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First Rate Financial offers you the same service as the larger banks, but with less charge.

You will find a combination of rates and fees much lower than your local or national bank/lender. We want you to receive a great deal with great service so you’ll never need to call another mortgage company again. Our goal is to become your lender for life.

Our Clients Love Us

Check out what our clients are saying about us

Outstanding Job

Jenny Bray did an outstanding job with my refi! Saved me money with every opportunity and sent people to me to get everything signed and closed. No one likes driving across the metroplex to close on a loan and I got to do it in my office at work

Wesley Rogers

Fantastic Experience

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

Great Help Through the Whole Process

Tawna was great to work with. She explained the whole process very nicely in detail and was available to answer any questions any time. She always responded to queries very quickly and always suggested the best options available keeping the interest of the client in mind. She was a great help through the whole process and we highly recommend her.

Shailendra Parolkar

A True Blessing

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

Most Competitive Rate

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

Incredible Diligence

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

Excellent to Work With

First Rate Financial was excellent to work with. We received a recommendation from a friend after obtaining quotes from two other lenders. Chad Lemons and the team at First Rate Financial were able to get us a better interest rate and lower closing costs that either of the other two lenders – by a lot. At closing, the title company representative said that in all her years in the business, she’d never worked with a lender that was as good as Chad and First Rate Financial. Many thanks to Chad Lemons and the team at First Rate Financial.

Jeffrey Davis

Highly Recommend

My wife and I purchased our first home with the help of Jason Turner. With it being our first time going through the home-buying process, Jason was extremely helpful getting all of our questions answered, even if some of our questions were basic and obvious. Jason answered texts, emails and calls on Fridays and Saturdays and made sure everything was moving forward swiftly throughout the entire process.

I highly recommend First Rate Financial, and specifically Jason. He was incredibly knowledgeable and my wife and I were very impressed with how everything went.

Thanks, Jason (and the rest of the First Rate Financial team)! I’ll recommend these guys to future home buyers!

Eddie Moore

Professional and Dedicated

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

Completely Satisfied

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

So Easy and Convenient

Thank you so much to Jason Turner for helping us with our refinance. We never dreamed this process could be so easy and convenient. We could not have been taken care of better!! He was incredibly accommodating even with all of our silly questions! It was a breath of fresh air to have someone take the time to truly explain each detail! Thank you again Jason.. we will be sending all our family and friends your way!

Britanny Hitt

Friendly and Knowledgeable

Jenny with First rate financial was amazing! I was given her name through a friend after a terrible experience with a large bank. Jenny was friendly and knowledgeable . She had a competitive quote in 2 hours after my initial call. We closed without any hiccups in 3 weeks. Closing was completed at my house and done in 20 minutes. I would highly recommend this company without any reservations and will be a repeat customer the next time I need any finance assistance.

Courtney Campbell

Customer For Life

I was referred to First Rate Financial by a buddy that had a phenomenal experience. Chris Dixon was my loan officer. He and my real estate agent Dan make a great team. They are extremely knowledgeable, responsive and set the right expectations for their clients. Not to mention provide the lowest rates without you having to shop lenders. Keep up the great work, I’m your customer for good!

Jay Cooper

Amazing to Work With

First Rate Financial was so amazing to work with! My husband and I just purchased our first home and they were there every step of the way! We worked with Chris Dixon and he made everything so easy. He told us everything we needed upfront and we were actually ready to close early if we wanted to because everything went so smooth. We so appreciate their help and expertise. We will definitely recommend them and use them in the future.

Morgan Villanueva

Quick and Professional

I can’t say enough about Sarah Miller & how grateful we are to have worked with her on our home loan! Sarah was so quick to get us pre-approved, and was INCREDIBLY helpful in explaining the process for our home loan. She helped us get our interest rate to the lowest available, which saved us so much money, & worked hard on our behalf. She was quick, professional, and we are so confident in her services as well as pleased with the process! We will recommend Sarah Miller with First Rate Financial, LLC to all of our family & friends!

Alexandra Joplin

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Mortgage News

Existing Home Sales Update: Still Bad

23 October 2024

Housing was chugging right along in early 2020, then covid happened. Housing experienced lots of unexpected volatility with the most important development being a huge increase in demand and prices... at first. Once rates began skyrocketing (relatively) and the frenzy began to subside, home sales numbers tanked to the weakest levels since the Great Financial Crisis by the end of 2022. They've been drifting and bouncing around near those same levels ever since. Bigger picture for context: In other words, this data series isn't worth too much discussion until it exits this holding pattern. For those determined to pick out potentially interesting anecdotes, feel free to sort through the following: Prices rose 3.0% year over year. It's the 15th straight month of increases Inventory has been growing faster than sales have been falling First time buyers accounted for 26% of total, matching the all-time low, but not a crazy drop from 2023's average of 32% All cash sales accounted for 30%, up from 26% last month. Continue Reading

Mortgage Apps Aren't Crashing. They're Just Being Logical

23 October 2024

The Mortgage Bankers Association (MBA) keeps track of applications for purchase and refi mortgages every week. Purchase apps are slower moving, less responsive to rates, and generally bouncing along the lowest levels in more than 20 years since the end of 2023. As such, we'll forget about them and move on to refi applications which have been far more interesting. This week's index fell to 672.6 from 734.6 last week. That's a big drop and it follows several other big drops, largely undoing the surge seen after the recent rate rally. But everything is relative. The chart above leaves us with the impression of a big crash following a big surge. If either move looks big, it's only because the baseline of the past 2 years has been the lowest, flattest pace seen in refi apps since 1999-2000. In the bigger picture, it was a barely noticeable uptick that has fallen back to the muted trend. The small uptick was unsurprising given that a vast majority of loans still had rates substantially lower than the lowest lows of the past few months. The correction back to lower levels is unsurprising given that rates have quickly surged back to the late July highs. As such, don't be surprised to see another reasonably big downtick next week. [thirtyyearmortgagerates] Continue Reading

Mixed Signals in New Home Construction Data

18 October 2024

While this technically signals some cooling in new construction potential, it wasn't much more of a drop than investors expected. Moreover, there has been a gradual cooling trend intact for more than 2 years. That's not as ominous as it sounds considering construction activity is still higher than it was in mid-2019. Housing starts, which measure groundbreakings for new home construction, actually came in just slightly higher than forecasts, barely declining month-over-month. Here too, there is a general cooling trend over the past few years, but a flatter trend over the past few months. Housing completions are a different story. They never experienced the same correction as starts and permits. They may have dropped from last month's high (highest level since 2007), but completions have been in a decisive uptrend since the middle of 2023 and a broad uptrend since 2011. Here's the bigger-picture context for construction: Continue Reading

Purchase Applications Respond to Another Small Rate Dip

4 September 2024

Interest rates continued their slow decline last week while application volume is inching up almost as slowly. The Mortgage Bankers Association (MBA) reports a 1.6 percent increase in its seasonally adjusted Market Composite Index , a measure of mortgage loan application volume. On an unadjusted basis, the Index gained 0.2 percent over the prior week. Applications for home purchase financing took the lead, rising 3.0 percent on a seasonally adjusted basis and was up 1.0 percent before adjustment. The Purchase Index has now narrowed what was once a double-digit deficit to a -4.0 percent year-over-year gap. [purchaseappschart] The Refinance Index decreased 0.3 percent from the previous week and was 94 percent higher than the same week one year ago. Refinance applications made up 46.4 percent of the total, down from 46.6 percent the previous week. [refiappschart] “Most mortgage rates moved lower last week, with the 30-year fixed rate edging down slightly to 6.43 percent. Purchase applications increased more than 3 percent over the week and are inching closer to last year’s levels, with government purchase applications leading the increase,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Refinance applications were slightly down but continued to show strong annual gains as borrowers with higher rates have been refinancing to lower their monthly payments. Similar to purchase activity, refinance activity has picked up across the various loan types.” Continue Reading

Pending Home Sales Set a New Record, but not in a Good Way

29 August 2024

Home sale numbers continue to retreat and in July the National Association of Realtors’® (NAR) Pending Home Sales Index (PHSI) fell to its lowest level…. Ever! Based on signed sales contracts for existing single-family houses, townhomes, condos, and cooperative apartments, the PHSI was down 5.5 percent from June to 70.2. This is 8.5 percent lower than the index for July 2023. [pendinghomesdata] The PBHSI is considered a leading indicator of home sales over the next one to two months. NAR cautions, however, that the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues. The index was benchmarked at 100 in 2001, a year in which contract activity was considered average. “A sales recovery did not occur in midsummer,” said NAR Chief Economist Lawrence Yun. “The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election.” The index fell month-over-month in all four major regions. The Northeast slid 1.4 percent to 64.6 but did pull off a 2.4 percent gain from the previous July. In terms of home sales and prices, the New England region has performed relatively better than other regions in recent months ,” added Yun. “Current lower, falling mortgage rates will no doubt Continue Reading

Mortgage Apps Stall as Borrowers Seem to be Waiting on Fed

28 August 2024

The mortgage market seemed to be in a wait-and-see mode last week as the Federal Reserve signaled a might, maybe, we are thinking about it, approach to a September rate cut. In the interim, most interest rates inched lower. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis from one week earlier and fell 1.0 percent on an unadjusted basis. The Refinance Index dipped 0.1 percent from the previous week but has now climbed to an 85 percent lead over the same week one year ago. The refinance share of applications increased to 46.6 percent of the total, up from 46.3 percent the prior week. [refiappschart] The seasonally adjusted Purchase Index increased 1.0 percent but was 1.0 percent lower before adjustment. Purchase applications were 9.0 percent lower than the same week one year ago. [purchaseappschart] “Mortgage rates declined for the fourth consecutive week, with the 30-year fixed rate at 6.44 percent, the lowest since April 2023. Rates have now come down more than 80 basis points from a year ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Mortgage applications were slightly higher, driven by marginally stronger purchase activity. Refinance applications were essentially unchanged but are still 85 percent higher than last year as borrowers continue to act – particularly FHA and VA borrowers. As observed in recent weeks, despite lower rates, purchase applications have not moved much. Prospective homebuyers are Continue Reading

Current Rates

Type	Rate	APR
30 Year Fixed	6.82%	7.02%
15 Year Fixed	6.25%	6.45%
30 Year FHA	6.23%	6.43%
30 Year Jumbo	7.10%	7.3%
5/1 ARM	6.45%	6.65%
30 Year VA	6.26%	6.46%

4/04/2024@9AM CST

* Based on loan amounts of $200,000+

* Subject to credit and income requirements

* Restrictions apply

All conventional rates and APRs assume 80% financing on a $200,000 loan value with max loan of $484,00. 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.

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