Interfirst Mortgage Review 2024

Interfirst offers consumer mortgages through its ZeroMortgage retail division. According to Interfirst Mortgage, ZeroMortgage has originated $3 billion in home loans for more than 12,000 homeowners. You can apply online quickly and easily to get a purchase or refinance loan quote.

ZeroMortgage is unique because it offers loans with no added lender fees, like points and origination fees (closing costs and third-party fees still apply). Loans are available for a primary residence, second home or investment property.

Loan Types

ZeroMortgage offers conventional purchase and refinance loans, fixed-rate, cash-out and investment property loans. ZeroMortgages offerings notably do not include adjustable-rate mortgages (ARMs) or government-backed loans.

Homeowners who want to finance renovations can apply for one of Interfirst’s cash-out refinance loans, where you can get a cash payment when refinancing. However, cash-out loans increase your loan balance, so you must repay that amount, plus interest, as part of your new loan.

Underwriting criteria for conventional loans are set by Fannie Mae and Freddie Mac, which back and sell most mortgages in the U.S. Here’s what you need to know about qualifying for a mortgage with Interfirst.

Credit Score & History

Your credit report and credit score are major factors in determining your creditworthiness. ZeroMortgage uses this information to make loan approval decisions and to set interest rates. That said, Interfirst doesn’t publish its minimum credit score requirements online.

In general, conventional borrowers need a credit score of at least 620.

Debt-to-Income Ratio

Debt-to-income (DTI) ratio measures your monthly loan payments compared to your expected monthly income. Interfirst Mortgage doesn’t publish a maximum DTI ratio for its loans. For conventional mortgages, many lenders accept a DTI ratio of up to 45%, though a maximum DTI ratio of up to 50% may be permitted in some cases.

A 50% DTI means your total monthly loan payments—including credit cards, student loans, personal loans and your new mortgage—can’t add up to more than half of your gross monthly income. Gross income is your total income before taxes.

Minimum Down Payment

To qualify for the best mortgage terms and avoid the added cost of private mortgage insurance (PMI), you’ll need to make a down payment of at least 20%, but it’s not required.

ZeroMortgage doesn’t charge loan origination charges, application fees or discount points on its loans. However, you are responsible for paying the closing costs (including third-party fees), according to the company.

Interfirst doesn’t publish current mortgage rates online. When shopping for a mortgage, check with at least three different lenders and make sure to compare the all-in costs of different mortgages using the loan’s annual percentage rate (APR).

Prospective Interfirst customers must submit a ZeroMortgage application, which is most easily completed online—though you can also reach the company by phone. The application is quick and easy if you have all your personal and financial information available. In fact, among online reviews, past customers share that this application experience is easier than the typical mortgage.

Follow these steps to apply for an Interfirst mortgage through the ZeroMortgage portal:

1. Complete the online application. The initial online application asks basic questions about the type of loan you need, your budget and your planned down payment. After verifying your phone number, add your detailed contact information, Social Security number and other personal information.
2. Review your offer. After a credit review, ZeroMortgage shows your proposed mortgage offer. This is the maximum amount you could borrow based on your application. If you’re refinancing, you can decide to move forward in the process immediately. And if you’ve already chosen a property, make an offer and begin the due diligence process, including a home inspection.
3. Prepare for closing. If you like your proposed rate and decide to move forward, you may need to answer additional questions for ZeroMortgage, or from the real estate agents. Always reply quickly to ensure an on-time closing.
4. Close on your loan. At the closing, you’ll sign the papers and finalize the loan (and home purchase if you’re buying). Once all necessary paperwork is submitted and the down payment is received and verified, ZeroMortgage disburses funds, and your loan becomes active.

Being turned down for a mortgage loan isn’t necessarily the end of the road. Depending on the reason for rejection, you can work to improve your credit history or save a larger down payment. Lenders are legally required to share why they turn down applicants for loans, so there shouldn’t be any ambiguity about why the application wasn’t approved.

If the issue is related to your credit history, you can work to improve your credit score or fix any outstanding errors on your credit report. Consider paying down credit card balances and always make on-time loan payments for the minimum amount or more. Also, keep in mind that applying for new credit and closing old accounts can harm your credit score, so proceed with caution.

Interfirst Mortgage and ZeroMortgage generally earn positive reviews from previous customers. At Trustpilot, Interfirst holds a 4.2-star rating but with only seven reviews. These reviews mainly focus on an easy application and borrowing experience. At the Better Business Bureau (BBB), ZeroMortgage holds an impressive A+ rating and 4.52 stars based on 323 customer reviews. The company’s BBB reviews focus on servicing and payment processing issues.

We graded Interfirst Mortgage based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, accessibility, closing time and customer service.

We award bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.

Our scoring method is broken down as follows:

• Interest rate. 20%
• Loan options. 20%
• Time to close. 20%
• Accessibility. 20%
• Customer service experience. 20%
• Bonus points. Up to 25 points

We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders.