First IB Mortgage Review
When looking over this bank and all of their products, services, customer awareness, reviews, and above all, their fantastic work ethic, even though this company has not been open for as long as some major big named companies have been, this bank has been open long enough with nothing but great reviews, wonderful products, and even better service.
For a bank to not have any complaints to the big consumer companies after 22 years is and should be a phenomenal accomplishment.
On First IB Secure Website
Minimum Credit Score
Reputation - Customer Ratings & Complaints
- A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- J.D Power: We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey. First IB wasn't rated in the 2020 research, but you can get an overall view of top lenders in the mortgage market.
- J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms, communication, transparency and more.
Mortgage Products, Fees, and Conditions
First IB offers a varied mortgages for different types of borrowers, here are the main products:
A fixed rate loan is usually for a borrower that has a monthly budget that doesn’t fluctuate. This loan has a fixed monthly principal and interest payment that will not change for the term of their specific loan.
This is perfect for a borrower that has a specific budget in mind and that is staying in their home for 15 years or more. The customers can finance up to 97% depending on the type of loan and can choose between Conventional, or any type of government-sponsored loan which would include FHA and VA.
An adjustable rate loan payment, depending on what loan term you choose, will change at the end of the term which could be better than the initial rate given at closing or it can be worse based on market fluctuations.
This loan is ideally for a borrower that doesn’t want to stay in the home for a long period of time or they want the property to be an investment. ARM loans do get a bad rap but make sure you do the right research before deciding.
Those are dedicated to a borrower’s that has a lower down payment, not so perfect credit and lower income with higher debts. This is a perfect loan for a first time homebuyer. You can borrower up to 96.5%. Depending on your credit score, your rate can be higher but if you have decent credit, minimum wages, a good amount of debt, lower down payment, this is the loan for you.
These loans offer $0 down payment, if disabled or exempt, fees will be waived, and you have a lot more leniency with terms and conditions of the loan. You will be asked to provide quite a few more documents than regular loans but that’s better than having to pay much more in fees, a higher rate, and putting money down. For our Veterans and their families, we believe these are the perfect loan.
These loans are perfect for a borrower that needs to consolidate debt or need repairs on their home, so they put a lien on their property that will give them a credit line where they can take out any amount of money they need during the duration of the loan. You can also take the full amount out if you wish instead of doing it in increments.
You also might want to consider a more traditional second mortgage loan. This will provide you with a fixed amount of money repayable over a fixed period. You might consider a second mortgage loan instead of a home equity line if, you need a set amount for a specific purpose, such as an addition to your home or major repairs.
Pros & Cons
Since First IB is an online based company, its website is full of valuable tools and information that can help any customer to select and manage the type of mortgage that fits the best for their needs.
Such tools that I think are extremely necessary, especially for a first time homebuyer, is a mortgage calculator, affordability, help articles, videos, and daily rates.
This is very helpful to any customer no matter what stage in the process you are at.
The process is easily accessible meaning, you can either contact a loan officer via phone or email.
After you have selected and completed the online application, you will either receive a phone call or email from your loan officer or you will be given a loan officer’s information, so you can start your loan process. In order for your loan to go smoothly and quickly, you will need to provide the following information and documentation. Make sure you provide documentation for your most recent 2-year employment history and include your pay stubs and W2’s or if self-employed, signed federal tax returns.
In most cases of loans, you will need to provide some sort of asset documentation which would include bank statements. A lot of First IB’s accounts don’t require documentation in which case you would just need to provide identification and asset qualification. According to most reviews, the process for First IB is very simple, super easy on the customer and an average closing date from start to finish of less than 40 days. You will never need to worry about the quality of the work they perform or the urgency of the closing and funding. You are in great hands when it comes to this bank.
Alternatives Lenders For Consideration
We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the First IB mortgage:
LoanDepot is a US residential mortgage company, headquartered in Foothill Ranch, California. The company operates a number of retail branches and does business in all 50 states, Washington DC and four territories (American Samoa, Guam, the US Virgin Islands and Puerto Rico).
In 2017, LoanDepot ranked 2nd in overall funded mortgage volume among the top 75 lenders, according to respected industry publisher the “Scotsman Guide”. Their 6000+ employees closed over 136,292 loans and a total of over $35 billion in volume out of 180+ locations. The majority – approximately 85% – was retail volume, where they originate and close the loan directly with the customer.
LoanDepot is committed to leading the lending industry into the next generation of modern lending, which will be the result of making significant reinvestments in proprietary technology. Their marketing platform, credit and risk models, and dynamic product delivery systems empower consumers with access to credit.
Quicken Loans is best suited for the borrower who embraces technology, who meets reasonable standards for credit score (620 – 740), and can qualify based on their income and ability to demonstrate down payment and reserve requirements for Quicken Loans’ programs. If you have low credit scores or unverifiable income, Quicken Loans is probably not where you would go for your financing. Otherwise, they are the industry gold standard.
Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs. Quicken Loans has an abundant and robust online presence. You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online. There are many calculators and resources to help any borrower on their web site.
Quicken Loans does not have to boast about its Customer Service ratings (usually obtained by internal polling of customers) – it is a widely respected company by both consumers and major and minor ratings agencies (BBB.com, JD Powers & Associates, ConsumerAdvocate.org, etc.). Negative ratings can be found, but they are in the minority.
Also known as Reali Loan, founded in 2011, headquarter in San Francisco and available in 12 states only, Lenda Mortgage is one of the top-notch lenders in the lending industry. The Bank has no physical branch; this implies that all the lending process is done solely online, and the application process is fast. This Bank provides an easy, transparent and free of fees and commission home loans. Reali also provides loans for both investment and residential properties.
Lenda Mortgage offers refinance loan, purchase loan, and fixed-rate loan of 15 years and 30 years. However, at this time, the Bank does not provide the following loans; jumbo loans, adjustable-rate, home improvement loan, home equity loan, or government-backed loans.
To obtain a Lender Mortgage loan, the borrower must have a minimum credit score of 620 and a minimum down payment of 5 %.
Pre-qualification for a loan at Lender Mortgage only takes a few minutes, and this will give an overview of the type of Mortgage you are qualified for. To be pre-approved for a loan, the borrower will need to provide information about their down payment, very important and submit pay stubs.
Overall, Lenda Mortgage has outstanding reviews from customers and was rated A+ by the Better Business Bureau.
First IB – About The Lender
First Internet Bank or First IB (First Internet Bank of Indiana) was founded in 1997 by an entrepreneur David B. Becker, as one of the first state-chartered, Federal Deposit Insurance Corporation-insured institutions to operate without a physical branch with $543 million in assets. It was publicly opened on February 22nd, 1999 primarily in online retail banking and investment in securities.
Their main services included interest-bearing checking accounts, regular and money market savings accounts, certificates of deposit, individual retirement accounts, credit cards, and check cards. The bank also offered personal lines of credit, installment loans, and real-time transfers between accounts. On March 21, 2006, First IB became a wholly owned subsidiary of First Internet Bancorp, a single-bank holding company. Ten years after their opening in 1999, they launched out other types of products including their mortgage and home equity lines which blew up in the industry.
First Internet Bank has a base location in Fishers, Indiana but no other locations exist which I guess would make this company unique in some cases. It is solely an online based company and 90 days after opening, they had customers in all 50 states which made them a great success given the fact that they had no branches whatsoever.