First Rate Financial Reviews

First Rate Financial is an Alaska-based mortgage brokerage founded in 2005. It specializes in a wide array of loan options, including conventional fixed-rate loans, government-backed loans and refinancing loans.

First Rate Financial is licensed in Alaska, Colorado and Idaho, according to the Nationwide Multistate Licensing System (NMLS). Customers can apply online or visit one of several branches in Alaska to apply in person.

You can begin the process at First Rate Financial by filling out a simple prequalification form online. You'll enter basic details like the type of loan you're seeking, your employment status, income, assets, debts and contact information. After you submit the form, a mortgage broker will reach out to discuss your options, and it can provide a prequalification letter to help show sellers you're a reliable buyer.

When you're ready to move forward, you'll complete a full mortgage application and upload required documents based on instructions from your mortgage broker, such as pay stubs and tax returns. From there, your loan moves into underwriting and processing. If approved, you’ll proceed to closing. First Rate Financial will offer a $5,000 closing guarantee if a deal falls through due to its own error.

First Rate Financial application features

The table below shows some of First Rate Financial’s application process features:

First Rate Financial doesn’t publish its mortgage rates online. You’ll need to request a personalized quote to see what options are available based on your financial profile.

First Rate Financial offers many types of loans, including:

• Conventional mortgages
• Jumbo loans
• Federal Housing Administration (FHA) loans
• U.S. Department of Veterans Affairs (VA) loans
• U.S. Department of Agriculture (USDA) loans
• Refinance loans, including cash-out refinancing

First Rate Financial also offers options for first-time home buyers, those needing a low down payment and those looking to purchase investment properties.

First Rate Financial doesn’t provide specific loan requirements. Generally, requirements vary by loan type and lender. Because First Rate Financial acts as a broker, exact requirements may differ based on which lender ultimately funds your loan.

For a conventional mortgage, lenders typically require a minimum credit score of 620 and a down payment of at least 3%. FHA loans require a credit score of 500 or 580, depending on the down payment amount. VA and USDA loans don’t require a down payment.

First Rate Financial doesn’t disclose information about its costs or fees. Generally, closing costs are around 2% to 5% of the home loan. Closing costs typically include all the fees involved in the mortgage process, such as appraisals, attorney fees, application fees and loan origination fees.