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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 scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans
Nationwide availability
41 states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
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.
Offers e-signature and hybrid closings
Closings on new loans take around 30 days
Not available in every state
Preapprovals take 72 hours
First Rate Mortgage advertises low APRs and has several low-down payment loan options. It scores 5 out of 5 stars for affordability.
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.
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.
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 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..
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.
You can apply for a mortgage with First Rate Mortgage online or by phone at 844-432-0205.
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.6 stars out of 5
4.6
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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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 |
NMLS: 30998
State License: MB.803773.000
5.0
24 ratings
This lender has 0 recent reviews.
96% of customers would recommend this lender.