Skip to Main Content

First Rate Mortgage Review 2025

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

First Rate Mortgage
NMLS: 30998
State License: MB.803773.000
Editor's take

First Rate Mortgage is a mid-sized lender offering the most common types of home loans for buying or refinancing. You can start the process with this lender by requesting a prequalification (which you could receive same-day), and use that to understand your budget.

Bankrate Score
Info Icon
4.8
Rating: 4.8 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

Bankrate Score

Customer Rating
Info Icon
5.0
Rating: 5 stars out of 5

24 ratings

Mortgage Percent Icon

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good Icon

Min. credit score required

620 for conventional loans

Location Icon

Nationwide availability

41 states

Dollar Coin Icon

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

First Rate Mortgage overview

First Rate Mortgage is the consumer-direct home lending 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.

Pros and cons of First Rate Mortgage

Pros

  • Checkmark Icon

    Offers e-signature and hybrid closings

  • Checkmark Icon

    Closings on new loans take around 30 days

Cons

  • Not available in every state

  • Preapprovals take 72 hours

How Bankrate scored First Rate Mortgage

Affordability: 5/5

First Rate Mortgage advertises low APRs and has several low-down payment loan options. It scores 5 out of 5 stars for affordability.

  • Interest rates: First Rate Mortgage tends to offer competitive mortgage rates, with APRs typically below market average, according to Bankrate’s research at the time of review.
  • Down payment: First Rate offers USDA and VA loans with no down payment, FHA loans with a minimum 3.5 percent down and conventional loans with just 3 percent down.
  • Closing costs: First Rate Mortgage’s fees, including origination fees, range “quite a bit, depending on the program and criteria,” according to a spokesperson.

Availability: 5/5

First Rate Mortgage operates in most states, including Colorado and Texas, and offers a portfolio of different loan options. It scores 5 out of 5 stars for availability.

  • Home loans offered: First Rate offers conventional, USDA, jumbo, renovation, FHA and VA loans.
  • Footprint: First Rate is available to eligible borrowers in 41 states, including Colorado, Illinois, New Jersey and Texas.
  • Where to find: You can apply for a mortgage with First Rate Mortgage online or by phone.

Borrower experience: 4.5/5

First Rate Mortgage provides a seamless digital experience, and you can obtain a customized rate quote if you submit your contact info. The lender scores 4.5 out of 5 stars for borrower experience.

  • Preapproval and application process: First Rate Mortgage 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.
  • Transparency: First Rate’s website features a personalized rate quote tool, but you’ll have to submit a lead form to get it.
  • Customer service: You can reach First Rate Mortgage’s customer service team at 844-432-0205 or contact@myfirstratemortgage.com.

Home Purchase Qualifier Application


Images courtesy of First Rate Mortgage as of Dec. 11, 2023. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

First Rate Mortgage reputation

First Rate Mortgage and its parent company, Delmar Financial, are based in St. Louis. Delmar has been in business since 1966, and, while the company is not accredited by the Better Business Bureau, it maintains an A+ rating from the organization..

Refinancing with First Rate Mortgage

First Rate Mortgage offers both rate-and-term and cash-out refinancing options. You’ll need to complete an online form for a rate quote and an estimate of costs.

How to apply for a mortgage with First Rate Mortgage

You can apply for a mortgage with First Rate Mortgage online or by phone at 844-432-0205.

Compare mortgage lenders

First Rate Mortgage
Rating: 4.8 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

4.8

Bankrate Score
Info Icon
Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

4.9

Bankrate Score
Info Icon
Read full review
First Mortgage Direct
Rating: 4.6 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

4.6

Bankrate Score
Info Icon
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, FHA, VA, jumbo, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

41 states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

First Rate Mortgage customer ratings and reviews

logo

NMLS: 30998

State License: MB.803773.000

5.0

Rating: 5 stars out of 5

24 ratings

Info Icon

This lender has 0 recent reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
100%
0%
0%
0%
0%

96% of customers would recommend this lender.