Interfirst Mortgage Review 2023: Interest Rates & Plans

Interfirst Mortgage is a private equity-backed mortgage originator offered by Chicago Mortgage Solutions LLC. It is also a well-known direct lender based in Rosemont, Illinois (Chicago suburb).

It was founded in 2001 and expanded into a wholesale channel in 2008. They added their correspondent channel in 2011. 

In 2017, the company’s operations were put on hold because of oversaturation and overvaluation in the mortgage market. It has since been relaunched in 2020 by CEO Dmitry Godin, who introduced an expanded business model and proprietary loan origination platform.

The mortgage is currently available in 40 different states in America. And they are licensed in 19 states, with plans to expand to all 50 states. 

Say with us as we discuss more on how Interfirst mortgage works.

Interfirst Mortgage Overview

  • It is a private equity-backed direct-to-consumer mortgage lender.
  • The headquarters is in Rosemont, Illinois (Chicago suburb)
  •  It was founded in 2001, expanded into a wholesale channel in 2008, and added a Correspondent channel in 2011.
  • Chicago Mortgage Solutions LLC offers it.
  • It has a maximum loan-to-value ratio of 85%. Most lenders want you to have at least 20% equity.
  • Interfirst Mortgage Company charges a prepayment fee, which means you will be charged an additional fee on early repayment.
  • This mortgage company offers home purchase loans and refinances loans.
  • They offer home loans for manufactured, single, and multi-family homes.
  • Financing is available for primary, vacation, and investment homes, such as rental properties.
  • Interfirst Mortgage Company offers numerous mortgage programs, including conventional, jumbo, non-owner occupied, non-QM, adjustable-rate, and fixed-rate mortgages.
  • Borrowers with a credit score as low as 620 may qualify for Interfirst Mortgage.
  • A cosigner or co-borrower can help you qualify for better rates and terms when applying for Mortgage.
  • Interfirst Mortgage operates wholesale and correspondent lending divisions.
  • Its features are cash-out refinance and instant online pre-approval. 

Brief History of Interfirst Mortgage Company

Summarily, Interfirst mortgage company was originally founded in the year 2001. It experienced a brief halt in its operations in 2017 and got relaunched in 2020 by current CEO Dmitry Godin. This is to say the mortgage company has been around for over two decades. 

The Interfirst mortgage company fancies itself as a 36 billion mortgage originator. The mortgage company seeks to improve the way consumers obtain residential mortgages. And they are using their technology to pave the way for licensed loan officers to deliver real value and service.

What put Interfirst mortgage company ahead of some other mortgage companies is its worth in leadership experience. The company’s leadership team possesses vast amounts of experience in the mortgage business, including over 100 years of mortgage, sales/marketing, and consumer-related experience.

Interfirst mortgage operates a retail direct-to-consumer division, a wholesale lending department, and a correspondent lending division. You can apply directly on their website, with an approved mortgage broker, or via a bank/credit union that acts as a correspondent.

You can apply directly for a mortgage from the official website. Applications accepted are from an approved mortgage broker or via a bank/credit union that acts as a correspondent.

Read Also: Plaza Home Mortgage Review 2023: Interest Rates & Plan

INTERFIRST MORTGAGE PROS & CONS

Pros

  • Can apply for a home loan without human assistance.
  • Excellent customer reviews across multiple rating websites.
  • Interfirst considers applicants with fair credit.
  • Free mortgage calculators.
  • Offers to finance single-family, multi-family, and manufactured homes.
  • Available in 40 states.

Cons

  • Interfirst Mortgage charges a repayment fee.
  • It charges an ordination fee.
  • It is not licensed in every state.
  • They do not publicize their mortgage rates or lender fees online.

How to Sign up with InterFirst Mortgage| Review

Obtaining a mortgage loan from Interfirst is as easy as can be. And the best part is that you can start a loan process without speaking to anyone.

But it is advisable to first contact a loan officer before beginning the loan application process. Mortgage prices fluctuate easily, and sometimes, their interest is somewhat high. A loan officer would help guide you on the best line of action concerning the loan’s pricing, interest rate, and fee.

The first step is to go to the website, click on “Buy a Home” or “Refinance,” and you’ll begin the home loan process. Most of the loan process is done online; no physical paperwork is needed. All the linking financial accounts, scanning/uploading paperwork, and eSigning disclosures would be done online.

Immediately after you submit your loan, you’ll be given a timeline of events, current loan status, and a list of tasks that need to be completed to get to the end of the process. 

Note you might be asked if you’re currently working with someone. If yes, the person’s name has to be provided.

  • You can also contact Interfirst Mortgage via call/email or fill out their online contact form.
  • You can apply to their website.
  • Their Blend-powered mortgage application removes the need for paperwork. 
  • It is advised to get pricing first and then apply with the assistance of a loan officer.

How Can I Contact Interfirst Mortgage?

If you have any questions, contact Interfirst Mortgage Company at 800 520 7087. You can as well email them at [email protected].

The customer service reps are available Mondays to Fridays from 6 am to 6 pm. 

Also, contact them through the website.

What are Interfirst Mortgage Rates?

Interfirst does not disclose its mortgage rates online. And this is common among mortgage companies. We advise you to enquire about lender fees, such as loan origination and application fees. 

You can also get the help of a loan officer to obtain the pricing. 

The combination of both approaches will help you to estimate what is expected.

Read also: Keller Mortgage Review 2023: Interest Rates & Plans

What are Interfirst Mortgage Interest rate types?

Interfirst Mortgage offers two separate interest rate types:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages

The fixed-rate options include offers of 10, 15, 20, 25, and 30-year terms, while the adjustable-rate mortgage options may be 5/1 and 7/1.

What is the minimum loan amount for Interfirst Mortgage?

The minimum loan amount offered by Interfirst Mortgage is $100,000.

What is the maximum loan term you can get?

Interfirst Mortgage offers mortgages with terms ranging from a minimum of 10 years to a maximum of 30 years. The option of longer-term loans permits borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, acquiring a longer-term loan comes with a higher interest rate. 

What mortgage rates does Chicago Mortgage Solutions LLC offer?

Mortgage rates change daily based on market conditions. And they differ significantly depending on the loan type and the length of the term. 

For example, fixed-rate mortgages generally have a higher interest rate than variable-rate mortgages. While jumbo loans usually have higher mortgage rates than conforming conventional loans. It is advisable to find the best interest rate available to you. 

You can get quotes from three or more mortgage lenders before choosing a home loan.

Does Interfirst Mortgage charge an Application Fee?

No, Interfirst Mortgage does not charge an application fee. However, the cost of the loan process is always included elsewhere in the closing costs.

Does Interfirst Mortgage charge a processing fee?

No, Interfirst Mortgage does not charge an initial processing fee.

What are the statuses considered for the Interfirst loan?

It accepts loan requests from different kinds of individuals regardless of their job status. The mortgage offer includes short-term and long-term loans, depending on your current job level and credit score. 

  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired

What are the Verification Documents required for the Interfirst Mortgage loan application?

Before applying for a mortgage from Interfirst, you must possess certain legal documents. With the provision of this document, you can complete the loan process, and your request will be accepted. 

  • Driver’s License (or other photo ID)
  • Recent Pay Stubs
  • Proof of Income
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number

Read Also: Plaza Home Mortgage Review 2023: Interest Rates & Plan

Do they charge mortgage origination fees?

Yes, Interfirst Mortgage may charge a loan origination fee.

What is the minimum down payment for Interfirst?

The minimum down payment for Interfirst Mortgage starts from 15% upward. 

What mortgage programs are available at Interfirst Mortgage?

Getting a home purchase loan or a refinance is possible, including rate, term, and cash-out refinances. 

It offers a variety of available mortgage programs: 

  • Home purchase loans
  • Refinance loans: rate and term and cash out
  • Conforming loans
  • High balance loans 
  • Jumbo loans

What are the services of Interfirst Mortgage Company?

The two main services offered at Interfirst Mortgage include;

  • Buying a House
  • Refinance Rates

Buying a House

The conventional method of purchasing a home could be more convenient because of application fees, processing fees, underwriting fees, and loan fees. We eliminated the uncertainty to provide our customers with the comfort of a more straightforward online home finance experience.

All you need to get is a quote.

Refinance Rates

Refinancing rates feature Zero Regrets Refinancing.

We are here to guide you through the process with our Zero Promise, whether you want to cut your monthly payment, shorten your term, or obtain cash out.

Application fees, lender fees, and hassles are all free.

Get a quote

Interfirst Mortgage Review 2023: Interest Rates & Plans

Review 1

Simply put, you should use this firm—no quick talking or games. Quick and exact quotes came back. The process is online, and there is little paperwork to print and sign. Closing was simple, and I finished at my house in thirty minutes. I couldn’t have asked for more and would use this company again.

Jacob T. 

MI

Review 2

Excellent rate, very simple application process. Alexander Rodriguez was great to work with; he promptly responded to my inquiries, ensured that I knew everything that was happening at all times, and put in a lot of effort to overcome some appraisal difficulties that took longer than anticipated to settle. Other than that, this process was quite simple.

Campbell, B.

Texas, Dallas/Fort Worth

Review 3

I received a refinance rate from Interfirst that was by far the best. Nobody was able to match their offer. Nearly too good to be true, it seemed. At first, I had my doubts, but my loan processor, Rodney Bagley, won my confidence. Throughout the process, he was accessible to answer questions and provided clear communication.

In fact, some mistakes made by the title company were discovered during closing. Rodney called me right away after I sent him an email about it. He put a lot of effort into coming up with a solution quickly and followed up with the manager at the title company so they could move forward with improving their procedures.

He did an excellent job because he was very committed to offering the best service. I give Interfirst such a high rating because of Rodney.

Aaron H

Pflugerville, TX

Read also: Citibank Mortgage Review 2023: Interest Rates, & Plans

FAQS on Interfirst Mortgage Review 2023: Interest Rates & Plans

What property usage types does Interfirst Mortgage allow?

Several mortgage lenders restrict the type of usage borrowers appoint mortgaged properties. Interfirst Mortgage allows the following property usage types: 
Primary home
Secondary homes and vacation properties
Investment properties and house-flipping projects

Where is Interfirst Mortgage Company Headquarters?

Interfirst Mortgage Company 9525 Bryn Mawr Avenue Ste 400
Rosemont, Illinois 60018

What is the support contact email?

[email protected] is the support contact email for Interfirst Mortgage Company’s business credit card. 

What is the customer service phone number?

The customer service number for Interfirst Mortgage is (847) 999-7283.

What are the loan applications accepted by Interfirst Mortgage?

Interfirst Mortgage has three kinds of loan applications:
Co-borrower
Cosigner
Individual Applications

What is the minimum age allowed?

The minimum age to request a loan from Interfirst Mortgage is 18.

In Conclusion

This article provides you with all the necessary information to obtain a mortgage loan from Interfirst.

Interfirst is a very reputable company in the mortgage business. The mortgage company strives to ensure customers’ easy acquisition of mortgage loans. And they use cutting-edge technology to make the whole loan process seamless. 

Reference

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