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 pay at or below the typical price for a comparable loan.
5 out of 5 - Amount of overpayment
How much extra borrowers ended up paying with this lender compared to the best price for a comparable loan. A higher percentile score is always better.
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. One of those two measures fell outside the expected range. Credit scores are not available in this dataset, so they are not included in the analysis. Because that variable is held constant across all lenders, it should reduce the extent to which missing credit-score data affects comparisons between them.
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.
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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
High degree of knowledge, professionalism, and patience
Brett took the time to make videos of the different refi options, we had to watch them several times but then had a high degree of confidence we picked the right one for us. He was very patient in his approach, and extremely knowlegable
Frank M. · Lakewood, CO
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Figures are drawn from public lending and complaint data and weighted by loan volume.
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