First Rate Mortgage Review 2026

First Rate Mortgage overview

Based in St. Louis, First Rate Mortgage is the consumer-direct home lending division of Delmar Financial. The parent company was founded in 1966, and it’s licensed in 42 states, with more than 15 branches throughout the U.S. 

Pros and cons of First Rate Mortgage

How Bankrate scored First Rate Mortgage

Affordability: 5 stars

First Rate Mortgage’s low rates earn it a perfect score for affordability. 

• Interest rates: First Rate Mortgage’s rates tend to be well below Bankrate’s averages at the time of this review.
• Down payment: First Rate offers government-backed low-down-payment loans — FHA, VA and USDA loans — as well as conventional loans for just 3 percent down.

Availability: 5 stars

First Rate Mortgage operates in about half of U.S. states and offers a standard portfolio of loan options.

• Home loans offered: First Rate offers a typical array of loans, including conventional, jumbo, FHA and VA loans. It also has a few harder-to-find options, including USDA and FHA 203K renovation loans, as well as reverse mortgages. 
• Footprint: First Rate is available to eligible borrowers in 24 states, including Colorado, Illinois and Texas.
• Where to find: You can apply for a mortgage with First Rate Mortgage online or by phone.

To help you better understand what types of borrowers are interested in this lender, here’s more information about Bankrate users who submitted a form to this lender through our site.

Borrower experience: 4.5 stars

First Rate Mortgage provides a seamless digital experience, but you’ll have to contact a loan officer for a rate quote. 

• Preapproval and application process: First Rate Mortgage offers the ability to apply online via a portal, text with loan officers and verify assets electronically. The lender also supports e-signature and offers hybrid e-closings. While the lender provides preapprovals in a longer-than-average 72 hours, it does also claim to close most loans within 30 days, which is faster than the industry average. 
• Transparency: To get a rate quote from First Rate, you’ll have to share your contact information. Soon after, you’ll get a call from a loan officer in your area, who can provide customized rates and walk you through the process of getting a mortgage with First Rate. Many lenders offer personalized rate quotes online.
• Customer service: You can reach First Rate Mortgage’s customer service team at 844-432-0205 or contact@myfirstratemortgage.com.

Images courtesy of First Rate Mortgage as of Dec. 11, 2023. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

First Rate Mortgage reputation

There aren’t many ratings of First Rate Mortgage on customer opinion sites. First Rate’s parent company, Delmar Financial, does receive an A+ rating from the Better Business Bureau, though it’s not accredited by the organization.