First Mortgage Direct Mortgage Review 2021

By Diane Costagliola

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

First Mortgage Direct

NMLS: 244476

State License: MC-5877

4.6

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Bankrate Score

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Loans offered

Conventional, FHA, VA, USDA, 203(k), HomeStyle, investment property; refinancing options include rate-and-term refinancing; home equity loans
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Nationwide availability

Available in California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Missouri, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington
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Min. credit score required

620 for conventional loans; 580 for FHA loans; 580 for VA loans

Pros and cons

Pros

  • Borrowers are assigned a readily available loan officer to work with via phone or email
  • No origination fees or hidden fees
  • Loans for purchases, first-time homebuyers and refinancing

Cons

  • Currently only available in a small number of states
  • No brick-and-mortar locations
  • Limited call center hours for general inquiries

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, and loan officers are available to consult and educate clients as much as possible during the process. There are no origination or hidden fees, nor does it offer any gimmicky specials or limited-time offers. It is licensed in 17 states, and according to Ryan Wiebe, president and CEO of First Mortgage Solutions, the company expects to expand in the future. Even so, however, Wiebe values the “Midwestern spirit” on which the lender was founded: “We honestly care about our clients and by expanding we hope to touch the lives of everyone across the United States.” Once borrowers complete an online application, they should hear from a loan officer and be prequalified within 24 hours. Borrowers will then work with the loan officer to complete the loan application and upload necessary financial documents. Most borrowers close within 30 days.

Loan types

  • Conventional
  • FHA
  • VA
  • USDA
  • 203(k)
  • HomeStyle
  • Investment property
  • Rate-and-term refinancing
  • Home equity loans

Lender fees

First Mortgage Direct does not charge an origination fee. Borrowers may choose to pay discount points for a lower rate.

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 must have at least 3 percent available for a down payment. Borrowers must have a maximum debt-to-income ratio (DTI) of 50 percent or less for a conventional loan and a maximum DTI of 57 percent for FHA loans.

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First Mortgage Direct consumer reviews

4.8

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161 reviews

5 stars
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1 stars
153
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5

Customer service rating

Knowledge
4.9
Level of service
4.9
Professionalism
4.9
Responsiveness
4.8

96% of reviews would recommend this lender

0 of 0 rates honored

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10 of 51 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.

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Amazing team and best service

Pravin Thirumalaisubbu | Nolensville, TN | 5/9/2020

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Great Experience

Philipp S. | Woodstock, GA | 5/29/2020

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Efficient and professional service with great rate

Marianne | Mountain View, CA | 5/29/2020

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Another great experience

Josh L | Illinois | 6/11/2020

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Entirely painless

Bob | Seattle | 6/20/2020

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Great Job!

Craig | Chantilly, Virginia | 6/22/2020

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Excellent rates and even better service

Mihir Shah | Dublin, California | 7/6/2020

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Could not have been easier.

Zach | Houston, TX | 7/7/2020

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Smooth refi

CN | Washington | 8/17/2020

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Fantastic

Roland | North Carolina | 10/1/2020