First Rate Financial Reviews

First Rate Financial is an Alaska-based mortgage broker founded in 2005. It offers a wide array of loan options, including conventional fixed-rate loans, FHA loans, VA loans and refinancing loans.

First Rate Financial is licensed in Alaska, Colorado, and Idaho. Customers can apply online or visit one of several branches in Alaska.

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 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 offers a $5,000 closing guarantee if a deal falls through due to its own error.

First Rate Financial application features

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

» MORE: Current mortgage rates — check today’s rates

First Rate Financial offers the following types of loans:

• Conventional mortgage
• FHA loan
• VA loan
• U.S. Department of Agriculture (USDA) loan
• Jumbo loan
• Refinancing
• Cash-out refinancing

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

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

The typical minimum requirements for a conventional mortgage are a credit score of 620 and a down payment of at least 3%. FHA loans require a credit score of at least 580, though a higher score is needed to qualify for the lowest down payment. VA and USDA loans typically require a score of 620 and usually don’t require a down payment.

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

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