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First Mortgage Direct Review 2023

Name: First Mortgage Direct Review 2023
Item: First Mortgage Direct
Rating: 4.7
Author: Jeff Ostrowski

Written by

Jeff Ostrowski

Edited by

Suzanne De Vita

Updated May 31, 2023

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At a glance

NMLS: 757416

Editor's take

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

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

4.7

Bankrate Score

Customer Rating

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.

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

4.7

200 ratings

Loans offered

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

Min. credit score required

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

Nationwide availability

Available in all U.S. states

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.

Read 0 customer reviews for First Mortgage Direct

At a glance

NMLS: 757416

4.7

Bankrate Score

Loans offered

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

Nationwide Availability

Available in all U.S. states

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

Customized online quote tool
No origination or hidden fees
Readily available loan officers via phone or email

Cons

Preapprovals take slightly longer compared to other lenders
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.

Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:
- Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
- Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
- Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.
Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate’s methodology page spells out our rating process in greater detail.

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

Orchard 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 mortgage review – Like First Mortgage Direct, this lender doesn’t charge commissions or fees