First Internet Bank aims to be a high-tech bank that can still deliver personalized service. Since its founding in 1999, the online lender has been passionate about giving its customers convenient products in all 50 states along with a team of supportive staff. So when it comes to First Internet Bank’s mortgage services, you should expect just as much.
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Mortgage Options
First Internet Bank offers a broad variety of mortgage loan programs to suit your specific financial needs: fixed-rate, adjustable-rate, low down payment and jumbo options.
Fixed-Rate Loans
When rates are low, or you plan to live in your home for a long time, it makes sense to choose a fixed-rate home loan. The most popular form of this mortgage option is the 30-year fixed-rate program, but First Internet Bank also offers 25-, 20-, 15-, and 10-year terms. Shorter terms usually correspond to lower rates, less overall interest paid and faster home equity. However, your monthly payment will be higher with shorter-term loans.
Adjustable-Rate Loans
If you plan to live in your home for a short period of time, an adjustable-rate mortgage (ARM) might be the better option for you. ARMs are usually named by the fixed portion of the loan, followed by the reset period. For example, a 5/1 ARM is fixed for the first five years, then adjusted every year.
Low Down Payment Options
If you’re a current member of the United States military, you may be eligible for a Department of Veterans Affairs (VA) mortgage with little or no equity. There are, however, restrictions on the amount of money you can borrow.
If you don’t qualify for a VA loan, you can refinance your mortgage with as little as 3.5% down using a Federal Housing Administration (FHA) mortgage. There are also restrictions here on the amount you can borrow, but it varies depending on the home’s location.
Mortgage Rates
Current loan rates are published directly on First Internet Bank’s website.
Customer Service
Through the years, First Internet Bank has received a solid rating from its borrowers. The company also scores high on Consumer Affairs, Zillow and Lending Tree, giving you peace of mind that you’re in good hands.
| Site | Star Rating | # of Reviews |
| Consumer Affairs | 4.7/5 | 46 |
| Zillow | 4.7/5 | 527 |
| Lending Tree | 4.9/5 | 120 |
Availability
First Internet Bank offers loans in all 50 states. As its name implies, this lender is an online bank, so there are no physical branches.
Application Process
To start, you can call or apply online and an experienced loan specialist will help you find the best mortgage option for you. First Internet Bank will ask you questions about your personal finances and the home you wish to purchases or refinance.
The online application is broken down into sections, and you can track your progress at the top of each screen. It should take no more than 20 minutes to complete. If you need additional help answering a question, just click on the question mark at the end of the statement for more information.
If you can’t finish the application in one sitting, you can save the information you’ve already put in. When you’re ready, you can return to the site and enter your User ID and password to continue and complete the application.
My Impressions
First internet Bank automates and streamlines getting a mortgage by taking the home loan process online. If you’re OK with never meeting your loan officer face-to-face, then this online lender could be a good fit. According to customer reviews from various sites, you will receive great customer care from First Internet Bank. Of course, with any decision this big, make sure to research mortgage options with other lenders before you settle on one.
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