First Mortgage Direct Mortgage Reviews & Ratings in 2021

First Mortgage Direct

First Mortgage Direct Mortgage Reviews & Ratings in 2021

Definition: A first mortgage is a primary loan on a property. A first mortgage has priority over any other claim on the property’s title in the event of default.

First Mortgage Direct is the online lending division of First Mortgage Solutions. … Specializing in Refinance, Purchase, Home Equity, and Debt Consolidation loans.

They are also a Bankrate Select Lender for 2020 and have a 4.8-star rating on Bankrate based on 126 customer reviews. First Mortgage Direct is Better Business Bureau accredited and has been since 2010 – they currently have an ‘A+’ rating.

One of the benefits of working with First Mortgage Direct for your home purchase or refinance is the lack of origination fees. Most lenders charge an origination fee, which typically cost between 0.5% to 1% of the loan amount. This fee is charged by a lender as compensation for processing a loan application, but First Mortgage Direct doesn’t charge it. That helps you save money on your mortgage loan.

First Mortgage Direct prides itself on bringing honesty and integrity to the mortgage process through its experienced and knowledgeable loan officers, and the reviews prove it. Reviewers across the internet note the transparency throughout the loan process as a perk of using this lender. This transparency extends to the lack of hidden fees — First Mortgage Direct is upfront with what they’re charging rather than slipping in unexpected costs.

About

First Mortgage Solutions is a locally operated and family-owned mortgage company founded on the principles of honesty, integrity, and experience. First Mortgage Direct is the online loan division of First Mortgage Solutions.

Friends, First Mortgage Solutions is licensed in California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Missouri, New Jersey, Oregon, Pennsylvania, South Carolina, North Carolina, Tennessee, Texas, Virginia, and Washington, as well as with Housing Federal. Authority (FHA), the Veterans Administration (VA), and the United States Department of Agriculture (USDA).

We specialize in refinance, purchase, home equity, and debt consolidation loans, and our goal is to get all of our clients through our quick and painless loan process and the best possible loan program.

First Mortgage Direct prides itself on bringing honesty and integrity to the mortgage process through its experienced and knowledgeable loan officers, and the reviews prove it. Reviewers across the internet note the transparency throughout the loan process as a perk of using this lender. This transparency extends to the lack of hidden fees — First Mortgage Direct is upfront with what they’re charging rather than slipping in unexpected costs.

First Mortgage Direct Fast Facts

  • Direct-to-consumer mortgage lender founded in 2007
  • Family-owned and headquartered in Kansas City, Missouri
  • Offer home purchase loans and mortgage refinances
  • Licensed in lend in 17 states nationwide
  • A DBA of First Mortgage Solutions, LLC
  • Their lending team boasts over 75 years of experience in the mortgage industry

First Mortgage Direct, which is actually a dba of First Mortgage Solutions, LLC, has been around since 2007. Combining your first and second mortgage can decrease monthly payments and interest rates substantially. … One benefit of consolidating your mortgages is that it can result in lower monthly payments and even reduce your loan rate.

Location:

First Mortgage Solutions, based in Kansas City, Missouri, is focused on finding the best possible loan program for each individual homeowner.

We are aware that each of our clients has a unique financial situation and goals, so it is imperative for us that these situations are taken into account and those goals are met when choosing the right loan program for each person.

At First Mortgage Solutions, we do not offer limited-time specials or charge hidden fees. We simply take a consultative approach to lend to find the perfect loan program, for every homeowner, every time.

Physical Address:

  1. FIRST MORTGAGE SOLUTIONS
    9237 Ward Parkway, Suite 300
    Kansas City, MO 64114
  2. Telephone: 855.222.5102
  3. Email: info@fmdloans.com.com
  4. Facebook Page
  5. Linkedin Profile

First Mortgage Direct Mortgage Reviews & Ratings in 2021

As the name implies, a first mortgage is a mortgage in the first lien position on the property that is secured by the mortgage. … A second mortgage, also known as a piggyback mortgage, is done at the same time as the first mortgage and takes the second lien position on the property.

Though First Mortgage Direct only operates in 17 states, this lender has a broad range of mortgage loan types and programs. Whether you’re buying a new home, refinancing, renovating your existing home, or investing in a new property, First Mortgage offers a loan to fit your needs.

It is also licensed for conventional, FHA, USDA, and VA loan types, providing well-qualified borrowers with different loan options. One major downside to using First Mortgage Direct as a lender is that it has a limited service area of just 17 states.

Unless you live in one of the following states, you won’t be able to get a mortgage loan from First Mortgage Direct:

  1. California
  2. Colorado
  3. Connecticut
  4. Florida
  5. Georgia
  6. Illinois
  7. Kansas
  8. Missouri
  9. New Jersey
  10. North Carolina
  11. Oregon 
  12. Pennsylvania
  13. South Carolina
  14. Tennessee
  15. Texas
  16. Virginia
  17. Washington

That greatly limits who can take advantage of the loans this lender offers. If you’re buying in one of the states above, this lender could be a great option. If you’re in another state, you’ll have to look elsewhere.

What is DDA Debit

First Mortgage Direct Rates

While they don’t advertise their mortgage rates on their own website, you can often see them at large if you compare the lenders in the Zillow marketplace. And they tend to offer the lowest rates of all the listed lenders, at least for the sample scenarios I ran on the engine.

That tells us that they are competitive lenders compared to other online mortgage lenders, who appear to offer lower interest rates than the larger traditional banks and newer lenders that you are probably more familiar with.

Ultimately, you should get a discount when you use an online-only lender because your costs should be lower and the savings will be passed on to consumers.

If they are not competitive and you have not heard of them, it would be quite difficult for them to argue to use them in front of a company they know and are comfortable with. So my guess is that their rates are probably pretty good relative to other options. But you will have to contact us for prices.

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How to Apply for a Home Loan with First Mortgage Direct

As an online-only mortgage lender, the application process is fairly straightforward and straightforward. Just visit their website and click “Apply Now”.

Your digital mortgage app is powered by Ellie Mae, which is one of the most common and popular forms out there.

It allows you to complete much of the process from your computer or smartphone in just minutes, including ordering a credit report and electronic signature documents.

Once your loan is approved, you will be able to log in through their website to track the progress of the loan and see your updated to-do list.

A loan officer and loan processor will assist you as you inch closer to the finish line. They do not have physical branches, but you can call or email them directly if you need assistance or loan pricing.

Must fill out online application or call for rates and fees

If interested in working with First Mortgage Direct, you have to fill out an application to get a loan estimate with rate and fee breakdowns. You can apply over the phone or online.

‎614 votes and 5 Star Review

Educate Yourself to Make Your First Mortgage a Success

Your first mortgage can be more interesting if you have acquired enough mortgage knowledge. But if you don’t know much about mortgage rules, there are possibilities that you may not get a better mortgage deal.

Most of the mortgage lenders will be more interested in earning profit from you rather than helping you find a home that exactly matches your income. Below are some steps that should be taken to make your first mortgage a successful venture.

Earlier, borrowers used to compare mortgage rates, find the lender, make the large down payment, and just move in. Today, there is a variety of options, and going through all the options could be even more stressful.

You should educate yourself before shopping for a mortgage deal. Then you should assess your own financial situation.

How much you can earn? How secure is your job?

Normally, mortgages are repaid in fifteen to thirty years. Therefore, you should choose for a mortgage only if you can afford it.

If you think that you can afford a mortgage then the next thing will be that how much you can afford. You should have a sufficient amount as a down payment. Because interest rates of your first mortgage will depend on down payment also.

First Mortgage Direct

Another important factor that will affect interest rate is your credit record. If you have a good track record of repayment, mortgage lenders will offer a decent rate of interest on the first mortgage.

When you begin your search for the lender, you will encounter two types of lenders-direct lenders and mortgage brokers. Direct lenders are the ones who provide you with mortgages directly.

But a direct lender will have a limited number of loans available, whereas a mortgage broker will have access to multiple lenders simultaneously.

Mortgage brokers will either charge a certain percentage of the mortgage or they will not take money from you. At times, they charge their fees from the lenders only. So, you can also get the help of mortgage brokers to make your first mortgage a huge success.

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his master’s in Business Administration and is currently assisting your-Mortgages. as a finance specialist.

Conclusion:

If you’re in the market for a new mortgage, First Direct Mortgage may be a good option. This lender is known for charging borrowers no origination fees. It also has excellent customer service, streamlined applications, and quick closings, but it isn’t the right fit for everyone. Here’s what you need to know about First Direct Mortgage.

To determine how First Mortgage Direct stacks up against the competition, we used our proprietary SimpleScore methodology to compare mortgage lender’s customer satisfaction, customer support, fees, interest rates, and perks.

The entire experience was very stressful. No phone call communication between the loan processor and officer. Email method was only used. The underwriting department does not seem to have the clear picture of my investment income and assets. They kept me in the dark for nearly 4 months..

They kept increasing the discount point without discussing it with me. The rate is not always locked. I know all lenders deal with high volume these days but they also need to respect potential borrowers’ time. I went ahead with another lender who wants my business.

A great choice if you’re looking to avoid paying for origination fees and want excellent customer service and a streamlined application process.

First Mortgage Direct offers no origination fees, a streamlined online application process without sacrificing the small-town touch, and excellent customer service means borrowers can depend on this lender when purchasing or refinancing their home.

First Mortgage Direct Mortgage Reviews & Ratings in 2021

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