First Internet Bank mortgage review August 2018 |

First Internet Bank mortgage review

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Whether you’re exploring your home loan options as a first time homebuyer or are looking to refinance an existing mortgage, shopping for home financing is quite the undertaking. Finding the right term, rate and loan type for your property is important, and not every mortgage broker on the market is out to make your job any easier.

If what you want from the home loan application process is control, autonomy and accessibility, then First Internet Bank could be the provider for you.

Product details

Product name First Internet Bank mortgages
Rates Fixed, adjustable
Fixed-rate terms 10–30 years
Repayment type Principal and interest, interest-only ARM loans
Loan purposes Owner occupied, refinancing, home equity
Customer service Phone, email, live chat

What does First Internet Bank do best?

  • Online application. First Internet Bank is a direct bank, which means the initial application process takes place entirely online. You’ll still need to talk to an agent to complete the process.
  • Variety of loan options. Whether you’re interested in a fixed-rate, adjustable-rate or even an FHA or VA home loan, First Internet Bank can tailor your mortgage to fit your needs.
  • Online account access. Monitor your payments and mortgage information simply and easily from your computer or mobile device.
  • No prepayment penalties. None of First Internet Bank’s loan programs have any prepayment fees, which means you can pay off your mortgage at any time without penalty.

What can I expect with a First Internet Bank mortgage?

  • Maximum loans. First Internet Bank offers both conforming home loans and nonconforming jumbo loans. While it doesn’t disclose the maximum loan amount available on its site, most jumbo loans start at $424,100, and peak at $3 million.
  • Interest-only payments. If you’re interested in flexible payments, First Internet Bank offers variable-rate mortgages (ARMs) with interest-only payments.
  • Automatic payments. Ensure that you never miss a mortgage payment by automating your loan payments through your First Internet Bank online account.

What type of fees come with this loan?

First Internet Bank does acknowledge the variety of closing fees associated with its loans, including appraisal fees, title charges, closing fees and state taxes. However, it doesn’t disclose any information about what figures may lurk behind these fees, nor does it include fee estimates in its online mortgage interest rate calculator.

If you choose to pursue a home loan with First Internet Bank, ask your loan consultant what sort of fees are associated with your pending loan, and keep an eye out for potential fees in your loan documentation.

What are customers really saying?

First Internet Bank is accredited by the Better Business Bureau, which awards it an A+ rating. Customers speak highly of the courteous, responsive service they receive from their loan consultants and prompt processing times during the application process.

However, online reviews also indicate that the initial interest rates offered on their home loans were not honored once their home appraisals were completed. While First Internet Bank can’t guarantee the APRs supplied during your online application, some borrowers felt mislead by the bank’s ‘Rate Lock’ guarantee.

How do I apply for this loan?

Eligibility requirements

  • Minimum personal credit score of 620
  • Minimum down payment of 5% for conventional loans
  • Maximum debt-to-income ratio of 50%

Next steps

First Internet Bank will assign a loan officer to your account. Follow up with your loan officer to submit the required documentation needed to complete your application.

You can check the status of your home loan application through your online account with First Internet Bank, or you can call its customer service at 866-742-5158, Monday through Friday, 8 a.m. to 8 p.m. Eastern time, and Saturday, 9 a.m. to 4 p.m. ET.

I got the loan. Now what?

  • Review your loan agreement. Look through your loan agreement to familiarize yourself with any late payment penalties or fees you may need to contend with over the life of your loan.
  • Automate your payments. Automated withdrawals of your loan payments means you don’t need to stress over missed payments.
  • Contact First Internet Bank. Reach out to First Internet Bank for any questions you need answered. Contact its customer service by live chat, email or by phone.

Bottom line

First Internet Bank automates and streamlines an otherwise time-consuming and tedious undertaking by taking the home loan application process online. Without the overhead costs of traditional providers, First Internet Bank is able to offer competitive rates and quick, efficient service.

For those willing to forego the in-person human touch on their home loan application process, First Internet Bank could be a suitable choice. But make sure you research your other mortgage options with additional lenders before making a decision.

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