FirstBank Mortgage Reviews

After you submit an application with FirstBank Mortgage, the company shows you loan rates and term options. Rates will vary based on your credit score and other details.

To get an idea of average rates, click “Current Mortgage Rates” from the “Find a Loan” dropdown menu on FirstBank’s website. FirstBank advertises average rates published by Mortgage News Daily for 15- and 30-year fixed-rate conventional loans and 30-year fixed-rate FHA, VA and jumbo loans.

You can compare these rates to the national average mortgage rates.

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

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-rate terms for most property types, including single-family homes, townhomes, two- to four-unit properties and most condos.
• 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 $3 million with no private mortgage insurance (PMI).
• FHA: You can 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 Funding Fee.
• USDA: There is no down payment requirement, and you can finance up to 100% of the loan amount.

Refinancing

FirstBank offers flexible refinancing options. Refinancing can lower your monthly mortgage payment if you find a rate lower than the one you currently have. You can also choose to refinance your home to shorten your mortgage term or take out cash from your built-up home equity.

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

Mortgage requirements vary by loan program, but most lenders follow general guidelines for minimum credit scores and down payments.

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.