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About FirstBank Mortgage
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FirstBank Mortgage (NMLS# 472433) was established in the 1990s as a division of FirstBank. It branches across Tennessee, Kentucky, Georgia and Alabama. All underwriting, funding and closing happen in-house, which should streamline the homebuying process. To date, FirstBank Mortgage team has helped more than 40,000 individuals and families purchase homes.
Pros & Cons
- Online preapproval
- Variety of loan types
- Local agents and branches in select areas
- Not available in most states
- No HELOCs or home equity loans
FirstBank Mortgage services the Southeast, providing conventional, FHA, USDA, VA, new construction and jumbo home loans. Purchase and refinance options are available. Branches and agents are in select areas.
After you submit an application with FirstBank Mortgage, the company shows you loan rates, as well as term options.
You can start by clicking on “Current Mortgage Rates” on the website. FirstBank advertises the rates published by Freddie Mac for 15- and 30-year fixed-rate loans and 5/1 adjustable-rate mortgages (ARMs). You can compare these rates to national average mortgage rates.
When choosing between a fixed-rate mortgage and an ARM, consider your plans. An ARM has a variable rate, meaning you pay a fixed rate for a set period of time, followed by a rate that changes regularly; if you only plan to sell your home or refinance before the initial fixed-rate period ends, an ARM could be a good option.
FirstBank Mortgage average home purchase rate vs. national average
|Year||Difference from national average|
You can apply for a FirstBank home loan digitally, without the hassle of going into a branch. You’ll need the following information handy to start the mortgage process:
- Employment verification: Have W-2s, pay stubs and tax returns that demonstrate the past two years of employment.
- Assets: Have two months’ worth of bank statements. If you are using a gift for a down payment, have documentation to show that.
- Credit information: You will need to provide your date of birth and Social Security number for a hard credit pull.
- Property information: Once your home offer is accepted, you will need to show proof of a home insurance policy.
FirstBank Mortgage application features
|Mobile document upload|
|Physical branches||Four states|
|Publishes minimum rate on website||X|
|Rate lock||Up to 270 days|
|Pre-qualification (no hard credit pull)|
|Certified approval letter|
FirstBank Mortgage offers both conventional and government-backed loans. Here’s what to expect with each type of loan:
- Conventional: This type of loan offers fixed and variable terms for single-family homes, town homes and two- to four-unit properties.
- New construction: Lock in a rate for up to 270 days, with the option to secure a lower rate (if available).
- Jumbo: Finance up to $10 million with no private mortgage insurance (PMI).
- FHA: Qualify with a lower credit score, and the down payment can be 100% gifted.
- VA: There is no down payment requirement or mortgage insurance — only a one-time VA fee.
- USDA: There is no down payment requirement, and you can finance up to 100% of the loan amount.
Loan applications for home purchases only by year
|Home purchase applications||18,413||18,672||17,737|
|Home purchase loans closed||8,252||8,089||7,920|
|Home purchase applications denied||6,237||6,769||6,416|
|Home purchase preapprovals denied||0||0||0|
Higher rates have slowed the demand for refinances this year. However, refinancing can still be beneficial if you can find a rate lower than what you are already paying. You can also choose to refinance your home to change your mortgage term or to take out cash from your built-up equity.
Home purchase vs. refinance loans by year
|Home purchase loans||37%||33%||52.49%|
Depending on the type of loan you wish to apply for, there are certain down payment and credit score requirements. FHA loans allow borrowers to have a lower credit score than a conventional loan, whereas VA loans do not require borrowers to pay a down payment or mortgage insurance.
Before you apply for a loan, it is important to know how much home you can afford. Applying with a good credit score and a strong down payment will help you secure a better interest rate.
National mortgage requirements by type
|Min. credit score||Min. down payment||Compare with other lenders|
|Conventional||Typically 620||Typically 3%||Mortgage lenders|
|FHA||500||3.5% with 580 credit score||FHA lenders|
|VA||Set by lender (often 580)||0%||VA lenders|
|USDA||Set by lender (often 640)||0%||USDA lenders|
Costs and fees
When you apply for a mortgage from FirstBank Mortgage, the lender will send you a Loan Estimate, a form that gives you estimated costs of the loan, including the annual percentage rate (APR) and all fees, such as closing costs. Expect to pay closing costs between 2% and 5% of the loan amount, depending on which type of loan you choose.
What is FirstBank Mortgage?
FirstBank Mortgage provides loans for homebuying and refinancing. It offers conventional and government-backed loans. The company states it has helped over 40,000 individuals and families buy homes. It is based in Nashville, Tennessee.
Is FirstBank Mortgage legit?
FirstBank Mortgage is a legitimate lender that closed on over 8,000 home loans in 2021. As of the publishing date, the company says it has $12 billion in assets.
Where is FirstBank Mortgage available?
FirstBank Mortgage has 95 offices throughout the Southeastern U.S., including in Alabama, Georgia, Kentucky and Tennessee.
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- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Nov. 26, 2022.
FirstBank Mortgage Company Information
- Company Name:
- FirstBank Mortgage
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