Mortgage News

The Urban Institute (UI) is asking "What has happened to black homeownership?"  It has "declined to levels not seen since the 1960s when private race-based discrimination was legal."  Like most demographic groups, black Americans read more

Rising interest rates took a toll on mortgage prepayments in January.  Black Knight Financial Services said the pre-payment rate (SMM) was down 29.83 percent compared to December.  Despite the downturn, the rate, 0.95 percent, was still 17.15 percent read more

Existing home sales kicked off 2017 with a spurt that brought sales of single family homes, townhomes, condos, and cooperative apartments to the fastest pace in nearly a decade.  The National Association of Realtors® (NAR) said January sales were up read more

Mortgage applications activity was down slightly during the week ended February 17 compared to the previous week.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was down 2.0 percent on a seas read more

For the past six years, there has been a quiet revolution in the mortgage market: Big banks like JPMorgan (NYSE: JPM), Bank of America (NYSE: BAC) and Citibank (NYSE: C) have moved out and nonbank lenders such as Quicken, loanDepot and Caliber Home L read more

It can require as little as replacing doorknobs with levers or as complex as installing a walk-in shower, but Fannie Mae says very few existing homes are currently set up to allow their inhabitants to "age-in-place."  The company takes an i read more

Fannie Mae and Freddie Mac (the GSEs) each reported positive financial results for the fourth quarter of 2016.  The two have posted nearly uninterrupted quarterly profits, (Freddie Mac had a net loss of $354 million in the first quarter of 2016) sinc read more

Despite the regulations imposed by the Truth-in-Lending/RESPA Integrated Disclosure (TRID) rules and disclosure forms in October 2015, some homebuyers still say their final closing costs caught them by surprise. Some appear to have been unaware that read more

The National Association of Realtors® and on-line real estate marketplace  have unveiled a new housing affordability model. The model uses data on mortgages, state-level income information, and real estate listings to derive two measures of availabil read more

What is that cloud of dust in the distance? Is it a bird, a plane?  We mix our popular culture references, but maybe it is a faint signal of approaching looser lending standards.  Ellie Mae's Origination Insight Report for January reports a fair read more



“Hi Josh, First Rate was such a pleasure to work with during the refinance of my home mortgage. Josh, you were always pleasant each time there was a question about completing the process. There was no apparent stress involved in getting the paper work done. Thank you for being such a gentleman.

– Elizabeth Peveto


“My wife and I worked with First Rate Financial to secure a mortgage in June under a very compressed time schedule. We were leaving on vacation overseas and we had to complete our application and all the required supporting documentation in less than 10 days. They were extremely helpful in guiding us through this process and working with both the lender and the title company to make sure we had the correct information in a timely fashion. With their help, we were able to complete the application on time before our trip and by the time we returned the loan was already approved. We are very grateful for their professionalism and dedication and we will certainly refer our friends”

– Sanaa and Said Azim


“Couldn’t be more pleased with Chad & First Rate Financial!”

– Jere & David Medina


“Buying a home can be a daunting process, I am familiar with some of the complexities of the process – dealing with underwriters is no easy task. Add in multiple different deals, many, often conflicting, voices, and one can struggle to keep afloat. Patrick Pitts juggles all of these things with a finesse and talent that would put the Barnum Brothers to shame. While many people complain that it is impossible to contact their loan officer, Patrick will take a call at any time and talk down even the most petrified buyer. I have complete faith in Patrick, and I have no inhibitions about giving him my stamp of approval. While mortgage loan officers seem to be dime a dozen these days, Patrick is one in a million!””

– Michael Wellner


“Patrick Pitts from First Rate Financial made our mortgage refinancing seamless. It was simple, easy and hassle free! Patrick kept the communication open. He was available ANY given time to answer ANY questions that my wife and I had. He patiently went over the Good Faith Estimate line by line with my wife and I to ensure we completely understand what those numbers were. It was EXTREMELY pleasant working with Patrick. What my wife and I love the most about Patrick and First Rate Financial is that we CAN close our loan at our own comfort home and at a time that we chose for our convenience. How about that! I referred Patrick to one of my co-workers and he experienced and felt the same way about Patrick and a great company call FIRST RATE FINANCIAL. Once again we want to say THANK YOU Patrick and First Rate Financial for a remarkable experience!”

– Jill and Jay Luong


“I had a not-so-good experience with the company that financed my first house. Jason, at First Rate Financial, came highly recommended from a friend. He was able to get me pre-qualified in no time! He explained everything to me so that I clearly knew the process and had realistic expectations for each phase of the process. Finally, the day came when I found my house. I called Jason and he took the time to walk me through the next steps. When it came time to lock in my rate, Jason got me the most competitive rate at the best price. His work put me in the best possible position to purchase my new home.”

– Ty Scott

“Please give First Rate Financial a call as you move forward with your home purchase.  They may be able to help you find a good property and can definitely help you with financing.

First Rate helped us through a very complicated re-financing. Thanks.”

– John Thompson


“Chad Lemons at First Rate Financial helped us refinance our house.  The experience was fantastic.  Every expectation was exceeded and everything he said would happen, did happen.  We got a great rate with no hassle, and the process was much faster than we thought possible.”

– Tom Ziglar


“Chad Lemons was a true blessing when he helped me refinance my mortgage. He was tireless, and even when it didn’t look like the loan would go through, he worked his miracles and not only got my loan approved in a timely manor but saved me several hundred dollars on my mortgage payment. I would highly recommend him to anyone. He is trustworthy, efficient and yes, even brilliant at tying up the loose ends to make a deal happen. In short, Chad Lemons is the man for the job!”

– Cindy Oates

“Chad, just a brief note to let you know how much Martha and I appreciate all the hard work you went through to enable us to refinance our home.  We will certainly recommend you to our friends who are thinking about refinancing.

When we sell, you will be the one we will call.”

– Nelson and Martha Hensley


“Building a new home presented several challenges, but Chad Lemons at First Rate Financial made the financing aspect of it a cinch. Circumstances caused our loan scenario and needs to change after the pre-qualification stage and after construction had commenced, which gave us great concern. He worked with us diligently until we found the solution that worked best for us. His work ethic, attention to detail, and customer service set him apart from the rest during a process that can be very stressful and confusing to home buyers that have limited experience with it. And when it came to our closing, he had our paperwork done almost a week early and his diligence made the process go as smoothly as possible. In fact, our builder sent us an email commenting on how rare it was for a broker to be so easy to work with and to be so organized with everything. I hope to be in my new home for a while, but when it’s time to move, Chad will be the first person I call!”

– Blaine Banta

“I want to express my sincere thanks to First Rate Financial for the personal attention given to me during the recent refinance of my home. I had been told that refinancing would be a beast; however, working with you made the entire process seamless. So often you hear about scams and greed in the housing industry and you don’t know who you can trust.

I was shopping loans and thought I had found the perfect one. Low and behold you completed my loan documents, resulting in a mortgage that could not be matched by ANY lender, and the rest is history!

Words could never convey how much I appreciate your impeccable integrity, patience, and the level of professionalism exhibited by you while guiding me through every single step. The mortgage and finance knowledge that you imparted will be invaluable for years to come.

May you continually be blessed in all of your business endeavors as you work tirelessly to help so many others in the community as they embark upon home purchases and refinance.”

– Nancy B. Williamson


“My husband and I were completely satisfied with the efficient service we received from Chad. We had been working with another financial institution attempting to refinance our home for 4 months. We found out about Chad, and we had our refinance funded at a lower rate, with proceeds in hand, within 6 weeks!! We would recommend Chad to our friends, family and associates. Thanks so much Chad!”

– Karen and Mike Maguire

CURRENT RATES 01/03/2017 at 3:30 PM CST

Interest Rate
Conforming and FHA Loans
30-Year Fixed
30-Year Fixed FHA
20-Year Fixed
15-Year Fixed
10-Year Fixed
7-Year ARM
5-Year ARM

*Based on loan amounts of $200,000+

*Subject to credit & income requirements

*restrictions apply

All conventional rates and APRs assume 80% financing on a $200,000 loan value with max loan of $417,000. Offers may terminate at any time without notice. Rate/APR calculated on a 365 day year with typical closing costs. Rates/APRs subject to change in closing costs and properties. All rates as of date posted on this website with 30 day lock period. Signed loan application required to lock rate. Rates may be higher for credit scores below 740 middle score. APR will change with loan amount and percentage of home being financed.