First Rate Mortgage Review 2023

Breakdown of First Rate Mortgage overall score

• Affordability: First Rate Mortgage doesn’t maintain a consumer-facing website, so comparing mortgage rates from the lender can be challenging.
• Availability: This lender works with borrowers in most (but not all) states, providing conventional and some government-insured loans.
• Borrower experience: Unlike other lenders, your experience with First Rate Mortgage won’t begin with an online request for a call with a loan officer or a preapproval; you’ll need to get in touch with the lender directly to take next steps.

• Methodology

  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: 3/5

First Rate Mortgage lacks a consumer-facing website, so you’ll have limited information to go on if you’re comparing this lender, including its rates, to others. (Parent company Delmar Financial does have a website however.) The lender’s fees range “quite a bit, depending on the program and criteria,” according to a spokesperson.

Availability: 4.3/5

First Rate Mortgage operates in most states, including California, Florida and Texas, but it’s not available everywhere (notably Colorado, Nevada and New York). The lender provides conventional loans as well as some government-insured loans (FHA and VA), along with options to refinance your existing mortgage. The lender also offers interest-only loans and home equity lines of credit (HELOCs). The minimum credit score requirement for most loan programs is 620.

Borrower experience: 4.6/5

First Rate Mortgage’s parent company, Delmar Financial, is not accredited by the Better Business Bureau, but has an A+ grade from the organization. The lender 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. Its business hours are Monday through Friday, 9 a.m. to 6 p.m. CT.

Refinancing with First Rate Mortgage

You can refinance your current mortgage with First Rate Mortgage. You’ll need to complete a form for a rate quote and an estimate of costs.

Alternatives to First Rate Mortgage

• CFBank mortgage review – This bank has a similar minimum credit score requirement and a more transparent online experience.
• Accelin Loans mortgage review – A mortgage broker, this can be a viable option for those looking for a loan in other states First Rate Mortgage doesn’t lend in.
• LowRates.com mortgage review – This online-only lender offers fully underwritten approvals in less than a day and fast closings.