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First Mortgage Direct Review 2024

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At a glance

First Mortgage Direct
NMLS: 757416
Editor's take

The biggest perks of working with First Mortgage Direct: no origination fee or other hidden costs, and experienced loan officers with a no-pressure approach. The lender was folded into Bison State Bank, a community bank based in Kansas City, but you can still apply for a loan through the First Mortgage Direct website.

Bankrate Score
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4.8
Rating: 4.8 stars out of 5
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Bankrate Score

Customer Rating
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4.7
Rating: 4.69 stars out of 5

200 ratings

Mortgage Percent

Loans offered

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

Credit Good

Min. credit score required

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

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

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

At a glance

First Mortgage Direct

NMLS: 757416

4.8

Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

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

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

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

First Mortgage Direct overview

First Mortgage Direct, a division of Bison State Bank in Kansas, is available to borrowers nationwide. The lender was founded on the principles of "honesty, integrity and experience," according to its website. Notably, First Mortgage Direct doesn’t charge origination fees or other hidden costs or participate in any gimmicky specials or limited-time offers. Typically, qualified borrowers can obtain a preapproval in 48 hours (two business days), and purchase loan closings currently average 32 days.

Pros and cons of First Mortgage Direct

Pros
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    Customized online quote tool

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    No origination or hidden fees

Cons
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    Preapprovals take slightly longer compared to other lenders

Our Editor’s Take on First Mortgage Direct

The biggest perks of working with First Mortgage Direct: no origination fee or other hidden costs, and experienced loan officers with a no-pressure approach. The lender was folded into Bison State Bank, a community bank based in Kansas City, but you can still apply for a loan through the First Mortgage Direct website.

How Bankrate scored First Mortgage Direct

  • Affordability: First Mortgage Direct’s rates are in line with competitive rates from other lenders. Unlike others, however, it doesn’t charge an origination fee.
  • Availability: This lender does business in every state and has a diverse set of loan offerings for different kinds of borrowers, including investors.
  • Borrower experience: You can apply for a mortgage via the First Mortgage Direct website. Its business hours are limited to weekdays.

Affordability: 9.8/10

Like many online-based lenders, First Mortgage Direct doesn’t charge an origination fee, so you’ll save some money on closing costs. The specific rate you receive with First Mortgage Direct will depend on your circumstances, such as loan amount, credit profile and down payment.

Availability: 10/10

First Mortgage Direct provides conventional loans as well as government-backed loans (FHA, VA and USDA), along with options to refinance your existing mortgage. It also offers investor loans. It is licensed to lend to borrowers in all 50 states.

Borrower experience: 8.7/10

First Mortgage Direct was founded in 2008. The lender is not accredited by the Better Business Bureau. You an apply for a loan online through First Mortgage Direct’s website and are able to ask questions throughout the process via email or phone. The lender offers online preapprovals within two days, and its website features a selection of calculators, including rent versus own, debt consolidation and home closing costs, to help you weigh different scenarios. If you have questions about a loan, loan officers are available Monday through Friday from 8 a.m. to 5 p.m. CT.

How to apply for a mortgage with First Mortgage Direct

You can apply for a mortgage with First Mortgage Direct online or by phone at 855-222-5102. 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.)

Refinancing with First Mortgage Direct

First Mortgage Direct offers both rate-and-term and cash-out refinancing options. There are no lender fees, but you’ll have to pay for third-party services, such as the appraisal.

First Mortgage Direct customer ratings and reviews

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NMLS: 757416

4.7

Rating: 4.69 stars out of 5

200 ratings

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This lender has 0 recent reviews.

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Rating: 4.7 stars out of 5
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Rating: 4.7 stars out of 5
Professionalism
Rating: 4.7 stars out of 5
Responsiveness
Rating: 4.7 stars out of 5
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92% of customers would recommend this lender.