First Rate Mortgage Review
See how often this lender's Bankrate auction price beats comparable loans from 2025.
Bankrate verified lender
This lender is a Bankrate Auction Participant, meaning we verify their offer authenticity and hold them to high standards to ensure you get the best possible rate offer.
How Bankrate scores First Rate Mortgage
- Price competitiveness
How often this lender's borrowers got an interest rate at or below the median rate for similar loans.
5 out of 5 - Amount of overpayment
How much more this lender's borrowers paid than the lowest-cost mortgage offer for a similar borrower and loan, almost always found exclusively through Bankrate's auction.
5 out of 5 - Customer complaints
How often consumers complain about this lender, and whether they get relief.
Clean5 out of 5 - Where and what they lend
How many states and loan types this lender serves.
92%5 out of 5
No lender can pay for a higher Bankrate Rating. Every score comes from the same data and criteria.
2025 ratings, across all four measures
A few more details worth knowing
Though these don't affect the star rating, we show them so you have the full picture.
For applicants age 62 and older, we measure two things: whether this lender denies them more often than its own lending patterns would predict after accounting for loan size, income, debt-to-income ratio, and loan type; and whether it lends to them at rates similar to comparable lenders. Importantly, federal mortgage disclosure data does not include applicants' credit scores, so the analysis cannot account for differences in creditworthiness that may explain some disparities. This limitation applies to all lenders, making comparisons more consistent, but its impact may vary across lenders. These measures identify potential disparities, not proof of unfair treatment.
We looked at how often a lender's applications end up as closed loans, not counting any that were denied or the applicant withdrew. At this lender, fewer than 90% did, which might mean quoted terms changed before closing, applicants stepped away, or both.
Importantly, this measure is not included in the scores because a lender's closing likelihood might be pulled down by factors outside their control, such as differences in application volume. Nonetheless, there are clear performance differences between lenders even after these factors are controlled for, so it is included for informational purposes only.
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What Bankrate's editors think
First Rate Mortgage has a sparse website and doesn’t provide much actionable information about its rates online — you’ll need to share your contact info to get a personalized quote. It earned a 5-star Bankrate Rating despite an Overall Rating of just 3 stars; that’s because its bids in Bankrate’s auction consistently beat the price paid on comparable loans, but the picture across its broader business is more mediocre. In fact, First Rate lands on the pricier side of what Bankrate tracks over time.
This lender offers e-signature and hybrid closing options, and closing on new loans is estimated to take around 30 days, but First Rate’s website undersells one key perk: its parent, Delmar Financial, offers a $3,000 down payment or closing-cost grant (Freddie Mac BorrowSmart Access, no repayment) for qualifying first-time buyers in select metro areas.
It’s licensed in just 24 states, and about 1 in 7 approved loans here doesn’t reach closing. Remember that mortgages can fail to reach the closing table for reasons outside the lender’s control, but it’s worth asking First Rate about its closing process before signing any paperwork. First Rate could be a good option for those who want a quick process, but with little information available online, you’ll need to reach out directly for details about mortgage options and what to expect.
At a glance
Good for first-time buyers who qualify for its $3,000 BorrowSmart Access grant, but it doesn’t stand out on price. If you apply for preapproval and receive a competitive rate, it’s likely worth your time.
What consumers say
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Figures are drawn from public lending and complaint data and weighted by loan volume.
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