Shopping for a mortgage can feel like trying to read a menu written in a foreign language. Fees, points, APRs, and loan terms all blend together. Interfirst Mortgage is one of those online lenders you’ll see pop up when you search for competitive rates. It’s a direct lender that has built its reputation on low pricing and a fully digital experience. But is it the right choice for your home loan? Here’s an honest look at how Interfirst works, what it offers, and where it might fall short.
Who Is Interfirst Mortgage?
Interfirst Mortgage is a Chicago-area company that operates as an online direct mortgage lender. That means it funds loans with its own money and handles everything from application to closing in-house. Because it doesn’t rely on brick-and-mortar branches, it saves money on overhead. Those savings often make their way into the interest rate you’re quoted.
The lender has been around for more than a decade and is licensed in every U.S. state. It doesn’t offer checking accounts, credit cards, or wealth management. Instead, the team focuses exclusively on home loans. For borrowers, that focus can translate into a faster, more specialized process.
Mortgage Products Offered
Interfirst keeps its product lineup practical. You won’t find tiny niche loans, but you won’t need most of them anyway. The main options include:
- Conventional fixed-rate mortgages with terms from 10 to 30 years
- Adjustable-rate mortgages (ARMs) with initial fixed periods of 5, 7, or 10 years
- FHA loans with a down payment as low as 3.5%
- VA loans with no down payment for eligible veterans and service members
- Jumbo loans for amounts above conventional lending limits
- Refinances for rate-and-term changes and cash-out goals
You can also choose to pay discount points upfront to lower your interest rate. Interfirst gives you clear pricing up front, which helps when comparing loan estimates side by side.
Interfirst Mortgage Rates and Fees
Low rates are Interfirst’s biggest selling point. The lender frequently appears at the top of rate comparison tables, especially for 30-year fixed mortgages. That’s not an accident. Its business model is built around volume rather than branch locations, so it can afford to offer slimmer profit margins.
But there’s one detail you need to pay attention to. Some of the lowest rates you see advertised include what’s called “lender points.” That means you’re paying extra money at closing to buy the rate down. If you compare a zero-point quote from one lender to a one-point quote from Interfirst, the comparison is misleading.
That said, even when you adjust for points, Interfirst’s pricing tends to be competitive. Closing costs include the usual third-party fees like appraisal, title search, and recording charges. Interfirst’s own origination fee is typically on the lower end of the range.
The Application and Approval Process
Applying at Interfirst is a fully digital experience. You start on the website, where you can get a rate quote, preapproval, or an actual application started. The process is designed for someone comfortable uploading tax returns, pay stubs, and bank statements online.
What to expect when applying
The online application takes around 20 minutes if you have your documents ready. You’ll enter information about your income, assets, employment, and the home you want to buy or refinance. Once you submit, you can upload your supporting documents through the borrower portal.
Interfirst uses an automated underwriting system to give you a quick decision. However, a human underwriter still reviews your file, especially for self-employed borrowers or anyone with an unusual income situation. The company promises a preapproval letter quickly, often within a day.
How long it takes to close
Closing timelines vary, but Interfirst is known for moving fast. Some borrowers have closed in as little as three weeks from application to signing. The average purchase mortgage closing takes about 44 days nationally, according to ICE Mortgage Technology. Interfirst’s digital workflow tends to beat that average, provided you respond to paperwork requests quickly.
One more thing to keep in mind: you’ll likely work with a loan team rather than a single loan officer. You might talk to one person for pricing, another for underwriting, and another for closing. That can be a positive, but it also means you need to stay organized with your follow-ups.
Customer Experience and Support
Interfirst’s customer service gets decent marks overall, but like many online lenders, it’s not for everyone. You can reach them by phone, email, or through the online portal. The phone lines are staffed during normal business hours, which means you won’t get support at 10 PM on a weekend.
Borrowers often share positive experiences about the speed and clarity of the process. The negative reviews usually center on communication delays during underwriting. It’s not that the service is rude; it’s that you sometimes have to wait for updates instead of getting proactive calls.
If you value having a local person to sit across a table from, Interfirst likely won’t provide that. If you’re comfortable managing a mortgage application the way you manage an online brokerage account, you’ll probably feel right at home.
Pros and Cons of Using Interfirst Mortgage
The good
- Competitive rates and lower lender fees
- Fast turnaround from application to closing
- No need to visit a physical branch
- Clear, upfront pricing through Loan Estimates
- Rates available for all common loan types
The not-so-good
- No in-person branch support
- No dedicated single loan officer
- Low advertised rates sometimes require discount points
- Communication can lag during busy periods
- Self-employed borrowers might face extra scrutiny
How Interfirst Compares to Other Lenders
If you’re considering Rocket Mortgage, Better.com, or a local credit union, the decision often comes down to your priorities. Rocket Mortgage offers a slick mobile app and a well-known brand, but its rates are occasionally a touch higher. Better.com is equally digital and sometimes has a faster application, but it doesn’t have the same loan variety as Interfirst.
A local bank or credit union gives you that in-person relationship, but their rates and fees are often less competitive because of the overhead of running branches. Interfirst sits comfortably in the middle. You get the convenience of a digital lender and the pricing power of a national shop, without the brand-name markup you might see elsewhere.
That said, it’s always smart to get quotes from three different lenders. The best deal isn’t just the one with the lowest rate; it’s the one with the lowest total cost after fees, points, and estimated third-party charges.
Who Should Use Interfirst Mortgage?
Interfirst is a great fit for rate-sensitive homebuyers and refinancers who are already comfortable doing things online. If you have solid credit, a straightforward tax situation, and you’re willing to upload documents yourself, you can come away with a very attractive rate.
First-time buyers can also do well here, as long as they take the time to read the Loan Estimate carefully. The educational resources on the site might not be as extensive as some other lenders, so you may want to brush up on the mortgage process beforehand.
On the flip side, if you’d rather work with someone who visits you at your home or has a branch around the corner, this isn’t the right lender for you. And if your credit profile is complicated, like you’re self-employed with lots of deductions, you might need to work a little harder to get your documents in order.
Tips for Getting the Best Rate from Interfirst
Getting a quote from Interfirst is easy, but getting the best possible rate takes a bit of preparation. Here are a few practical moves that can put you ahead.
- Check your credit score a few months before you apply. A score above 740 will generally unlock the most favorable pricing.
- Compare the same loan terms across at least four lenders. Use the Loan Estimate form to compare apples to apples, not just the headline rate.
- Ask about the exact cost of discount points. Decide whether it’s worth paying more upfront to lower your monthly payment.
- Lock your rate as soon as you’re confident in the closing date. Waiting can be costly if rates rise.
- Understand how your down payment amount impacts your rate. In many cases, putting down 20% gives you better pricing and avoids PMI.
- Streamline your paperwork. Have two years of tax returns, recent pay stubs, and bank statements ready before you start the application.
Following those steps won’t just help you with Interfirst. It will make you a smarter borrower no matter which lender you choose. A little effort up front can save you thousands of dollars over the life of the loan.