First Rate Mortgage Review 2024

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

How Bankrate scored First Rate Mortgage

• Affordability: First Rate Mortgage’s APRs tend to be lower than Bankrate’s averages.
• Availability: This lender works with borrowers in several states, providing conventional and some government-backed loans.
• Borrower experience: You can apply for a mortgage with First Rate online, and the lender offers the ability to e-sign some documents for closing.

Affordability: 9.4/10

First Rate Mortgage’s fees range “quite a bit, depending on the program and criteria,” according to a spokesperson.

Availability: 7.6/10

First Rate Mortgage operates in several states, including Colorado and Texas. The lender provides conventional loans as well as some government-backed 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: 4.8/10

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.

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. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Images courtesy of First Rate Mortgage as of 12/11/2023. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

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.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.