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First Rate Mortgage Review 2023

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At a glance

First Rate Mortgage

NMLS: 30998


Rating: 3.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term refinancing; home equity line of credit (HELOC); interest-only


Nationwide Availability

Available in 36 states (not available in Alaska, Delaware, Hawaii, Maine, Maryland, Nevada, New Hampshire, New York, North Dakota, Oregon, Utah, Vermont, West Virginia, Wyoming or Washington, D.C.)

Credit Good

Min. credit score required

620 for conventional loans

Pros and cons

Checkmark Pros

  • Offers e-signature and hybrid closings
  • Closings on new loans take around 30 days

Close X Cons

  • Not available in every state
  • No consumer website
  • Preapprovals take 72 hours

First Rate Mortgage overview

First Rate Mortgage is the consumer-direct division of Delmar Financial. The parent company was founded in 1966, and it offers mortgages in many states. The lender can issue same-day prequalifications as well as preapprovals in 72 hours, according to a spokesperson. The average time to close a new loan is 30 days, while closing a refinance typically takes 45 days.

First Rate Mortgage is good for

Borrowers looking for down payment assistance and a quick closing

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.


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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.
  • mortgage review – This online-only lender offers fully underwritten approvals in less than a day and fast closings.

First Rate Mortgage consumer reviews


NMLS: 30998


Rating: 5 stars out of 5

24 reviews

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About consumer ratings

Customer service rating

Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Rating: 5 stars out of 5
Rating: 5 stars out of 5

96% of reviews would recommend this lender

2 of 2 rates honored

Review this lender

Write a review of your experience with First Rate Mortgage.

of 2 reviews

The consumer reviews posted on ("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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Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor