First Rate Mortgage Mortgage Review 2020

By Diane Costagliola

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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3.8

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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.

First Rate Mortgage is an online mortgage lender based in Missouri. The family-owned operation offers conventional, jumbo and government-backed loans. After completing an initial online inquiry, including credit score and home purchase price information, borrowers will hear from a loan officer within minutes (if not seconds) and work with them throughout the entire process. Borrowers typically close within 45 to 60 business days. First Rate Mortgage prides itself on its customer relationships and works to ensure that their customers never feel like a number while buying their home. “We have all the tools and resources of big banks,” explains Zac Holt, director of national sales, “but we are guided by our customers and their trust.”

Nationwide availability

Available in Alabama, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas and Wisconsin

Minimum credit score

620 for conventional loans; 700 for jumbo loans; 580 for FHA loans

Loan types

Conventional, jumbo, VA, FHA

Pros

  • Processes 95 percent of all loans in-house
  • Borrowers work with same loan officer throughout process
  • Flat-rate lender fee with no hidden surprises

Cons

  • Not available in all states
  • No brick-and-mortar locations

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First Rate Mortgage overview

Loan types

  • Conventional
  • Jumbo
  • VA
  • FHA

Lender fees

First Rate Mortgage charges a flat-rate lender fee of $1,195 to cover underwriting and processing.

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 less than 50 percent for a conventional loan and a maximum DTI of 57 percent for FHA loans.

Get started with First Rate Mortgage

Borrowers can apply online.

Hours

Monday - Friday: 9 a.m. - 6 p.m. CST

First Rate Mortgage consumer rating and reviews

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