in Kansas City, Missouri. The lender was founded on the principles of honesty, integrity and experience, with loan officers available to consult with and educate clients throughout the financing process. Notably, the lender doesn’t charge origination fees or other hidden costs, nor participate in any gimmicky specials or limited-time offers. Typically, qualified borrowers can obtain a preapproval within 48 hours, and purchase loans generally close within 30 days (refinances within 60). First Mortgage Direct is currently licensed in 20 states and growing, but the lender still values the “Midwestern spirit” on which it was founded: “We honestly care about our clients and by expanding we hope to touch the lives of everyone across the United States,” according to Ryan Wiebe, president and CEO of First Mortgage Solutions.

Good for

Borrowers looking for fast preapprovals, responsive email support and a variety of mortgage options

Loan types

• Conventional
• Jumbo
• FHA
• VA
• USDA
• Fixed-rate
• Adjustable-rate
• Rate-and-term, cash-out and streamline refinancing
• Home equity loan
• Investment property

Lender fees

First Mortgage Direct doesn’t charge any lender fees. Borrowers can choose to pay discount points for a lower rate.

Rates 

First Mortgage Direct doesn’t advertise rates on its website; according to the lender, rates depend on each borrower’s circumstances, such as loan amount, credit profile and down payment. However, you can fill out a form online to have a loan officer contact you about your options.

Reputation

First Mortgage Solutions (which operates First Mortgage Direct) has an A+ rating from the Better Business Bureau.

Online services

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 one to two days, and its website features a selection of calculators, including rent vs. own, debt consolidation and home closing costs, to help you weigh different scenarios.

Minimum borrower requirements

Following Fannie Mae and Freddie Mac guidelines, borrowers must have a credit score of at least 620 for a conventional loan and at least 3 percent available for a down payment. Borrowers cannot exceed a debt-to-income ratio (DTI) of 50 percent for a conventional loan.

For FHA, VA and USDA loans, those requirements are set by the government. You can find them here:

• FHA loan requirements
• VA loan requirements
• USDA loan requirements

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.

Not sure if First Mortgage Direct is right for you? Consider these alternatives

• LoanMonkey mortgage review: Offers instant underwriting decisions
• NBKC Bank mortgage review: On-time loan closing guarantee or you and the seller get $2,500 each
• Better.com mortgage review: Like First Mortgage Direct, this lender doesn’t charge commissions or fees
• Navy Federal Credit Union mortgage review: Below-market rates for military members and families
• Wyndham Capital Mortgage review: Offers on-demand preapprovals and e-closings

Breakdown of First Mortgage Direct overall review score

• Affordability: 15/15
• Availability: 13/15
• Borrower experience: 8/10

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.