First Rate Mortgage Review 2025

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: 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.

To help you better understand what types of borrowers are interested in this lender, here’s more information about Bankrate users who submitted a form to this lender through our site.

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.

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.